Key Metrics of Mavani Construction
About Mavani Construction
Sectors
Company details
Operational Areas of Mavani Construction
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
WatchLiquidity assessed as Stretched
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Oct 2026 | ICRA | Reaffirmed | BB- | A4 | Stable | ₹50.4 Cr | View |
| 29 Sep 2026 | ICRA | Reaffirmed | BB- | A4 | Stable | ₹39.6 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Extensive experience and track record of promoters in civil construction industry
Established in 1935, the firm has a long- standing history of executing civil construction projects for Government entities, particularly Western Railway.
Credit challenges
− Weak financial risk profile characterised by high leverageand moderate coverage indicators
The firm’s scale of operations continued to be modest, with an OI of Rs. 155.7 crore in FY2026 (provisional), witnessing a YoY decline of ~6%.
Could lead to an upgrade
ICRA could upgrade the ratings if the firm demonstrates a sustained expansion in its scale of operations while improving its profitability, debt coverage metrics and
Could lead to a downgrade
Negative pressure on the ratings could arise on account of significant decline in revenues, deterioration in operating profitability or elongation of working capital cycle impacting the firm’s
Agency-reported financials (ICRA, 08 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹166 Cr | ₹156 Cr |
| PAT | ₹1.40 Cr | ₹1.80 Cr |
| OPBDITA/OI | 2.5% | 2.2% |
| PAT/OI | 0.8% | 1.2% |
| Total outside liabilities/tangible net worth (times) | 3.70× | 3.50× |
| Total debt/OPBDITA (times) | 5.30× | 6.10× |
| Interest coverage (times) | 1.60× | 1.90× |
| Revenue growth (YoY) | — | −5.9% |
| EBITDA (margin × income) | ₹4.14 Cr | ₹3.43 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹21.94 Cr | ₹20.92 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹2.59 Cr | ₹1.81 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Cash credit Long-term – Fund-based – Term | Working capital & bank lines | ₹5.25 Cr | ₹5.25 Cr | 0.0% | BB- (Stable) | Reaffirmed | ICRA |
| Cash Credit Short-term – Non-fund based – Bank guarantee | Non-fund based limits | ₹29.8 Cr | ₹42.7 Cr | 43.5% | A4 | Reaffirmed | ICRA |
| Unallocated | Other | ₹1.46 Cr | ₹51.0 L | −65.1% | — | 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 | ₹1.94 Cr | BB- | Outstanding |
| — | Term loan FY FY | Term loans | — | 31 Mar 2023 | 31 Mar 2028 | ₹3.14 Cr | BB- | Outstanding |
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) | 37% |
| 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: 37% chance the next rating action is stable or better
- Current rating BB- (below investment grade)
- Interest coverage 1.9×
- Working-capital limits 87% utilised on average
- ₹0.51 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Reaffirmed and assigned 29.75 42.70 RBI Bank guarantee for enhanced amount Long-term/ Short -term – [ICRA]BB -(Stable) /[ICRA]A4; 1.46 0.51 RBI Unallocated Reaffirmed Total 39.60 50.40 *Instrument details are provided in Annexure I; $Sublimit of Bank Guarantee facility of HDFC Bank #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI.
From the report
Its free cash balance stood at Rs. 0.6 crore as on March 31, 2026.
From the report
The average utilisation of its fund-based limits stood at 87% over the last 17 months ending August 31, 2026 (85% for FY2026), with 94% utilisation as on August 31, 2026.
From the report
Its free cash balance stood at Rs. 0.6 crore as on March 31, 2026.
From the report
The average utilisation of its fund-based limits stood at 87% over the last 17 months ending August 31, 2026 (85% for FY2026), with 94% utilisation as on August 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.
Competitors of Mavani Construction
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 RELIANCE INFRASTRUCTURE LIMITED |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC LIMITED | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| LODHA DEVELOPERS LIMITED | · Construction | — | — | Mumbai, Maharashtra, India |
 IRCON INTERNATIONAL LIMITED |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| DILIP BUILDCON LIMITED | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R INFRAPROJECTS LIMITED | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| STERLING AND WILSON RENEWABLE ENERGY LIMITED | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR POWER AND URBAN INFRA LIMITED |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
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
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.