Key Metrics of Zyeta Private Limited
About Zyeta 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
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Jul 2026 | ICRA | Assigned | BBB+ | A2 | Stable | ₹175 Cr | View |
Credit strengths (ICRA, Jul 2026)
+ Extensive experience of ZPL and its promoters in interior design and build projects for corporates
The company was formed by the promoters (Mr.
+ Reputable client base; established relationships with customers
Over the years, ZPL has developed relationships with a sizeable and reputable client base, predominantly consisting of large MNCs.
+ Order book provides revenue visibility
Through its strong relationships with customers and extensive experience in the industry, the company has obtained new customer orders as well as repeat orders from existing customers.
+ Healthy financial risk profile
The company’s revenue rose at a healthy pace of 120.8% YoY to Rs. 480.6 crore in FY2026 while its operating margin stood at 10.0%.
Credit challenges
− Moderate scale of operations and net worth
Despite the healthy growth of 120.8% in FY2026 and 12.8% in FY2025, the company’s scale of operations remains moderate.
− Increasing working capital requirements/off-balance sheet exposure with growing scale
The company is dependent on external funding limits to meet its working capital requirements.
− Customer and segment concentration risks
ZPL is exposed to customer and segment concentration risks as the top six customers contributed around 86% to the open orders while the top two segments (energy and semiconductor) accounted for around 56% of the open orders as on June 30, 2026.
− Competition from organised and unorganised players
ZPL, a mid-sized player in the interior design and build industry, faces competition from both organised and unorganised players.
Could lead to an upgrade
The ratings could be upgraded if the company is able to demonstrate a sustained improvement in scale of operations and earnings, which supports strengthening of its networth, along with improving customer diversification, and improvement in debt metrics and
Could lead to a downgrade
The ratings could be downgraded if there is a significant decline in revenues and earnings or a stretch in the working capital cycle, leading to a deterioration in the debt metrics and
Agency-reported financials (ICRA, 28 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹218 Cr | ₹481 Cr |
| PAT | ₹6.40 Cr | ₹30.80 Cr |
| OPBDIT/OI | 6.7% | 10.0% |
| PAT/OI | 3.0% | 6.4% |
| Total outside liabilities/Tangible net worth (times) | 2.50× | 1.70× |
| Total debt/OPBDIT (times) | 1.80× | 1.70× |
| Interest coverage (times) | 3.60× | 6.90× |
| Revenue growth (YoY) | — | 120.8% |
| EBITDA (margin × income) | ₹14.59 Cr | ₹48.06 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹26.26 Cr | ₹81.70 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹4.05 Cr | ₹6.97 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term fund-based term loan | Term loans | — | ₹7.00 Cr | — | BBB+ (Stable) | Assigned | ICRA |
| Short-term fund-based others | Working capital & bank lines | — | ₹23.0 Cr | — | A2 | Assigned | ICRA |
| Long-term/Short-term non-fund based others Long-term/Short-term fund | Non-fund based limits | — | ₹59.0 Cr | — | BBB+ / A2 (Stable) | Assigned | ICRA |
| based others Long term/Short term | Working capital & bank lines | — | ₹50.0 Cr | — | BBB+ / A2 (Stable) | Assigned | ICRA |
| Unallocated limits | Other | — | ₹36.0 Cr | — | BBB+ / A2 (Stable) | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | FY FY | Working capital & bank lines | 8.75% | 31 Mar 2026 | 31 Mar 2027 | ₹23.0 Cr | A2 | Outstanding |
| — | FY FY | Term loans | 8.75% | 31 Mar 2026 | 31 Mar 2028 | ₹7.00 Cr | BBB+ | Outstanding |
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) | 58% |
| Information on file | 44% · missing: 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: 56% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 6.9×
- ₹36 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
However, ZPL’s extensive experience and customer relationships are expected to partially minimise the impact of competition. www.icra.in Sensitivity Label : Public Page |2 Liquidity position: Adequate ZPL has an adequate liquidity position with expected annual cash flow from operations of Rs. 15-20 crore, unencumbered cash and liquid investments of Rs. 19.6 crore and undrawn working capital lines of Rs. 3.9 crore as on March 31, 2026.
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.