Key Metrics of Caparo Maruti Limited
About Caparo Maruti Limited
Sectors
Company details
- Registered office
- 1010, 10th Floor, Kailash Building, 26 Kasturba Gandhi Marg, New Delhi, In-dl, 110001
Operational Areas of Caparo Maruti 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
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 25 Aug 2026 | ICRA | Reaffirmed | BB+ | A4+ | Stable | ₹107 Cr | View |
| 17 Dec 2025 | CARE | Withdrawn | BB | A4 | Stable | — | View |
| 04 Apr 2025 | CARE | Downgraded | BB | — | Stable | ₹106 Cr | View |
| 13 Mar 2024 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹98.7 Cr | View |
| 24 Mar 2023 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹132 Cr | View |
| 01 Apr 2022 | CARE | Revised (from BBB-) | BB+ | A4+ | Stable | ₹132 Cr | View |
| 05 Mar 2021 | CARE | Reaffirmed | BBB- | A3 | Negative | ₹264 Cr | View |
| 19 Aug 2020 | CARE | Reaffirmed | BBB- | A3 | Negative | ₹133 Cr | View |
| 14 Feb 2020 | CARE | Revised (from A) | BBB | A3 | Negative | ₹133 Cr | View |
| 07 Feb 2020 | CARE | Other | — | — | — | — | View |
| 03 Apr 2019 | CARE | Reaffirmed | A- | A2+ | Stable | ₹156 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established relationship with MSIL
CML has an established relationship with MSIL since its inception in 1994.
+ Access to financial support from Group companies
CML has benefited from financial support from group entities over the years through ICDs (Rs. 2.7 crore outstanding as on March 31, 2026 and 22.3 crore as on March 31, 2025) and extended credit from related parties, which have supported its working capital requirements, liquidity position and debt-servicing obligations.
Credit challenges
− Modest, albeit improving, financial risk profile
The operating and financial risk profiles of the company remained weak over FY2017-FY2024 due to a combination of reasons –lower scale of operations (causing reduced fixed cost absorption), absence www.icra.in Sensitivity Label : Public Page |2 of business from high-value new models and elevated power costs.
− Exposure to customer concentration risk
The company derives 85-90% of its revenues from MSIL (direct as well as indirect sales), thereby exposing it to customer and segment concentration risk as well as volatility in demand from the OEM.
− Susceptibility to volatility in raw material prices and cyclicality inthe automobile industry
CML’s profitability remains vulnerable to pricing pressure from the OEMs and fluctuations in prices of its key raw material, steel.
Could lead to an upgrade
• Improvement in Profit before interest, lease rentals, depreciation, taxes ( PBILDT) margin above 4% along with positive cash accruals and steady total operating income on a sustained basis. • Improvement in operational cash flows leading to improved
Could lead to a downgrade
• Decline in the total operating income below Rs 400 Cr with continued losses at operational and net level. • Continued deterioration in its financial risk profile with stretched
Agency-reported financials (ICRA, 25 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income (OI) | ₹604 Cr | ₹718 Cr |
| PAT | ₹-22.30 Cr | ₹11.70 Cr |
| OPBDIT/OI | 1.4% | 3.1% |
| PAT/OI (3.7%) | 1.6% | — |
| Total outside liabilities/Tangible net worth (times) | -9.50× | -14.10× |
| Total debt/OPBDIT (times) | 17.50× | 5.80× |
| Interest coverage (times) | 0.50× | 1.30× |
| Revenue growth (YoY) | — | 19.0% |
| EBITDA (margin × income) | ₹8.45 Cr | ₹22.26 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹148 Cr | ₹129 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹16.90 Cr | ₹17.12 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Working Capital Term | Working capital & bank lines | ₹13.7 Cr | ₹6.40 Cr | −53.3% | — | Other | ICRA |
CARE ratings on record (checked 27 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Commercial Paper | — | Withdrawn |
| Long Term | — | Withdrawn |
| Working Capital Limits | — | Withdrawn |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · 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 · 17 Dec 2025 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 48% |
| Information on file | 56% · missing: 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: 47% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- Interest coverage 1.3×
- Working-capital limits 85% utilised on average
Rated limits by facility
Timeline
From the report
Its working capital utilisation continues to be high, with average utilisation of 80-85% as of June 2026.
From the report
CML has reported low cash profit of Rs. 1.18 crore during FY25 (prov.).
From the report
The company has reported cash and bank balance of Rs. 11.87 crore as on March 31, 2025 (Prov.) Assumptions/Covenants: Not Applicable Environment, social, and governance (ESG) risks: Not Applicable Applicable criteria Policy on Withdrawal of Ratings CARE Ratings’ Policy on Default Recognition Criteria on Assigning ‘Outlook’ or ‘Rating Watch’ to Credit Ratings Financial Ratios – Non-Financial Sector CARE Ratings’ Criteria on Rating of Short Term Instruments Rating Methodology - Manufacturing Companies Rating Methodology – Auto Components & Equipments Liquidity Analysis of Non -Financial Sector E
From the report
The company also reported cash loss amounting to Rs 22.03 Cr in FY24 (PY: cash loss of Rs 18.84 Cr) as the company purchased raw material as per the original production schedule of MSIL.
From the report
The company also reported cash loss amounting to Rs. 18.84 Cr in FY23. 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
The cash and bank balance as on November 30, 2023, stood at Rs 1.12 crore.However, the company has received new orders from MSIL and other OEMs, the execution of which remains a key monitorable. 2 CARE Ratings Ltd.
From the report
The profitability continues to remain low on account of receipt of lower payment under PCD (Price Cost Deduction y-o-y for the components used in existing models of MSIL) model.However, the company has started receiving new orders from MSIL which is expected to contribute to both topline and bottom line.The company also reported cash loss amounting to Rs.1.99 Cr in FY22.
From the report
Company has sanctioned fund-based limit of Rs. 80 crore, out of which, approx. 84% of the limit remained utilised in last 12 months ending December 2022.
From the report
The company also reported cash loss amounting to Rs.21.56 crore in FY21.
From the report
Company has sanctioned fund-based limit of Rs 80 crore, out of which, approx. 69% of the limit remained utilised in last 12 months ending February 22.
From the report
The improvement is on account of repayment of the long-term debt along with the lower utilization of the working capital limits.
From the report
The company also reported cash losses amounting to Rs.6.73 crore in FY20.
From the report
The average fund based working capital utilization in trailing 12 month ended Dec’20 has shown a gradual increasing trend with average of 79% and peak of 96% in Jan, 2020.
From the report
The improvement is on account of repayment of the long term debt along with the lower utilization of the working capital limits.
From the report
The company also reported cash losses amounting to Rs.3.30 crore in FY20.
From the report
The average fund based limit utilization for the past twelve months ending July, 2020 stood at 82%.
From the report
The funding of capex and repayment of debt obligations of FY19 was primarily done through long term borrowings of Rs.17.61 crore and partly through short term borrowings of Rs.47.84 crore.
From the report
The company had negative cash flow from operations of Rs.6.5 crore in FY19.
From the report
The cash balance as on March 31, 2019 stood at Rs.7.8 crore.
From the report
The average fund based working capital utilization in trailing 12 month ended Dec’19 has shown a gradual increasing trend with average of 77% and peak of 99% in April 2019. 2 CARE Ratings Limited Press Release Analytical approach: Standalone with operational linkages with MSIL Applicable Criteria Criteria on assigning Outlook and credit watch to Credit Ratings CARE’s Policy on Default Recognition Criteria for Short Term Instruments Rating Methodology – Auto Ancillary Companies Rating Methodology-Manufacturing Companies Financial ratios – Non-Financial Sector About the Company CML incorporated
From the report
Out of total fund based limits, cash credit limit to be Rs.10 crore to Rs.65 crore by end of December reduced from Rs.40 crore to Rs.5 crore and MSIL- PO finance is 2019.
From the report
The average fund based working capital utilization in trailing 12 month ended Dec’18 has shown a gradual increasing trend with average of 35.7% and peak of 87.6% in Dec’18.
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 Caparo Maruti Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Tata Motors Passenger Vehicles |
Gears, Steering, Brakes & Systems · Auto Components, Forging & Casting | tata.cars | 1945 | Mumbai, India |
 Maruti Suzuki India |
Passenger Cars · Automobile Manufacturers | marutisuzuki.com | 1981 | New Delhi, India |
 Mahindra & Mahindra |
Outlets operated by Koncept Automobiles. | mahindra.com | 1945 | Mumbai, India |
 Tata Motors |
Outlets operated by Sri Lakshmi Motors. | tatamotors.com | 1945 | Mumbai, India |
 Hyundai Motor India |
Part of Hyundai Motor Company. | hyundai.com/in/en | — | Kanchee- -puram, India |
 Bajaj Auto |
Two-Wheelers & Three-Wheelers · Automobile Manufacturers | bajajauto.com | 1945 | Pune, India |
 Ashok Leyland |
Commercial Vehicles & Buses · Automobile Manufacturers | ashokleyland.com | 1948 | Chennai, India |
 TVS Motor Company |
Two-Wheelers & Three-Wheelers · Automobile Manufacturers | tvsmotor.com | 1979 | Chennai, India |
 Hero MotoCorp |
Outlets operated by Avi Bhatiya. | heromotocorp.com | 1984 | New Delhi, India |
 Skoda Auto Volkswagen India |
Part of Volkswagen Group. | skoda-vw.co.in | 2007 | Pune, 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
Automotive components
Filings
No filings on record yet.