Key Metrics of Transvolt Ets One Private Limited
About Transvolt Ets One 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.
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 |
|---|---|---|---|---|---|---|---|
| 20 Aug 2026 | ICRA | Reaffirmed | BBB+ | — | Stable | ₹63.8 Cr | View |
| 30 Jul 2026 | ICRA | Reaffirmed | BBB+ | — | Stable | ₹55.8 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Strong and reputed counterparty
TEOPL has been set up as a 100% subsidiary of TMPL to procure, operate and maintain e- buses for private parties.
+ Assured minimum distance and long-term service contracts strengthen revenue visibility and mitigate demand risk
Given the nature of the agreement, TEOPL will be paid a fixed rate for a minimum annual assured distance of 51,840 km per nine- metre AC bus and 27,468 km per twelve-metre AC bus, subject to the assured bus availability in case of VECV project.
+ Financial flexibility for being a part of the Transvolt Group, which has received commitment of long-term investments from IFC
TEOPL benefits from the financial flexibility derived from its parent, Transvolt Mobility Private Limited (TMPL), and its strategic access to long-term capital from reputed external investors.
Credit challenges
− Recent entrant in the e-mobility space
The Transvolt Group is a relatively recent entrant in the e-mobility space in India, having commenced operations in CY2023, and hence, its track record remains limited at present.
− Limited track record of operations of the OEM in e-bus segment
The project’s success heavily relies on the OEM.
− Exposure to operational risks
TEOPL has fully deployed the e-buses. However, the company’s ability to operate e-buses in line with the estimated parameters and, thus, sustain healthy profitability remains a key monitorable.
Could lead to an upgrade
The rating could be upgraded if the company is able to demonstrate a sustained improvement in the cost structure of the e-bus operation, in turn, strengthening the earnings,
Could lead to a downgrade
Pressure on the rating could arise, in case the project earnings remain weaker than anticipated due to higher-than-expected operational costs or reduced vehicle availability, leading to pressure on the company’s
Agency-reported financials (ICRA, 20 Aug 2026)
| Metric | FY2026 | Q1 FY2027 |
|---|---|---|
| Operating income (OI) | ₹21.40 Cr | ₹5.20 Cr |
| PAT | ₹-0.90 Cr | ₹-0.20 Cr |
| OPBDIT/OI | 23.0% | 42.0% |
| PAT/OI | -4.0% | -4.0% |
| Total outside liabilities/Tangible net worth (times) | — | — |
| Total debt/OPBDIT (times) | 14.10× | — |
| Interest coverage (times) | 3.90× | 1.60× |
| EBITDA (margin × income) | ₹4.92 Cr | ₹2.18 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹69.37 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹1.26 Cr | ₹1.36 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Term Loan | Term loans | ₹55.8 Cr | ₹61.8 Cr | 10.8% | — | Assigned | ICRA |
| Overdraft | Working capital & bank lines | — | ₹2.00 Cr | — | BBB+ (Stable) | Assigned | 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) | 52% |
| Information on file | 56% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, 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 BBB+ (investment grade)
- Interest coverage 1.6×
What happened, step by step
- Aug 2026 — Project / plant of ₹72.71 cr
- Aug 2026 — Term debt tied up
“The project was commissioned within the envisaged cost of Rs. 72.71 crore, with the commercial operation date (COD) achieved in July 2025.”
Rated limits by facility
Timeline
From the report
August 20, 2026 Transvolt ETS ONE Private Limited: Rating reaffirmed and assigned for enhanced amount Summary of rating action Previous rated amount Current rated amount Financial sector Instrument* Rating action # (Rs. crore) (Rs. crore) regulator [ICRA]BBB+ (Stable); reaffirmed Long-Term - Fund Based - 55.80 61.80 and assigned for enhanced RBI Term Loan amount Long-Term - Fund Based - - 2.00 [ICRA]BBB+ (Stable); assigned RBI Overdraft Total 55.80 63.80 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as
From the report
The project was commissioned within the envisaged cost of Rs. 72.71 crore, with the commercial operation date (COD) achieved in July 2025.
From the report
The total project cost has been funded through term debt of Rs. 61.80 crore (which has been refinanced recently at a lower borrowing cost), along with the infusion of Rs. 6.27 crore from the holding company (TMPL) in the form of optionally convertible debentures, and Rs. 4.64 crore as equity capital.
From the report
The same is likely to be comfortably met, given its improving cash flow from operations and moderate level of free cash balance available (Rs. 2.7 crore as on March 31, 2026).
From the report
The encumbered cash declined by Rs. 1.67 crore due to reduction in DSRA requirement from two quarters to one quarter.
From the report
The project was commissioned within the envisaged cost of Rs. 72.71 crore, with the commercial operation date (COD) achieved in July 2025.
From the report
The total project cost has been funded through term debt of Rs. 61.80 crore (which has been refinanced recently at a lower borrowing cost), along with the infusion of Rs. 6.27 crore from the holding company (TMPL) in the form of optionally convertible debentures, and Rs. 4.64 crore as equity capital.
From the report
The same is likely to be comfortably met, given its improving cash flow from operations and moderate level of free cash balance available (Rs. 2.7 crore as on March 31, 2026).
From the report
The encumbered cash declined by Rs. 1.67 crore due to reduction in DSRA requirement from two quarters to one quarter.
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.