Key Metrics of Shetron
About Shetron
Company details
- Registered office
- Plot No 1 Bommasandra Industrial Area Hosur Main Road, Bangalore, In-ka, 560099
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
PositiveUpgraded by ICRA on 06 Oct 2026 (from BB+)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 Oct 2026 | ICRA | Upgraded (from BB+) | BBB- | A3 | Stable | ₹79.3 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Extensive experience of promoters in the metal packaging industry
Shetron’s operations are managed by Mr. Diwakar Shetty, Mr.
+ Steady improvement in debt protection metrics and coverage indicators
Shetron reported an operating income of Rs. 246.8 crore (up 26% YoY) with largely flattish earnings.
+ Favourable market prospects for food and beverage (F&B) tin cans amid increasing consumer demand and ban on plastics
There is an increasing awareness about environmental issues and the resultant ban on plastics, with demand for recyclable metal rising over the years, which bodes well for Shetron.
Credit challenges
− Vulnerability of margins due to fluctuations in raw material prices
As tin plates are the primary raw materials for manufacturing battery jackets and cans, the company’s profitability remains vulnerable to variation in tin prices.
− High supplier concentration risk
Shetron procures its raw materials from domestic and overseas markets.
− Competition from other packaging substitutes
The competitive and fragmented nature of the industry and substitution risk from alternative packaging materials, limit the pricing flexibility of industry participants.
Could lead to an upgrade
The ratings may be upgraded if the company demonstrates significant growth in its scale of operations as well as profit margins on a sustained basis, leading to strengthening of the coverage metrics. Its ability to efficiently manage its working capital cycle, leading to improvement in its
Could lead to a downgrade
The ratings may be downgraded if the company witnesses significant contraction in revenues or earnings, or significant elongation in working capital cycle leading to weakening of debt indicators. Specific credit metrics that coul d lead to ratings downgrade include an interest coverage less than 2.7 times on a sustained basis.
Agency-reported financials (ICRA, 06 Oct 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income | ₹230 Cr | ₹247 Cr | ₹86.60 Cr |
| PAT | ₹3.10 Cr | ₹4.00 Cr | ₹1.90 Cr |
| OPBDITA/OI | 8.2% | 7.6% | 6.8% |
| PAT/OI | 1.3% | 1.6% | 2.2% |
| Total outside liabilities/Tangible net worth (times) | 1.60× | 1.60× | — |
| Total debt/OPBDITA (times) | 2.50× | 2.20× | — |
| Interest coverage (times) | 2.30× | 2.60× | 3.80× |
| Revenue growth (YoY) | — | 7.3% | — |
| EBITDA (margin × income) | ₹18.87 Cr | ₹18.76 Cr | ₹5.89 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹47.18 Cr | ₹41.27 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹8.20 Cr | ₹7.22 Cr | ₹1.55 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan () to | Term loans | ₹16.8 Cr | ₹12.3 Cr | −27.3% | BBB- (Stable) | Upgraded | ICRA |
| Long-term – Fund-based – Cash credit () to Short-term – Non-fund based | Non-fund based limits | ₹33.8 Cr | ₹33.8 Cr | 0.0% | BBB- (Stable) | Upgraded | ICRA |
| limits Long-term Short-term | Working capital & bank lines | ₹49.0 Cr | ₹32.0 Cr | −34.7% | A3 | Upgraded | ICRA |
| Unallocated limits to | Other | ₹1.32 Cr | ₹1.32 Cr | 0.0% | BBB- / A3 (Stable) | Upgraded | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan FY FY | Term loans | — | 31 Mar 2023 | 31 Mar 2028 | ₹1.43 Cr | BBB- | Outstanding |
| — | Term loan FY FY | Term loans | — | 31 Mar 2023 | 31 Mar 2032 | ₹10.8 Cr | BBB- | Outstanding |
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) | 77% |
| Information on file | 56% · missing: Annual results history (3+ years), 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: 18% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 3.8×
- Working-capital limits 81% utilised on average
- ₹1.32 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
The Interest coverage ratio improved to 3.8x in Q1 FY2027 and is likely to remain supported by scheduled repayment of its term loan, improvement in profitability and increasing usage of low-cost vendor bill discounting, which also enables the company to avail a longer credit period.
From the report
In addition, the company’s liquidity is supported by undrawn working capital limits of Rs. 5.7 crore as on March 31, 2026, against sanctioned limits of Rs. 33.8 crore with average working capital utilisation at around 81% over the last 12 months ending in June 2026.
From the report
In addition, the company’s liquidity is supported by undrawn working capital limits of Rs. 5.7 crore as on March 31, 2026, against sanctioned limits of Rs. 33.8 crore with average working capital utilisation at around 81% over the last 12 months ending in June 2026.
From the report
The company has no major debt-funded capex plans in the near-to-medium term and has a repayment obligation of Rs. 3.0 crore in FY2027.
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.
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.