Key Metrics of Astra Rafael Comsys Private Limited
About Astra Rafael Comsys Private Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
WatchDowngraded by ICRA on 31 Mar 2026 (from BBB+)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | ICRA | Downgraded (from BBB+) | BBB | A3+ | Stable | ₹550 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Healthy order book position provides medium-term revenue visibility
The company has a healthy order book position of around Rs. 748 crore as on December 31, 2025, translating to 3.1 times of its operating revenue in FY2025, providing medium- term revenue visibility.
+ Comfortable financial risk profile
ARC’s credit profile is characterised by comfortable coverage metrics owing to healthy operating margins and adequate cushion in the sanctioned working capital limits supporting its liquidity position.
+ Operational benefits from strong expertise of promoters
ARC is a JV between AMPL and the Israel-based Rafael with shareholding of 50% and 49% respectively.
Credit challenges
− Working capital-intensive operations
The company’s operations are working capital intensive as reflected by the high receivable and inventory holding requirements.
− Moderate scale of operations
The company’s scale of operations is moderate with revenues of Rs. 244.1 crore in FY2025, indicating a modest 3% growth from Rs. 236.7 crore in FY2024.
− High customer concentration risk
ARC has a high customer concentration risk, as it derives most of its revenues from different arms of the MoD.
Could lead to an upgrade
ICRA may upgrade the ratings if the company witnesses significant revenue growth and improvement in profitability and leverage metrics, along with an improvement in its working capital cycle and
Could lead to a downgrade
Pressure on the ratings may arise if the company witnesses any significant decline in revenues or profitability, elongation in working capital cycle weakening its
Agency-reported financials (ICRA, 31 Mar 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹237 Cr | ₹244 Cr |
| PAT | ₹24.10 Cr | ₹18.70 Cr |
| OPBDIT/OI | 15.9% | 12.2% |
| PAT/OI | 10.2% | 7.7% |
| Total outside liabilities/Tangible net worth (times) | 7.40× | 3.60× |
| Total debt/OPBDIT (times) | — | 0.60× |
| Interest coverage (times) | 30.70× | 38.00× |
| Revenue growth (YoY) | — | 3.1% |
| EBITDA (margin × income) | ₹37.64 Cr | ₹29.78 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | — | ₹17.87 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹1.23 Cr | ₹0.78 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term/Short-term – Fund-limits | Working capital & bank lines | ₹90.0 Cr | ₹190 Cr | 111.1% | BBB / A3+ (Stable) | Downgraded | ICRA |
| based – Cash credit () Long-term/Short-term – Non-fund limits | Non-fund based limits | ₹65.0 Cr | ₹355 Cr | 446.2% | BBB / A2 (Stable) | Downgraded | ICRA |
| based – Bank guarantee () Long-term/Short-term – Non-fund based – Forward purchase contract | Non-fund based limits | ₹5.00 Cr | ₹5.00 Cr | 0.0% | BBB / A2 (Stable) | Downgraded | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 92% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 68% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 38×
- Working-capital limits 29% utilised on average
Rated limits by facility
Timeline
From the report
Long-term/Short-term – Fund- downgraded from [ICRA]BBB+ 90.00 190.00 based – Cash credit (Stable)/[ICRA]A2 and assigned for enhanced limits [ICRA]BBB (Stable)/ [ICRA]A3+;
From the report
Long-term/Short-term – Non-fund downgraded from [ICRA]BBB+ 65.00 355.00 based – Bank guarantee (Stable)/[ICRA]A2 and assigned for enhanced limits Long-term/Short-term – Non-fund [ICRA]BBB (Stable)/ [ICRA]A3+; based – Forward purchase contract 5.00 5.00 downgraded from [ICRA]BBB+ limit (Stable)/[ICRA]A2 Total 160.00 550.00 *Instrument details are provided in Annexure I Rationale The rating action of Astra Rafael Comsys Private Limited (ARC) is driven by the revision in the rating approach from parent support to standalone assessment.
From the report
Comfortable financial risk profile – ARC’s credit profile is characterised by comfortable coverage metrics owing to healthy operating margins and adequate cushion in the sanctioned working capital limits supporting its liquidity position.
From the report
However, the Ministry’s robust profile with repeat orders received over the past two years largely mitigates the counterparty credit risk. www.icra .in Sensitivity Label : Restricted Page |2 Liquidity position: Adequate The company’s liquidity position is adequate with average working capital utilisation of 29% in the past 12 months ending December 2025.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.