Key Metrics of Voith Hydro Private Limited
About Voith Hydro Private Limited
Part of Voith Group.
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
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Jun 2026 | ICRA | Reaffirmed | A- | A2+ | Stable | ₹1,010 Cr | View |
Credit strengths (ICRA, Jun 2026)
+ Support from parent
VHPL belongs to the Voith Group, which is a globally renowned player with diversified presence across the key essential markets of energy, oil and gas, paper, raw materials, and transport and automotive.
+ Healthy order book provides medium-term revenue visibility
VHPL has expertise in developing, designing, manufacturing, procuring, erecting, installing and maintaining all kinds of hydropower projects.
+ Comfortable capital structure
VHPL’s capital structure remains comfortable, supported by moderate leverage and adequate net worth, with the borrowings primarily comprising short-term loans under the group cash pool arrangement and working capital facilities.
Credit challenges
− Relatively moderate size of operations and weak operating margins
VHPL’s relatively moderate scale of operations, compared to the larger peers in the hydropower EPC segment, constrains its ability to benefit from the economies of scale and limits its pricing power.
− Intense competition
The company faces intense competition from large -sized incumbent domestic players like BHEL, Andritz Hydro, etc. and global players in the hydro energy space, forcing it to bid aggressively for new orders and resulting in thin margins.
− Exposure to inherent execution risks in the hydro business
VHPL derived majority of its revenues from the overseas market.
Could lead to an upgrade
ICRA could upgrade the long-term rating in case of a sustained improvement in the standalone performance of the company, leading to improved credit metrics. A sustained improvement in the credit profile of the foreign parent, Voit h GmbH & Co. KGaA, will also support an upgrade. www.icra.in Sensitivity Label : Public Page |2
Could lead to a downgrade
The ratings would remain sensitive to the changes in the credit profile of the foreign parent, Voith GmbH & Co. KGaA, and weakening of linkages with the borrower. Further, pressure on the ratings could arise in case of a significant decline in VHPL’s operating income or profitability. A stretched working capital cycle, which may materially affect VHPL’s
Agency-reported financials (ICRA, 16 Jun 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹871 Cr | ₹836 Cr |
| PAT | ₹26.80 Cr | ₹10.70 Cr |
| OPBDIT/OI | 7.6% | 4.3% |
| PAT/OI | 3.1% | 1.3% |
| Total outside liabilities/Tangible net worth (times) | 5.56× | 4.99× |
| Total debt/OPBDIT (times) | 2.16× | 4.66× |
| Interest coverage (times) | 3.85× | 1.64× |
| Revenue growth (YoY) | — | −4.0% |
| EBITDA (margin × income) | ₹66.56 Cr | ₹35.71 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹144 Cr | ₹166 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹17.29 Cr | ₹21.77 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Non-fund based limits | Non-fund based limits | ₹610 Cr | ₹1,010 Cr | 65.6% | A- / A2+ (Stable) | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · 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) | 52% |
| 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 A- (investment grade)
- Interest coverage 1.64×
Rated limits by facility
Timeline
From the report
June 16, 2026 Voith Hydro Private Limited: Ratings reaffirmed; rated amount enhanced Summary of rating action Previous rated Current rated Instrument* amount amount Rating action (Rs. crore) (Rs. crore) [ICRA]A-(Stable)/[ICRA]A2+; reaffirmed and Non-fund based limits 610.00 1,010.00 assigned for enhanced amount Total 610.00 1,010.00 *Instrument details are provided in Annexure II Rationale The reaffirmation of the ratings of Voith Hydro Private Limited (VHPL) factors in the strong operational and financial support derived from its parent, Voith Hydro Holding GmbH & Co.
From the report
Liquidity position: Adequate VHPL’s liquidity position remains adequate, supported by cash and bank balances of ~Rs. 76 crore as on March 31, 2026, along with access to group cash pool funding, under which the short-term borrowings (ICDs) stood at around Rs. 154 crore (provisional).
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.
Group companies
Part of Voith Group
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.