Key Metrics of Vishal Infrastructure Limited
About Vishal Infrastructure Limited
Sectors
Company details
- Registered office
- No.1, Anugriha Apartments, 225/a, Plot No.9, West Maredpally,, Secunderabad, In-ap, 500026
Operational Areas of Vishal Infrastructure 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.
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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
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 25 Mar 2026 | ICRA | Reaffirmed | BBB+ | A2 | Stable | ₹400 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Healthy order book position
VIL’s order book remains healthy at Rs. 1,455 crore as on January 31, 2026, which translates to 2.4 times of its OI in FY2025, providing medium term revenue visibility.
+ Reputed client profile resulting in low counterparty credit risk
VIL’s client base comprises reputed Central Government entities such as AAI, DRDO, MES and RLDA, resulting in low counterparty credit risk and supporting timely payment inflows.
+ Comfortable financial risk profile
VIL’s financial risk profile remains comfortable, aided by interest coverage of 4.0 times in FY2025 and a TOL/TNW of 1.2 times as on March 31, 2025.
Credit challenges
− Concentrated order book in terms of clientele, geography and segment
VIL’s order book as on January 31, 2026 is predominantly concentrated in the runways and building segments and exhibits geographical concentration, with the top three states, Karnataka, Kerala and Ladakh, accounting for around 65% of the outstanding order book.
− Moderate working capital intensity
VIL’s operations remain working-capital intensive, with sizeable funds tied up in inventory, work-in-process awaiting certification and receivables.
Could lead to an upgrade
The ratings could be upgraded upon significant increase in revenues and profitability margins resulting in improvement in debt coverage metrics and
Could lead to a downgrade
Pressure on the ratings could arise if any delays in execution of its projects or stretch in its working capital cycle results in weakening of its
Agency-reported financials (ICRA, 25 Mar 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹587 Cr | ₹608 Cr |
| PAT | ₹26.10 Cr | ₹23.70 Cr |
| OPBDIT/OI | 8.9% | 7.9% |
| PAT/OI | 4.5% | 3.9% |
| Total outside liabilities/Tangible net worth (times) | 1.00× | 1.20× |
| Total debt/OPBDIT (times) | 1.20× | 1.80× |
| Interest coverage (times) | 4.10× | 4.00× |
| Revenue growth (YoY) | — | 3.6% |
| EBITDA (margin × income) | ₹52.24 Cr | ₹48.04 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹62.69 Cr | ₹86.47 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹12.74 Cr | ₹12.01 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Cash credit | Working capital & bank lines | ₹115 Cr | ₹125 Cr | 8.7% | BBB+ (Stable) | Reaffirmed | ICRA |
| Long-term/short-term – Non-fund -based – Bank guarantee | Non-fund based limits | ₹286 Cr | ₹276 Cr | −3.5% | BBB+ / A2 (Stable) | Reaffirmed | ICRA |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · 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 | None – standalone rating |
| Next action stable or better (model) | 54% |
| 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: 54% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 4×
- Working-capital limits 81% utilised on average
Rated limits by facility
Timeline
From the report
While the working capital intensity remains moderate, the average fund-based limit utilisation remains high at around 81% over the past 12 months ending January 2026.
From the report
Nonetheless, the liquidity is supported by sanctioned project-specific limits, the availability of interest-free mobilisation advances, and timely collections from a reputed client base.
From the report
Moderate working capital intensity – VIL’s operations remain working-capital intensive, with sizeable funds tied up in inventory, work-in-process awaiting certification and receivables.
From the report
The company has a modest cushion in its working capital limits, with average utilisation at around 81% over the past 12 months ending January 2026.
From the report
Liquidity position: Adequate The company’s liquidity position is adequate with free cash balances of Rs. 12.27 crore (including unencumbered fixed deposits) as on December 31, 2025.
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 Vishal Infrastructure Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, 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.
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.