Key Metrics of Rinac India Limited
About Rinac India Limited
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.
Sign in to continue See plans & pricingFiling compliance
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 |
|---|---|---|---|---|---|---|---|
| 03 Jul 2026 | ICRA | Reaffirmed | BBB+ | A2 | Stable | ₹120 Cr | View |
Credit strengths (ICRA, Jul 2026)
+ Established position in cold chain industry, supported by e xperienced promoters
Rinac benefits from an established track record of over 25 years in the cold chain industry, during which it has evolved into an integrated provider of cold chain and refrigeration solutions.
+ Low customer and geographical concentration
The company has a diversified customer base catering to the FMCG, seafood, dairy, pharmaceutical and agro -commodities sectors.
+ Healthy order book; margins seen to improve
The order book stood at around Rs. 1,035 crore as on March 31, 2026, wherein Rinac is the L1 bidder for orders worth Rs. 400-500 crore.
Credit challenges
− High TOL/TNW
The company remains dependent on long credit from suppliers and advances from customers to address its funding requirements, resulting in high TOL/TNW of more than 2 times as on March 31, 2026, in the light of a moderate net worth position.
Could lead to an upgrade
ICRA could upgrade Rinac’s ratings if the company is able to demonstrate a consistent improvement in its scale and profitability. Further, an improvement in the receivable and inventory position , leading to comfortable
Could lead to a downgrade
Pressure on the ratings could arise if the order book declines, resulting in a reduction of the revenue and profitability. A substantial weakening of the
Agency-reported financials (ICRA, 03 Jul 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹484 Cr | ₹506 Cr | ₹559 Cr |
| PAT | ₹15.02 Cr | ₹15.90 Cr | ₹18.24 Cr |
| OPBDITA/OI (%) | 4.5% | 5.2% | 4.3% |
| PAT/OI (%) | 3.1% | 3.2% | 3.3% |
| Total outside liabilities/Tangible net worth (times) | 2.70× | 2.40× | — |
| Total debt/OPBDITA (times) | 1.21× | 1.00× | 0.95× |
| Interest coverage (times) | 6.20× | 10.00× | 6.50× |
| Revenue growth (YoY) | — | 4.6% | 10.4% |
| EBITDA (margin × income) | ₹21.77 Cr | ₹26.31 Cr | ₹24.02 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹26.34 Cr | ₹26.31 Cr | ₹22.82 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹3.51 Cr | ₹2.63 Cr | ₹3.70 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Cash credit | Working capital & bank lines | ₹10.0 Cr | ₹10.0 Cr | 0.0% | BBB+ (Stable) | Reaffirmed | ICRA |
| Term loan | Term loans | ₹37.5 Cr | ₹37.5 Cr | 0.0% | BBB+ (Stable) | Reaffirmed | ICRA |
| Others | Other | ₹72.5 Cr | ₹72.5 Cr | 0.0% | A2 | 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) | 57% |
| 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: 55% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 6.5×
Rated limits by facility
Timeline
From the report
Liquidity position: – Adequate Rinac’s liquidity position remains comfortable, supported by cash and liquid investment of ~Rs.63 crore as of March 2026, higher than the usual level of Rs. 25-30 crore because of the increased advances for the orders as of March.
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.