Key Metrics of Epp Composites Private Limited
About Epp Composites Private Limited
Company details
- Registered office
- Plot No. 2646, Lodhika Industrial Estate, Near Laxmi Sper, Metoda, Khirasara, Rajkot, In-gj, 360021
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 |
|---|---|---|---|---|---|---|---|
| 17 Sep 2026 | ICRA | Assigned | A- | A2+ | Stable | ₹189 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Diversified business profile and established market position in composites industry
EPP benefits from a diversified business profile, with presence across multiple composite technologies, products, end-user industries and geographies.
+ Healthy scale of operations and profitability, supported by value-added product portfolio
EPP has demonstrated a healthy growth trajectory over the last few years, with its operating income increasing to Rs. 467.9 crore in FY2026 from Rs. 196.6 crore in FY2022, supported by growth across its key business segments, increasing export contribution and expansion into newer product categories.
Credit challenges
− Working capital-intensive nature of operations
EPP’s operations remain working capital-intensive owing to its project- oriented business model, reflected in the elongated receivable cycles, milestone-based billing structures and the presence of retention money associated with infrastructure projects.
− Profitability vulnerable to fluctuations in prices of key raw materials
EPP’s profitability remains susceptible to fluctuations in key raw material prices, particularly fibreglass and resin, which together account for nearly 80% of the company’s raw material requirement.
− Execution risk associated with entry into newer industry segments
EPP has recently expanded into newer segments such as renewable energy, defence and mass mobility to diversify its revenue profile and strengthen its growth prospects.
Could lead to an upgrade
The ratings could be upgraded if the company demonstrates a sustained increase in its scale of operations while maintaining healthy profitability and a lower working capital intensity, resulting in an improvement in its credit profile and
Could lead to a downgrade
The ratings could be downgraded if the company witnesses a material decline in its revenues or profitability, or if the working capital intensity deteriorates, or if there is a substantial increase in the debt levels that would weaken the financial risk profile and push up the total debt/OPBDITA above 2.3 times on a sustained basis.
Agency-reported financials (ICRA, 17 Sep 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹350 Cr | ₹391 Cr | ₹468 Cr |
| PAT | ₹34.50 Cr | ₹28.10 Cr | ₹42.10 Cr |
| OPBDITA/OI | 16.2% | 14.3% | 16.2% |
| PAT/OI | 9.9% | 7.2% | 9.0% |
| Total outside liabilities/Tangible net worth (times) | 2.20× | 1.50× | 1.70× |
| Total debt/OPBDITA (times) | 1.30× | 1.20× | 1.20× |
| Interest coverage (times) | 6.00× | 4.00× | 5.80× |
| Revenue growth (YoY) | — | 11.8% | 19.6% |
| EBITDA (margin × income) | ₹56.70 Cr | ₹55.94 Cr | ₹75.80 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹73.71 Cr | ₹67.13 Cr | ₹90.96 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹9.45 Cr | ₹13.99 Cr | ₹13.07 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term Fund based – Term loans | Term loans | — | ₹64.0 Cr | — | A- (Stable) | Assigned | ICRA |
| Long term Fund based – Cash credit | Working capital & bank lines | — | ₹60.0 Cr | — | A- (Stable) | Assigned | ICRA |
| Short term – Non-fund based – Bank guarantee | Non-fund based limits | — | ₹65.0 Cr | — | A2+ | Assigned | 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) | 57% |
| Information on file | 56% · missing: 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: 56% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 5.8×
- Working-capital limits 16% utilised on average
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The company’s liquidity is expected to remain adequate, supported by healthy cash accruals, cash and liquid investments of Rs. 15.2 crore as on March 31, 2026, and comfortable cushion in working capital limits, with the average utilisation of fund- based limits remaining low at around 16% during April 2025-May 2026.
From the report
Liquidity position: Adequate The company’s liquidity is expected to remain adequate, supported by healthy cash accruals, cash and liquid investments of Rs. 15.2 crore as on March 31, 2026, and comfortable cushion in working capital limits, with the average utilisation of fund- based limits remaining low at around 16% during April 2025-May 2026.
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.