Key Metrics of Meena Lpg Industries
About Meena Lpg Industries
Sectors
Company details
Operational Areas of Meena Lpg Industries
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 |
|---|---|---|---|---|---|---|---|
| 07 May 2026 | ICRA | Reaffirmed | BB+ | A4+ | Stable | ₹57.3 Cr | View |
Credit strengths (ICRA, May 2026)
+ Extensive experience of promoters in LPG industry
The firm is managed by its key promoter, Mr.
+ Growing brand presence and diversified revenue stream
MLI is involved in the parallel marketing and distribution of cylinders under its own brand, Gas Plus, and has been increasing its presence in Tamil Nadu over the years.
+ Increased O&M contracts to drive profitability
The firm was awarded various new O&M contracts in FY2023 and FY2024, of which some were completed in FY2026.
Credit challenges
− High geographical concentration amid intense competition from PSUs
MLI’s parallel marketing operations are geographically concentrated in Tamil Nadu.
− Profitability vulnerable to fluctuations in LPG prices
The firm’s profitability remains vulnerable to LPG price fluctuations and the trading margins remain contingent upon the same, in this segment.
− Modest net worth and risks associated with partnership nature of firm
The firm’s net worth position was modest at Rs. 17.4 crore as on March 31, 2026.
Could lead to an upgrade
ICRA could upgrade the ratings if the firm reports a sustained increase in revenues while maintaining healthy profitability, supporting its net worth position. A specific credit metric for upgrade would be TOL/TNW of less than 2.0 times on a sustained basis.
Could lead to a downgrade
Pressure on the ratings could arise in case of significant decline in revenues and earnings leading to deterioration of debt protections metrics and
Agency-reported financials (ICRA, 07 May 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹227 Cr | ₹249 Cr |
| PAT | ₹1.20 Cr | ₹5.90 Cr |
| OPBDIT/OI | 7.1% | 8.2% |
| PAT/OI | 0.5% | 2.4% |
| Total outside liabilities/Tangible net worth (times) | 6.60× | 2.90× |
| Total debt/OPBDIT (times) | 2.10× | 1.30× |
| Interest coverage (times) | 4.80× | 7.50× |
| Revenue growth (YoY) | — | 9.9% |
| EBITDA (margin × income) | ₹16.08 Cr | ₹20.42 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹33.77 Cr | ₹26.55 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹3.35 Cr | ₹2.72 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Cash credit | Working capital & bank lines | ₹5.00 Cr | ₹8.00 Cr | 60.0% | BB+ (Stable) | Reaffirmed | ICRA |
| Long-term – Fund-based – Term loans | Term loans | ₹33.0 Cr | ₹11.3 Cr | −65.6% | BB+ (Stable) | Reaffirmed | ICRA |
| Short-term – Non-fund based facilities Long-term Short-term Unallocated | Non-fund based limits | ₹18.0 Cr | ₹38.0 Cr | 111.1% | A4+ | Reaffirmed | 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) | 56% |
| Information on file | 56% · missing: Annual results history (3+ years), 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: 51% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- Interest coverage 7.5×
- Working-capital limits 4% utilised on average
- ₹38 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate MLI’s liquidity is expected to remain adequate, supported by adequate buffer available in the working capital limits and free cash and bank balance of around Rs. 6.5 crore as on March 31, 2026.
From the report
The average utilisation of working capital limits remained minimal at around 4% during the last 12 months ending in March 2026.
From the report
Against these sources, the firm has repayment obligations of around Rs. 7.4 crore in FY2027, which are likely to be met from the cash surplus from its business.
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 Meena Lpg Industries
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 GAIL (India) |
Outlets operated by GAIL. | gailonline.com | — | New Delhi, India |
 Indraprastha Gas |
Outlets operated by Indraprasath. | iglonline.net | — | New Delhi, India |
 Mahanagar Gas Limited |
Natural Gas & City Gas · Electricity, Gas and Water companies | mahanagargas.com | — | Mumbai, Maharashtra, India |
| Natural Gas & City Gas · Electricity, Gas and Water companies | adanigas.com | — | Ahmedabad, Gujarat, India | |
| Green Gas Limited | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Lucknow, Uttar Pradesh, India |
| Tripura Natural Gas Company Limited | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Tripura, India |
| Natural Gas & City Gas · Electricity, Gas and Water companies | osakagas.co.jp | — | Delhi, India | |
| Mahanagar Gas |
Natural Gas & City Gas · Oil, Gas & Energy | mahanagargas.com | — | Mumbai, India |
| Natural Gas & City Gas · Oil, Gas & Energy | adanigas.com | — | Ahmedabad, India | |
| Outlets operated by India Gas Limited. | gas-web.com | — | 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.