Key Metrics of Flash Electronics (India) Private Limited
About Flash Electronics (India) Private Limited
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Company details
Operational Areas of Flash Electronics (India) Private Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
PositiveUpgraded by CARE on 08 Apr 2026 (from A+)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Apr 2026 | CARE | Upgraded (from A+) | AA- | A1+ | Stable | ₹334 Cr | View |
| 03 Mar 2026 | ICRA | Upgraded (from A+) | AA- | A1+ | Stable | ₹334 Cr | View |
| 27 Mar 2025 | CARE | Upgraded (from A-) | A+ | A1 | Stable | ₹292 Cr | View |
| 11 Mar 2024 | CARE | Assigned | A- | — | Positive | ₹214 Cr | View |
| 16 Feb 2023 | CARE | Other | — | — | — | — | View |
| 07 Mar 2022 | CARE | Reaffirmed | A- | A2 | Negative | ₹361 Cr | View |
| 30 Mar 2021 | CARE | Reaffirmed | A- | A2 | Stable | ₹196 Cr | View |
| 17 Sep 2020 | CARE | Other | — | — | — | — | View |
| 01 Jul 2020 | CARE | Reaffirmed | A- | A2 | Negative | ₹399 Cr | View |
| 17 Mar 2020 | CARE | Reaffirmed | A- | A2 | Negative | ₹379 Cr | View |
| 13 Mar 2019 | CARE | Reaffirmed | A- | A2 | Negative | ₹404 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Sustained growth in scale of operations and healthy profitability
FEIPL demonstrated steady improvement in its operational and financial performance in the last few years, with revenues registering a healthy growth trajectory (compounded annual growth rate [CAGR] of ~16% over FY21-FY25 [refers to April 01 to March 31]). Total operating income (TOI) improved by ~15% in FY25 to ₹1,541.83 crore (PY: ₹1,343.70 crore). Growth is driven by significant growth in EV segment, steady increase in share of business from existing customers, especially Bajaj Auto Limited
+ Improvement in capital structure and debt coverage indicators
As on March 31, 2025, FEIPL’s capital structure improved with an overall gearing of 0.99x (PY: 1.33x) led by accretion to reserves and conversion of CCDs in equity. Backed by sustained growth in operating profitability and strong cash accruals, the company ’s debt coverage indicators improved further, with total debt (TD) to GCA and interest coverage of 2.10x and 3.96x, respectively, in FY25 (PY: 3.19x and 3.42x). Improvement in financial risk profile continued in 9MFY26, led by further strength
+ Strategic partnership with Minda Corporation Limited
In January 2025, MCL acquired a 49% stake in FEIPL for a cash consideration of ₹1 ,372 crore from promoters and investors. As the flagship company of the Spark Minda group, MCL is one of the leading automotive component manufacturers in India for locksets, wiring harness and casting products, catering to two-wheeler (2W), three-wheeler (3W), passenger vehicle (PV) and commercial vehicle ( CV) segments. MCL has a well-established and reputed client base in the domestic market.
+ Diversified product portfolio
The company operates across five business divisions mainly for the 2W and 3W segments: Electricals & Electronics (4 4% of FY25 TOI), Metallics (19%), Engine Components (11%), EV Components (22%), and Sprockets (4%; sold in Q4FY25), with over 150 products in its portfolio. With rising adoption of electric 2W, FEIPL’s EV segment is likely to demonstrate consistent growth . FEIPL has consistently invested in research and development and formed strategic technical collaborations to develop innovati
+ Established and reputed clientele and strategic location of manufacturing facilities
FEIPL developed long-standing and well-established relationships with its clients, particularly BAL, over the years of its operations. FEIPL gradually expanded its customer base, which now includes some of the most reputed OEMs and Tier -1 suppliers. BAL continues to remain its largest revenue contributor. Going forward, while BAL will continue to be a major revenue driver, FEIPL is actively expanding its product portfolio to acquire new customers and drive revenue growth in the medium term.
+ Well-established track record and extensive experience of promoters in the industry
With over three decades of operations in the industry, FEIPL has developed long-standing and established relationships with its key stakeholders. The promoter, Sanjeev Vasdev has experience of over three decades in the industry. His experience and strong understanding of market dynamics enabled FEIPL to maintain healthy relations with customers and suppliers and entail repeat orders from them. Following the acquisition of 49% by MCL, FEIPL’s board has been further strengthened with the addition
Credit challenges
− Customer concentration risk
Though the company has long -association with reputed OEMs, revenue base remains concentrated with top five customers contributing ~80% of its TOI and a single customer, BAL being the largest revenue contributor. However, FEIPL established strong relationship with BAL, maintaining its status as a key supplier and has been able to increase its share of business with BAL over the years. FEIPL derives majority revenue from the 2W segment (~77% of TOI), exposing it to segment concentration risk.
− Profitability susceptible to raw material price volatility
The primary raw material required by the company is cores, coils, and other electronic components. Cores are made of steel, a nd other materials while coils are predominantly made from copper. FEIPL is exposed to risks arising from price fluctuation of t hese inputs. However, this has been largely mitigated by executing pass-through arrangement with BAL for major raw material components (aluminium and copper). However, the extent and lag in pass-through may impact the profitability margin.
− Cyclical auto industry
The automobile industry is cyclical and automotive component suppliers’ sales are directly linked to sales of auto OEMs, which are linked with economic activity. The auto industry is inherently vulnerable to economic cycles, industrial growth, investme nts in infrastructure, and regulatory changes (emission norms, scrappage policy, and overloading norms). The auto -ancillary industry is also competitive with a large number of players in the organised and unorganised sector. While the organised s
Could lead to an upgrade
• Significant growth in the scale of operations and improvement in its profit before interest, lease rentals, depreciation, and tax (PBILDT) margin around 18% on a sustained basis. • Significant improvement in capital structure and built -up of
Could lead to a downgrade
• Significant decline in the scale of operations, and PBILDT margin below 10% on a sustained basis. • Deterioration in net debt/PBILDT above 1.50x on a sustained basis.
Agency-reported financials (CARE, 08 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹1,344 Cr | ₹1,542 Cr | ₹1,313 Cr |
| PBILDT* | ₹204 Cr | ₹228 Cr | ₹224 Cr |
| Profit after tax (PAT) | ₹53.85 Cr | ₹86.46 Cr | ₹88.00 Cr |
| Overall gearing (x) | 1.33× | 0.99× | — |
| Interest coverage (x) | 3.42× | 3.96× | 5.73× |
| Revenue growth (YoY) | — | 14.7% | — |
| PAT margin | 4.0% | 5.6% | 6.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹309 Cr | — | AA- (Stable) | Upgraded | CARE |
| Long-term Short-term bank | Working capital & bank lines | — | ₹10.0 Cr | — | AA- (Stable) | Upgraded | CARE |
| facilities Short-term bank facilities | Working capital & bank lines | — | ₹15.0 Cr | — | A1+ | Upgraded | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | FY FY | Term loans | 7.50% | 31 Mar 2018 | 31 Mar 2031 | ₹268 Cr | AA- | Outstanding |
CARE ratings on record (checked 04 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Buyers Credit | — | Withdrawn |
| Cash Credit | ₹41.0 Cr | CARE AA-; Stable |
| CC/WCDL/OD/LC/BG | ₹10.0 Cr | CARE AA-; Stable / CARE A1+ |
| Long Term | ₹19.2 Cr | CARE AA-; Stable |
| Short Term | ₹15.0 Cr | CARE A1+ |
| Term Loan | ₹248 Cr | CARE AA-; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | IndusInd Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | HSBC Ltd. |
| Non-fund-based | Short Term | Axis Bank Ltd. |
| Term Loan | Long Term | HDFC Bank Ltd. |
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) | 67% |
| Information on file | 56% · missing: Audited financial statements (last 18 months), 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: 67% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 5.73×
- Working-capital limits 15% utilised on average
What happened, step by step
- Mar 2021 — Full repayment of debt
- Mar 2022 — ₹151.36 cr raised through term loans
“The company repaid a significant amount of term loan of Rs.111.10 crore supported by proceeds from asset monetization of German subsidiary asset in FY21 while raised fresh term loans of Rs.151.36 crore which majorly includes working capital term loan of under ECGLS/COVID loans.”
- Mar 2021 — ₹90 cr raised through compulsorily convertible debentures
- Mar 2021 — Full repayment of debt
“Fund Infusion in the form of Compulsorily Convertible Debenture Flash Electronics India Private Limited (FEIPL) has received total Rs.90 crore of fund infusion in the form of compulsory convertible debentures.”
- Mar 2021 — ₹90 cr raised
- Mar 2021 — Full repayment of debt
“Amount of Rs.75 crore was received on January 19, 2019 whereas remaining amount of Rs.15 crore was received on January 29, 2019, against the committed infusion of Rs.90 crore in Tranche -1 which has led to improvement in its capital structure.”
Rated limits by facility
Timeline
From the report
Consequently, gross cash accruals (GCA) strengthened to ₹178.13 crore in FY25.
From the report
Liquidity: Strong The company’s liquidity position continues to remain strong, characterised by sufficient cushion in accruals of ₹200-220 crore against annual repayment obligations of ₹70-80 crore over FY27-FY28 and healthy free cash and liquid investments of ₹78.30 crore as on December 31, 2025.
From the report
Average maximum utilisation of fund-based limits stood low at ~15% for 12 months ended November 30, 2025.
From the report
Strategic partnership with Spark Minda Group to support the business position in EV powertrain and automotive industry – In January 2025, FEPL entered into a strategic partnership with MCL, the flagship company of the Spark Minda Group, following which MCL acquired a 49% stake in FEPL for a cash consideration of Rs. 1,372 crore.
From the report
Liquidity position: Adequate FEPL’s liquidity position is Adequate, which is supported by steady cash flow generation, free cash and bank balances of Rs. 78 crore and undrawn working capital bank lines of Rs. 35-40 crore as on December 31, 2025.
From the report
FEPL has debt repayment obligations of Rs. 88 crore in FY2026 and Rs. 67 crore in FY2027, along with annual capex plans of Rs. 80-100 crore over the next two years.
From the report
CARE Ratings also takes a note of conversion of high-cost compulsorily convertible debentures (CCDs) in equity, resulting in expected savings in interest cost going forward and cash inflow of ₹37 crore from slump sale of Sprocket Division, providing additional cushion in liquidity.
From the report
Strategic partnership with Minda Corporation Limited In January 2025, MCL acquired a 49% stake in FEIPL for a cash consideration of ₹1372 crore from promoters and investors.
From the report
Liquidity: Strong The company’s liquidity position continues to remain strong, characterised by sufficient cushion in accruals of ₹125-150 crore against annual repayment obligations of ₹80-90 crore over FY25-FY26 and healthy free cash and liquid investments of ₹82.20 crore as on December 31, 2024.
From the report
Average maximum utilisation of fund-based limits stood low at ~27% for 12 months ended December 31, 2024.
From the report
Consequently, the company has moderately low cash credit utilisation with average of maximum utilisation over past 12 months through December 2023 at 35%.
From the report
The free cash and bank balance stood healthy at ₹79 crore as on December 31, 2023, and the cash flow from operations stood at ₹147.67 crore in FY23.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Significant scaling up of operations and/or profitability leading to substantial rise in gross cash accrual (GCA) to more than ₹100 crore on a sustained basis • Sustained improvement in the debt coverage indicators with PBILDT interest coverage above 5x and total debt to GCAs lower than 2x. • Strengthening of the capital structure going forward with overall gearing around 1x on sustained basis Negative factors • Any un-envisaged debt programme leading to deterioration in the capital structure i.e. overall gearing
From the report
The company has moderately low cash credit utilization with average of maximum utilization over the past 12 months through December 2022 at 34%.
From the report
It had free cash and cash equivalents of ₹58.32 crore as on March 31, 2022.
From the report
Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: • Significant scaling up of operations and/or profitability leading to substantial rise in gross cash accrual (GCA) to more than Rs.100 crore on a sustained basis. • Sustained improvement in the d ebt coverage indicators with PBILDT interest coverage above 5x and total debt to GCAs lower than 2x • Strengthening of the capital structure going forward with overall gearing (on gross debt basis) of below 1.00x on a sustained basis.
From the report
The company repaid a significant amount of term loan of Rs.111.10 crore supported by proceeds from asset monetization of German subsidiary asset in FY21 while raised fresh term loans of Rs.151.36 crore which majorly includes working capital term loan of under ECGLS/COVID loans.
From the report
Though, the net debt reduced from Rs.356.84 crore as on March 31, 2020 to Rs.330.14 crore as on March 31, 2021 with significant built of cash & cash equivalents (Rs.86.80 crore as on March 31, 2021); the net debt again increased to Rs.348.60 croreas on December 31, 2021 due to usage of cash in working capital and capex requirements.
From the report
However, the company is estimat ed to generate GCA of about Rs.60 crore in FY22 against repayment obligation of Rs.48 crore.
From the report
FEIPL has moderately low cash credit utilization with average of maximum utilization over the past 12 months through December 2021 at 51.48%.
From the report
Furthermore, the company has repaid debt at it s foreign subsidiary Flash Holdings GmBH (FHG) , from the proceeds of the asset sale.
From the report
The ratings also continue to factor in need based financial support extended by FEIPL to FVMT (in form of corporate guarantee extended by FEIPL to the term loans availed by FVMT).
From the report
CARE also takes note of the moratorium availed by the group for deferment of term loans repayments and interest falling due between March 20’ –August 20’.
From the report
Fund Infusion in the form of Compulsorily Convertible Debenture Flash Electronics India Private Limited (FEIPL) has received total Rs.90 crore of fund infusion in the form of compulsory convertible debentures.
From the report
Amount of Rs.75 crore was received on January 19, 2019 whereas remaining amount of Rs.15 crore was received on January 29, 2019, against the committed infusion of Rs.90 crore in Tranche -1 which has led to improvement in its capital structure.
From the report
Subsequently, the company has repaid debt at its foreign subsidiary Flash Holdings GmBH (FHG).
From the report
Free cash and cash equivalents as on March 31, 2020 stood at Rs.18.95 crore as against Rs.5.26 crore as on March 31, 2019.
From the report
Furthermore, cash flow from operations stood at Rs. 100.33 crore as at the end of FY20 as against Rs. 60.53 crore during the previous year .
From the report
Margins on Non Fund based limits (HDFC & Axis 10% cash margin Bank) Iii Unsecured loans from promotes/group entities Any unsecured loans (present or future) from the promoters as (Axis Bank) part of promoters contribution, would be subordinated to the credit facilities availed by the bank iii.
From the report
CARE also takes note of the moratorium availed by the group for deferment of term loans repayments and interest falling due between March 20’ – August 20’.
From the report
The ratings also continue to factor in need based financial support extended by FEIPL to FVMT (in form of corporate guarantee extended by FEIPL to the term loans availed by FVMT) and Flash Holdings GmBH (FHG).
From the report
Fund Infusion in the form of Compulsorily Convertible Debenture Flash Electronics India Private Limited (FEIPL) has received total Rs.90 crore of fund infusion in the form of compulsory convertible debentures.
From the report
Amount of Rs.75 crore was received on January 19, 2019 whereas remaining amount of Rs.15 crore was received on January 29, 2019, against the committed infusion of Rs.90 crore in Tranche -1 which has led to improvement in its capital structure.
From the report
Further, due to increase in interest cost from issued CCD’s and depreciation the group registered a net loss of Rs.2.10 crore in FY19.
From the report
The group has financing limits of Rs.50 crore to manage its requirements apart from its cash credi t facility of Rs.41 crore.
From the report
Liquid cash and investments stood moderate at Rs.6.65 crore as on March 31, 2019. 3 CARE Ratings Limited Press Release FEIPL continues to extend support to FVMT and FHG, the ramp up of operations of these entities will remain crucial.
From the report
Margins on Non Fund based limits (HDFC & Axis 10% cash margin Bank) Any unsecured loans (present or future) from the promoters as part of Iii Unsecured loans from promotes/group entities promoters contribution, would be subordinated to the credit facilities (Axis Bank) availed by the bank iii.
From the report
The ratings also continue to factor in need based financial support extended by FEIPL to FVMT (in form of corporate guarantee extended by FEIPL to the term loans availed by FVMT) and Flash Holdings GmBH (FHG).
From the report
Fund Infusion in the form of Compulsorily Convertible Debenture Flash Electronics India Private Limited (FEIPL) has received total Rs.90 crore of fund infusion in the form of compulsory convertible debentures.
From the report
Amount of Rs.75 crore was received on January 19, 2019 whereas remaining amount of Rs.15 crore was received on January 29, 2019, against the committed infusion of Rs.90 crore in Tranche -1 which has led to improvement in its capital structure.
From the report
Further, due to increase in interest cost from issued CCD’s and depreciation the group registered a net loss of Rs.2.10 crore in FY19.
From the report
The group has financing limits of Rs.50 crore to manage its its requirements apart from its cash credit facility of Rs.41 crore.
From the report
Liquid cash and investments stood moderate at Rs.6.65 crore as on March 31, 2019.
From the report
Margins on Non Fund based limits (HDFC & Axis 10% cash margin Bank) Iii Unsecured loans from promotes/group entities Any unsecured loans (present or future) from the promoters as part of (Axis Bank) promoters contribution, would be subordinated to the credit facilities availed by the bank iii.
From the report
Fund Infusion in the form of Compulsorily Convertible Debenture Flash Electronics India Private Limited (FEIPL) has received total Rs. 90.00 crore of fund infusion in the form of compulsory convertible debentures.
From the report
Amount of Rs. 75.00 crore was received on January 19, 2019 whereas remaining amount of Rs.15.00 crore was received on January 29, 2019, against the committed infusion of Rs. 90.00 crore in Tranche -1 which has led to improvement in its capital structure.
From the report
Cash and bank balance as on March 3 1, 2018 stood at Rs. 14.10 crore.
From the report
Interest cost increased to Rs.32.04 crore during FY18 (vis -à-vis Rs.15.79 crore during FY17) largely on account of additional term loan availed for planned capex.
From the report
Leading to the GCA (Gross cash accruals) of Rs.33.51 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 Flash Electronics (India) Private Limited
Top competitors by location
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|---|---|---|---|---|
| Electronics Manufacturing (EMS) · Semiconductors & Electronics | dixoninfo.com | 1993 | Noida, Uttar Pradesh, India | |
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| Electronics Mart India Limited | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Hyderabad, Telangana, India |
| Electronics Manufacturing (EMS) · Semiconductors & Electronics | sangeethamobiles.com | — | Bangalore, India | |
| Virtuoso Optoelectronics Limited | · Business Services | — | — | Nashik, Maharashtra, India |
 Value Plus Retail Private Limited |
Electronics Manufacturing (EMS) · Trading | valueplusretail.com | 2007 | Noida, Uttar Pradesh, India |
| Aksh Optifibre Limited | Discovered Companies · Other Industries | — | — | Bhiwadi, Rajasthan, India |
 Nubia Technology India Private Limited |
Part of ZTE. | nubia.com | — | Delhi, India |
 Schneider Electric Private Limited |
Part of Schneider Electric. | se.com/in | — | Delhi, India |
 Meiko Electronics India Private Limited |
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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
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