Key Metrics of CtrlS
About CtrlS
Company details
- Website
- ctrls.in
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 |
|---|---|---|---|---|---|---|---|
| 06 May 2026 | ICRA | Reaffirmed | AA | — | Stable | ₹720 Cr | View |
Credit strengths (ICRA, May 2026)
+ Expected significant increase in operating capacity over medium term which has been pre-leased
CtrlS expects significant growth in scale of operations, OI and profitability driven by recently tied-up large capacities while maintaining comfortable debt coverage metrics over the medium term.
+ Comfortable coverage metrics with stable annuity stream of cashflows
With sizeable investment plans for the upcoming capacities, the leverage metric measured by total debt/OPBDIT could remain beyond 4 times in the next 12-18 months to fund the ongoing capex.
+ Digitisation and favourable regulations support long-term prospects of DCs
Data localisation and data explosion are paving the way for DC revolution in India.
Credit challenges
− Exposed to high execution risks due to large capex in the medium term
CtrlS remains exposed to high execution risk given the nascent stages of execution for recently tied-up leases and expected multi-fold increase in capacity in next two years.
Could lead to an upgrade
ICRA may upgrade the rating if there is healthy capacity utilisation of existing and upcoming DCs resulting in significant improvement in revenues, earnings and debt protection metrics on sustained basis.
Could lead to a downgrade
Negative pressure on the ratings may arise if there is any material cost/time overrun for preleased capacities or significant decline in utilisation of the existing DCs or large speculative debt funded capex resulting in weakening of debt protection metrics. Specific credit metrics that could lead to a downgrade of ratings include DSCR of less than 1.5 times and Total Debt/EBITDA of more than 4 times on a sustained basis.
Agency-reported financials (ICRA, 06 May 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹1,339 Cr | ₹1,562 Cr |
| PAT | ₹248 Cr | ₹248 Cr |
| OPBDITA/OI | 46.7% | 49.6% |
| PAT/OI | 18.5% | 15.9% |
| Total outside liabilities/Tangible net worth (times) | 2.10× | 2.30× |
| Total debt/OPBDITA (times) | 3.40× | 3.80× |
| Interest coverage (times) | 5.30× | 3.90× |
| Revenue growth (YoY) | — | 16.7% |
| EBITDA (margin × income) | ₹625 Cr | ₹775 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹2,126 Cr | ₹2,944 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹118 Cr | ₹199 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan enhance | Term loans | ₹300 Cr | ₹720 Cr | 140.0% | AA (Stable) | Reaffirmed | ICRA |
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) | 59% |
| Information on file | 22% · missing: Audited financial statements (last 18 months), 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: 61% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 3.9×
Rated limits by facility
Timeline
From the report
May 06, 2026 CtrlS (India) Private Limited: Rating reaffirmed and assigned for enhanced amount Summary of rating action Previous rated Current rated Instrument* amount amount Rating action (Rs. crore) (Rs. crore) Long-term – Fund-based – [ICRA]AA (Stable); reaffirmed and assigned for 300.00 720.00 Term loan enhance amount Long-term – Unallocated limits 71.0 0.00 - Total 371.00 720.00 *Instrument details are provided in Annexure II Note: ICRA takes a consolidated view of CtrlS Datacenters Limited (CtrlS) and its subsidiaries – CtrlS (India) Private Limited (CIPL), CtrlS Bangalore Private Limite
From the report
The company has raised equity of Rs. 256 crore in FY2026 and has plans to raise equity in the near term, which will be used towards growth capex.
From the report
CtrlS has sanctioned working capital limits of Rs. 110 crore, with average fund- based utilization at 59% for last 12 months until February 2026.
From the report
In addition, CtrlS has provided corporate guarantees to loan availed by CtrlS (India) Private Limited and CtrlS Bangalore Pvt Ltd. www.icra.in Sensitivity Label : Public Page |3 About the company CtrlS (India) Private Limited (CIPL) was incorporated in 2008 for providing infrastructure for data storage and data protection solutions.
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.