Key Metrics of Tema India Private Limited
About Tema India Private Limited
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.
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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 29 Oct 2026 (from A-)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | ICRA | Upgraded (from A-) | A | A1 | Stable | ₹650 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Established position as equipment vendor for shell and tube heat exchangers
TIPL is an established equipment vendor and is on the approved vendor list of leading global EPC contractors.
+ Healthy order book position
TIPL had a strong order book of Rs. 1,904.1 crore (OB/OI of 3.5 times based on FY2026 operating income) as on August 31, 2026, increasing from Rs. 593.6 crore as on August 31, 2025, providing healthy revenue visibility over the medium term.
+ Improved financial risk profile with comfortable capital structure
TIPL maintained healthy profitability in FY2026, despite the operating margin moderating to 16.9% from 23.4% in FY2025, mainly due to geopolitical disruptions in West Asia.
+ Healthy demand prospects
The demand prospects for the company’s primary product, i.e., heat exchangers, are driven by planned capacity expansions in the chemical, fertiliser and downstream oil and gas sectors (including FPSO and biofuels).
+ Well-positioned to cater to expanding global opportunities
TEMA caters to diverse end-use industries such as refineries, LNG, FPSO, biofuels, petrochem, specialty chemicals, fertilisers, thermal and nuclear power.
Credit challenges
− Profitability exposed to volatility in prices of key raw materials and intense competition
Raw materials constitute a significant portion of TIPL’s operating income.
− Lumpiness in revenues and order bookings as these are dependent on capex cycle of end -user industries
The company’s order book and, in turn, the revenue growth depends on the capex plans of the power, nuclear, fertiliser and oil and gas sect ors, which are its key demand drivers.
− Working capital -intensive nature of operations
TIPL’s operations remain working capital intensive because of lengthy order - execution cycles, milestone -based collections and high inventory requirements involving multiple inspections.
Could lead to an upgrade
The ratings may be upgraded if there is a significant improvement in the company’s scale while maintaining healthy profitability, debt protection metrics and
Could lead to a downgrade
The pressure on ratings could arise in case of slow execution of projects in hand that inhibits growth in scale of operations and deterioration in profitability and/or weak order book addition. A higher working capital intensity of operations which adversely impacts the
Agency-reported financials (ICRA, 29 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹533 Cr | ₹540 Cr |
| PAT | ₹78.20 Cr | ₹62.60 Cr |
| OPBDITA/OI | 23.4% | 16.9% |
| PAT/OI | 14.7% | 11.6% |
| Total outside liabilities/Tangible net worth (times) | 1.10× | 0.70× |
| Total debt/OPBDITA (times) | 0.10× | 0.40× |
| Interest coverage (times) | 11.20× | 7.90× |
| Revenue growth (YoY) | — | 1.4% |
| EBITDA (margin × income) | ₹125 Cr | ₹91.33 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹12.48 Cr | ₹36.53 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹11.14 Cr | ₹11.56 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| () to Cash credit | Working capital & bank lines | ₹52.0 Cr | ₹52.0 Cr | 0.0% | A / A1 (Stable) | Upgraded | ICRA |
| Rated facility | Other | ₹589 Cr | ₹589 Cr | 0.0% | A- / A2+ (Positive) | Other | ICRA |
| Rated facility | Other | ₹9.00 Cr | ₹9.00 Cr | 0.0% | A1 | Upgraded | 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) | 53% |
| Information on file | 44% · missing: 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: 53% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 7.9×
- Working-capital limits 26% utilised on average
Rated limits by facility
Timeline
From the report
As on March 31, 2026, the company maintained liquid investments and free cash and bank balances of Rs. 90.3 crore.
From the report
The average utilisation of fund-based limits remained low at ~26% for 17 months ended August 2026 and average non-fund-based utilisation stood at ~48% over same period.
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.