Key Metrics of Star Infratech
About Star Infratech
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 |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | ICRA | Reaffirmed | A- | A2+ | Stable | ₹1,500 Cr | View |
| 10 Jul 2026 | ICRA | Other | A- | A2+ | Stable | ₹1,500 Cr | View |
| 02 Jun 2026 | CARE | Assigned | BB+ | A4+ | Stable | ₹70.0 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Healthy revenue growth during the past three years, supported by reputed client profile
SI’s revenues witnessed healthy growth over the last three years, at a CAGR of 19.1% to Rs. 1,525.4 crore in FY2026 from Rs. 902.1 crore in FY2023, driven by healthy execution across various project segments, primarily layout development and buildings.
+ Healthy order book position providing medium -term revenue visibility
SI received fresh orders aggregating to around Rs. 4,500 crore during FY2026 and Q1 FY2027, resulting in the order book position improving to Rs. 7,484.1 crore (excludes residual order values of completed projects) as on June 30, 2026.
+ Established track record of operations
SI has an established track record of operations of more than three decades in the civil construction industry, with experience across multiple infrastructure segments including layout development, buildings, irrigation works, roads and drainage projects.
Credit challenges
− Concentrated order book
SI's order book remains moderately concentrated across clients, projects and segments, while remaining highly concentrated geographically, exposing the firm to state-specific regulatory, political and budgetary risks.
− Moderate coverage indicators
The firm's coverage indicators remained moderate, although operating margins remaining stable at 10.2% in FY2026 compared to 10.3% in FY2025.
− Risks associated with partnership model and construction sector, including profit volatility and sizeable non -fund-based exposure
SI, being a partnership firm, is exposed to the risk of capital withdrawal, which may affect its capital structure and
Could lead to an upgrade
ICRA could upgrade the ratings in case of an improvement in the scale of operations, profitability margins, and business diversification leading to improved debt coverage metrics and
Could lead to a downgrade
Pressure on the rating could arise if there is a material decline in revenues or earnings resulting in deterioration of leverage and debt coverage indicators on a sustained basis. Further, sizeable capital withdrawals by partners or stretch in the working capital cycle, adversely impacting its leverage or
Agency-reported financials (ICRA, 27 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹1,385 Cr | ₹1,525 Cr |
| PAT | ₹62.70 Cr | ₹68.90 Cr |
| OPBDIT/OI | 10.3% | 10.2% |
| PAT/OI | 4.5% | 4.5% |
| Total outside liabilities/Tangible net worth (times) | 1.10× | 1.30× |
| Total debt/OPBDIT (times) | 1.70× | 1.80× |
| Interest coverage (times) | 3.40× | 3.50× |
| Revenue growth (YoY) | — | 10.2% |
| EBITDA (margin × income) | ₹143 Cr | ₹156 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹242 Cr | ₹280 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹41.94 Cr | ₹44.45 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Cash credit limits | Working capital & bank lines | ₹546 Cr | ₹546 Cr | 0.0% | A- (Stable) | Reaffirmed | ICRA |
| Long-term/Short-term – Non-fund-based limits | Non-fund based limits | ₹892 Cr | ₹892 Cr | 0.0% | A- / A2+ (Stable) | Reaffirmed | ICRA |
| Long-term/Short-term – Fund based/non-fund-based facilities – Proposed limit | Non-fund based limits | — | ₹62.0 Cr | — | A- / A2+ (Stable) | Reaffirmed | ICRA |
CARE ratings on record (checked 29 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹70.0 Cr | CARE BB+; Stable / CARE A4+ |
Lenders
| Non-fund-based - LT/ ST | Bank Guarantee | Federal Bank |
| Non-fund-based - LT/ ST | Bank Guarantee | Union Bank of India |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · 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) | 55% |
| Information on file | 67% · missing: 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 A- (investment grade)
- Interest coverage 3.5×
- Working-capital limits 80% utilised on average
- ₹62 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate SI's liquidity position remains adequate, supported by free cash and bank balances of Rs. 57.9 crore as on March 31, 2026, and cushion available in the form of unutilised working capital facilities.
From the report
The average utilisation of the fund-based limits is around 80% during the 12 months ending September 2026.Further, the firm has debt repayment obligations of around Rs. 60 crore in FY2027, largely towards equipment loans, along with maintenance capex requirements, which can be comfortably met by estimated cash flow from operations, along with cushion available in working capital limits.
From the report
The average utilisation of the fund-based limits is around 80% during the 12 months ending September 2026.Further, the firm has debt repayment obligations of around Rs. 60 crore in FY2027, largely towards equipment loans, along with maintenance capex requirements, which can be comfortably met by estimated cash flow from operations, along with cushion available in working capital limits.
From the report
However, partners have infused funds amounting to ₹8.40 crore between FY22 and FY24, and ₹47.03 and ₹6.78 crore in FY25 and FY26, respectively.
From the report
The firm has funded increased working capital requirements through capital infusion of ₹47.03 crore by partners and mobilisation advances availed in FY25.
From the report
The firm has funded increased working capital requirements through capital infusion of ₹47.03 crore by partners and mobilisation advances availed in FY25.
From the report
The firm is in the process of enhancing its BG limit by ₹20 crore and cash credit limits by ₹25 crore, which is expected to support improved working capital management and liquidity.
From the report
Average utilisation in FD backed OD stood at ~64% for last 12 months ended March 31, 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.