Key Metrics of Grt Silverwares
About Grt Silverwares
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 |
|---|---|---|---|---|---|---|---|
| 10 Sep 2026 | ICRA | Other | AA | A1+ | Stable | ₹25.4 Cr | View |
| 29 May 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹25.4 Cr | View |
Credit strengths (ICRA, May 2026)
+ Established market position and strong brand equity in South India
The GRT Group is one of the leading players in the domestic jewellery retail industry with a focussed presence in the south Indian market.
+ Favourable growth prospects for organised jewellery retailers
Increasing regulations in the jewellery retail industry, aimed at improving transparency and standardisation over the recent years, have accelerated the shift in the market share from unorganised to organised players.
+ Comfortable financial risk profile, supported by healthy earnings, low cost of fund and strong financial flexibility
The Group’s financial risk profile remains healthy, characterised by its sizeable profits and cash accruals, supported to an exte nt by healthy interest earned on the sizeable value of fixed deposits ( more than Rs. 7,500 crore as of December 2025) and low cost of funds as the debt profile is dominated by FD -backed GMLs with low interest rates.
Credit challenges
− High geographical concentration of revenue and limited product diversification
The GRT Group has derived more than 70% of its overall revenue from Tamil Nadu over the last five years, with more than 40% from the Chennai market alone, which reflects high geographical concentration of revenues.
− Intense competition and fragmented nature of the industry limit pricing flexibility
The jewellery retail business is highly fragmented and is exposed to intense competition from organised and unorganised players.
− Exposed to regulatory risks and seasonality in demand
The domestic jewellery retail industry remains exposed to the risks arising from the evolving regulatory landscape, which could have an adverse impact on the Group’s business.
Could lead to an upgrade
The long-term rating could be upgraded in case of a substantial and sustained growth in the Group’s earnings, strengthening debt coverage metrics and
Could lead to a downgrade
Pressure on the ratings could arise in case of a sustained deterioration in the operating performance or working capital cycle of the Group or unfavourable regulatory developments, adversely impacting the earnings, coverage indicators and
Agency-reported financials (ICRA, 10 Sep 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹36,859 Cr | ₹41,246 Cr |
| PAT | ₹1,049 Cr | ₹2,103 Cr |
| OPBDIT/OI | 3.9% | 7.0% |
| PAT/OI | 2.8% | 5.1% |
| Total outside liabilities/Tangible net worth (times) | 3.10× | 2.30× |
| Total debt/OPBDIT (times) | 6.60× | 3.20× |
| Interest coverage (times) | 4.70× | 9.80× |
| Revenue growth (YoY) | — | 11.9% |
| EBITDA (margin × income) | ₹1,438 Cr | ₹2,887 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹9,488 Cr | ₹9,239 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹306 Cr | ₹295 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term – Fund-based Working Capital Facilities outstanding | Working capital & bank lines | ₹5.00 Cr | ₹5.00 Cr | 0.0% | AA / A1+ (Stable) | Other | ICRA |
| Long-term – Fund based – Term Loans outstanding | Term loans | ₹8.89 Cr | ₹8.89 Cr | 0.0% | AA (Stable) | Other | ICRA |
| Long-term Short-term – Unallocated Limits outstanding | Working capital & bank lines | ₹11.6 Cr | ₹11.6 Cr | 0.0% | AA / A1+ (Stable) | Other | ICRA |
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) | 65% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), 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 AA (investment grade)
- Interest coverage 9.8×
- ₹11.55 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The GRT Group’s liquidity remains adequate, characterised by sizeable free cash and liquid investments (Rs. 864 crore as on March 31, 2025) and buffer from unutilised working capital facilities (around Rs. 200 crore as on December 31, 2025).
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.