Key Metrics of Star Rays
About Star Rays
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
WatchDowngraded by ICRA on 24 Aug 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 24 Aug 2026 | ICRA | Downgraded | BBB | A3+ | Stable | ₹205 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Comfortable capital structure
Despite an increase in debt levels at year-end in FY2026 owing to large inventory purchases, the capital structure remained comfortable, with an estimated gearing of 0.4 times and total outside liabilities vis-à-vis tangible net worth of 0.8 times as on March 31, 2026, on a consolidated basis.
Credit challenges
− Challenging operating environment due to evolving trade dynamics, competition from lab-grown diamonds and supply tightness
Despite an easing in the US tariff burden from the elevated levels witnessed in H2 FY2026, the global trade environment for the CPD industry remains dynamic, with demand and sourcing patterns continuing to evolve.
− Capital withdrawal risk associated with partnership firms
SR, being a partnership firm, is exposed to the risk of capital withdrawals, which may impact its net worth.
Could lead to an upgrade
ICRA could upgrade SR’s ratings, if there is a sustained improvement in its revenues and profitability, supported by healthy demand for natural diamonds across key consuming markets and favourable realisations, leading to an improvement in its debt coverage metrics and
Could lead to a downgrade
Pressure on SR’s ratings could arise if there is a deterioration in its scale of operations and earnings because of prolonged weakness in demand for natural diamonds, an adverse trade environment, heightened competition from lab- grown diamonds, or a worsening of the rough diamond supply situation. A significant inventory loss due toa sharp correction in diamond prices, elongation of the working capital cycle leading to a moderation in its
Agency-reported financials (ICRA, 24 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹1,526 Cr | ₹1,680 Cr |
| PAT | ₹7.90 Cr | ₹19.20 Cr |
| OPBDIT/OI | 1.5% | 2.6% |
| PAT/OI | 0.5% | 1.1% |
| Total outside liabilities/Tangible net worth (times) | 0.50× | 0.80× |
| Total debt/OPBDIT (times) | 3.50× | 4.00× |
| Interest coverage (times) | 2.20× | 3.50× |
| Revenue growth (YoY) | — | 10.1% |
| EBITDA (margin × income) | ₹22.90 Cr | ₹43.69 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹80.15 Cr | ₹175 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹10.41 Cr | ₹12.48 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term/short-term – Fund based | Working capital & bank lines | ₹205 Cr | ₹205 Cr | 0.0% | BBB / A3+ (Stable) | Downgraded | ICRA |
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) | 85% |
| 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: 58% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 3.5×
- Working-capital limits 49% utilised on average
Rated limits by facility
Timeline
From the report
SR’s average utilisation of working capital limits stood at 49% during the last eight months ended March 31, 2026, with cash and bank balances of Rs. 62 crore as on March 31, 2026.
From the report
SR’s average utilisation of working capital limits stood at 49% during the last eight months ended March 31, 2026, with cash and bank balances of Rs. 62 crore as on March 31, 2026.
From the report
The firm does not have any debt repayment obligations in FY2027 and has a moderate repayment obligation of around Rs. 9 crore in FY2028.
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.