Key Metrics of Innovision Limited
About Innovision Limited
Company details
- Website
- innovisionindia.net
- Founded
- 1981
- Registered office
- 1/209, First Floor Sadar Bazar, Delhi Cantt, Delhi, In-dl, 110010
- Listed
- NSE: INNOVISION · ₹258.37
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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Vendor checks & payment capacity
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Credit ratings
NoteLatest action: rating withdrawn (CARE, 11 Dec 2025)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 11 Dec 2025 | CARE | Withdrawn | BBB- | A3 | Positive | — | View |
| 25 Sep 2024 | CARE | Reaffirmed | BBB- | A3 | Positive | ₹123 Cr | View |
| 03 Oct 2023 | CARE | Reaffirmed | BBB- | A3 | Positive | ₹42.0 Cr | View |
| 07 Oct 2022 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹42.0 Cr | View |
| 25 Nov 2021 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹42.0 Cr | View |
| 05 Apr 2021 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹84.0 Cr | View |
| 02 Nov 2020 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹84.0 Cr | View |
| 17 Oct 2019 | CARE | Assigned | BBB- | A3 | Stable | ₹70.0 Cr | View |
Credit strengths (CARE, Dec 2025)
+ Experienced promoters and long track record of operations
IL was incorporated in 2007 and has been in the service industry for over one and a half decade. The company is currently being managed by Randeep Hundal, Uday Pal Singh, and Gurpal Singh, all postgraduates, having over a decade of experience in the manpower industry through their association with IL. They are also assisted by a team of qualified managerial personnel and a technical team having considerable industry experience, enabling the company to establish healthy relationship with its cust
+ Growing scale of operations
The company has witnessed a consistent increase in its scale of operations in the last five fiscals. In FY25, the company’s total operating income (TOI) increased to ₹893.00 crore in FY25 compared to ₹510.33 crore in FY24. Moderate capital structure The company’s net worth base stood at ₹81.88 crore compared to total debt of ₹79.48 crore as on March 31, 2025. Therefore, the capital structure remains moderate as marked by overall gearing of 0.97x as on March 31, 2025 (0.96x as on March 31, 2024).
+ Moderate capital structure
The company’s net worth base stood at ₹81.88 crore compared to total debt of ₹79.48 crore as on March 31, 2025. Therefore, the capital structure remains moderate as marked by overall gearing of 0.97x as on March 31, 2025 (0.96x as on March 31, 2024). Diversified revenue stream and backward integration for skill business The company has three verticals named as security services, toll collection, and skill development services. Being diversified
+ Diversified revenue stream and backward integration for skill business
The company has three verticals named as security services, toll collection, and skill development services. Being diversified business profile, the company does not have dependence on single revenue source, which in turn extends stability to their financial position. The company requires huge manpower for its security division, which are being met by the skills development business. As under the skills development programme, the company has responsibility of providing placement to the trained c
Credit challenges
− Moderate profitability margins
The company is obligated to pay fixed commitment charges to National Highways Authority of India (NHAI). If toll collection revenue falls below the commitment level, the company must cover the shortfall from its own resources, resulting in lower margins from toll collection. However, the company experienced an increase in profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin in FY25 to 5.36% compared to 3.25% in FY24.
− Dependence on availability of requisite manpower
The company’s services totally depend on availability of the requisite manpower. The industry is always facing high attrition and staffing of sufficient manpower remains a key challenge. The manpower and staffing services provided by “Innovision Limited” are labour intensive in nature. The company’s ability to scale up its operations thus depends on availability and retention of requisite manpower. Any challenges regarding availability of workforce may constrain the relationship with the client
− Competition from organised and unorganised players
The Indian security service industry comprises few organised players and large number of unorganised players. With the increasing number of domestic and foreign security agencies operating in the country, the Government of India (GoI) felt the need for regulating the industry and passed ‘Private Security Agencies Regulation Act’ (PSARA) in 2005. With presence of players, IL has limited bargaining power which exerts pressure on its margins. Its margins are also depend on the scalability of revenu
Could lead to an upgrade
• Consistent improvement in scale of operations as marked by total operating income of above Rs.500.00 crore on sustained basis. • Improvement in profitability margin as marked by PBILDT margin above 5.50% respectively. • Improvement in debt coverage indicators as marked by interest coverage ratio of above 5.50x.
Could lead to a downgrade
• Any significant deterioration in the capital structure of the company as marked by overall gearing ratio of above 1.50x. • Decline in scale of operations by more than 20% from envisaged level and decline in profitability margins as marked by PBILDT and PAT margin below 5.00% and 2.00% respectively on sustained basis. • Inordinate delays in the timely realization of its long pending receivables.
Agency-reported financials (CARE, 11 Dec 2025)
| Metric | March 31, 2024 | March 31, 2025 |
|---|---|---|
| Total operating income | ₹510 Cr | ₹893 Cr |
| PBILDT* | ₹16.58 Cr | ₹47.87 Cr |
| PAT | ₹11.32 Cr | ₹30.71 Cr |
| Overall gearing (times) | 0.96× | 0.97× |
| Interest coverage (times) | 3.03× | 6.26× |
| Revenue growth (YoY) | — | 75.0% |
| PAT margin | 2.2% | 3.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹76.4 Cr | — | BBB- (Positive) | Reaffirmed | CARE |
| Long Term Short Term Bank Facilities | Working capital & bank lines | — | ₹46.5 Cr | — | BBB- / A3 (Positive) | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
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 |
| Withdrawal | CARE · 11 Dec 2025 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 85% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 83% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 6.26×
- Working-capital limits 85% utilised on average
- CARE withdrew its ratings on 11 Dec 2025 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
From the report
Liquidity: Adequate The company has earned gross cash accruals (GCA) of ₹33.71 crore in FY25 and the average utilisation of fund-based limits in the last 12 months remain ~85%.
From the report
Liquidity: Adequate The company has earned gross cash accruals (GCA) of ₹33.71 crore in FY25 and the average utilisation of fund-based limits in the last 12 months remain ~85%.
From the report
Liquidity: Adequate The liquidity of company remains continue to remain adequate as characterized by sufficient cushion in accruals as marked by projected gross cash accruals of Rs.23.14 crore in FY25 vis-à-vis debt repayment of around Rs.5.18 crore in FY25.
From the report
Further, company’s liquidity profile is also supported by free cash and bank balances of Rs.4.20 crore as on March 31, 2024 (PY: Rs.0.88 crore) and above unity quick ratio of 1.34x in FY24 (PY: 1.60x).
From the report
Average utilization of the working capital borrowings stood ~90% for the trailing 12 months ended August 2024.
From the report
The company has cash and cash equivalents (fixed deposit) of Rs.20.44 crore resulting in net debt amount of Rs.12.20 crore as on March 31, 2023.
From the report
Adjusted overall gearing ratio stood at 0.30x as on March 31, 2023 (prov.) showing improvement from 0.40x as on March 31, 2022 mainly on account of repayments of loan coupled with accretion of profit to net reserves.
From the report
Key weaknesses Modest albeit growing scale of operations: IL’s scale of operations continues to remain modest as marked by total operating income (TOI) of Rs.255.54 crore and gross cash accruals (GCA) of Rs.9.10 crore respectively, during FY23 (FY refers to the period April 1 to March 31; based on provisional results) as against Rs.209.77 crore and Rs.7.34 crore respectively, during FY22.
From the report
The company has reported net cash accruals (NCA) to the extent of Rs.9.10 crore during FY23 and is expected to generate envisage NCA of Rs.16.42 crore for FY24 against repayment obligations of Rs.2.31 crore in same year.
From the report
Further, company’s liquidity profile is also supported by cash and bank balances which stood at Rs.1.82 crore as on March 31, 2023.
From the report
The company is having sanctioned working capital limits of Rs.24.00 crore, which are further backed by cash and equivalent (fixed deposit) of Rs.20.44 crore, thereby resulting in net working capital limit of Rs.3.56 crore.
From the report
However, the average utilization of its working capital limits stood around 95% for the past 12 month’s period ending July, 2023 and having debtors more than six months to the tune of Rs.13.48 crore as on July 31, 2023.
From the report
The company has cash and cash equivalents (fixed deposit) of Rs.20.44 crore resulting in net debt amount of Rs.13.12 crore as on March 31, 2022.
From the report
Adjusted overall gearing ratio stood at 0.40x as on March 31, 2022 (prov.) showing improvement from 0.49x as on March 31, 2021 mainly on account of repayments of loan coupled with accretion of profit to net reserves.
From the report
Key Rating Weaknesses Modest and fluctuating scale of operations: IL’s scale of operations continues to remain modest as evident from total operating income (TOI) of Rs.211.08 crore and gross cash accruals of Rs.7.34 crore respectively, during FY22 (FY refers to th e period April 1 to March 31; based on provisional result s) as against Rs.162.60 crore and Rs.6.50 crore respectively, during FY21.
From the report
The company has reported gross cash accruals to the extent of Rs.7.34 crore during FY22 and is expected to generate envisage GCA of Rs.26.12 crore for FY23 against repayment obligations of Rs.3.91 crore.
From the report
Further, company’s liquidity profile is also supported by cash and bank balances which stood at Rs.1.66 crore as on March 31, 2022.
From the report
The company is having sanctioned working capital limits of Rs.24.00 crore, which are further backed by cash and equivalent (fixed deposit) of Rs.20.44 crore, thereby resulting in net working capital limit of Rs.3.56 crore.
From the report
However, the average utilization of its worki ng capital limits stood around 95% for the past 12 month’s period ending August, 2022 and having debtors more than six months to the tune of Rs.15.25 crore.
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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)
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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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