Key Metrics of Indira Industries
About Indira Industries
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.
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
PositiveUpgraded by ICRA on 05 Nov 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 05 Nov 2026 | ICRA | Upgraded | BB+ | A4+ | Stable | ₹63.5 Cr | View |
Credit strengths (ICRA, Nov 2026)
+ Extensive experience of partners
Indira has an established presence in fabrication works for railway coaches and industrial flow control products in the domestic market.
+ Well-established relationships with customers and repeat order flows
Indira derives major income from the fabrication works for Integral Coach Factory (ICF).
+ Healthy revenue growth in FY2026; comfortable debt protections metrics
Indira’s revenues grew by 53.3% to Rs. 196.9 crore in FY2026 from Rs. 128.4 crore in FY2025, aided by healthy order inflows from its key customers, coupled with steady income from the solar power plant.
Credit challenges
− Susceptibility of margins to volatility in raw material prices
Indira’s profitability is susceptible to fluctuation in prices of the major raw material, steel, as it has limited pricing flexibility owing to the fixed-price nature of its tender based business.
− Working capital cycle intensive nature of operations and moderate customer concentration risks
The entity’s operations are working capital-intensive in nature owing to extended receivable days and higher inventory days.
Could lead to an upgrade
The ratings could be upgraded if there is sustained growth in revenues and cash accruals, leading to strengthening of its net worth, while maintaining its debt protection metrics and
Could lead to a downgrade
The ratings could be downgraded if there is a significant decline in revenues and earnings, or substantial withdrawal from business. A downgrade could also follow any elongation of the working capital cycle leading to material weakening of the debt protection metrics and
Agency-reported financials (ICRA, 05 Nov 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹128 Cr | ₹197 Cr |
| PAT | ₹1.60 Cr | ₹0.80 Cr |
| OPBDIT/OI | 13.5% | 10.5% |
| PAT/OI | 1.3% | 0.4% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.30× |
| Total debt/OPBDIT (times) | 3.10× | 2.20× |
| Interest coverage (times) | 2.10× | 3.70× |
| Revenue growth (YoY) | — | 53.3% |
| EBITDA (margin × income) | ₹17.33 Cr | ₹20.67 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹53.72 Cr | ₹45.47 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹8.25 Cr | ₹5.59 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term – Fund based | Working capital & bank lines | ₹14.5 Cr | ₹14.5 Cr | 0.0% | BB+ (Stable) | Upgraded | ICRA |
| Working capital facilities Long-term – Fund based – Term Short-term – Non-fund based | Non-fund based limits | ₹30.0 Cr | ₹30.0 Cr | 0.0% | BB (Stable) | Upgraded | ICRA |
| loans Bank guarantee | Non-fund based limits | ₹19.0 Cr | ₹19.0 Cr | 0.0% | BB / A4+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | FY FY | Term loans | — | 31 Mar 2026 | 31 Mar 2036 | ₹30.0 Cr | BB+ | 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) | 43% |
| 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: 43% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- Interest coverage 3.7×
- Working-capital limits 45% utilised on average
Rated limits by facility
Timeline
From the report
As on March 31, 2026, the entity has free cash and bank balances of Rs. 3.8 crore and investments of Rs. 10.5 crore in mutual funds.
From the report
The average working capital utilisation stood at around 45% over the 12-month period ending in September 2026.
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.