Key Metrics of Oriental Structural Engineers Private Limited
About Oriental Structural Engineers 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 |
|---|---|---|---|---|---|---|---|
| 17 Jun 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹1,720 Cr | View |
| 05 Jul 2021 | CARE | Withdrawn | A | A1 | Negative | — | View |
| 18 Mar 2021 | CARE | Watch | A | A1 | Negative | ₹2,266 Cr | View |
| 15 Sep 2020 | CARE | Watch | A | A1 | — | ₹2,429 Cr | View |
| 03 Feb 2020 | CARE | Revised (from A-) | A | — | Stable | ₹894 Cr | View |
| 13 Dec 2019 | CARE | Watch | A- | A2+ | — | ₹2,034 Cr | View |
| 05 Apr 2019 | CARE | Reaffirmed | A- | A2+ | Stable | ₹3,568 Cr | View |
| 05 Oct 2018 | CARE | Reaffirmed | A- | A2+ | Stable | ₹1,775 Cr | View |
| 26 Dec 2017 | CARE | Withdrawn (from BBB+) | A- | A2+ | Stable | ₹1,160 Cr | View |
| 05 May 2017 | CARE | Other | — | — | — | ₹1,160 Cr | View |
Credit strengths (ICRA, Jun 2026)
+ Exceptional financial flexibility with sizeable investment in OIT and regular distribution income to support OSEPL’s cash flows
The Oriental Group benefits from the steady distribution income from OIT and exceptional financial flexibility arising from its unitholding of OIT (OSEPL and OTPL together hold 59.17% stake in OIT since its formation in FY2020).
+ Strong liquidity profile, comfortable leverage and coverage metrics
The Oriental Group has a healthy financial risk profile, supported by low leverage (TOL/TNW of 0.25 times) and a strong liquidity position, with sizeable, unencumbered cash balances and liquid investments of Rs. 1,397 crore as on March 31, 2026.
+ Long and established track record in construction business
OSEPL, the flagship entity of the Oriental Group, has an extensive experience of over five decades in the road construction segment and has been executing road projects since 1971.
Credit challenges
− Modest order book position
OSEPL’s order book remains modest at around Rs. 1,834 crore as on March 31, 2026, which translates into an OB/OI ratio of 1.89 times for FY2026.
− Intense competition in construction industry and sizeable non-fund based exposure
OSEPL procures orders through competitive bidding.
Could lead to an upgrade
The ratings may be upgraded if the company demonstrates a sustained improvement in its scale of operations and profitability margins, backed by healthy order book addition and execution and sustenance of healthy distribution income from OIT, on a sustained basis, while maintaining its negative net debt position and keeping a strong
Could lead to a downgrade
Pressure on the ratings could arise if there is a deterioration in the company’s
Agency-reported financials (ICRA, 17 Jun 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income (OI)** | ₹2,054 Cr | ₹1,240 Cr | ₹1,321 Cr |
| PAT | ₹687 Cr | ₹567 Cr | ₹422 Cr |
| OPBDIT/OI | 32.1% | 31.9% | 18.0% |
| PAT/OI | 33.5% | 45.7% | 32.0% |
| Total outside liabilities/Tangible net worth (times) | 0.30× | 0.30× | 0.30× |
| Total debt/OPBDIT (times) | 0.80× | 1.30× | 1.40× |
| Interest coverage (times) | 14.80× | 11.20× | 29.30× |
| Revenue growth (YoY) | — | −39.6% | 6.5% |
| EBITDA (margin × income) | ₹659 Cr | ₹396 Cr | ₹238 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹527 Cr | ₹514 Cr | ₹333 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹44.54 Cr | ₹35.33 Cr | ₹8.11 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Bank Facilities ) | Working capital & bank lines | — | ₹731 Cr | — | A (Negative) | Watch | CARE |
| Long-term/Short-term Bank Facilities – LC/BG | Non-fund based limits | — | ₹1,535 Cr | — | A / A1 (Negative) | Other | CARE |
CARE ratings on record (checked 02 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Term loan | — | Withdrawn |
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) | 83% |
| Information on file | 56% · missing: 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: 79% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 29.3×
What happened, step by step
- Dec 2019 — Rated term loans fell from ₹1,250 cr to ₹0 cr
- Feb 2020 — ₹166.18 cr raised through equity
“Further, the company is generating cash accruals in the range of Rs. 250-300 cr annually which adequately covers its repayment obligations of Rs. 100-Rs. 110 cr and also the balance equity investments of Rs.166.18 crs in the ongoing 3 HAM projects which are required to be infused in FY 20 and FY 21 .”
- Apr 2019 — ₹139.36 cr raised through NCDs / bonds
- Dec 2019 — Rated term loans fell from ₹1,250 cr to ₹0 cr
“Investment requirement and support towards BOT projects The company has met the equity commitment for the under-construction Binjhabahal-Telebani project through the proceeds of NCD issue (Series C) of Rs.139.36 crore in ONBHL in FY18.”
Rated limits by facility
Timeline
From the report
The ratings note OSEPL’s low leverage with TOL/TNW of 0.25 times and strong liquidity position, aided by sizeable, unencumbered cash balances and liquid investments of Rs. 1,397 crore as on March 31, 2026.
From the report
The average utilization of fund based working capital limits were comfortable at 40.25% for 12 months ending April 30, 2021.
From the report
The actual gross cash accruals of Rs.242 crore and Rs.93 crore in FY20 and H1FY21 respectively.
From the report
OSE had availed moratorium for its term loan instalments with effect from March 1, 2020, for a period of three (3) months towards deferment of their debt obligations under the COVID-19 - Regulatory Package announced by the RBI on March 27, 2020, which has since been repaid b y June 2020.
From the report
Liquidity Analysis: Adequate OSE’s liquidity position continues to be adequate with a free cash balance of Rs.85.30 crore as on January 22, 2021.
From the report
The average utilization of fund based working capital limits were comfortable at 38.56% for 12 months ending November 30, 2020.
From the report
The actual gross cash accruals of Rs.242 crore and Rs.93 crore in FY20 and H1FY21 respectively.
From the report
OSE had availed moratorium for its term loan instalments with effect from March 1, 2020, for a period of three (3) months towards deferment of their debt obligations under the COVID-19 - Regulatory Package announced by the RBI on March 27, 2020, which has since been repaid by June 2020.
From the report
Liquidity Analysis: Adequate OSE’s liquidity position continues to be adequate with a free cash balance of Rs.55 crore as on July 31, 2020.
From the report
The average utilization of fund based working capital limits were comfortable at 35% for 12 months ending June 30, 2020.
From the report
The company has principal repayments of around Rs.187 crore in FY21 vis -à-vis gross cash accruals of Rs.232 crore in FY20.
From the report
OSE had availed moratorium for its term loan installments with effect from March 1, 2020, for a period of three ( 3) months towards deferment of their debt obligations under the COVID -19 - Regulatory Package announced by the RBI on March 27, 2020, which has since been repaid by June 2020.
From the report
Liquidity Analysis: Adequate As on November 13, 2019, the Company had cash and bank balance of Rs. 1.43 crore, mutual fund investment of Rs. 25 crore and FDR of Rs. 58 crore.
From the report
Further, the company is generating cash accruals in the range of Rs. 250-300 cr annually which adequately covers its repayment obligations of Rs. 100-Rs. 110 cr and also the balance equity investments of Rs.166.18 crs in the ongoing 3 HAM projects which are required to be infused in FY 20 and FY 21 .
From the report
The average utilization of fund based limits during the 12 months period ending September 2019 stood at 58.07%.
From the report
Liquidity Analysis: As on November 13, 2019, the Company had cash and bank balance of Rs. 1.43 crore, mutual fund investment of Rs. 25 crore and FDR of Rs. 58 crore.
From the report
Investment requirement and support towards BOT projects The company has met the equity commitment for the under-construction Binjhabahal-Telebani project through the proceeds of NCD issue (Series C) of Rs.139.36 crore in ONBHL in FY18.
From the report
Liquidity Analysis: The company’s average utilization of fund based limits for the 12 months period ended February 2019 stood at about 81%.
From the report
The company has cash and bank balance of Rs.45.28 crore as on February 28, 2019.
From the report
Investment requirement and support towards BOT projects The company has met the equity commitment for the under-construction Binjhabahal-Telebani project through the proceeds of NCD issue (Series C) of Rs.139.36 crore in ONBHL in FY18.
From the report
For the under execution Binjhabahal-Telebani project, the equity requirement will be met through additional NCD issue of Rs.139.36 crore in ONBHL.
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.