Key Metrics of Axtel Industries Limited
About Axtel Industries Limited
Company details
- Registered office
- Vadodara Halol Highway Baska, Panch Mahals, Halol, In-gj, 389350
- Listed
- NSE: AXTEL · ₹397.15
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.
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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
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 05 Feb 2026 | CARE | Reaffirmed | A- | A2+ | Stable | ₹50.0 Cr | View |
| 10 Feb 2025 | CARE | Upgraded (from BBB+) | A- | A2+ | Stable | ₹50.0 Cr | View |
| 05 Jan 2024 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹31.0 Cr | View |
| 23 Feb 2023 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹31.0 Cr | View |
| 04 Feb 2022 | CARE | Revised (from BBB) | BBB+ | A2 | Stable | ₹40.0 Cr | View |
| 20 Jan 2021 | CARE | Reaffirmed | BBB | A3+ | Positive | ₹40.0 Cr | View |
| 26 Jun 2020 | CARE | Non-cooperating | BBB | A3+ | Stable | ₹20.0 Cr | View |
| 28 Apr 2020 | CARE | Non-cooperating | BBB | A3+ | Stable | ₹20.0 Cr | View |
| 01 Mar 2019 | CARE | Reaffirmed | BBB | A3+ | Positive | ₹20.0 Cr | View |
Credit strengths (CARE, Feb 2026)
+ Established operational track with state of art manufacturing facility and experienced promoters
Over the last three decades, AIL has demonstrated strong design and manufacturing capability in providing customised process solutions in the food processing value chain to reputed companies in the Fast-Moving Consumer Goods (FMCG) segment, both in domestic and export markets. AIL, as an Original Equipment Manufacturer (OEM) manufactures customized process engineering equipment and machineries from its state -of-the-art manufacturing facility at Halol, Gujarat with strategic partnership for othe
+ Reputed clientele base
AIL caters to more than 150 reputed customers in the food processing industry. While the company maintains a diversified customer portfolio, revenue concentration may vary annually depending on the execution of large orders from select clients. Barring a few marquee customers, the top customer list typically changes each year based on order availability.Further, AIL has outstanding order book of ~Rs.250 crore as on September 30, 2025.
+ Strong financial risk profile
AIL’s capital structure remained strong, with no outstanding debt as on March 31, 2025, and September 30, 2025on a moderate tangible net worth base of ₹134 crore as on September 30, 2025. Total outside liabilities to tangible net worth also remained comfortable at 0.58x as on FY25 end (0.85x as on FY24 end). Debt-coverage indicators remained robust, reflected by a PBILDT interest coverage ratio of 36.80x in FY25 (PY: 27.86x; H1FY26: 294x) and nil TD/GCA.
Credit challenges
− Moderate scale of operations
AIL’s TOI declined to ₹180 crore in FY25 from ₹224 crore in FY24 reflecting temporary moderation in order execution during th e period, influenced by slowdown in capex activity undertaken by end-user industries. In H1FY26, TOI stood at ₹95 crore versus ₹101 crore in H1FY25. The execution during a period under consideration is dependent on the capex being undertaken by various end-user industries and dispatches achieved for the on-going capex. Despite near-term moderation, the rating reaffirmatio
− Inherent risk of fluctuation in profit margin due to customized nature of product
AIL’s profitability is dependent on nature of product manufactured, technicality associated with it and customization of proj ects executed in the year. Moreover, AIL’s clientele consists of very large and organised players in food processing value chain, hence, it has a limited bargaining power in terms of ability to revise prices in case of steep variation in raw material prices, how ever as articulated by the management, the company procures majority of its required raw materials at time of r
− Vulnerability to inherent cyclicality in demand from end -user industry
AIL operates in the food -processing equipment segment, where user capex is tied to consumer demand trends and macroeconomic conditions. As a result, AIL’s revenue remains exposed to capex cyclicality in the food -processing industry.
Could lead to an upgrade
• Significant growth in scale of operations with total operating income (TOI) rising above ₹350 crore, supported by new customer additions, along with sustained profit before interest, lease rentals, depreciation and taxation (PBILDT) margin above 16%. • Maintaining a comfortable capital structure, marked by augmentation of tangible net worth above ₹200 crore. • Sustained adequate
Could lead to a downgrade
• Decline in scale of operations with TOI less than ₹200 crore on sustained basis. • Sustained deterioration in capital structure, with overall gearing increasing above 0.50x. • Elongation in operating cycle to over 150 days impacting the company’s
Agency-reported financials (CARE, 05 Feb 2026)
| Metric | March 31, 2024 | March 31, 2025 |
|---|---|---|
| Total operating income | ₹180 Cr | ₹94.56 Cr |
| PBILDT* | ₹25.01 Cr | ₹14.70 Cr |
| Profit after tax (PAT) | ₹18.03 Cr | ₹12.02 Cr |
| Overall gearing (x) | 0.00× | 0.00× |
| Interest coverage (x) | 36.80× | 294.00× |
| Revenue growth (YoY) | — | −47.4% |
| PAT margin | 10.0% | 12.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Short Term Bank Facilities | Working capital & bank lines | — | ₹12.0 Cr | — | A- / A2+ (Stable) | Reaffirmed | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹38.0 Cr | — | A2+ | Reaffirmed | CARE |
CARE ratings on record (checked 02 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹37.7 Cr | CARE A2+ |
| CC/Packing Credit | ₹12.0 Cr | CARE A-; Stable / CARE A2+ |
| Short Term | ₹35.0 L | CARE A2+ |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based - LT/ ST | CC/Packing Credit | Bank of Baroda |
| Non-fund-based | Short Term | Bank of Baroda |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
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) | 67% |
| Information on file | 44% · missing: Audited financial statements (last 18 months), 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: 67% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 294×
Rated limits by facility
Timeline
From the report
The company generated net cash accruals of ₹14 crore in FY25 against no repayment obligations in FY26.
From the report
AIL reported healthy net cash accruals of ₹19 crore in FY24 against nil debt repayment obligation in FY25.
From the report
The said liquid funds include unencumbered cash and bank balance of ₹25 crore and mutual fund investments of ₹35 crore as on March 31, 2024.
From the report
AIL continues to remain debt-free (on net-debt basis) and has low reliance on bank borrowings and its working capital requirements are met through internal accruals, advance from customers and availing credit from suppliers.
From the report
The company has reported healthy growth in cash flow from operations in FY23 to Rs.29.19 crore (PY: -9.93 crore).
From the report
As on March 31, 2023, AIL had free cash and bank balance (including liquid investments) of Rs.46.04 crore as on March 31, 2023 (PY: Rs.24.52 crore as on March 31, 2022) and Rs.43.36 crore as on September 30, 2023.
From the report
The reliance on working capital limits stood low marked by average utilisation of fund-based limits at 10% during the trailing 12 months ended November 30, 2023.
From the report
AIL continues to remain debt-free (on net-debt basis) and has low reliance on bank borrowings and its working capital requirements are met through internal accruals, advance from customers and availing credit from suppliers.
From the report
The increase in working capital intensity reflected by negative cash flow from operations in FY22 (PY: Rs. 24.53 crore) was funded by free cash and bank balance on hand.
From the report
As on March 31, 2022, AIL had free cash and bank balance (including liquid investment s) of Rs.24.25 crore as on March 31, 2022 (PY: Rs.42.14 crore as on March 31, 2021) and Rs.51.00 crore as on September 30, 2022.
From the report
The reliance on working capital limits stood low marked by average utilisation of fund-based limits at 6% during the trailing 12 months ended December 31, 2022.
From the report
Comfortable capital structure and debt coverage indicators AIL’s capital structure improved with overall gearing of 0.008 times as on March 31, 2021 as against 0.14 times as on March 31, 2020 owing to decrease in level of total debt led repayment of outstanding loan.
From the report
Liquidity: adequate AIL’s liquidity improved during FY21 marked by growth in free cash & bank balance and liquid investments of Rs.41.53 crore as on March 31, 2021 (Rs.30.45 crore as on March 31, 2020), low reliance on bank borrowings for working capital requirements and negligible LT debt repayment obligations.
From the report
Average utilisation of fund-based working capital limits stood low at just 3% during the trailing 12 months ended on December, 2021, as the working capital requirement is largely being funded from 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications 1 CARE Ratings Ltd.
From the report
(Maximum working capital limit utilization remained at around 10%).
From the report
For non-fund based facilities (Bank Guarantee) the average utilization remained at around 80% for the past 12 months ended December, 2020.
From the report
As on March 31, 2020 cash and bank balance remained moderate at Rs.1.95 crore, while net cash flow from operations was comfortable during FY20.
From the report
Further it is to be noted that AIL has not availed any moratorium or enhancement in debt facilities under COVID-19 relief package. 2 CARE Ratings Limited Press Release Analytical Approach: Standalone Applicable Criteria Criteria on assigning outlook to Credit Ratings CARE’s Policy on Default Recognition Rating Methodology - Manufacturing Companies Liquidity analysis of Non-financial sector entities Financial ratios – Non-Financial Sector Criteria for Short Term Instruments About the Company Axtel Industries Ltd.
From the report
Liquidity: Adequate Liquidity position of AIL remained adequate marked by moderate current ratio of 1.60 times as on March 31, 2019 while the average utilization of fund -based working capital borrowings remained miniscule at around 2.70%, whereas utilization of non-fund based limit had remained at 80% during past 12 months ended March, 2020.
From the report
Moreover, AIL has reported net cash flow from operations of Rs.11.01 crore during FY19 and as against GCA level of Rs.15.61 crore in FY19 its debt repayments remained low at Rs.0.24 crore during FY20 which was towards vehicle loan.
From the report
Moreover, AIL has not availed a moratorium on its scheduled debt repayments & interest servicing on its working capital facility from its lender under the COVID -19 – Regulatory Package announced by Reserve Bank of India.
From the report
The average utilization of working capital borrowings remained low at around 5% during past 12 months ended March, 2020.
From the report
Furthermore, unencumbered cash and bank balance remained comfortabl e at Rs.5.50 crore as on March 31, 2019, while net cash flow from operations remained at Rs.11.01 crore during FY19.
From the report
The average utilization of working capital borrowings remained below 10% for the past 12 months period ended January, 2019.
From the report
Furthermore, net cash flow from operating activities remained comfortable at Rs.12.04 crore in FY18 while the unencumbered cash & bank balance stood at Rs.3.03 crore as on March 31, 2018.
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.