Key Metrics of S & P Structurals Private Limited
About S & P Structurals Private 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
Sign in with access to company financials to review vendor evidence.
Credit ratings
WatchLiquidity assessed as Stretched
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Jul 2026 | ICRA | Assigned | BB- | — | Stable | — | View |
Credit strengths (ICRA, Jul 2026)
+ Extensive experience of promoters
SPSPL’s promoters have more than a decade of experience in transmission and substation development related project works.
+ Adequate order book
SPSPL’s revenues have increased to Rs. 54.6 crore in FY2026 from Rs. 13.4 crore in FY2022, primarily driven by improved order addition and steady execution of orders.
Credit challenges
− Moderate scale of operations and modest financial profile
SPSPL’s scale of operations remains moderate with revenues of around Rs. 54.6 crore in FY2026.
− High geographical and customer concentration risks
The project portfolio in SPSPL’s order book is mainly focused on Karnataka, exposing it to region -specific economic and political risks.
− Intensely competitive industry
The competition is intense in the EPC business, given the low complexity of the work involved, which may adversely impact the profitability of the company.
Could lead to an upgrade
The ratings could be upgraded if there is sustained increase in the company’s revenues and earnings leading to strengthening of its net worth position and improvement in its debt coverage metrics and
Could lead to a downgrade
Pressure on the ratings could arise if there is a material decline in the company’s revenues and earnings, or if elongation in the working capital cycle weakens the debt coverage indicators and
Agency-reported financials (ICRA, 08 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹25.40 Cr | ₹54.60 Cr |
| PAT | ₹1.00 Cr | ₹2.80 Cr |
| OPBDITA/OI | 7.4% | 8.1% |
| PAT/OI | 4.0% | 5.2% |
| Total outside liabilities/Tangible net worth (times) | 1.50× | 0.70× |
| Total debt/OPBDITA (times) | 4.70× | 0.30× |
| Interest coverage (times) | 4.70× | 7.10× |
| Revenue growth (YoY) | — | 115.0% |
| EBITDA (margin × income) | ₹1.88 Cr | ₹4.42 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹8.84 Cr | ₹1.33 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.40 Cr | ₹0.62 Cr |
Borrowings & rated debt
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) | 42% |
| Information on file | 44% · missing: Annual results history (3+ years), 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: 37% chance the next rating action is stable or better
- Current rating BB- (below investment grade)
- Interest coverage 7.1×
- Working-capital limits 36% utilised on average
Rated limits by facility
Timeline
From the report
The company has fund -based working capital limits of Rs. 8.5 crore, with an average utilisation of around 36% over the past 12 months ending in April 2026.
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.