Key Metrics of Ratan Projects & Engineering Co. Private Limited
About Ratan Projects & Engineering Co. Private Limited
Sectors
Company details
Operational Areas of Ratan Projects & Engineering Co. Private Limited
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 |
|---|---|---|---|---|---|---|---|
| 06 Apr 2026 | ICRA | Assigned | BBB | A3+ | Stable | ₹105 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Established operating track record with diversified product profile and reputed clientele
RPECPL has been engaged in metal fabrication since 1967, manufacturing GI structures, electro‑forged gratings, cable trays, GI flats, earthing materials, cable glands/lugs, solar mounting structures, and a recently added product line of crash barriers.
+ Comfortable leverage and coverage indicators
The financial risk profile remains comfortable with adequate credit metrics, characterised by comfortable leverage (TD/OPBDITA) of 1.7 times (including project loan) and interest coverage of 7.9 times expected in FY2026.
+ Incremental earnings diversification from 15-MW solar project
The company is setting up ~15-MW solar powerplants in Rajasthan under PM‑KUSUM scheme, backed by a 25‑year PPA at Rs. 3.04 per unit.
Credit challenges
− Small scale of operation
RPECPL’s scale of operation remains moderate with an expected revenue of ~Rs. 400 crore in FY2026.
− Exposure to raw material price volatility and steel sector cyclicality; limited value addition
The raw materials and consumables constitute 78–80% of the company’s operating income, keeping the operating margins susceptible to steel price changes despite the price variation clauses.
− Customer/supplier concentration at the top, though with reputed counterparties
The company remains exposed to customer and supplier concentration as the top 10 customers and suppliers contributed 50% and 82%, respectively, to the revenue in FY2025.
Could lead to an upgrade
ICRA may upgrade RPECPL’s ratings if it improves its scale of operations and profit margins while maintaining comfortable debt coverage metrics. A specific credit metric for upgrade will be the TD/OPBITDA decreasing below 1.5 times on a sustained basis.
Could lead to a downgrade
Pressure on RPECPL’s rating may arise if there is a significant decline in the scale or profitability. Any stretch in the working capital requirement impacting the
Agency-reported financials (ICRA, 06 Apr 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹298 Cr | ₹367 Cr |
| PAT | ₹10.90 Cr | ₹13.10 Cr |
| OPBDITA/OI | 6.8% | 6.3% |
| PAT/OI | 3.7% | 3.6% |
| Total debt/OPBDITA (times) | 0.90× | 0.90× |
| Interest coverage (times) | 5.50× | 8.40× |
| Revenue growth (YoY) | — | 23.1% |
| EBITDA (margin × income) | ₹20.29 Cr | ₹23.14 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹18.26 Cr | ₹20.83 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹3.69 Cr | ₹2.75 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term Fund based Term loan | Term loans | — | ₹7.00 Cr | — | BBB (Stable) | Assigned | ICRA |
| Rated facility | Other | — | ₹33.1 Cr | — | — | Assigned | ICRA |
| Short term Non-fund based Others | Non-fund based limits | — | ₹18.9 Cr | — | A3+ | Assigned | ICRA |
| Unallocated limits | Other | — | ₹46.0 Cr | — | BBB / A3+ (Stable) | Other | ICRA |
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) | 59% |
| 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: 59% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 8.4×
- ₹46 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
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 Ratan Projects & Engineering Co. Private Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
 Tata Hitachi Construction Machinery Company |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | tatahitachi.co.in | — | India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 Sansera Engineering Limited |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
 AJAX Engineering |
Commercial Vehicles & Buses · Automobile Manufacturers | ajax-engg.com | 1992 | Bangalore, India |
| Il&FS Engineering And Construction Company Limited | · Construction | — | — | Hyderabad, Telangana, 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.