Key Metrics of Iron Mountain
About Iron Mountain
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Company details
Operational Areas of Iron Mountain
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | ICRA | Reaffirmed | BBB- | A3 | Stable | ₹453 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Part of the Iron Mountain Group, with demonstrated track record of support from IMI
IMIPL is a 99.9% subsidiary of IMI, which was established in 1951 and has been operating in the records management business for almost seven decades.
+ Proven track record of operations
IMIPL has an established operating track record in the records management business, with pan‑India operations supported by a network of more than 60 leased warehouses.
+ Sticky customer association and low customer concentration
The records management business caters to customers from banking and corporate sectors, storing large volumes of documents over long periods (more than 10 years).
Credit challenges
− High working capital and capital-intensive nature of business
The company has a high working capital requirement, as depicted by the elevated net working capital vis-à-vis operating income of 59.3% as on March 31, 2025.
Could lead to an upgrade
ICRA could upgrade IMIPL’s ratings if the company demonstrates a sustained reduction in debt levels and prudent leverage management. Additionally, a notable increase in its scale of operations and maintenance of healthy operating profit margins , leading to the strengthening of return indicators and
Could lead to a downgrade
Pressure on IMIPL’s ratings could arise if there is a material decline in revenue or profitability margins , adversely impacting debt coverage metrics on a sustained basis. Any large debt -funded capex or any stretch in working capital requirements, exerting pressure on
Agency-reported financials (ICRA, 31 Mar 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹470 Cr | ₹499 Cr |
| PAT | ₹-0.90 Cr | ₹-75.10 Cr |
| OPBDIT/OI | 43.8% | 32.3% |
| PAT/OI | -0.2% | -15.0% |
| Total outside liabilities/Tangible net worth (times) | 4.70× | 5.40× |
| Total debt/OPBDIT (times) | 5.40× | 7.90× |
| Interest coverage (times) | 2.30× | 1.50× |
| Revenue growth (YoY) | — | 6.3% |
| EBITDA (margin × income) | ₹206 Cr | ₹161 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,111 Cr | ₹1,274 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹89.47 Cr | ₹107 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based limits – Overdraft | Working capital & bank lines | ₹105 Cr | ₹142 Cr | 35.2% | BBB- (Stable) | Reaffirmed | ICRA |
| Long-term – Fund-based – Term loan | Term loans | ₹167 Cr | ₹297 Cr | 77.8% | BBB- (Stable) | Reaffirmed | ICRA |
| Long-term Short-term – Non-fund based limits – Bank Guarantee | Non-fund based limits | ₹14.0 Cr | ₹14.0 Cr | 0.0% | BBB- / A3 (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan FY FY | Term loans | — | 31 Mar 2023 | 31 Mar 2028 | ₹75.0 Cr | BBB- | Outstanding |
| — | Term loan FY FY | Term loans | — | 31 Mar 2025 | 31 Mar 2030 | ₹92.0 Cr | BBB- | Outstanding |
| — | Term loan FY FY | Non-fund based limits | — | 31 Mar 2026 | 31 Mar 2030 | ₹130 Cr | BBB- | Outstanding |
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) | 49% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), 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: 49% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 1.5×
- Working-capital limits 39% utilised on average
What happened, step by step
- Mar 2026 — ₹73.2 cr raised through equity
- Mar 2026 — Full repayment of term loans
“The same has been demonstrated by equity infusion of Rs. 73.2 crore in FY2025 to support capital expenditure (capex) requirements, around Rs. 590 crore in August 2025 to fund the acquisition of Capital Records Center Private Limited (CRC), and an additional Rs. 224 crore in February 2026 for IMIPL’s capex and working c...”
Rated limits by facility
Timeline
From the report
Reaffirmed and Long-term – Fund-based limits – Overdraft 105.00 142.00 assigned for enhanced amount [ICRA]BBB- (Stable);
From the report
Reaffirmed and Long-term – Fund-based – Term loan 167.00 297.00 assigned for enhanced amount Long-term/ Short-term – Non-fund based [ICRA]BBB- (Stable)/[ICRA]A3; 14.00 14.00 limits – Bank Guarantee Reaffirmed Total 286.00 453.00 *Instrument details are provided in Annexure I Rationale The ratings reaffirmation for Iron Mountain India Private Limited (IMIPL) considers the proven track record of its operations in the records management business, reputed customer profile, low customer concentration and a business model characterised by customer stickiness, supporting revenue visibility.
From the report
The same has been demonstrated by equity infusion of Rs. 73.2 crore in FY2025 to support capital expenditure (capex) requirements, around Rs. 590 crore in August 2025 to fund the acquisition of Capital Records Center Private Limited (CRC), and an additional Rs. 224 crore in February 2026 for IMIPL’s capex and working capital requirements.
From the report
The company has also availed ECB loans from its parent entity for repayment of term loans, working capital requirements and capex needs.
From the report
The company has also availed ECB loans from its parent entity for repayment of term loans, working capital requirements and capex needs.
From the report
However, the capital structure has improved significantly in FY2026 owing to a large equity infusion of around Rs. 814 crore.
From the report
Liquidity position: Adequate The liquidity position of IMIPL is adequate, supported by free cash and bank balances of around Rs. 12.5 crore as on March 31, 2025, and expected fund flow from operations of Rs. 100-150 crore in FY2026 and Rs. 150-200 crore in FY2027.
From the report
The average working capital utilisation remained moderate at 39% of sanctioned limits for the last 15 months ending in January 2026, with a buffer of Rs. 66 crore as on January 31, 2026.
From the report
The average working capital utilisation remained moderate at 39% of sanctioned limits for the last 15 months ending in January 2026, with a buffer of Rs. 66 crore as on January 31, 2026.
From the report
Equity infusion of nearly Rs. 224 crore in Q4 FY2026 and the parent company is expected to provide additional funding in FY2027 to support the growth plans of IMIPL, support the company’s liquidity position.
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 Iron Mountain
Top competitors by location
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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
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Filings
No filings on record yet.