Key Metrics of Rithwik Projects Private Limited
About Rithwik Projects Private Limited
Company details
- Registered office
- 8-2-268/k/37&39,, Plot No.37&39,navodaya Colony, Banjara Hills,, Road No.2, Hyderabad, In-ts, 500034
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 |
|---|---|---|---|---|---|---|---|
| 30 Sep 2026 | ICRA | Reaffirmed | A- | — | Stable | ₹8,050 Cr | View |
| 17 Sep 2020 | CARE | Withdrawn | BB | A4 | Stable | — | View |
| 26 Dec 2019 | CARE | Non-cooperating | D | A3 | Negative | ₹4,135 Cr | View |
| 03 Apr 2019 | CARE | Watch | BBB- | A3 | Negative | ₹4,135 Cr | View |
| 18 Oct 2018 | CARE | Watch | BBB- | A3 | — | ₹4,135 Cr | View |
| 21 Dec 2017 | CARE | Assigned (from BB) | BBB- | A3 | Stable | ₹4,135 Cr | View |
| 05 Oct 2017 | CARE | Other | — | — | — | — | View |
| 03 Mar 2017 | CARE | Other | BB | — | Stable | ₹1,538 Cr | View |
| 11 Nov 2016 | CARE | Assigned | — | — | — | ₹1,63,923 Cr | View |
| 29 Mar 2016 | CARE | Assigned | — | — | — | ₹3,380 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong order book position provides medium-term revenue visibility
The company’s order book remains strong, with pending orders of Rs. 33,713 crore as on June 30, 2026 improved from Rs. 17,455 crore as on September 30, 2025, with OB/OI ratio of 11.6 times of the provisional OI in FY2026, providing healthy medium-term revenue visibility.
Credit challenges
− Moderate financial risk profile and working capital-intensive nature of business
The company’s financial risk profile is moderate, characterised by relatively higher leverage, with TOL/TNW at 1.8 times as on March 31, 2026 and moderation in interest coverage to 2.6 times in FY2026 from 4.6 times in FY2025 owing to higher interest costs amid increased working capital utilisation, interest-bearing mobilisation advances and equipment loans.
Could lead to an upgrade
The ratings could be upgraded in case of improvement in earnings and reduction of working capital cycle, resulting in improvement in debt coverage metrics and
Could lead to a downgrade
Pressure on the ratings could arise if there is a significant decline in earnings or an increase in the working capital cycle or higher-than-expected debt-funded capex or higher-than-envisaged investments in developmental projects adversely impacting the debt coverage metrics and
Agency-reported financials (ICRA, 30 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹3,427 Cr | ₹2,908 Cr |
| PAT | ₹203 Cr | ₹135 Cr |
| OPBDIT/OI | 13.1% | 14.5% |
| PAT/OI | 5.9% | 4.7% |
| Total outside liabilities/Tangible net worth (times) | 1.90× | 1.80× |
| Total debt/OPBDIT (times) | 1.20× | 1.30× |
| Interest coverage (times) | 4.60× | 2.60× |
| Revenue growth (YoY) | — | −15.1% |
| EBITDA (margin × income) | ₹449 Cr | ₹422 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹539 Cr | ₹548 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹97.58 Cr | ₹162 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 – Working capital facilities Long-term – Fund-based | Working capital & bank lines | ₹600 Cr | ₹1,050 Cr | 75.0% | A- (Stable) | Reaffirmed | ICRA |
| Term loan Long-term/Short-term | Term loans | ₹411 Cr | ₹527 Cr | 28.3% | A- (Stable) | Reaffirmed | ICRA |
| [ICRA] A2+ Non-fund based facilities | Non-fund based limits | ₹4,439 Cr | ₹6,473 Cr | 45.8% | A- (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loans FY | Term loans | — | — | 31 Mar 2029 | ₹527 Cr | A- | Outstanding |
CARE ratings on record (checked 25 Oct 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) | 76% |
| Information on file | 33% · missing: 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: 53% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 2.6×
- Working-capital limits 76% utilised on average
Rated limits by facility
Timeline
From the report
The ratings factor in the moderate working capital intensity (net working capital (NWC)/OI at 14.9% in FY2026) owing to elevated inventory levels and moderate debtor days, albeit partially offset by creditors and mobilisation advances availed from customers.
From the report
Further, the company has committed investments of around Rs. 100 crore to be infused during FY2027-FY2029 towards the mining developer-cum-operator (MDO) project, which is anticipated to be comfortably met from cash flow from operations and internal accruals.
From the report
Liquidity position: Adequate The company’s liquidity position is adequate, with free cash and bank balances of Rs. 16.10 crore as on March 31, 2026 and cushion in working capital limits of Rs. 67 crore as on June 30, 2026.
From the report
The average fund-based working capital utilisation for the past 12 months ending June 2026 remained at 76%.
From the report
Analytical approach Analytical approach Comments Corporate Credit Rating Methodology Applicable rating methodologies Construction Policy On Withdrawal Of Credit Ratings Parent/Group support Not Applicable For arriving at the ratings, ICRA has done full consolidation of Chattibariatu Coal Mining Private Limited (as corporate guarantee was provided by RPPL for the full tenor of debt Consolidation/Standalone availed by CBCMPL) and limited consolidation of Rithwik MBR Infra Private Limited and Tokisud Mining Private Limited factoring in the equity commitments and support towards meeting any cash f
From the report
Furthermore, the average utilization of working capital limits is 95% during last six months 2 CARE Ratings Limited Press Release period ended in August 2020.
From the report
The company had cash and bank balance of about Rs.6.05 crore as on August 17, 2020 and FDR of Rs.128 crore with Lenders which is lien marked against arbitration BGs.
From the report
The average working capital utilization of the company for the twelve months period ended February 28, 2019 remained almost 100%.
From the report
The financial position also improved and the overall gearing ratio witnessed improvement from 2.05x as on March 31, 2017 to 1.92x as on September 30, 2017 on account of accretion of profits to reserves and partial repayment of term loan.
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.