Key Metrics of Indic Ems Electronics Private Limited
About Indic Ems Electronics Private Limited
Sectors
Company details
Operational Areas of Indic Ems 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
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Oct 2026 | ICRA | Assigned | A- | A2+ | Stable | ₹400 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Established track record in EMS sector
Indic has an established track record of close to 20 years in the E MS industry.
+ Comfortable financial risk profile
The improvement in the company’s profitability in FY2026, with the operating margin increasing to 16.2% from 8.2% in FY2025, was supported by the scale-up in operations and operating leverage benefits.
+ Favourable industry prospects support medium-term growth; healthy order book
The medium-term outlook for the domestic electronics manufacturing industry remains favourable, supported by increasing localisation, export growth and continued policy support for developing the domestic component ecosystem.
Credit challenges
− Exposed to customer and sector concentration risks
Indic’s revenue profile remains exposed to customer and sector concentration, with a significant share of revenues derived from a single large customer.
Could lead to an upgrade
ICRA could upgrade the ratings if there is a steady increase in the company’s scale of operations and earnings, along with a material improvement in customer diversification, while maintaining comfortable
Could lead to a downgrade
Pressure on the ratings could arise if there is any notable deterioration in earnings and/or if any large debt- funded capex weakens its leverage or coverage metrics on a sustained basis. Any largedividend payouts or a stretch in the working capital cycle, leading to a material deterioration in the company’s
Agency-reported financials (ICRA, 23 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹619 Cr | ₹1,133 Cr |
| PAT | ₹27.50 Cr | ₹131 Cr |
| OPBDITA/OI (%) | 8.2% | 16.2% |
| PAT/OI (%) | 4.4% | 11.5% |
| Total outside liabilities/Tangible net worth (times) | 3.50× | 1.70× |
| Total debt/OPBDITA (times) | — | 0.50× |
| Interest coverage (times) | 180.40× | 83.50× |
| Revenue growth (YoY) | — | 82.8% |
| EBITDA (margin × income) | ₹50.79 Cr | ₹183 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | — | ₹91.74 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.28 Cr | ₹2.20 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term-Fund-based – Term loan | Term loans | — | ₹150 Cr | — | A- (Stable) | Assigned | ICRA |
| Long-term/Short-term – Unallocated limits | Working capital & bank lines | — | ₹250 Cr | — | A- / A2+ (Stable) | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan | Term loans | 8.10% | 20 Sep 2025 | 20 Sep 2030 | ₹15.0 Cr | A- | Outstanding |
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) | 73% |
| Information on file | 44% · missing: 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: 73% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 83.5×
- ₹250 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The company’s liquidity is expected to remain Adequate, supported by healthy cash flow from operations of Rs. 60 -70 crore annually, and cash and liquid investments of around Rs. 80.2 crore as of March 31, 2026.
From the report
The company also has some sanctioned unutilised term loans available from its lenders (Rs. 150 crore sanctioned for its recent capex, of which only around Rs. 90 crore was drawn till March 2026). www.icra.in Sensitivity Label : Public Page |3 Rating sensitivities Positive factors – ICRA could upgrade the ratings if there is a steady increase in the company’s scale of operations and earnings, along with a material improvement in customer diversification, while maintaining comfortable liquidity and leverage metrics on a sustained basis.
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 Indic Ems 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 |
| 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 |
 CMC ELECTRONICS PRIVATE LIMITED |
Part of Esterline. | cmcelectronics.ca | — | Tamil Nadu, 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.