AIC IRON INDUSTRIES PRIVATE LIMITED | July 30, 2026
Rating Assigned and Reaffirmed
Press Release
Rating Summary
| Product | Quantum (Rs. Cr) (SEBI) | Quantum (Rs. Cr) (Other FSR) | Long Term Rating | Short Term Rating | Regulated By |
|---|---|---|---|---|---|
| Bank Loan Ratings | 0.00 | 750.00 | ACUITE A | Stable | Assigned | - | RBI |
| Bank Loan Ratings | 0.00 | 182.68 | ACUITE A | Stable | Reaffirmed | - | RBI |
| Bank Loan Ratings | 0.00 | 83.00 | - | ACUITE A1 | Reaffirmed | RBI |
| Total Outstanding | 0.00 | 1015.68 | - | - | - |
| Total Withdrawn | 0.00 | 0.00 | - | - | - |
| * The issuer did not co-operate; based on best available information. | |||||
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
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About the Company
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Unsupported Rating
NA.
Limitation regarding information availability
This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
Rating Sensitivities
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Liquidity Position
Unstable.
Outlook
NA.
Key Financials
| Particulars | Unit | FY 25 (Actual) | FY 24 (Actual) |
|---|---|---|---|
| Operating Income | Rs. Cr. | 2729.67 | 2370.59 |
| PAT | Rs. Cr. | 77.70 | 77.20 |
| PAT Margin | (%) | 2.85 | 3.26 |
| Total Debt/Tangible Net Worth | Times | 1.33 | 1.37 |
| PBDIT/Interest | Times | 3.58 | 3.82 |
Key Financials: Visual Dashboard
Operating Income
Rs. Cr.
2370.59
FY vs 2729.67
PAT
Rs. Cr.
77.20
FY vs 77.70
PAT Margin
%
3.26
FY vs 2.85
Debt / TNW
Times
1.37
FY vs 1.33
PBDIT / Interest
Times
3.82
FY vs 3.58
Applicable Criteria
• Infrastructure Sector: https://acuite.in/Upload/Acuite/0001/view-rating-criteria-51.pdf
• Non-Banking Financing Entities: https://acuite.in/Upload/Acuite/0001/view-rating-criteria-44.pdf
• Securitized Transactions: https://acuite.in/Upload/Acuite/0001/view-rating-criteria-48.pdf
• Service Sector: https://acuite.in/Upload/Acuite/0001/view-rating-criteria-50.pdf
• Non-Banking Financing Entities: https://acuite.in/Upload/Acuite/0001/view-rating-criteria-44.pdf
• Securitized Transactions: https://acuite.in/Upload/Acuite/0001/view-rating-criteria-48.pdf
• Service Sector: https://acuite.in/Upload/Acuite/0001/view-rating-criteria-50.pdf
Note on complexity levels of the rated instrument
In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
Rating History
| Date | Name of Instruments/Facilities | Term | Amount (Rs. Cr) | Rating/Outlook |
|---|---|---|---|---|
| 08 Jan 2026 | Term Loan | Long Term | 15.00 | ACUITE A | Stable (Reaffirmed) |
| Cash Credit | Long Term | 5.00 | ACUITE A | Stable (Reaffirmed) | |
| Cash Credit | Long Term | 22.00 | ACUITE A | Stable (Reaffirmed) | |
| Proposed Long Term Bank Facility | Long Term | 27.63 | ACUITE A | Stable (Reaffirmed) | |
| Proposed Long Term Bank Facility | Long Term | 750.00 | ACUITE A | Stable (Assigned) | |
| Cash Credit | Long Term | 31.00 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 4.46 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 7.63 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 14.78 | ACUITE A | Stable (Reaffirmed) | |
| Cash Credit | Long Term | 32.00 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 8.18 | ACUITE A | Stable (Reaffirmed) | |
| Cash Credit | Long Term | 15.00 | ACUITE A | Stable (Reaffirmed) | |
| Letter of Credit | Short Term | 10.00 | ACUITE A1 (Reaffirmed) | |
| Bank Guarantee (BLR) | Short Term | 5.00 | ACUITE A1 (Reaffirmed) | |
| Letter of Credit | Short Term | 23.25 | ACUITE A1 (Reaffirmed) | |
| Bank Guarantee (BLR) | Short Term | 10.00 | ACUITE A1 (Reaffirmed) | |
| Letter of Credit | Short Term | 23.00 | ACUITE A1 (Reaffirmed) | |
| Bank Guarantee (BLR) | Short Term | 10.00 | ACUITE A1 (Reaffirmed) | |
| Letter of Credit | Short Term | 1.75 | ACUITE A1 (Reaffirmed) | |
| 14 Oct 2025 | Cash Credit | Long Term | 32.00 | ACUITE A | Stable (Reaffirmed) |
| Term Loan | Long Term | 8.18 | ACUITE A | Stable (Reaffirmed) | |
| Cash Credit | Long Term | 31.00 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 4.46 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 7.63 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 14.78 | ACUITE A | Stable (Reaffirmed) | |
| Cash Credit | Long Term | 15.00 | ACUITE A | Stable (Reaffirmed) | |
| Cash Credit | Long Term | 22.00 | ACUITE A | Stable (Reaffirmed) | |
| Term Loan | Long Term | 15.00 | ACUITE A | Stable (Reaffirmed) | |
| Cash Credit | Long Term | 5.00 | ACUITE A | Stable (Reaffirmed) | |
| Proposed Long Term Bank Facility | Long Term | 27.63 | ACUITE A | Stable (Reaffirmed) | |
| Letter of Credit | Short Term | 1.75 | ACUITE A1 (Reaffirmed) | |
| Letter of Credit | Short Term | 23.00 | ACUITE A1 (Reaffirmed) | |
| Bank Guarantee (BLR) | Short Term | 10.00 | ACUITE A1 (Reaffirmed) | |
| Letter of Credit | Short Term | 23.25 | ACUITE A1 (Reaffirmed) | |
| Bank Guarantee (BLR) | Short Term | 10.00 | ACUITE A1 (Reaffirmed) | |
| Letter of Credit | Short Term | 10.00 | ACUITE A1 (Reaffirmed) | |
| Bank Guarantee (BLR) | Short Term | 5.00 | ACUITE A1 (Reaffirmed) | |
| 16 Jul 2024 | Cash Credit | Long Term | 31.00 | ACUITE A | Stable (Upgraded from ACUITE A- | Stable) |
| Cash Credit | Long Term | 15.00 | ACUITE A | Stable (Upgraded from ACUITE A- | Stable) | |
| Cash Credit | Long Term | 32.00 | ACUITE A | Stable (Upgraded from ACUITE A- | Stable) | |
| Term Loan | Long Term | 6.66 | ACUITE A | Stable (Upgraded from ACUITE A- | Stable) | |
| Term Loan | Long Term | 1.92 | ACUITE A | Stable (Upgraded from ACUITE A- | Stable) | |
| Term Loan | Long Term | 11.82 | ACUITE A | Stable (Upgraded from ACUITE A- | Stable) | |
| Cash Credit | Long Term | 22.00 | ACUITE A | Stable (Assigned) | |
| Term Loan | Long Term | 20.00 | ACUITE A | Stable (Assigned) | |
| Cash Credit | Long Term | 5.00 | ACUITE A | Stable (Assigned) | |
| Term Loan | Long Term | 9.65 | ACUITE A | Stable (Assigned) | |
| Term Loan | Long Term | 0.33 | ACUITE A | Stable (Upgraded from ACUITE A- | Stable) | |
| Term Loan | Long Term | 22.30 | ACUITE A | Stable (Assigned) | |
| Letter of Credit | Short Term | 23.00 | ACUITE A1 (Upgraded from ACUITE A2+) | |
| Letter of Credit | Short Term | 1.75 | ACUITE A1 (Upgraded from ACUITE A2+) | |
| Bank Guarantee (BLR) | Short Term | 10.00 | ACUITE A1 (Upgraded from ACUITE A2+) | |
| Letter of Credit | Short Term | 10.00 | ACUITE A1 (Assigned) | |
| Bank Guarantee (BLR) | Short Term | 5.00 | ACUITE A1 (Assigned) | |
| Letter of Credit | Short Term | 28.25 | ACUITE A1 (Assigned) | |
| Bank Guarantee (BLR) | Short Term | 10.00 | ACUITE A1 (Assigned) | |
| 19 Apr 2023 | Cash Credit | Long Term | 11.00 | ACUITE A- | Stable (Assigned) |
| Cash Credit | Long Term | 15.00 | ACUITE A- | Stable (Assigned) | |
| Cash Credit | Long Term | 22.00 | ACUITE A- | Stable (Assigned) | |
| Term Loan | Long Term | 18.87 | ACUITE A- | Stable (Assigned) | |
| Term Loan | Long Term | 2.65 | ACUITE A- | Stable (Assigned) | |
| Term Loan | Long Term | 44.23 | ACUITE A- | Stable (Assigned) | |
| Covid Emergency Line. | Long Term | 7.98 | ACUITE A- | Stable (Assigned) | |
| Letter of Credit | Short Term | 10.00 | ACUITE A2+ (Assigned) | |
| Letter of Credit | Short Term | 1.75 | ACUITE A2+ (Assigned) |
Annexure - Details of instruments rated
| Lender's Name | ISIN | Facilities | Listing Status | Regulated By | Date Of Issuance | Coupon Rate | Maturity Date | Quantum (Rs. Cr.) | Complexity Level | Rating |
|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Bank Ltd | Not avl. / Not appl. | Bank Guarantee (BLR) | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 10.00 | Simple | ACUITE A1 | Reaffirmed |
| Punjab National Bank | Not avl. / Not appl. | Bank Guarantee (BLR) | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 5.00 | Simple | ACUITE A1 | Reaffirmed |
| Indusind Bank Ltd | Not avl. / Not appl. | Bank Guarantee (BLR) | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 10.00 | Simple | ACUITE A1 | Reaffirmed |
| Bandhan Bank | Not avl. / Not appl. | Cash Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 5.00 | Simple | ACUITE A | Stable | Reaffirmed |
| Punjab National Bank | Not avl. / Not appl. | Cash Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 22.00 | Simple | ACUITE A | Stable | Reaffirmed |
| HDFC Bank Ltd | Not avl. / Not appl. | Cash Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 31.00 | Simple | ACUITE A | Stable | Reaffirmed |
| ICICI Bank Ltd | Not avl. / Not appl. | Cash Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 15.00 | Simple | ACUITE A | Stable | Reaffirmed |
| Axis Bank | Not avl. / Not appl. | Cash Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 32.00 | Simple | ACUITE A | Stable | Reaffirmed |
| HDFC Bank Ltd | Not avl. / Not appl. | Letter of Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 23.00 | Simple | ACUITE A1 | Reaffirmed |
| Axis Bank | Not avl. / Not appl. | Letter of Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 1.75 | Simple | ACUITE A1 | Reaffirmed |
| Punjab National Bank | Not avl. / Not appl. | Letter of Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 10.00 | Simple | ACUITE A1 | Reaffirmed |
| Indusind Bank Ltd | Not avl. / Not appl. | Letter of Credit | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 23.25 | Simple | ACUITE A1 | Reaffirmed |
| Not Applicable | Not avl. / Not appl. | Proposed Long Term Bank Facility | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 27.63 | Simple | ACUITE A | Stable | Reaffirmed |
| Not Applicable | Not avl. / Not appl. | Proposed Long Term Bank Facility | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | Not avl. / Not appl. | 750.00 | Simple | ACUITE A | Stable | Assigned |
| Axis Bank | Not avl. / Not appl. | Term Loan | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | 31 Jul 2028 | 8.18 | Simple | ACUITE A | Stable | Reaffirmed |
| HDFC Bank Ltd | Not avl. / Not appl. | Term Loan | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | 07 Aug 2027 | 4.46 | Simple | ACUITE A | Stable | Reaffirmed |
| Bandhan Bank | Not avl. / Not appl. | Term Loan | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | 01 Jan 2029 | 15.00 | Simple | ACUITE A | Stable | Reaffirmed |
| HDFC Bank Ltd | Not avl. / Not appl. | Term Loan | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | 07 Apr 2029 | 7.63 | Simple | ACUITE A | Stable | Reaffirmed |
| HDFC Bank Ltd | Not avl. / Not appl. | Term Loan | Unlisted | RBI | Not avl. / Not appl. | Not avl. / Not appl. | 07 May 2027 | 14.78 | Simple | ACUITE A | Stable | Reaffirmed |
| * The issuer did not co-operate; based on best available information. | ||||||||||
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Disclosure of list of non-cooperative issuers
• Listed :- https://www.acuite.in/Page/RegulatoryDisclosures/Non_Cooperative_Issuer_Listed.html
• Unlisted :- https://www.acuite.in/Page/RegulatoryDisclosures/Non-Cooperative_Issuer_Unlisted.html
• Unlisted :- https://www.acuite.in/Page/RegulatoryDisclosures/Non-Cooperative_Issuer_Unlisted.html
Contacts
Mohit Jain
Chief Analytical Officer - Rating Operations
Moparthi Anuradha Devi
Senior Analyst - Rating Operations
Contact details exclusively for investors and lenders
Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in
List of instruments and names of regulators of the instruments
As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:
A. Rating Activity:
| Sr. No. | Instrument / Activity Name | Regulator of the instrument |
|---|---|---|
| 1 | Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) | SEBI |
| 2 | Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
| 3 | Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1 | SEBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1 | RBI |
| 6 | Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 7 | Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 8 | Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 | RBI |
| 9 | External Commercial Borrowings and other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFCs, Banks, HFCs, FIs | RBI |
| 12 | Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs | MCA |
| 13 | Inter Corporate Deposits/Loans extended by Corporates | MCA |
| 14 | Borrowing programme 3 | - |
| 15 | Issuer Ratings 4 | - |
| 16 | Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| 17 | Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 18 | Listed Security Receipts | SEBI |
| 19 | Unlisted Security Receipts | RBI |
| 20 | Independent Credit Evaluation (ICE) | RBI |
| 21 | Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) | RBI |
| 22 | Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) | SEBI |
| 23 | Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) | MCA |
| 24 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 | Investor-side Regulator such as IRDAI, PFRDA 5 |
1 Includes securitisation transactions involving assignee payout, acquirer's payout.
2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
B. Other activities:
| Sr. No. | Activity Name | Regulator of the activity |
|---|---|---|
| 1 | Monitoring Agency | SEBI |
| 2 | Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | Not applicable |
6 permitted by SEBI vide SEBI Master Circular for CRAs.
Disclosure on instruments / activities and names of regulators:
Disclosure on instruments / activities and names of regulators:
A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:
About Acuité Ratings & Research
Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.
Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website ( www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.
Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.
Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website ( www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.
Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.
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