Key Metrics of Edgetech Air Systems Private Limited
About Edgetech Air Systems Private Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
PositiveUpgraded by ICRA on 30 Mar 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Mar 2026 | ICRA | Upgraded | BBB+ | A2 | Stable | ₹50.0 Cr | View |
| 02 Apr 2025 | CARE | Withdrawn | BBB- | A3 | Positive | — | View |
| 07 Feb 2024 | CARE | Reaffirmed | BBB- | A3 | Positive | ₹64.4 Cr | View |
| 05 Jan 2023 | CARE | Revised (from BB+) | BBB- | A3 | Stable | ₹131 Cr | View |
| 17 Feb 2022 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹58.7 Cr | View |
| 04 Feb 2021 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹97.5 Cr | View |
| 06 Jan 2020 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹82.1 Cr | View |
| 01 Feb 2019 | CARE | Assigned | BB+ | A4+ | Stable | ₹41.1 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Established presence in HVAC industry with long relationships with clients
The company has been operating in the HVAC industry for more than two decades and its promoters have extensive experience in the industry.
+ Consistent revenue growth and improving profit margins
Edgetech’s revenue has witnessed a CAGR of around 19% between FY2021 and FY2025.
+ Healthy capital structure and comfortable debt coverage metrics
The company has managed to reduce its working capital borrowings and maintain low debt levels on the back of Edgetech’s improving top -line and stable profitability.
Credit challenges
− Moderate scale of operations, although improving over the years
The company’s revenue stood at around Rs. 379 crore in FY2025, which increased by around 6% from Rs. 356.6 crore in FY2024.
− Highly fragmented market amid intense competition
The market of HVAC remains largely fragmented amid stringent competition from local domestic players as well as MNCs.
Could lead to an upgrade
The rating could be upgraded in case of a sustained scale-up in revenues and earnings, leading to strengthening of net worth while maintaining the comfortable debt protection metrics and
Could lead to a downgrade
The rating could witness a downward revision in case of material decline in revenue and earnings or large debt-funded capex leading to weakening of debt protection metrics and
Agency-reported financials (ICRA, 30 Mar 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income (OI) | ₹357 Cr | ₹379 Cr | ₹328 Cr |
| PAT | ₹15.40 Cr | ₹12.30 Cr | ₹15.20 Cr |
| OPBDIT/OI | 7.4% | 6.8% | 7.6% |
| PAT/OI | 4.3% | 3.2% | 4.6% |
| Total outside liabilities/Tangible net worth (times) | 2.90× | 2.20× | 2.10× |
| Total debt/OPBDIT (times) | 1.10× | 1.10× | 1.00× |
| Interest coverage (times) | 7.10× | 8.60× | 11.40× |
| Revenue growth (YoY) | — | 6.3% | — |
| EBITDA (margin × income) | ₹26.39 Cr | ₹25.77 Cr | ₹24.91 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹29.03 Cr | ₹28.35 Cr | ₹24.91 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹3.72 Cr | ₹3.00 Cr | ₹2.19 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹45.4 Cr | — | BBB- (Positive) | Revised | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹19.0 Cr | — | A3 | Reaffirmed | CARE |
CARE ratings on record (checked 31 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 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) | 26% |
| Information on file | 44% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), 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: 53% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 11.4×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate Edgetech’s liquidity position remains adequate, with moderate cash flow from operations against annual repayment obligation of Rs. 2.1 crore and Rs. 2.0 crore in FY2026 and FY2027, respectively.
From the report
Further, the company had cash and liquid investments worth around Rs. 42 crore as of January 2026, along with a sufficient cushion in working capital facilities which stood at around Rs. 32 crore on average in 12 months ending in December 2025.
From the report
Improvement in operational performance:The scale of operations (TOI) of EASPL has grown at a growth rate of ~25% over the past 2 fiscals ending FY24 and stood at Rs.356.76 crore with gross cash accruals (GCA) of Rs.17.67 crore during FY24 as against Rs.284.37 crore and Rs.7.38 crore respectively in FY23.
From the report
The capital structure of the company as marked by overall gearing ratio has improved and stood at 0.49x as on March 31, 2024 as against 0.98x as on March 31, 2023 mainly on account of repayment of loans coupled with accretion of profits to net reserves.
From the report
The company has reported net cash accruals (NCA) to the extent of Rs.17.67 crore during FY24 and is expected to generate envisage NCA of more than ~Rs.19.00 crore for FY25 against repayment obligations of Rs.2.65 crore in the same year.
From the report
Further, the average utilization of its working capital limits stood low ~10%-20% utilized for the past 12 month’s period ending February, 2025.
From the report
EASPL’s liquidity profile is also supported by sufficient buffer in the form of unutilized limits and unencumbered cash and bank balances which stood at Rs.3.75 crore as on September 30, 2024.
From the report
Moreover, after the subordination of unsecured loan from promoters to the bank debt as per the sanctioned terms in FY22 to the tune of Rs.17.03 crore (as against Rs.18.53 crore earlier) there has been substantial improvement in overall gearing.
From the report
Liquidity: Adequate The company maintains the adequate liquidity profile as reflected by projected gross cash accruals of Rs.9.85 cr in FY24 as against the modest debt repayment of around Rs. 2.91 cr in FY24.
From the report
Press Release 31, 2023 (PY: 1.20x) and the average utilization of working capital borrowings stood low at around ~31% for the trailing 12 months ended December 31, 2023 which has largely been supported by healthy cash flow of Rs.26.39 cr from operations in FY23.
From the report
Press Release 31, 2023 (PY: 1.20x) and the average utilization of working capital borrowings stood low at around ~31% for the trailing 12 months ended December 31, 2023 which has largely been supported by healthy cash flow of Rs.26.39 cr from operations in FY23.
From the report
Liquidity: Adequate – The liquidity profile of the company is adequate as reflected by projected gross cash accruals to the tune of Rs.6.50 crore in FY23 against scheduled debt repayments to the tune of Rs.2.69 crore in FY23.
From the report
Further, the average utilization of working capital borrowings stood moderate at ~59% for the trailing 12 months ended October 31, 2022.
From the report
Further, EASPL had free cash and bank balance to the tune of Rs.1.54 crore as on September 30, 2022.
From the report
The company is projected to incur a capex of Rs.1.72 crore in FY23 pertaining to regular maintenance which shall be entirely funded through term loan of Rs.1.72 crore (sanctioned in July, 2022).
From the report
Rating Sensitivities Positive Factors – Factors that could lead to positive rating action/upgrade: • Improved demand of heating ventilation and air conditioning components leading to a growth in total operating income. • Improvement in gross cash accruals of more than Rs.6.00 crore with improved liquidity and debt coverage indicators on a sustainable basis.
From the report
Unsecured loans from promoters do not have a defined repayment structure and are availed at an interest rate of 9% per annum.
From the report
Liquidity: Adequate– The liquidity profile of the company remains adequate with projected gross cash accruals to the tune of Rs.3.50 crore in FY22 against scheduled repayment of Rs.2.31 crore in FY22.
From the report
Further, average utilization of working capital borrowings stood around 85% for the trailing 12 months ended January, 2022.
From the report
Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: Improved demand of heating ventilation and air conditioning components leading to a growth in total operating income. Improvement in gross cash accruals of more than Rs.6.00 crore with improved liquidity on a sustainable basis.
From the report
The average working capital utilization remained high with average CC utilization of 89.14% and non-fund based utilization of 69.26 %for the past 12 months ending December 2020.
From the report
Further, the unsecured loans from promoters as on March 31, 2020 stood at Rs.19.88 crore, out of which Rs.3.76 crore were infused in FY20.
From the report
The company is expecting cash accruals of Rs.3.67 crore in FY21 against scheduled repayments of Rs.3.24 crore in FY21.
From the report
Rating Sensitivities Positive Factors Improved demand of heating ventilation and air conditioning components leading to a growth in total operating income by more than 20% and improvement in gross cash accruals of more than Rs. 6 crore on a sustainable basis.
From the report
The average working capital utilization remained high with average CC utilization of 86.63% and non-fund based utilization of 74.88 % for the past 12 months ending October 2019.
From the report
Further, the unsecured loans from promoters as on March 31, 2019 stood at Rs. 16.12 cr, of which Rs.2.03 Cr was infused in FY19 to support the growing scale of operations.
From the report
The company has free cash and cash equivalents to the tune of Rs. 0.07 Cr against long term debt of Rs. 0.21 Cr as on March 31, 2019.
From the report
The gross cash accrual of the company improved to Rs.3.21 crore during FY19 with negligible debt repayment obligation of Rs.0.48 crore during FY20.
From the report
The gross cash accrual of the company improved to Rs.3.21 crore during FY19 with negligible debt repayment obligation of Rs.0.48 crore during FY20.
From the report
The utilization of working capital limits were on the higher side with average fund based utilization of 88.30% for the past 12 months ending November 18.
From the report
The company has moderate liquidity as evident from current ratio of 1.16x and cash balance of Rs. 0.07 cr (PY: Rs.0.09 cr) as on March 31, 2018.
From the report
Stable Yet to be disbursed 0.94 3 CARE Ratings Limited Press Release Annexure-2: Rating History of last three years Sr.
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.
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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.