Key Metrics of Empire Industries
About Empire Industries
Sectors
Company details
- Registered office
- 414 Senapati Bapat Marg Lower Parel, Mumbai, In-mh, 400013
- Listed
- NSE: EMPIND · ₹941.60
Operational Areas of Empire Industries
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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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 |
|---|---|---|---|---|---|---|---|
| 02 Sep 2026 | CARE | Reaffirmed | A | A1 | Stable | ₹333 Cr | View |
| 18 Aug 2025 | CARE | Reaffirmed | A | A1 | Stable | ₹292 Cr | View |
| 04 Sep 2024 | CARE | Reaffirmed | A | A1 | Stable | ₹277 Cr | View |
| 11 Aug 2023 | CARE | Reaffirmed | A | A1 | Stable | ₹292 Cr | View |
| 19 Aug 2022 | CARE | Reaffirmed | A | A1 | Stable | ₹258 Cr | View |
| 22 Jun 2022 | CARE | Other | — | — | — | — | View |
| 26 Oct 2021 | CARE | Reaffirmed | A | A1 | Negative | ₹345 Cr | View |
| 28 Sep 2020 | CARE | Reaffirmed | A | A1 | Stable | ₹349 Cr | View |
| 30 Jul 2019 | CARE | Reaffirmed | A | A1 | Stable | ₹225 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Sustained operating performance with diversified business profile
The company has demonstrated stable operational performance reflected in its revenue growing at a compounded annual growth rate (CAGR) of ~8.5% for five years ended FY26, supported by its diversified business profile comprising manufacturing, trading, leasing, and real estate activities, which provides stability against cyclicality in any single business segment. EIL’s operating revenue grew by ~9% to ₹737.30 crore in FY26, driven by improved performance across food and machine tools trading and
+ Diversified clientele with long standing relationships
EIL’s operations comprise diversified businesses and caters a wide clientele from industries , such as pharmaceuticals, distilleries, oil and gas companies, among others. The company has long -association with large pharmaceutical and beverage companies for its vitrum glass division, where the company manufactures high quality amber glass bottle, with sales to beverage companies accounting for ~60% of segmental revenue . The company also has tie-ups with hotels for its food trading division, whe
+ Healthy occupancy in lease and license business provides cash flow stability
The company continues to derive stable cash flows from its lease rental business, supported by a healthy occupancy level of 100% as on June 30, 2026. The lease portfolio is well diversified across sectors, including banking, retail, and manufacturing, among others, mitigating concentration risk. The average lease tenure of ~5 years provides revenue visibility in the medium term, with only 3-10% of the leasable area being scheduled for renewal from FY27-FY28. In FY26, the company successfully ren
+ Comfortable capital structure and debt coverage metrics
The company’s solvency profile remains comfortable, supported by its low leverage, healthy accrual s and prudent debt profile. The overall gearing and total outside liabilities to tangible net worth (TOL/TNW) remained stable at 0.51x and 1.31x, respectively, as on March 31, 2026 (PY: 0.51x and 1.36x, respectively), reflecting a healthy capital structure and adequate net worth base. EIL’s debt profile primarily comprises fixed deposits and unsecured loans. As on March 31, 2026, fixed deposits con
Credit challenges
− Continued weak performance of machine tools division and vending machine segment
The machine tools division and vending machine segment continues to record losses in since last few years; however, losses in machine tools and industrial equipment were considering provisions of ₹52 crore created by the company from FY25-FY26 against legacy receivables. The performance of both the segment remains key monitorable going forward. Working capital intensive operations EIL’s business remains working capital intensive as reflected in its average gross current assets of 190 days in FY2
− Working capital intensive operations
EIL’s business remains working capital intensive as reflected in its average gross current assets of 190 days in FY26 (PY: 164 days) with sizeable receivable period of 75-100 days and inventory holding of 65-80 days in the last three years for its manufacturing and trading divisions. The overall receivable period has reduced from 106 days in FY24 to 75 days in FY26, owing to sizeable provisions against stuck receivables and bad debts of ~₹61 crore made by the company in FY25 and FY26. These
− Presence in highly competitive commercial space and renewal risk
EIL’s leased properties are in Parel and Vikhroli in Mumbai. In the last decade, these properties developed in commercial hubs for corporate offices, banks, and IT service providers. As a result, many other companies developed their properties in these areas, which exposes the company to rollover risk and reduces its ability to increase average rental prices. Competition from larger and swanky office spaces in vicinity offering latest services and facilities could reduce the competitive position
− Susceptibility to fluctuations in product prices and volatility in forex rates
EIL imports goods and sells it domestically exposing it to foreign exchange volatility if the exposure remains unhedged. The low margin trading business, which contributes over 4 4% to EIL’s overall revenue, exposes its profitability to commodity price volatility. However, with the pass through of prices in the final product, the risk gets partially mitigated. Exposed to saleability risk in real estate division The company remains exposed to construction and saleabilityrisks associated with its
− Exposed to saleability risk in real estate division
The company remains exposed to construction and saleabilityrisks associated with its real estate projects, as these developments are primarily planned to be funded through customer advances and internal accruals. The company is undertaking construction of residential and commercial units in Mumbai Metropolitan Region with a total estimated project cost of ~₹433 crore, of which ~80% has been incurred till March 31, 2026, funded through customer advances indicating adequate project progress. As on
Could lead to an upgrade
• Improving cash accruals over ₹80 crore on a sustained basis. • Improving return on capital employed (ROCE) over 25% through improving cash flows.
Could lead to a downgrade
• Declining occupancy of leased -out properties below 65% or decline in annual gross cash accruals (GCA s) below ₹40 crore on a sustained basis. • Increasing net overall gearing above 0.5x owing to debt -funded capex and/or reduction in free
Agency-reported financials (CARE, 02 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹679 Cr | ₹737 Cr | ₹184 Cr |
| PBILDT* | ₹72.00 Cr | ₹92.83 Cr | ₹19.77 Cr |
| Profit after tax (PAT) | ₹34.45 Cr | ₹51.55 Cr | ₹14.18 Cr |
| Overall gearing (x) | 0.51× | 0.51× | — |
| Interest coverage (x) | 4.11× | 5.78× | 4.30× |
| Revenue growth (YoY) | — | 8.5% | — |
| PAT margin | 5.1% | 7.0% | 7.7% |
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 | — | ₹77.0 Cr | — | A (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹133 Cr | — | A1 | Reaffirmed | CARE |
| Fixed deposit | Fixed deposits | — | ₹123 Cr | — | A (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹133 Cr | CARE A1 |
| Cash Credit | ₹77.0 Cr | CARE A; Stable |
| Fixed Deposit | ₹123 Cr | CARE A; Stable |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | Indian Bank |
| Non-fund-based - ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - ST | BG/LC | Yes Bank Ltd. |
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.
Instrument ratings
| Instrument | Type | Rated | Per criteria | Basis |
|---|---|---|---|---|
| Fixed deposit | Fixed deposits | A CARE | A | Tier II + 1 |
| Fixed Deposit Simple | Fixed deposits | A CARE | A | Tier II + 1 |
| Fixed Deposit | Fixed deposits | A CARE | A | Tier II + 1 |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 69% |
| Information on file | 67% · missing: Debt obligations and repayment schedule, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 69% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 4.3×
- Working-capital limits 16% utilised on average
What happened, step by step
- Sep 2026 — Project / plant of ₹433 cr
- Sep 2026 — Term debt tied up (₹172 cr)
“The company is undertaking construction of residential and commercial units in Mumbai Metropolitan Region with a total estimated project cost of ~₹433 crore, of which ~80% has been incurred till March 31, 2026, funded through customer advances indicating adequate project progress.”
Rated limits by facility
Timeline
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Improving cash accruals over ₹80 crore on a sustained basis. • Improving return on capital employed (ROCE) over 25% through improving cash flows.
From the report
Negative factors • Declining occupancy of leased -out properties below 65% or decline in annual gross cash accruals (GCA s) below ₹40 crore on a sustained basis. • Increasing net overall gearing above 0.5x owing to debt -funded capex and/or reduction in free liquidity below ₹50 crore on a sustained basis. • Significantly increasing construction cost leading to cost overruns or delay in receipt of customer advances, impacting liquidity profile and capital structure.
From the report
The company is undertaking construction of residential and commercial units in Mumbai Metropolitan Region with a total estimated project cost of ~₹433 crore, of which ~80% has been incurred till March 31, 2026, funded through customer advances indicating adequate project progress.
From the report
Liquidity: Strong The company's liquidity position remains strong, considering the sizeable free cash and liquid investments portfolio of ~₹172 crore as on March 31, 2026, and healthy buffer from unutilised sanctioned working capital facilities.EIL is expected to generate net cash accruals of ₹45-55 crore p.a. in the next 2-3 years against scheduled debt repayments of ~₹55 crore p.a.
From the report
Liquidity: Strong The company's liquidity position remains strong, considering the sizeable free cash and liquid investments portfolio of ~₹172 crore as on March 31, 2026, and healthy buffer from unutilised sanctioned working capital facilities.EIL is expected to generate net cash accruals of ₹45-55 crore p.a. in the next 2-3 years against scheduled debt repayments of ~₹55 crore p.a.
From the report
Average utilisation of sanctioned working capital limits remained low at ~16% for 12 months ended May 30, 2026.
From the report
Average utilisation of sanctioned working capital limits remained low at ~16% for 12 months ended May 30, 2026.
From the report
The company’s liquidity remains strong considering its healthy gross cash accrual (GCA), sizeable free cash and bank balance position and comfortable buffer from low average utilisation of sanctioned working capital limits.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Improving cash accruals over ₹80 crore on a sustained basis. • Improving return on capital employed (ROCE) over 25% through improving cash flows.
From the report
Liquidity: Strong EIL’s liquidity is strong considering a sizeable free cash and liquid investments portfolio of ₹125 crore and buffer from unutilised fund-based working capital facilities of ~₹50 crore as on March 31, 2025 (with commensurate drawing power).
From the report
Its average maximum utilisation of fund-based limits stood low at 8% in the 12 months ended May 2025.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Improving cash accruals over ₹80 crore on sustainable basis. • Improving return on capital employed (ROCE) over 25% through improving cash flows.
From the report
Negative factors • Declining cash accruals below ₹40 crore. • Declining occupancy of leased-out property below the existing level. • Increasing net overall gearing over 0.5x owing to debt-funded capex in the medium term. • Significantly increasing construction cost leading to cost overruns or delay in receipt of customer advances, impacting liquidity profile and capital structure.
From the report
The company has sufficient headroom in the form of unutilised limits as EIL’s average maximum utilisation of fund-based limit is only 4% for 12-months ended July 31, 2024.
From the report
Moreover, the company has free cash and bank balance of ₹62.72 crore as on March 31, 2024 (As on March 31, 2023: ₹51.99 crore), which is inclusive of free deposits as well.
From the report
Rating sensitivities: Factors likely to lead to rating actions: Positive factors • Improvement in cash accruals to above ₹80 crore on sustainable basis • Improvement in ROCE above 25% through improvementin cash flows Negative factors • Decline in scale of operations to below ₹400 crore and cash accruals to below ₹40 crore • Increase in operating cycle above 180 days on sustained basis. • Increase in overall gearing to above 1x owing to any debt-funded capex over the medium term. • Significant increase in construction cost leading to cost overruns or delay in receipt of customer advances, impac
From the report
The average maximum utilization of working capital limits for last 12 months endedMarch 2023 was 2% with unutilized limits providing liquidity buffer.
From the report
The cash accruals are expected to remain above ₹50 crores during FY24 and FY25.
From the report
The company has free cash and cash equivalents and unencumbered fixed deposits around ₹67.84 crore as on March 31, 2023.
From the report
Additionally, the average maximum utilization of fund- based facilities for past 12 months ended May 2023 stood at 2%, providing liquidity backup.
From the report
Total cash bank balance as of July 2023 is ₹25.07 Crores.
From the report
Comfortable capital structure and adequate liquidity profile: The overall gearing of EIL (excluding impact of lease obligations) improved to 0.91 times as on March 31, 2022 from 1.05 times as on March 31, 2021 mainly due to timely repayment of debt obligations.
From the report
The average maximum utilisation of working capital limits for the last 12 months ended June 2022 was 18.59% with unutilised limits providing liquidity buffer.
From the report
The cash accruals are expected to remain above Rs.35 crore during FY23 and FY24.
From the report
Additionally, the average maximum utilisation of fund-based facilities for the past 12 months ended June 2022 stood at 18.59%, providing liquidity backup.
From the report
Although company’s business operations across all segments have to normalized post Q1FY22 onwards, the company’s ability to achieve projected scale of operations while maintaining financial liquidity amidst the challenging macro environment remains to be a key monitorable. 1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release Key rating sensitivities Positive factors: Improvement in cash accruals to above Rs. 70 crore on sustainable basis Improvement in ROCE above 25% through improvement in c
From the report
Comfortable capital structure and adequate liquidity profile Overall gearing of EIL (excluding impact of lease obligations) improved to 1.05 times as on March 31, 2021 from 1.38 times as on March 31, 2020 mainly due to timely repayment of debt obligations.
From the report
The company availed term loan amounting Rs.45 crore for funding vitrum glass capex during FY20.
From the report
The expected cash accruals are expected to remain above Rs. 30 crore during FY22 and FY23.
From the report
The company has free cash and cash equivalents and unencumbered fixed deposits around Rs.40 crore as on August 31, 2021.
From the report
Additionally, the average utilization of fu nd based facilities for past 12 months ended August 2021 stood at 44.96% and provide liquidity backup.
From the report
The company availed for moratorium for interest and term loan repayment ob ligations falling in Q1FY21 which was approved by lenders as per RBI guidelines.
From the report
Moderate capital structure and adequate liquidity profile Overall gearing of EIL (excluding impact of lease obligations) increased to 1.25 times as on March 31, 2020 from 0.95 times as on March 31, 2019 as company availed term loan amounting Rs.45 crore for funding vitrum glass capex during FY20.
From the report
Liquidity: Adequate The company availed for moratorium for interest and term loan repayment obligations falling in Q1FY21 which was approved by lenders as per RBI guidelines.
From the report
Additionally the average utilization of fund based facilities for past 12 months stood at 41.88%.
From the report
The company is currently replacing the furnace in its vitrum glass plant at a totalcost of Rs. 60 crore, for which it will borrow term loan of Rs. 45 crore.
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 Empire Industries
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Grasim Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | grasim.com | 1948 | Ujjain, India |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | arvind.com | — | Ahmedabad, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | welspunliving.com | — | Anjar, India | |
| Formal & Premium Menswear · Apparel, Textiles & Footwear | raymond.in | — | Ratnagiri, India | |
 Alok Industries |
Discovered Companies · Other Industries | alokind.com | 1986 | Silvassa, India |
 Trident |
Part of Mondelez International. | tridentindia.com | — | India |
| RAYMOND LIFESTYLE LIMITED | Discovered Companies · Other Industries | — | — | Aurangabad, Maharashtra, India |
 KPR Mill |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | kprmilllimited.com | — | India |
 Page Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | pageind.com | 1995 | Bengaluru, India |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | indocount.com | — | Kolhapur, 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.