Key Metrics of Bel-Thales Systems Limited
About Bel-Thales Systems 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
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Jul 2026 | ICRA | Reaffirmed | AA | — | Stable | — | View |
Credit strengths (ICRA, Jul 2026)
+ Strong parentage
BTSL is a 74:26 JV between BEL and the Thales Group.
+ Comfortable capital structure with nil debt
BTSL has a strong capital structure with nil debt on books.
+ Healthy future revenue prospects
The company has an outstanding order book of Rs. 269.8 crore as on March 31, 2026 that mainly includes supply of TRM components to BEL, which provides adequate revenue visibility.
Credit challenges
− Modest scale of operations and profitability
The company earns revenue from limited sources like maintenance activities for radars, along with sale of products primarily to both its JV partners.
− Limited products and services
BTSL has a limited portfolio of products and services, which exposes the top line to a greater degree of revenue volatility.
− Low customer diversification
The company has a low customer diversification with BEL and TRDSL being the primary customers as on date.
Could lead to an upgrade
ICRA could upgrade BTSL’s rating if there is a substantial growth in its earnings, and diversification of revenues and customer base, resulting in an improved business risk profile.
Could lead to a downgrade
Pressure on the rating may emerge in case of any weakening in the credit profile of BEL. Any weakening of linkages with the JV partners or weakening of the business profile through reduced order visibility may result in a rating downgrade. Pressure on
Agency-reported financials (ICRA, 08 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income (OI) | ₹118 Cr | ₹147 Cr |
| PAT | ₹4.80 Cr | ₹1.00 Cr |
| OPBDIT/OI (%) | 2.9% | 1.9% |
| PAT/OI (%) | 4.0% | 0.7% |
| Total outside liabilities/Tangible net worth (times) | 0.40× | 1.00× |
| Total debt/OPBDIT (times) | 0.90× | 0.90× |
| Interest coverage (times) | 8.60× | 9.80× |
| Revenue growth (YoY) | — | 24.7% |
| EBITDA (margin × income) | ₹3.42 Cr | ₹2.79 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹3.08 Cr | ₹2.51 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.40 Cr | ₹0.28 Cr |
Borrowings & rated debt
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · 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) | 74% |
| Information on file | 33% · missing: Annual results history (3+ years), Liquidity position, 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: 74% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 9.8×
Rated limits by facility
Timeline
From the report
The rating draws comfort from the company’s debt-free capital structure, along with prudent working capital management, largely managed through supplier credit and customer advances, thereby limiting reliance on external borrowings.
From the report
The company is expected to maintain a debt-free capital structure, based on its current business plans.
From the report
The company is debt-free and has modest capital expenditure requirements of Rs. 3-4 crore over the next two fiscals, which are expected to be fully funded through internal accruals.
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.