Key Metrics of Stp Limited
About Stp Limited
Part of Energizer Holdings, Inc..
Sectors
Company details
- Website
- stp.com
Operational Areas of Stp Limited
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 |
|---|---|---|---|---|---|---|---|
| 16 Apr 2026 | ICRA | Reaffirmed | AA+(CE) | A1+ | Stable | ₹90.0 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Parent support by Berger Paints India Limited
Berger considers STP Limited as its extended arm and is fully committed towards supporting it.
+ Long track record of operations
STP, incorporated in 1935, has a long track record of operations and an established sales and distribution network across India for construction chemicals and water-proofing products.
+ Comfortable capital structure
STP Limited’s capital structure remains comfortable with a gearing of 0.5x at the end of FY2025.
Credit challenges
− Plant capacity utilisation at sub-optimal levels
The under-absorption of fixed overheads due to sub-optimal plant capacity utilisation in the past has kept the return indicators low.
− Exposure to raw material price volatility
The company’s ability to procure raw materials at competitive prices and pass on any adverse fluctuation in input costs to its customers is a key determinant of profitability and, hence, is a risk.
− Intense competition and exposure to cyclicality in real estate and infrastructure sectors
The construction chemical industry, wherein STP operates, is characterised by intense competition from unorganised and organised players and multinational manufacturers.
Could lead to an upgrade
ICRA could upgrade STP’s ratings if there is a healthy growth in its revenues and profitability, along with an improvement in the
Could lead to a downgrade
A negative rating action could be triggered if there is a material deterioration in STP’s operating income and profitability, resulting in a decline in the cash flow generation. Further, any material deterioration in the parent’s credit profile or weakenin g in linkages can cause a rating revision .
Agency-reported financials (ICRA, 16 Apr 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹363 Cr | ₹395 Cr |
| PAT | ₹27.40 Cr | ₹21.60 Cr |
| OPBDIT/OI | 11.8% | 9.8% |
| PAT/OI | 7.6% | 5.5% |
| Total outside liabilities/Tangible net worth (times) | 1.00× | 0.90× |
| Total debt/OPBDIT (times) | 1.40× | 1.60× |
| Interest coverage (times) | 10.30× | 7.50× |
| Revenue growth (YoY) | — | 8.8% |
| EBITDA (margin × income) | ₹42.80 Cr | ₹38.67 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹59.92 Cr | ₹61.87 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹4.16 Cr | ₹5.16 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term fund-based/CC | Working capital & bank lines | ₹25.0 Cr | ₹25.0 Cr | 0.0% | AA+(CE) (Stable) | Reaffirmed | ICRA |
| Long term fund-based/CC [ICRA] AA- () | Working capital & bank lines | ₹35.0 Cr | ₹35.0 Cr | 0.0% | — | Reaffirmed | ICRA |
| Long term fund-based/CC | Working capital & bank lines | ₹15.0 Cr | ₹15.0 Cr | 0.0% | AA- (Stable) | Reaffirmed | ICRA |
| Short term non-fund based | Non-fund based limits | ₹15.0 Cr | ₹15.0 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | AA+(CE) · Credit enhancement (external support) (ICRA, Apr 2026) |
| Next action stable or better (model) | 64% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), 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: 65% chance the next rating action is stable or better
- Current rating AA+(CE) (investment grade)
- Interest coverage 7.5×
Rated limits by facility
Timeline
From the report
Moreover, the demand for construction chemicals depends primarily on development act ivities in the real estate, construction and infrastructure sectors, which are cyclical in nature. www.icra .in Sensitivity Label : Public Page |2 Liquidity position For Guarantor – Strong The liquidity position of the guarantor, Berger Paints India Limited, is strong, reflected in cash and cash equivalents of around Rs. 840 crore as on March 31, 2025, and healthy cash accruals which will enable the entity to meet its capex requirements and debt servicing commitments comfortably.
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.
Competitors of Stp Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| Sportswear & Sports Goods · Apparel, Textiles & Footwear | irctc.com | — | New Delhi, Delhi, India | |
| Part of Indian Railways. | konkanrailway.com | 1990 | Navi Mumbai, India | |
| Sportswear & Sports Goods · Apparel, Textiles & Footwear | jupiterwagons.com | — | Jabalpur, Madhya Pradesh, India | |
 Titagarh Rail Systems |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | titagarh.in | 1997 | Kolkata, India |
 Sportking India Limited |
Sportswear & Sports Goods · Apparel, Textiles & Footwear | sportking.co.in | — | Ludhiana, Punjab, India |
| Total Transport Systems Limited | · Transport, storage and Communications | — | — | Mumbai, Maharashtra, India |
 Obcl Limited |
Sportswear & Sports Goods · Apparel, Textiles & Footwear | obclimited.com | — | Raipur, Chhattisgarh, India |
 Terminal 3 India Private Limited |
Sportswear & Sports Goods · Business Services | terminal3.frankfurt-airport.com | — | Karnataka, India |
 Sareen Sports Industries Private Limited |
Sportswear & Sports Goods · Manufacturing (Others) | sstoncricket.com | — | Meerut, Uttar Pradesh, India |
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.
Group companies
Part of Energizer Holdings, Inc.
Business activities and related parties
automotive industry, petroleum industry
Filings
No filings on record yet.