Key Metrics of Nkc Projects Private Limited
About Nkc Projects Private Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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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.
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 01 Apr 2026 | ICRA | Reaffirmed | A | A2+ | Stable | ₹1,099 Cr | View |
| 21 Jun 2021 | CARE | Withdrawn | BBB+ | A3+ | Positive | — | View |
| 07 Apr 2021 | CARE | Reaffirmed | BBB+ | A3+ | Positive | ₹114 Cr | View |
| 31 Mar 2020 | CARE | Other | — | — | — | — | View |
| 19 Jul 2019 | CARE | Reaffirmed | BBB+ | — | Stable | ₹960 Cr | View |
| 31 Jan 2019 | CARE | Revised (from BBB) | BBB+ | A3 | Stable | ₹960 Cr | View |
| 21 Mar 2018 | CARE | Revised (from BBB-) | BBB | — | Stable | ₹480 Cr | View |
| 02 May 2017 | CARE | Reaffirmed | BBB- | — | Stable | ₹343 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Long experience and execution track record of completion of Central Government road projects
NPPL has a team of qualified and technical personnel who have been associated with the company for around two decades.
+ Comfortable OB position providing medium-term revenue visibility
NPPL had a pending order book of Rs. 3,332.7 crore as on December 31, 2025, which is ~1.9 times of its standalone OI in FY2025 (vs. 1.5 times as on August 31, 2024) and ~2.2 times of ICRA’s estimated standalone OI for FY2026.
+ Reputed clientele mitigates the counterparty risks
NPPL’s customer and segment diversification improved following order inflows under the industrial corridor development programme even as overall diversification remains limited.
Credit challenges
− Concentrated OB and execution risks
NPPL’s order book remains exposed to project concentration risk, with the top five projects accounting for nearly 83% of the total order book as on December 31, 2025.
− Moderate coverage metrics
NPPL’s indebtedness increased in FY2025 on account of higher working capital utilisation fund interim investments towards cost overruns in HAM projects, primarily in the form of unsecured loans and extended credit period.
− Sector risks including stiff competition and sizeable non-fund based exposure
NPPL is exposed to the cyclicality inherent in the construction industry and intense competition in the tender-based contract award system, resulting in risk of volatility in order inflows and revenues.
Could lead to an upgrade
The ratings could be upgraded if there is a significant increase in the company’s scale of operations, along with improvement in its operating profitability and credit metrics. Specific metrics for a rating upgrade includes TOL/TNW below 1.1 times and interest coverage more than 7 times, on a sustained basis.
Could lead to a downgrade
Pressure on the ratings could arise if there is a sustained pressure on earnings, coverage metrics or scale of operations on account of weak order addition or significant delays in project execution. Further, a material increase in fund ing commitments towards BOT/HAM projects or non-core investments, or a substantial rise in working capital intensity resulting in deterioration in its coverage metrics and
Agency-reported financials (ICRA, 01 Apr 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹1,910 Cr | ₹1,773 Cr |
| PAT | ₹146 Cr | ₹117 Cr |
| OPBDIT/OI (%) | 12.4% | 12.4% |
| PAT/OI (%) | 7.6% | 6.6% |
| Total outside liabilities/Tangible net worth (times) | 1.30× | 1.40× |
| Total debt/OPBDIT (times) | 1.10× | 1.80× |
| Interest coverage (times) | 6.20× | 3.70× |
| Revenue growth (YoY) | — | −7.2% |
| EBITDA (margin × income) | ₹237 Cr | ₹220 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹261 Cr | ₹396 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹38.21 Cr | ₹59.43 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 | Working capital & bank lines | ₹200 Cr | ₹200 Cr | 0.0% | A (Stable) | Reaffirmed | ICRA |
| Long-term – Fund-based – Term loan | Term loans | ₹45.0 Cr | ₹199 Cr | 343.1% | A (Stable) | Reaffirmed | ICRA |
| Long-term Short-term – Non-fund based – Bank guarantee | Non-fund based limits | ₹900 Cr | ₹700 Cr | −22.2% | A / A2+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan I FY FY | Term loans | — | 31 Mar 2023 | 31 Mar 2027 | ₹24.4 Cr | A | Outstanding |
| — | Term loan II FY FY | Non-fund based limits | — | 31 Mar 2026 | 31 Mar 2031 | ₹175 Cr | A | Outstanding |
CARE ratings on record (checked 31 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | Withdrawn |
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) | 56% |
| Information on file | 22% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, 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 A (investment grade)
- Interest coverage 3.7×
Rated limits by facility
Timeline
From the report
While a portion of these unsecured loans was repatriated in CY2025 through the proceeds of top-up debts availed in www.icra.in Sensitivity Label : Restricted Page |2 HAM SPVs, the overall debt levels remained elevated as on January 31, 2026, following the acquisition of a land parcel in September 2025, which was funded through a corporate term loan of around Rs. 175 crore.
From the report
Further, the total debt outstanding as on January 31, 2021 increased on account of additional equipment loans and higher mobilization advances availed by the company during FY21.
From the report
Liquidity Analysis: The company has adequate liquidity in the form of free cash and bank balance of Rs.20.61 crore as on June 08, 2021.
From the report
Further, the working capital utilization stood moderate with average utilization of 63.40% for the past 12 months ending Apr’21.
From the report
Further, the total debt outstanding as on January 31, 2021 increased on account of additional equipment loans and higher mobilization advances availed by the company during FY21.
From the report
The working capital utilization stood moderate with average utilization of 72.90% for the past 12 months ending Jan’21.
From the report
Further, the company has free cash and bank balance of approximately Rs.55 crore as on March 30, 2021 (Rs. 10.26 crore as on January 31, 2020). 2 CARE Ratings Limited Press Release The company has debt repayment obligations of approximately 8 crore and 16 crore in FY21 and FY22 respectively as against current gross cash accrual of Rs.32 crore as om March 31,2020.
From the report
Further, due to increased turnover, GCA (Gross cash accruals) has improved from Rs.19.19 cr in FY18 to Rs. 28.94 cr in FY19.
From the report
The working capital utilization stood moderate with average utilization of 80% for the past 12 months ending Jan’20.
From the report
Further, the company has liquid cash balance of Rs. 10.26 cr as on 31st January 2020 (Rs. 5.56 cr as on June 30, 2019, Rs. 2.12 cr as on 31st March 2019).
From the report
The company has generated gross cash accruals of Rs. 28.94 cr (PY: Rs. 19.19 cr) in FY19 against scheduled debt repayments in the range of Rs. 8 cr to Rs. 11 cr in next couple of years.
From the report
Further, due to increased turnover, GCA (Gross cash accruals) has improved from Rs.19.19 cr in FY18 to Rs. 30.24 cr in FY19 (prov). 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release However despite increase in scale, operating profitability of the company have moderated as reflected from PBILDT and PAT margin of 10.77% (PY: 13.52%) in FY19 (prov) on account of higher lease charges and sub-contracting expenses incurred by the company to execute orders smoothly.
From the report
Further, the company has free cash and cash equivalents of Rs. 5.56 cr as on June 30, 2019.
From the report
The company has generated gross cash accruals of Rs. 30.24 cr (PY:Rs. 19.19 cr) in FY19 (prov) against scheduled debt repayments of around Rs. 6.32 cr in FY 20.
From the report
The average working capital utilization remained at 77.79% during last 12 months ending December 2018.
From the report
The average fund based working capital utilization remained high at 85.50% during last 12 months ending December 31, 2017..
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.