Key Metrics of Mahindra Accelo
About Mahindra Accelo
Sectors
Company details
Operational Areas of Mahindra Accelo
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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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
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Aug 2026 | ICRA | Reaffirmed | AA+ | A1+ | Stable | ₹745 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Strong parentage as a wholly-owned subsidiary of M&M; acts as a captive steel service centre (SSC) for M&M’s automotive business
MAL enjoys strong financial, operational and managerial linkages with M&M for being its wholly-owned subsidiary.
+ Leading player in the domestic electrical steel processing segment
MAL has an established market position as well as strong relationships with companies in the home appliances and capital goods segments (particularly transformers).
+ Strong financial risk profile and liquidity, with limited reliance on external debt
Aided by healthy cash flows and funding support from M&M in the form of ICDs, MAL has maintained limited dependence on external borrowings.
Credit challenges
− Susceptibility to cyclicality in end-user sectors
MAL is exposed to cyclical end-markets (automotive and electrical segments), leading to volatility in revenues in line with demand from end-user industries and fluctuation in steel prices.
− Exposure to competitive pressures in steel processing industry
The company is involved in steel processing, which is an intensely competitive segment, constraining its OPM.
− Smaller subsidiaries yet to scale up to meaningful size and profitability
Though the company has the first-mover advantage in licensed recycling scrap business, given the nascent stage of operation for this as well as electrical steel business in Indonesia (which commenced operations from January 2022), these businesses are yet to achieve a meaningful scale and size to generate commensurate returns to support the consolidated earnings.
Could lead to an upgrade
MAL’s long-term rating may be upgraded if there is a substantial scale-up in revenues, along with greater sector and client diversification, while maintaining its currently strong credit profile. Improvement in ROCE to above 25% ona sustained basis would also be a positive rating factor.
Could lead to a downgrade
MAL’s ratings may be downgraded if there isweakening in the credit profile of M&M or material weakening in MAL’s linkages with M&M and/or weakening in the operating performance of MAL due to sustained volume degrowth emanating from demand slowdown in its end-user segments. Any large debt-funded capex or weakening of its
Agency-reported financials (ICRA, 28 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹3,536 Cr | ₹4,379 Cr |
| PAT | ₹115 Cr | ₹179 Cr |
| OPBDIT/OI | 5.7% | 6.4% |
| PAT/OI | 3.3% | 4.1% |
| Total outside liabilities/Tangible net worth (times) | 0.90× | 0.80× |
| Total debt/OPBDIT (times) | 0.50× | 1.10× |
| Interest coverage (times) | 14.40× | 14.50× |
| Revenue growth (YoY) | — | 23.8% |
| EBITDA (margin × income) | ₹202 Cr | ₹280 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹101 Cr | ₹308 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹13.99 Cr | ₹19.33 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-Based – Term Loans Long-term – Fund-Based | Term loans | — | ₹10.0 Cr | — | AA+ (Stable) | Assigned | ICRA |
| Working Capital Facilities | Working capital & bank lines | ₹32.5 Cr | ₹20.0 Cr | −38.5% | AA+ (Stable) | Reaffirmed | ICRA |
| Short-term – Non-fund-Based Limits the Long-term Short-term | Non-fund based limits | ₹603 Cr | ₹715 Cr | 18.7% | A1+ | Reaffirmed | ICRA |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · 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) | 78% |
| 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: 78% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 14.5×
Rated limits by facility
Timeline
From the report
The financial profile is adequately supported by its free cash and bank balances as well as liquid investments of around Rs. 75.0 crore (as on March 31, 2026) on a consolidated basis.
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 Mahindra Accelo
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Integrated Steel Producers · Steel, Metals & Pipes | sail.co.in | — | India | |
| Integrated Steel Producers · Steel, Metals & Pipes | jindalsteel.com | — | India | |
 Tata Steel |
Steel | tatasteel.com | 1907 | Mumbai, Global |
 JSW Steel |
Steel | jsw.in | 1982 | Mumbai, Global |
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
Steel service centres for automotive
Filings
No filings on record yet.