Key Metrics of Backbone Construction Private Limited
About Backbone Construction Private Limited
Sectors
Company details
Operational Areas of Backbone Construction Private Limited
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
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Credit ratings
WatchLiquidity assessed as Stretched
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 04 Nov 2026 | ICRA | Assigned | BB+ | A4+ | Stable | ₹55.0 Cr | View |
Credit strengths (ICRA, Nov 2026)
+ Extensive experience of promoters in the civil construction industry
BCPL benefits from the promoters’ more than three decades of experience in the civil construction and infrastructure sector.
+ Healthy order book position provides adequate revenue visibility
BCPL had an unexecuted order book of Rs. 831.9 crore, around 3.5 times its OI in FY2026, as on September 30, 2026, spread across 58 projects, providing healthy revenue visibility over the medium term.
Credit challenges
− Moderate scale of operations and moderate net worth base
BCPL’s scale of operations remains moderate, with operating income of Rs. 119.7 crore in H1 FY2027, following Rs. 240.3 crore in FY2026.
− Exposure to intense competition and modest profit margin; tender -based construction business
BCPL operates in a highly competitive and tender-driven construction industry, which limits pricing flexibility.
− Exposure to sizeable payable against arbitration claims
BCPL has unaccounted arbitration claim receivables aggregating Rs. 159.1 crore, primarily relating to projects completed before 2018.
Could lead to an upgrade
The ratings could be upgraded, if there is sustained increase in its revenue and earnings leading to strengthening of net worth and
Could lead to a downgrade
Pressure on the ratings could arise, if there is a significant decline in revenues and earnings, or any significant debt-funded capex or increase in working capital cycle weakens the debt coverage indicators or
Agency-reported financials (ICRA, 04 Nov 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹214 Cr | ₹240 Cr |
| PAT | ₹5.30 Cr | ₹5.30 Cr |
| OPBDIT/OI | 4.0% | 3.8% |
| PAT/OI | 2.5% | 2.2% |
| Total outside liabilities/Tangible net worth (times) | 3.00× | 3.30× |
| Total debt/OPBDIT (times) | 2.20× | 3.10× |
| Interest coverage (times) | 3.30× | 4.50× |
| Revenue growth (YoY) | — | 12.3% |
| EBITDA (margin × income) | ₹8.56 Cr | ₹9.13 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹18.83 Cr | ₹28.30 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹2.59 Cr | ₹2.03 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term-Fund-based-Term Loan | Term loans | — | ₹6.96 Cr | — | BB+ (Stable) | Assigned | ICRA |
| Long-term-Fund-based-Overdraft | Working capital & bank lines | — | ₹9.30 Cr | — | BB+ (Stable) | Assigned | ICRA |
| Short term-Non-Fund-based-Bank Guarantee Long term Short term | Non-fund based limits | — | ₹35.7 Cr | — | A4+ | Assigned | ICRA |
| Unallocated Limits | Other | — | ₹3.04 Cr | — | BB+ / A4+ (Stable) | Assigned | ICRA |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
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) | 38% |
| Information on file | 44% · missing: 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: 38% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- Interest coverage 4.5×
- Working-capital limits 82% utilised on average
- ₹3.04 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Liquidity position: Stretched BCPL’s liquidity position is stretched, given the high utilisation of its OD limits of Rs. 11.3 crore, with average fund-based utilisation of around 82% during the 12-month period ended September 2026.
From the report
The company had free cash and bank balances of Rs. 1.91 crore as on March 31, 2026.
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.
Competitors of Backbone Construction Private Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
 NCC Limited |
Discovered Companies · Other Industries | ncc.se | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
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.