Key Metrics of Vikas Ecotech Limited
About Vikas Ecotech Limited
Sectors
Company details
- Registered office
- 2nd Floor, Plot No-3, East Punjabi Bagh, Sec Iii, West Delhi, 2nd Floor, Plot No-3, Rohtak Road, Arihant Nagar, West Delhi, New Delhi, In-dl, 110026
- Listed
- NSE: VIKASECO · ₹0.99
Operational Areas of Vikas Ecotech 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
WatchNegative outlook (CARE)
WatchLiquidity assessed as Stretched
NoteLatest action: rating withdrawn (CARE, 27 Jan 2025)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 27 Jan 2025 | CARE | Withdrawn | BB | A4 | Negative | — | View |
| 17 Dec 2024 | CARE | Watch | BB | A4 | Negative | ₹35.0 Cr | View |
| 16 Feb 2024 | CARE | Watch | BB | A4 | Developing | ₹55.0 Cr | View |
| 20 Oct 2023 | CARE | Watch | BB | A4 | Developing | ₹55.0 Cr | View |
| 06 Sep 2023 | CARE | Assigned | BB | A4 | Stable | ₹55.0 Cr | View |
Credit strengths (CARE, Jan 2025)
+ Comfortable financial risk profile and moderate debt coverage indicators
The company has a comfortable financial risk profile at consolidated level characterised by comfortable overall gearing and debt coverage indicators. The capital structure of the company at consolidated level remained comfortable marked by an overall gearing of0.05x as on March 31,2024 (PY:0.26x). The interest coverage of the company stood moderate at 2.38x as on March 31, 2024, as against 2.06x as on March 31, 2023. The total debt to GCA stood at 1.88x as on March 31, 2024, as against 4.58x as
+ Long term association with customers and suppliers with reputed customer base
VEL sells its products to various industries. Around 61% of the sales of the company(standalone) is derived by top 10 customers of the company (PY:73%). Further, the company was able to mitigate the customer concentration risk as compared to previous year where 58% of the revenue came from two customers. Also, the clientele of the company(standalone) is diversified and reputed, which helps mitigate the counterparty credit risk to an extent.
+ Liquidity: Stretched
The liquidity position of the company(consolidated) remains stretched owing to high average utilization in the working capital limits ~85-90% for past 12 months ending October 31, 2024. Further, the operating cycle of the company(consolidated) is elongated with 171 days during FY24(PY:166 days) due to high collection period of 158 days in FY24 (PY:129 days). The Company at consolidated level has an expected GCA of Rs 29.54 crore in FY25 against repayment obligations of Rs. 6.16 crore. The compan
+ Applicable criteria
Consolidation Definition of Default Liquidity Analysis of Non-financial sector entities Rating Outlook and Rating Watch Manufacturing Companies Financial Ratios – Non financial Sector Withdrawal Policy
+ Brief Financials (₹ crore)
March 31, 2023 (A) March 31, 2024 (A) H1FY25(UA) (Consolidated) Total operating income 402.67 258.73 192.38 PBILDT 21.92 16.32 9.01 PAT 9.53 6.85 13.23 Overall gearing (times) 0.26 0.05 0.06 Interest coverage (times) 2.06 2.38 5.09
+ Total operating income 402.67 258.73 192.38
PBILDT 21.92 16.32 9.01 PAT 9.53 6.85 13.23 Overall gearing (times) 0.26 0.05 0.06 Interest coverage (times) 2.06 2.38 5.09 A: Audited UA: Unaudited; Note: these are latest available financial results Status of non-cooperation with previous CRA: Not applicable Any other information: Not applicable
Credit challenges
− Decline in scale of operations with fluctuating profitability margins
The total Operating Income (TOI) of the company at consolidated level fell from Rs 402.67 crores in FY23 to Rs 258.73 crores in FY24 on account of reduced income from trading activity due to limited value addition from the segment. The income in the 1Complete definition of ratings assigned are available at www.careedge.inand other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release manufacturing segment of chemical also fell marginally in FY24 on account of subdued demand from
− Key Strengths
Comfortable financial risk profile and moderate debt coverage indicators The company has a comfortable financial risk profile at consolidated level characterised by comfortable overall gearing and debt coverage indicators. The capital structure of the company at consolidated level remained comfortable marked by an overall gearing of0.05x as on March 31,2024 (PY:0.26x). The interest coverage of the company stood moderate at 2.38x as on March 31, 2024,
− Long term association with customers and suppliers with reputed customer base
VEL sells its products to various industries. Around 61% of the sales of the company(standalone) is derived by top 10 customers of the company (PY:73%). Further, the company was able to mitigate the customer concentration risk as compared to previous year where 58% of the revenue came from two customers. Also, the clientele of the company(standalone) is diversified and reputed, which helps mitigate the counterparty credit risk to an extent.
Could lead to an upgrade
• Improvement in
Could lead to a downgrade
• Significant increase in working capital requirement and resultant weakening of
Agency-reported financials (CARE, 27 Jan 2025)
| Metric | March 31, 2023 | March 31, 2024 | H1FY25 |
|---|---|---|---|
| Total operating income | ₹403 Cr | ₹259 Cr | ₹192 Cr |
| PBILDT | ₹21.92 Cr | ₹16.32 Cr | ₹9.01 Cr |
| PAT | ₹9.53 Cr | ₹6.85 Cr | ₹13.23 Cr |
| Overall gearing (times) | 0.26× | 0.05× | 0.06× |
| Interest coverage (times) | 2.06× | 2.38× | 5.09× |
| Revenue growth (YoY) | — | −35.7% | — |
| EBITDA margin | 5.4% | 6.3% | 4.7% |
| Implied interest cost (EBITDA ÷ coverage) | ₹10.64 Cr | ₹6.86 Cr | ₹1.77 Cr |
| PAT margin | 2.4% | 2.6% | 6.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Continues to be on Long Term Bank Facilities (RWN) 37.55) | Working capital & bank lines | — | ₹23.5 Cr | — | BB | Watch | CARE |
| Long Term Short Term Bank Continues to be on (RWN) 17.45) | Working capital & bank lines | — | ₹11.5 Cr | — | BB / A4 | Watch | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | — | Withdrawn |
| LT/ST | — | Withdrawn |
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 |
| Withdrawal | CARE · 27 Jan 2025 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 36% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 18% chance the next rating action is stable or better
- Current rating BB (below investment grade)
- Interest coverage 5.09×
- CARE withdrew its ratings on 27 Jan 2025 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
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 Vikas Ecotech Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Bajaj Finserv |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | bajajfinserv.in | 2007 | Pune, India |
 Power Finance Corporation |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | pfc.gov.in | 1986 | New Delhi, India |
| Bajaj Finance |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | bajajfinserv.in | — | Pune, India |
 REC Limited |
Maharatna & Navratna PSUs · Public Sector (PSU) & Government | recindia.nic.in | 1997 | New Delhi, India |
 SHRI RAM FINANCE CORPORATION PRIVATE LIMITED |
NBFC, Lending & Housing Finance · Finance | shriramfinance.in | — | Raipur, Chhattisgarh, India |
 ADITYA BIRLA CAPITAL LIMITED |
General Insurance · Insurance | adityabirlacapital.com | — | Gujarat, India |
| CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED | · Finance | — | — | Chennai, Tamil Nadu, India |
 Muthoot Finance |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | muthootfinance.com | — | Ernakulam, India |
| NBFC, Lending & Housing Finance · Banking & Financial Services | irfc.co.in | — | Delhi, India | |
| ABANS FINANCIAL SERVICES LIMITED | Fintech, Broking & Market Infrastructure · Banking & Financial Services | — | — | Mumbai, Maharashtra, India |
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.