Key Metrics of Bgr Energy Systems Limited
About Bgr Energy Systems Limited
Sectors
Company details
- Registered office
- E-4, Pannamgadu Industrial Estate, Ramapuram Post, Tada Mandalam, Tada, Tada, Nellore, In-ap, 524401
- Listed
- NSE: BGRENERGY · ₹303.05
Operational Areas of Bgr Energy Systems 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
Sign in with access to company financials to review vendor evidence.
Credit ratings
WatchLiquidity assessed as Stretched
NoteLatest action: rating withdrawn (CARE, 18 Oct 2021)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 18 Oct 2021 | CARE | Withdrawn | BB+ | A4+ | Stable | — | View |
| 16 Jul 2021 | CARE | Revised (from BBB) | BB+ | A4+ | Stable | ₹16,086 Cr | View |
| 09 Feb 2021 | CARE | Reaffirmed | BBB | A3 | Negative | ₹16,086 Cr | View |
| 23 Jul 2020 | CARE | Revised (from BBB) | BBB | A3 | Negative | ₹8,218 Cr | View |
| 02 Apr 2020 | CARE | Reaffirmed | BBB | A3 | Stable | ₹8,218 Cr | View |
| 19 Dec 2018 | CARE | Revised | BBB | A3+ | Stable | ₹9,508 Cr | View |
| 30 Mar 2018 | CARE | Revised (from BBB+) | BBB+ | A3+ | Stable | ₹19,754 Cr | View |
| 23 Jan 2017 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹10,488 Cr | View |
| 11 Jan 2016 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Oct 2021)
+ Stable (02-Apr-20) 1)CARE BBB; Negative / CARE A3 1)CARE 1)CARE (09-Feb-21)2)CARE BBB; BB+; Non-fund-based
BBB; Negative / Stable / 2 LT/ST* - - Stable / - LT/ ST-BG/LC CARE A3 (23-Jul- CARE A3 CARE A4+ 20)3)CARE BBB; (19-Dec- (16-Jul-21) Stable / CARE A3 18) (02-Apr-20) 1)CARE Term Loan-Long 1)Withdrawn (02- BBB; 3 LT - - - - Term Apr-20) Stable (19- Dec-18) *Long Term / Short Term Annexure 3: Complexity level of various instruments rated for this company Sr.
+ No Name of instrument Complexity level 1 Fund-based
LT-Cash Credit Simple 2 Non-fund-based - LT/ ST-BG/LC Simple Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity.
Credit challenges
− Challenge in execution leading to deterioration in financial metrics
The company’s project execution in FY21 has been severely impacted on account of the covidpandemic. While the first half of the year saw challenges due to the lockdown and migration of labour etc., there was an improvement in Q3FY21 with the company reporting a q-o-q growth of 30% in the revenue with tapering of the effect of the pandemic. Thelast quarter is historically a quarter where the company’s execution picks us pace and it was expected that a similar situation would play out.
− Key Rating Strengths
Experienced and qualified management team: BGR Energy Systems Limited (BGR) was founded by late Mr. B.G. Raghupathy in 1985. After the demise of Mr. Raghupathy, in July 2013, the company is headed by his wife, Mrs. Sasikila Raghupathy (Chairperson) supported by his son Mr. Arjun Govind Raghupathy (Managing Director) and other Executive Directors on the board. They are further supported by a team of experienced and professional senior management having a long-standing association with the company
Could lead to an upgrade
Improvement in order book position and execution with revenue in excess of Rs.2500 crore Improvement in
Could lead to a downgrade
Continued slowdown in project execution or elongation in collections
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Facilities Action Long-term Bank Facilities [Double B Plus | Working capital & bank lines | — | ₹2,824 Cr | — | BB+ (Stable) | Revised | CARE |
| ] [Triple B ] Long-term/Short-term Bank [Double B Plus Facilities [Triple B /A Four Plus] /A Three] | Working capital & bank lines | — | ₹5,219 Cr | — | BB+ / A4+ (Stable) | Revised | CARE |
| Rated facility | Other | — | ₹8,043 Cr | — | — | Other | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Long Term | — | Withdrawn |
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 |
| Withdrawal | CARE · 18 Oct 2021 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 39% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 37% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- CARE withdrew its ratings on 18 Oct 2021 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
From the report
The company availed moratorium on interest on working capital which was converted into FITL (Rs.93 crore) payable by March 31, 2020.
From the report
Liquidity: Adequate The liquidity position of BGR is adequate with no term debt liability and a moderate cash balance of Rs.20.00 crore as on January 15, 2021.
From the report
However, the growth prospects in the long term is would depend upon project diversification, given the slowdown in the new project addition/ expansion in the thermal power project seg ment and high revenue contribution from such segments. 2 CARE Ratings Limited Press Release Liquidity: Adequate The liquidity position of the company is adequate with no term debt liability and a moderate cash balance of Rs.25.00 crore as on July 02, 2020.
From the report
Release of Performance Bank Guarantee and prepayment of term debt: The company has pending retention money dues from TANGEDCO for its Mettur project which was completed in FY13 and warranty period was over in FY16.
From the report
Further, on release of margin money associated with the BG, BGR has prepaid the term debt liability.
From the report
However, during March 2020, BGR has prepaid the term loan availed in FY15 with which term debt obligation is extinguished.
From the report
However, during March 2020, BGR has prepaid the term loan availed in FY15 with which term debt obligation is extinguished.
From the report
The interest on loans availed along with high bank charges (on LC/BG usage) has resulted in thin interest coverage at 1.20x for FY19.
From the report
Liquidity: Adequate The liquidity position of the company is adequa te with the company generating adequate cash accrual (Rs.60.94 crore in FY19) with no long term debt in the books of account as on March end 2020.
From the report
Liquidity: Adequate The liquidity position of the company is adequa te with the company generating adequate cash accrual (Rs.60.94 crore in FY19) with no long term debt in the books of account as on March end 2020.
From the report
The working capital requirements for BGR continue to be high with average working capital utilization of around 90%.
From the report
The cash and bank balance as on September 2018 stood at Rs.392.27 crore, of which major portion corresponds to margin money deposits held under lien to banks.
From the report
Due to delay in receipt of retention money, BGR availed corporate loan in FY15.
From the report
The working capital requirements for BGRE continue to be high with average working capital utilization of around 90%.
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 Bgr Energy Systems Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
| Tamil Nadu Power Distribution Corporation Limited | Power Generation & Utilities · Oil, Gas & Energy | — | — | Chennai, Tamil Nadu, India |
 Adani Power |
Part of Adani Group. | adanipower.com | 1996 | Ahmedabad, India |
| Power Generation & Utilities · Oil, Gas & Energy | powergridindia.com | 1989 | New Delhi, India | |
| Discovered Companies · Other Industries | torrentpower.com | 1996 | Ahmedabad, India | |
 Adani Energy Solutions |
Part of Adani Group. | adanienergysolutions.com | 2013 | Ahmedabad, India |
| Outlets operated by Gujarat Energy. | gujarat-energy.com | — | Gandhinagar, Gujarat, India | |
| Power Generation & Utilities · Oil, Gas & Energy | cesc.co.in | — | Kolkata, India | |
| Tata Power Delhi Distribution Limited | Power Generation & Utilities · Oil, Gas & Energy | — | 2002 | Delhi, India |
| Gulbarga Electricity Supply Company Limited | Power Generation & Utilities · Oil, Gas & Energy | — | — | Karnataka, 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.