Key Metrics of Emul Tek Private Limited
About Emul Tek Private Limited
Company details
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
NoteRating watch (ICRA, 23 Sep 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Sep 2026 | ICRA | Watch | AA | A1+ | Developing | ₹120 Cr | View |
| 07 Sep 2026 | ICRA | Assigned | AA | A1+ | Stable | ₹120 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Established position in industrial explosives value chain with access to SIIL’s customer base, technology and distribution network
ETPL is engaged in the manufacturing of packaged explosives, detonating cords and cast boosters, which find application in the mining, quarrying, construction and infrastructure sectors.
+ Strong parentage and demonstrated financial, operational and managerial support of Solar Industries India Limited
ETPL is a wholly-owned subsidiary of SIIL and remains strategically important to the Group ’s industrial explosives business.
+ Significant scale-up in operations with recent capacity expansions
ETPL has witnessed a significant scale-up in its operations, supported by capacity additions and the integration of the assets acquired from Rajasthan Explosives and Chemicals Limited.
Credit challenges
− Moderate debt coverage indicators
ETPL’s debt coverage indicators remain moderate owing to the unsecured loans provided by SIIL to fund the capex undertaken by the company for capacity expansion and asset acquisition.
− Vulnerability of profits to raw material price and forex fluctuations
ETPL’s profitability remains vulnerable to fluctuations in the prices of its key raw materials, including ammonium nitrate, which forms a significant part of the cost of manufacturing industrial explosives.
− Exposure to regulatory risks
The explosives manufacturing industry is highly regulated and requires various licences and approvals for the manufacture, storage, transportation and sale of explosives.
Could lead to an upgrade
ICRA could upgrade ETPL’s ratings if the consolidated credit profile of the Solar Group improves. The ratings could also be upgraded if there is a sustained increase in ETPL’s scale of operations that would lead to an improvement in the company’s earnings and credit metrics.
Could lead to a downgrade
The ratings could be downgraded if the credit profile of the parent weakens and/or the linkages with its parent, Solar Industries India Limited, deteriorate. A sustained moderation in revenues and earnings and/or a materially large debt-funded capex under ETPL, weakening the
Agency-reported financials (ICRA, 07 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹297 Cr | ₹453 Cr |
| PAT | ₹12.70 Cr | ₹12.10 Cr |
| OPBDITA/OI | 8.0% | 7.7% |
| PAT/OI | 4.3% | 2.7% |
| Total debt/OPBDITA (times) | 7.70× | 8.20× |
| Interest coverage (times) | 2.20× | 2.50× |
| Revenue growth (YoY) | — | 52.6% |
| EBITDA (margin × income) | ₹23.75 Cr | ₹34.89 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹183 Cr | ₹286 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹10.80 Cr | ₹13.96 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| loan with Watch | Other | ₹70.0 Cr | ₹70.0 Cr | 0.0% | AA | Watch | ICRA |
| with Implications based/Non-fund based – Others outstanding | Non-fund based limits | ₹50.0 Cr | ₹50.0 Cr | 0.0% | A1+ | Other | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loans FY | Non-fund based limits | — | — | 31 Mar 2032 | ₹70.0 Cr | AA | Outstanding |
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) | 58% |
| Information on file | 33% · missing: 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: 60% chance the next rating action is stable or better
- Current rating AA (investment grade)
Rated limits by facility
Timeline
From the report
Nevertheless, the tangible net worth improved significantly to Rs. 115.6 crore in FY2026 from Rs. 34.0 crore in FY2025, supported by equity infusion and profit accretion, resulting in an improvement in the total debt/TNW to 2.5 times in FY2026 from about 5.4 times in FY2025.
From the report
The recent term loan facilities were primarily availed to reimburse the capex incurred.
From the report
The company has tied up working capital limits which would support its liquidity.
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.