Key Metrics of Hi-Q Electronics Private Limited
About Hi-Q Electronics Private Limited
Sectors
Company details
- Registered office
- # 693, 3rd Floor,, Geethanjali Complex,, 15th Cross,, J. P. Nagar 2nd Phase,, Bangalore, In-ka, 560078
Operational Areas of Hi-Q Electronics Private Limited
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.
Sign in to continue See plans & pricingFiling compliance
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
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | ICRA | Reaffirmed | BBB+ | A2 | Stable | ₹156 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Established track record of operations in PCB manufacturing
The company has been manufacturing PCBs since its inception in 1978, beginning operations by producing prototype PCBs for research and development (R&D) purposes by information technology (IT) players.
+ Reputed customer profile and favourable demand outlook
Over the years, the company has built relationships with reputable players in the IT, aerospace, and defence sectors.
+ Large investments in technology provide competitive advantage; capital-intensive operations act as entry barrier
The company continues to focus on high-margin complex PCBs to meet the needs of clients in the defence/aerospace and IT sectors.
Credit challenges
− Modest scale of operations with highly working capital intensive nature of operations
Despite being in operations for over four decades, the company has a modest scale, as reflected in its OI of Rs. 136 crore in FY2025 and the estimated OI of Rs. 175 crore for FY2026, due to the niche nature of its business.
− Sizeable debt -funded capex plans to moderate leverage and coverage metrics
To meet the growing business demand, the company is undertaking a sizeable multi-year capex programme estimated at Rs. 310 crore over FY2026 and FY2027 at its existing plant.
− Exposure to foreign currency risks due to significant proportion of imports
The company imports a substantial portion of its raw materials, which exposes it to forex risk.
Could lead to an upgrade
ICRA could upgrade the ratings if the company demonstrates significant and sustained revenue growth while maintaining healthy operating margins, leading to an improvement in its coverage metrics and
Could lead to a downgrade
Pressure on HI-Q’s ratings could arise if there is a material decline in earnings or higher -than-expected debt- funded capex or deterioration in working capital intensity, leading to material weakening in the debt protection metrics and
Agency-reported financials (ICRA, 31 Mar 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income | ₹93.40 Cr | ₹136 Cr | ₹124 Cr |
| PAT | ₹24.50 Cr | ₹21.70 Cr | ₹20.40 Cr |
| OPBDIT/OI | 29.5% | 28.6% | 28.8% |
| PAT/OI | 26.2% | 16.0% | 16.4% |
| Total outside liabilities/Tangible net worth (times) | 0.40× | 0.60× | — |
| Total debt/OPBDIT (times) | 0.30× | 1.00× | — |
| Interest coverage (times) | 59.00× | 19.10× | 8.04× |
| Revenue growth (YoY) | — | 45.5% | — |
| EBITDA (margin × income) | ₹27.55 Cr | ₹38.87 Cr | ₹35.80 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹8.27 Cr | ₹38.87 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.47 Cr | ₹2.04 Cr | ₹4.45 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term – Fund based – Term loan | Term loans | ₹48.8 Cr | ₹92.8 Cr | 90.3% | BBB+ (Stable) | Reaffirmed | ICRA |
| Long term – Fund based – Cash credit Short term non-fund based | Non-fund based limits | ₹16.5 Cr | ₹36.5 Cr | 121.2% | BBB+ (Stable) | Reaffirmed | ICRA |
| Others Long term/Short term | Working capital & bank lines | ₹13.0 Cr | ₹13.0 Cr | 0.0% | A2 | Reaffirmed | ICRA |
| Unallocated limits | Other | ₹14.0 Cr | ₹14.2 Cr | 1.4% | BBB+ / A2 (Stable) | Reaffirmed | 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) | 59% |
| Information on file | 22% · missing: Audited financial statements (last 18 months), 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: 56% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 8.04×
- ₹14.2 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
March 31, 2026 HI-Q Electronics (P) Limited: Ratings reaffirmed; rated amount enhanced Summary of rating action Previous rated amount Current rated amount Instrument* Rating action (Rs. crore) (Rs. crore) Long term – Fund based – Term [ICRA]BBB+ (Stable); reaffirmed and 48.75 92.75 loan assigned for enhanced amount Long term – Fund based – Cash [ICRA]BBB+ (Stable); reaffirmed and 16.50 36.50 credit assigned for enhanced amount Short term non-fund based – 13.00 13.00 [ICRA]A2; reaffirmed Others [ICRA]BBB+ (Stable)/[ICRA]A2;
From the report
Long term/Short term – 14.00 14.20 reaffirmed and assigned for Unallocated limits enhanced amount Total 92.25 156.45 *Instrument details are provided in Annexure I Rationale The ratings reaffirmation continues to reflect HI-Q Electronics (P) Limited’s (HI-Q) established presence in niche, high-reliability printed circuit board (PCB) manufacturing, supported by strong technological capabilities, a long operating track record and a reputable aerospace and defence -oriented customer base.
From the report
ICRA notes that the infusion of ~Rs. 175 crore in the form of compulsory convertible preference shares by ValueQuest in March 2026has materially strengthened the company’s capital structure (tangible net worth (TNW) estimated at Rs. 300 crore by FY2026 end) and is expected to moderateits reliance on incremental debt for the planned expansion.
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 Hi-Q Electronics Private Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Electronics Manufacturing (EMS) · Semiconductors & Electronics | dixoninfo.com | 1993 | Noida, Uttar Pradesh, India | |
| Electronics Mart India Limited | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Hyderabad, Telangana, India |
| Tvs Electronics Limited | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Chennai, Tamil Nadu, India |
| Electronics Manufacturing (EMS) · Semiconductors & Electronics | sangeethamobiles.com | — | India | |
| Salzer Electronics Limited | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Coimbatore, Tamil Nadu, India |
| Virtuoso Optoelectronics Limited | · Business Services | — | — | Nashik, Maharashtra, India |
| Aksh Optifibre Limited | Discovered Companies · Other Industries | — | — | Bhiwadi, Rajasthan, India |
 MFJ Enterprises (Opc) Private Limited |
Electronics Manufacturing (EMS) · Trading | mfjenterprises.com | — | Telangana, India |
 Value Plus Retail Private Limited |
Electronics Manufacturing (EMS) · Trading | valueplusretail.com | 2007 | Noida, Uttar Pradesh, India |
 Vijay Sales (India) Private Limited |
Outlets operated by Vijay Sales India Limited. | vijaysales.com | — | Mumbai, Maharashtra, India |
Similar companies
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.