Key Metrics of Vento Power Projects Private Limited
About Vento Power Projects 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 |
|---|---|---|---|---|---|---|---|
| 29 Jun 2026 | ICRA | Reaffirmed | A | — | Stable | ₹150 Cr | View |
Credit strengths (ICRA, Jun 2026)
+ Long-term PPA with a strong counterparty mitigates offtake and price risk
The company has a 25-year PPA with SECI for its entire capacity at a fixed tariff of Rs. 3.93 per unit.
+ Comfortable debt coverage metrics
VPPPL has availed a term loan of Rs.150 crore, consisting of Rs.100 crore towards DC upsizing and Rs.50 crore for the repayment of unsecured loans infused during the takeover of the asset from the erstwhile promoters in FY2024.
Credit challenges
− Low geographical diversification, with single-asset operations increasing vulnerability to variation in solar irradiance
VPPPL remains entirely dependent on power generation from its solar project for revenues and cash accruals, given the single -part tariff structure.
− Exposure to interest rate risk
The company’s capital structure is leveraged.
− Regulatory risks of implementing scheduling and forecasting framework for solar sector
The company’s operations remain exposed to regulatory risks pertaining to the scheduling and forecasting requirements applicable for solar power projects because of the variable nature of solar power generation. www.icra.in Sensitivity Label : Public Page |2
Could lead to an upgrade
The rating could be upgraded in case of a significant improvement in the generation performance above the appraised P-90 PLF estimate on a sustained basis, along with a strengthening of the
Could lead to a downgrade
The rating could be downgraded if the actual generation is significantly lower than the P-90 PLF estimate on a sustained basis, leading to weaker debt coverage metrics and a decline in the cumulative DSCR below 1.25x. Further, the rating can be downgraded if there are significant delays in receiving payments from its offtaker, which will adversely impact the
Agency-reported financials (ICRA, 29 Jun 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹16.10 Cr | ₹28.90 Cr | ₹29.70 Cr |
| PAT | ₹-3.20 Cr | ₹-10.10 Cr | ₹-6.00 Cr |
| OPBDIT/OI | 76.9% | 84.1% | 83.6% |
| PAT/OI | -20.1% | -35.1% | -20.2% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.20× | 1.20× |
| Total debt/OPBDIT (times) | 12.50× | 5.90× | 5.50× |
| Interest coverage (times) | 24.40× | 1.70× | 2.10× |
| Revenue growth (YoY) | — | 79.5% | 2.8% |
| EBITDA (margin × income) | ₹12.38 Cr | ₹24.30 Cr | ₹24.83 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹155 Cr | ₹143 Cr | ₹137 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.51 Cr | ₹14.29 Cr | ₹11.82 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term fund based – Term loan | Term loans | ₹150 Cr | ₹150 Cr | 0.0% | A (Stable) | Reaffirmed | 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) | 54% |
| Information on file | 56% · missing: 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: 55% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 2.1×
Rated limits by facility
Timeline
From the report
Comfortable debt coverage metrics – VPPPL has availed a term loan of Rs.150 crore, consisting of Rs.100 crore towards DC upsizing and Rs.50 crore for the repayment of unsecured loans infused during the takeover of the asset from the erstwhile promoters in FY2024.
From the report
Comfortable debt coverage metrics – VPPPL has availed a term loan of Rs.150 crore, consisting of Rs.100 crore towards DC upsizing and Rs.50 crore for the repayment of unsecured loans infused during the takeover of the asset from the erstwhile promoters in FY2024.
From the report
As on May 12, 2026, company had free cash and bank balances of ~Rs. 2.59 crore, providing additional comfort.
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.