Key Metrics of Duncan Engineering Limited
About Duncan Engineering Limited
Sectors
Company details
Operational Areas of Duncan Engineering 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.
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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 |
|---|---|---|---|---|---|---|---|
| 25 Aug 2026 | ICRA | Reaffirmed | BBB+ | A2 | Stable | ₹28.5 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established track record in pneumatic products
DEL, part of the Goenka Group, has an operating track record of more than six decades in the industrial automation and flow-control products industry.
+ Diversified client profile and low customer concentration
DEL caters to customers across the power, cement, machine building, steel, automotive, oil and gas, pharmaceuticals and material handling sectors.
+ Comfortable debt metrics and liquidity position
DEL’s financial risk profile remains comfortable, supported by low debt, strong coverage indicators and sizeable liquid investments.
Credit challenges
− Small scale of operations with limited bargaining power
DEL’s operating scale remains modest, reflected in an operating income of Rs. 80.7 crore in FY2026.
− Competition from large established players
The company faces competition from larger domestic and international players which have wider product portfolios, stronger financial resources and established customer approvals.
− Profitability vulnerable to volatility in key raw-material prices
Aluminium tubes and steel rods are DEL’s key raw materials, and volatility in their prices may affect profitability.
Could lead to an upgrade
The ratings may be upgraded if the company demonstrates a significant increase in its revenue and operating profits on a sustained basis while maintaining an adequate
Could lead to a downgrade
The ratings may be downgraded if there is material deterioration in DEL’s operating income profitability and
Agency-reported financials (ICRA, 25 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹84.70 Cr | ₹80.70 Cr |
| PAT | ₹5.20 Cr | ₹4.90 Cr |
| OPBDIT/OI | 8.6% | 9.1% |
| PAT/OI | 6.2% | 6.0% |
| Total outside liabilities/Tangible net worth (times) | 0.30× | 0.30× |
| Total debt/OPBDIT (times) | 0.40× | 0.70× |
| Interest coverage (times) | 10.10× | 19.70× |
| Revenue growth (YoY) | — | −4.7% |
| EBITDA (margin × income) | ₹7.28 Cr | ₹7.34 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹2.91 Cr | ₹5.14 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.72 Cr | ₹0.37 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| reaffirmed credit Short term – Non-fund based – reaffirmed | Non-fund based limits | ₹9.50 Cr | ₹14.0 Cr | 47.4% | A2 | Reaffirmed | ICRA |
| Others | Other | ₹1.60 Cr | ₹14.5 Cr | 806.3% | — | Other | ICRA |
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) | 72% |
| 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: 72% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 19.7×
Rated limits by facility
Timeline
From the report
August 25, 2026 Duncan Engineering Limited: Ratings reaffirmed and assigned for enhanced amount Summary of rating action Previous Current rated rated # Instrument* amount Rating action Financial sector regulator amount (Rs. crore) (Rs. crore) [ICRA]BBB+ (Stable);
From the report
The liquidity continues to be comfortable, with liquid investments and fixed deposits aggregating around Rs. 27.1 crore as on March 31, 2026 (excluding a liquidity haircut of Rs. 6.6 crore on the investment in certain instruments , in line with ICRA’s policy on liquidity assessment).
From the report
There are no long-term debt repayments as the company does not have any long-term debt on its books.
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 Duncan Engineering Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
 Tata Hitachi Construction Machinery Company |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | tatahitachi.co.in | — | India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 Sansera Engineering Limited |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
 AJAX Engineering |
Commercial Vehicles & Buses · Automobile Manufacturers | ajax-engg.com | 1992 | Bangalore, India |
| Il&FS Engineering And Construction Company Limited | · Construction | — | — | Hyderabad, Telangana, 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.