Key Metrics of M B Polishing Works
About M B Polishing Works
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
NoteRating watch (ICRA, 05 Aug 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 05 Aug 2026 | ICRA | Watch | BBB- | A3 | Stable | ₹20.0 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Extensive experience and established track record of over three decades in the diamond industry
The firms benefit from the extensive experience of its partners, who have been associated with the diamond industry for over three decades.
+ Comfortable financial profile
The firms’ debt profile, like most CPD companies, is short term in nature for meeting its working capital requirements.
Credit challenges
− Declining revenue along with high customer concentration risk
The firms have reported a sustained decline in scale of operations, with operating revenues declining by 28% YoY in FY2026 from 19% YoY in FY2025 and 32% YoY in FY2024, primarily on account of subdued demand in the natural diamond industry, weakening diamond prices and geopolitical disruptions, including the impact of elevated US tariffs in FY2026.
− Demand headwinds being faced by the CPD industry
The cut and polished diamond (CPD) industry continues to face demand pressures arising from weak consumer sentiment across key export markets, increasing competition from lab-grown diamonds (LGDs) and a prolonged weakness in China.
− Risks associated with the partnership constitution of firms
The ratings continue to factor in the risks associated with the Group's partnership constitution, wherein substantial capital withdrawals by partners may weaken its capital structure and
Could lead to an upgrade
ICRA could upgrade the Group’s ratings if there is a sustained improvement in its revenues and earnings, while maintaining healthy debt protection metrics and a comfortable
Could lead to a downgrade
Pressure on the group’s ratings could arise if decline in revenues and / or earnings or a stretch in the working capital cycle weakens the
Agency-reported financials (ICRA, 05 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹405 Cr | ₹295 Cr |
| PAT | ₹7.00 Cr | ₹4.60 Cr |
| OPBDIT/OI | 2.8% | 3.3% |
| PAT/OI | 1.7% | 1.6% |
| Total outside liabilities/Tangible net worth (times) | 0.60× | 0.50× |
| Total debt/OPBDIT (times) | 0.30× | 0.00× |
| Interest coverage (times) | 7.00× | 11.60× |
| Revenue growth (YoY) | — | −27.1% |
| EBITDA (margin × income) | ₹11.34 Cr | ₹9.74 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹3.40 Cr | ₹0.00 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹1.62 Cr | ₹0.84 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term/short-term – Fund based – Post shipment credit Long-term/short-term – fund (6.00) (6.00) based – Export packing credit Long-term/short-term – Fund (20 | Working capital & bank lines | ₹20.0 Cr | ₹20.0 Cr | 0.0% | BBB- / A3 (Stable) | Watch | ICRA |
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) | 61% |
| 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: 56% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 11.6×
Rated limits by facility
Timeline
From the report
The firm has cash and bank balance of Rs. 15.2 crore as on March 31, 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.