Key Metrics of Vrc Silos Private Limited
About Vrc Silos 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.
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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
PositiveUpgraded by ICRA on 25 May 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 25 May 2026 | ICRA | Upgraded | A+ | — | Stable | ₹50.0 Cr | View |
Credit strengths (ICRA, May 2026)
+ Established track record with long-term concession-backed cash flow visibility from strong counterparty
VSPL had completed the construction of the project in FY2020.
+ Comfortable debt coverage metrics with presence of funded DSRA provides comfort
VSPL’s coverage metrics are expected to remain comfortable over the debt tenure.
+ Strong financial flexibility, supported by long tail period
The long concession period of 30 years provides financial flexibility in terms of debt refinancing using the cash flows available during the long tail period(around 12 years).
Credit challenges
− Exposure to operational risk
VSPL faces operational risk, which includes any losses incurred owing to the material default/ breach with respect to operation and maintenance of the silo complex as per the concession agreement, coupled with quality and quantity loss of the food grain in custody of the concessionaire, leading to deductions from the payments received from the FCI.
− High asset concentration and interest rate risks
VSPL operates the silo complex in Sekha -Barnala (Punjab) and faces high asset concentration.
Could lead to an upgrade
ICRA could upgrade VSPL’s rating if there is a sustained track record of timely payments from FCI without material deductions, along with meaningful improvement in coverage metrics.
Could lead to a downgrade
Pressure on VSPL’s rating could arise if substantial delays or deductions in receipt of the rentals and/or higher-than-anticipated operational expenditure result in lower cash flows on a sustained basis. Further, non-compliance to the concession terms leading to penalties/deductions and/or any non-adherence to the debt structure by VSPL could put pressure on the rating. Specific credit metrics that could lead to a rating downgrade include five-year average DSCR falling below 1.20 times on a sustained basis. Significant deterioration in the credit profile of FCI could also put pressure on the r
Agency-reported financials (ICRA, 25 May 2026)
| Metric | FY2024 | FY2025 | H1 FY2026 |
|---|---|---|---|
| Operating income (Rs. crore) | ₹9.00 Cr | ₹8.80 Cr | ₹4.10 Cr |
| PAT (Rs. crore) | ₹0.40 Cr | ₹0.90 Cr | ₹0.60 Cr |
| OPBDIT/OI (%) | 74.2% | 77.1% | 77.4% |
| PAT/OI (%) | 4.5% | 10.2% | 15.6% |
| Total outside liabilities/Tangible net worth (times) | 44.20× | 23.80× | 17.60× |
| Total debt/OPBDIT (times) | 7.60× | 7.00× | 7.20× |
| Interest coverage (times) | 1.50× | 1.60× | 1.80× |
| Revenue growth (YoY) | — | −2.2% | — |
| EBITDA (margin × income) | ₹6.68 Cr | ₹6.78 Cr | ₹3.17 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹50.77 Cr | ₹47.46 Cr | ₹22.82 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹4.45 Cr | ₹4.24 Cr | ₹1.76 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term | Working capital & bank lines | ₹50.0 Cr | ₹50.0 Cr | 0.0% | A+ (Stable) | Upgraded | 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) | 20% |
| 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: 51% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 1.8×
Rated limits by facility
Timeline
From the report
ICRA has considered the strong financial flexibility, in terms of debt refinancing, arising from the long concession period, with a tail period of around 12 years (after factoring in the partial prepayment of the term debt).
From the report
Further, as per the sanctioned terms, VSPL is maintaining a DSRA equivalent to one quarter of debt servicing obligations for the project loan, which provides comfort.
From the report
The company had fixed deposits of Rs. 2.05 crore (including DSRA for one quarter of debt servicing) and cash and bank balances of Rs. 0.5 cror e as on March 31, 2026, against an annual repayment of Rs. 1.42 crore in FY2027, which provides adequate liquidity support.
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.