Key Metrics of I.p.l.products
About I.p.l.products
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 02 Apr 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 02 Apr 2026 | ICRA | Upgraded | BB+ | — | Stable | — | View |
Credit strengths (ICRA, Apr 2026)
+ Established track record of operations
I.P.L Products was established in 1974 and has completed 50 years of operations.
+ Healthy outstanding orderbook and increasing scale of operations
The firm’s average orderbook tenure is 6-8 months.
Credit challenges
− Revenue growth vulnerable to tender-based nature of business and modest operating margins
The revenue growth remains contingent on the bidding results in the tender -based orders.
− Client concentration risk and intense competition in industry limit pricing power
The top five clients, consisting of TANGEDCO and other solar and wind players, contribute to ~37% of the sales.
Could lead to an upgrade
ICRA could upgrade the ratings if IPLP is able to exhibit a sustained improvement in its revenues and profitability leading to improvement in its net worth position while maintaining healthy debt coverage metrics and
Could lead to a downgrade
The rating could be revised downwards if there is a significant decline in the firm’s revenue/profitability that would deteriorate its debt protection metrics and weaken the
Agency-reported financials (ICRA, 02 Apr 2026)
| Metric | FY2024 | FY2025 | 9MFY2026 |
|---|---|---|---|
| Operating income | ₹98.70 Cr | ₹119 Cr | ₹157 Cr |
| PAT | ₹3.40 Cr | ₹4.30 Cr | ₹5.30 Cr |
| OPBDIT/OI | 8.0% | 6.9% | 5.5% |
| PAT/OI | 3.4% | 3.6% | 3.4% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.80× | 2.90× |
| Total debt/OPBDIT (times) | 0.90× | 1.20× | 1.70× |
| Interest coverage (times) | 3.00× | 6.50× | 13.10× |
| Revenue growth (YoY) | — | 20.9% | — |
| EBITDA (margin × income) | ₹7.90 Cr | ₹8.23 Cr | ₹8.64 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹7.11 Cr | ₹9.88 Cr | ₹14.69 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹2.63 Cr | ₹1.27 Cr | ₹0.66 Cr |
Borrowings & rated debt
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) | 25% |
| 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: 49% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- Interest coverage 13.1×
Rated limits by facility
Timeline
From the report
The firm also has an average buffer of ~60%+ of the sanctioned fund-based working capital facilities of Rs. 4 crore for the 12 months ended December 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.