Key Metrics of Fives Combustion Systems Private Limited
About Fives Combustion Systems 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
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 29 Apr 2026 | ICRA | Assigned | A- | A2+ | Stable | ₹51.0 Cr | View |
| 24 Mar 2026 | CARE | Reaffirmed | BBB+ | A2 | Stable | — | View |
| 06 Mar 2025 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹51.0 Cr | View |
| 20 Feb 2024 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹31.0 Cr | View |
| 05 Apr 2023 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹31.0 Cr | View |
| 23 Mar 2022 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹42.0 Cr | View |
| 19 Mar 2021 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹42.0 Cr | View |
| 06 Apr 2020 | CARE | Other | — | — | — | — | View |
| 14 Sep 2019 | CARE | Other | — | — | — | — | View |
| 26 Feb 2019 | CARE | Reaffirmed | BBB+(SO) | A2 | Stable | ₹26.0 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Strong parentage with a large global presence
FCSPL is part of the Fives Group, France, a global industrial engineering group with a presence across aerospace, aluminium, automotive, cement and minerals, chemicals and petrochemicals, energy, general machining, glass, logistics, oil and gas, steel, and sugar, with operations across major countries.
+ Established relationships with a reputed clientele
FCSPL primarily manufactures customised industrial burners and combustion systems, which are criticalfor industrial operations.
+ Healthy financial profile with no reliance on debt
FCSPL has a healthy financial risk profile, supported by steady internal accrual generation in the absence of any dividend payout to the parent entity over the years.
+ Healthy revenue growth and strong profitability
The company has reported strong revenue growth, recording a compounded annual growth rate (CAGR) of around 35% during FY2022 –FY2026.
Credit challenges
− Moderate scale of operations
FCSPL’s scale of operations remains moderate, with revenues of Rs. 203 crore in FY2026 (provisional) over Rs. 138 crore in FY2025 and Rs. 76 crore in FY2024.
− Susceptibility of profitability to raw material prices
Steel constitutes the primary raw material for FCSPL, along with certain bought-out components such as valves, scanners, igniters, control panels, and instrumentation, with around 78% of its total purchases sourced domestically.
Could lead to an upgrade
The ratings could be upgraded if there is significant increase in revenue and earnings, while maintaining the healthy debt coverage metrics and comfortable
Could lead to a downgrade
Pressure on the ratings could arise if there is a material decline in revenues and earnings or any large debt- funded capex / acquisition or large dividend payout weakening the debt coverage indicators and
Agency-reported financials (ICRA, 29 Apr 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹76.00 Cr | ₹138 Cr |
| PAT | ₹18.60 Cr | ₹31.60 Cr |
| OPBDIT/OI | 28.8% | 28.3% |
| PAT/OI | 24.4% | 22.9% |
| Total outside liabilities/Tangible net worth (times) | 0.60× | 0.50× |
| Total debt/OPBDIT (times) | 0.00× | 0.00× |
| Interest coverage (times) | 41.00× | 48.10× |
| Revenue growth (YoY) | — | 81.6% |
| EBITDA (margin × income) | ₹21.89 Cr | ₹39.05 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹0.00 Cr | ₹0.00 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.53 Cr | ₹0.81 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Cash credit | Working capital & bank lines | — | ₹1.00 Cr | — | A- (Stable) | Assigned | ICRA |
| Short-term – Non-fund based – Bank guarantee | Non-fund based limits | — | ₹50.0 Cr | — | A2+ | Assigned | ICRA |
CARE ratings on record (checked 30 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | 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 | BBB+(SO) · Structured obligation (internal) (CARE, Feb 2019) |
| Next action stable or better (model) | 73% |
| Information on file | 44% · missing: Audited financial statements (last 18 months), 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: 65% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 48.1×
- Working-capital limits 54% utilised on average
Rated limits by facility
Timeline
From the report
Working capital requirements are comfortably managed, supported by healthy free cash and bank balances of more than Rs. 120 crore and adequate cushion in non-fund based limits as on March 31, 2026.
From the report
The company has adequate non-fund based limits of Rs. 50 crore, whose average utilisation stood at around 54% over the last 12-month period ended in March 2026.
From the report
Unencumbered cash and bank balance with the company remained healthy at ₹71.76 crore as on March 31, 2025.
From the report
Comfortable capital structure and debt coverage indicators The solvency position of FCSPL continued to remain comfortable as it remained debt-free as on March 31, 2021 except negligible lease liability.
From the report
Liquidity: Adequate FCSPL’s liquidity position remained adequate marked by its moderate cash accruals of Rs.11.31 crore as against negligible repayment obligations towards lease liability coupled with healthy free cash and bank balance, low utilization of its working capital limits as well as moderate cash flow from operations (CFO) and liquidity ratio.
From the report
Comfortable capital structure and debt coverage indicators The capital structure of FCSPL remained comfortable as the company is debt free as on March 31, 2020 as well on March 31, 2019.
From the report
Comfortable capital structure and debt coverage indicators The solvency position of FCSPL continued to remain comfortable as it remained debt-free as on balance sheet date as the company has not utilized its fund based limits during the year.
From the report
Liquidity: Adequate Liquidity position of FCSPL remained adequate marked by comfortable level of unencumbered cash and bank balance of Rs.11.78 crore as on March 31, 2019 as compared to Rs.9.41 crore as on March 31, 2018.
From the report
Further, company has sufficient cash accruals of Rs.5.10 crore during FY19 as against nil repayment obligations during FY20.
From the report
Comfortable capital structure and debt coverage indicators The solvency position of FCSPL continued to remain comfortable as it remained debt-free as on balance sheet date as the company has not utilized its fund based limits during the year.
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.