Key Metrics of Pravin Masalewale
About Pravin Masalewale
Company details
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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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 18 Mar 2026 | ICRA | Reaffirmed | A- | A2+ | Stable | ₹380 Cr | View |
| 01 Apr 2025 | CARE | Withdrawn | A- | A2 | Stable | — | View |
| 28 Mar 2024 | CARE | Reaffirmed | A- | A2 | Stable | ₹369 Cr | View |
| 15 Mar 2023 | CARE | Other | — | — | — | — | View |
| 11 May 2022 | CARE | Reaffirmed | A- | A2 | Positive | ₹146 Cr | View |
| 06 Apr 2022 | CARE | Reaffirmed | A- | A2 | Positive | ₹271 Cr | View |
| 01 Apr 2021 | CARE | Reaffirmed | A- | A2 | Stable | ₹261 Cr | View |
| 30 Mar 2020 | CARE | Reaffirmed | A- | A2 | Stable | ₹146 Cr | View |
| 22 Feb 2019 | CARE | Other | — | — | — | — | View |
Credit strengths (ICRA, Mar 2026)
+ Established track record and extensive experience of promoters
Established in 1962, the Group benefits from the extensive experience of its promoters in the spices industry, which spans over six decades.
+ Wide product portfolio
The Group has a diversified product portfolio, catering to a wide array of culinary preferences and consumer needs.
+ Comfortable financial profile
The Group’s revenue expanded at a healthy CAGR of 14% during FY2021–FY2025, aided by new product launches, increased penetration in Maharashtra, and expanded presence in other states such as Karnataka, Rajasthan and Uttar Pradesh.
Credit challenges
− Susceptibility of revenues and profitability to commodity price fluctuations
The Group’s earnings remain vulnerable to availability of agro-commodities and volatility in their prices, which are influenced by external factors like climatic conditions and demand-supply mismatch.
− High geographical concentration risk
The Group remains exposed to geographical concentration risks as over 90% of its revenues have been derived from Maharashtra in the past few years.
− Risks related to partnership nature of firm
PM is exposed to capital withdrawal risks by the partners as witnessed before, given its partnership structure.
Could lead to an upgrade
The ratings could be upgraded if the Group demonstrates healthy revenue growth while maintaining its margins, leading to an improvement in debt protection metrics, and strengthening of its
Could lead to a downgrade
Pressure on the rating s will emanate with sustained and sharp deterioration in earnings impacting the debt metrics and/or stretched working capital cycle or sizeable capital withdrawal/dividend payout affecting the
Agency-reported financials (ICRA, 18 Mar 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹1,342 Cr | ₹1,438 Cr |
| PAT | ₹85.40 Cr | ₹79.10 Cr |
| OPBDIT/OI | 13.3% | 12.8% |
| PAT/OI | 6.0% | 5.6% |
| Total outside liabilities/Tangible net worth (times) | 1.80× | 1.90× |
| Total debt/OPBDIT (times) | 1.70× | 2.20× |
| Interest coverage (times) | 8.50× | 7.40× |
| Revenue growth (YoY) | — | 7.1% |
| EBITDA (margin × income) | ₹179 Cr | ₹184 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹304 Cr | ₹405 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹21.00 Cr | ₹24.87 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 | ₹145 Cr | ₹145 Cr | 0.0% | A- (Stable) | Reaffirmed | ICRA |
| Short-term – non-fund based limits | Non-fund based limits | ₹5.00 Cr | ₹7.00 Cr | 40.0% | A2+ | Reaffirmed | ICRA |
| Long-term fund based Term loans | Term loans | ₹218 Cr | ₹226 Cr | 3.6% | A- (Stable) | Reaffirmed | ICRA |
| Long-term/short-term – Unallocated limits | Working capital & bank lines | ₹11.9 Cr | ₹2.03 Cr | −83.0% | A- / A2+ (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loans FY FY | Non-fund based limits | — | 31 Mar 2025 | 31 Mar 2031 | ₹226 Cr | A- | Outstanding |
CARE ratings on record (checked 31 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Forward Contract | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Working Capital Demand loan | — | 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 |
| Withdrawal | CARE · 01 Apr 2025 · Proposed debt rated but not raised |
| Next action stable or better (model) | 59% |
| Information on file | 56% · missing: Audited financial statements (last 18 months), 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: 57% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 7.4×
- ₹2.03 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
However, ICRA notes that the partners have infused funds, as and when needed, mostly in the form of capital and as unsecured loans. www.icra.in Sensitivity Label : Public Page |2 Liquidity position: Adequate The liquidity position is Adequate, supported by expected retained cash flows of Rs. 75-80 crore in FY2027 and buffer of around Rs. 30 crore in its sanctioned limits as of January 2026.
From the report
ICRA notes that the Group has repayment obligations of around Rs. 54 crore and a capex of Rs. 15-20 crore in FY2027, which is expected to be serviced comfortably from its cash flows.
From the report
Liquidity: Strong Liquidity is strong, characterised by free cash and bank balance of ₹22.08 crore as on March 31, 2024.
From the report
In FY24, the firm has generated cash flow from operations of ₹84.54 crore and current ratio stood at 1.48x as on March 31, 2024 (PY: 1.25x).
From the report
It deteriorated due to higher utilisation of working capital borrowings and additional debt availed for theongoing capex.
From the report
Liquidity: Strong Liquidity is strong, characterised by sufficient cushion in gross accruals as against repayment obligations and moderate unencumbered cash and bank balance of ₹4.85 crore as on March 31, 2023.
From the report
The expected GCA for FY24 is about ₹80-90 crore as against debt repayment obligations of about ₹21 crore.
From the report
The deterioration was owing to the higher utilisation of working capital borrowings and additional debt availed for the ongoing capex.
From the report
Liquidity: Strong The liquidity is strong as characterised by sufficient cushion in gross accruals vis -à-vis repayment obligations and moderate unencumbered cash and bank balance of ₹8.62 crore as on March 31, 202 2.
From the report
The expected GCA for FY23 is around ₹70 crore as against the debt repayment obligation of around ₹17 crore.
From the report
The total cost of the project is estimated at Rs.17 crore which will be funded th rough term loan of Rs.7 crore (Sanctioned) and remaining through internal accruals.
From the report
Liquidity: Strong Strong liquidity characterized by sufficient cushion in gross accruals of vis-à-vis repayment obligations and moderate unencumbered cash and bank balance of Rs.2.98 crore as on March 31, 2021 and around Rs.3.00 crore as on March 29, 2022.
From the report
The expected GCA for FY23 is Rs.123.55 crore as against the debt repayment obligation of Rs.8.95 crore.
From the report
The total cost for Phase I is estimated at Rs.75 crore which will be funded by term loans (Sanctioned) of Rs.40 crore and remaining throu gh internal accruals.
From the report
The total cost of the project is estimated at Rs.17 crore which will be funded th rough term loan of Rs.7 crore (Sanctioned) and remaining through internal accruals.
From the report
Liquidity: Strong Strong liquidity characterized by sufficient cushion in gross accruals of vis-à-vis repayment obligations and moderate unencumbered cash and bank balance of Rs.2.98 crore as on March 31, 2021 and around Rs.3.00 crore as on March 29, 2022.
From the report
The expected GCA for FY23 is Rs.123.55 crore as against the debt repayment obligation of Rs.8.95 crore.
From the report
The Gross cash accruals (GCA) also increased to Rs.74.64 cr ore in FY20 from Rs.67.29 crore in FY19.
From the report
Liquidity: Adequate – Adequate liquidity characterized by sufficient cushion in gross accruals of Rs.74.64 crore and cash flow from operations of Rs.70.42 crore in FY20 vis -à-vis repayment obligations of Rs.17.07 crore in FY21 and moderate unencumbered cash and bank balance of Rs.16.32 crore as on March 31, 2020.
From the report
Liquidity: Adequate – Adequate liquidity characterized by sufficient cushion in gross accruals of Rs.74.64 crore and cash flow from operations of Rs.70.42 crore in FY20 vis -à-vis repayment obligations of Rs.17.07 crore in FY21 and moderate unencumbered cash and bank balance of Rs.16.32 crore as on March 31, 2020.
From the report
Gross cash accruals (GCA) also increased to Rs.65.83 crore in FY19 as against Rs.54.81 crore in FY18.
From the report
The capital structure stood comfortable with long term debt to equity ratio and overall gearing at 0.25x and 0.51x as on March 31, 2019 as against 0.35x and 0.60x as on March 31, 2018 led by repayments of term loan and accretion of profits reserves adding to net-worth.
From the report
Liquidity: Adequate - Adequate liquidity characterized by sufficient cushion in gross accruals of Rs.65.83 crore in FY19 vis-à- vis repayment obligations of Rs.8.32 crore in FY20 (Rs.6.31 crores already paid as on January 31, 2020) and moderate unencumbered cash and bank balance of Rs.3.28 crore as on March 31, 2019 and Rs.0.31 crore and fixed deposi ts of Rs.7.00 crore as on January 31, 2020.
From the report
Liquidity: Adequate - Adequate liquidity characterized by sufficient cushion in gross accruals of Rs.65.83 crore in FY19 vis-à- vis repayment obligations of Rs.8.32 crore in FY20 (Rs.6.31 crores already paid as on January 31, 2020) and moderate unencumbered cash and bank balance of Rs.3.28 crore as on March 31, 2019 and Rs.0.31 crore and fixed deposi ts of Rs.7.00 crore as on January 31, 2020.
From the report
The expected GCA for FY20 is Rs.71.40 crore vis-à-vis repayment obligations of Rs14.42 crore in FY21.
From the report
Gross cash accruals (GCA) also stood increased to Rs.54.81 crore in FY18 as against Rs.46.27 crore in FY17.
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.
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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
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