SR Construction — company insights, financials and ratios

Key Metrics of SR Construction

Revenue₹94.3 Cr▲ 46.4% YoYFY 2025-26

EBITDA₹13.2 Cr▲ 64.0% YoY

Net profit₹5.00 Cr▲ 92.3% YoY

Net worth—

Competitors10identified

About SR Construction

Sectors

Real Estate & ConstructionReal Estate & Infrastructure

Company details

Website: srbuilt-usa.com

Operational Areas of SR Construction

Real Estate & Construction›Real Estate & Infrastructure

Company summary

Entity details

CIN—

LEI code—

State code—

PIN code—

Current legal nameSR CONSTRUCTION

Classification—

Listing status—

Registration no.—

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PAN—

CountryUnited States

City—

State—

Current status—

Date of incorporation—

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Authorised capital—

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Compliance

Last AGM date—

Last balance sheet—

Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026

Industry classification

NIC code—

Description of main activity—

Description of business activity—

SectorReal Estate & Construction · Real Estate & Infrastructure

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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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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date · 2 days left

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 32 days left

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.

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Credit ratings

ICRA · 29 May 2026 ICRA BB- Stable outlook · Short term A4 · Assigned

Change in last 12 months—

Change since first rating on record—since May 2026

Rating actions10 up · 0 down

Liquidity (ICRA)Stretched

WatchLiquidity assessed as Stretched

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
29 May 2026	ICRA	Assigned	BB-	A4	Stable	₹26.7 Cr	View

Credit strengths (ICRA, May 2026)

+ Reputed client profile

SRC is registered contractor for various Government authorities such as the NHAI, UPPWD, and other development authorities.

Credit challenges

− Small scale of operation and moderate order book position

SRC remains a small-sized player in a highly competitive EPC industry, as reflected in its modest estimated operating income of around Rs. 94 crore in FY2026.

− High client and geographical concentration risks

The firm remains exposed to high client and project concentration risks, with the top two customers accounting for almost 100% of the total construction EPC outstanding order book as on March 31, 2026.

− Inherent risk of partnership nature

SRC is exposed to risks associated with its partnership nature, including the risk of capital withdrawals by partners.

Could lead to an upgrade

The ratings of SRC may be upgraded in case of sustained increase in its revenue and earnings leading to strengthening of its net worth and improvement in

Could lead to a downgrade

Pressure on the ratings could arise if the firm’s scale and earnings decline significantly, leading to a deterioration in its debt protection metrics on a sustained basis. Further, any significant stretch in the working capital cy cle, large debt-funded capex, or any large capital withdrawal resulting in a deterioration in the firm’s

Agency-reported financials (ICRA, 29 May 2026)

Metric	FY2024	FY2025	FY2026
Operating income	₹74.40 Cr	₹64.40 Cr	₹94.30 Cr
PAT	₹2.80 Cr	₹2.60 Cr	₹5.00 Cr
OPBDIT/OI	6.8%	12.5%	14.0%
PAT/OI	3.8%	4.0%	5.3%
Total outside liabilities/Tangible net worth (times)	1.20×	0.80×	1.10×
Total debt/OPBDIT (times)	0.10×	1.10×	1.60×
Interest coverage (times)	97.50×	9.70×	11.40×
Revenue growth (YoY)	—	−13.4%	46.4%
EBITDA (margin × income)	₹5.06 Cr	₹8.05 Cr	₹13.20 Cr
Implied total debt (debt/EBITDA × EBITDA)	₹0.51 Cr	₹8.86 Cr	₹21.12 Cr
Implied interest cost (EBITDA ÷ coverage)	₹0.05 Cr	₹0.83 Cr	₹1.16 Cr

Borrowings & rated debt

Rated borrowing limits (latest)₹26.7 Cr

Limits raised0 times2 new facilities rated

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
Long-term Fund based-Cash credit	Working capital & bank lines	—	₹12.0 Cr	—	BB- (Stable)	Assigned	ICRA
Short-term – Non-fund based-Bank guarantee (12.00) Short-term – Non-fund based-Bank guarantee	Non-fund based limits	—	₹14.7 Cr	—	A4	Assigned	ICRA

Credit assessment · Manufacturing

Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26

Indicative long-term—

Indicative short-term—

Score—

LiquidityAdequateAgency: Stretched

DirectionStableAgency outlook: Stable

ICRA rating · May 2026BB-8 notches below indicative

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)	47%
Information on file	44% · missing: 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

⬇ PDF report ⬇ Excel

Can it borrow more?Further bank funding difficult Next rating action stable or better: 47% (At risk of downgrade) · ML model on 4072 rating histories, AUC 0.666

Rated limits₹26.65 Cr

Not yet allocated—

Extra debt within 2.5× EBITDA—

Interest coverage11.40×

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 47% chance the next rating action is stable or better
Current rating BB- (below investment grade)
Interest coverage 11.4×

Rated limits by facility

Timeline

29 May 2026 ICRA assigned: BB- (Stable)Rated limits ₹26.65 cr ICRA rationale

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.

Competitors of SR Construction