Press Release

Press Release

October 29, 2025

S D INTERNATIONAL PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	18.00	ACUITE BBB+ \| Stable \| Assigned	-
Bank Loan Ratings	82.69	ACUITE BBB+ \| Stable \| Reaffirmed	-
Bank Loan Ratings	13.56	-	ACUITE A2 \| Reaffirmed
Total Outstanding	114.25	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has reaffirmed its long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) and the short term rating of ‘ACUITE A2’ (read as ACUITE A two) on the Rs.96.25 Cr. bank facilities of S D International Private Limited. The outlook is ‘Stable’.
Acuite has also assigned the long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.18.00 Cr. bank facilities of S D International Private Limited. The outlook is ‘Stable’.

Rationale for rating
The reaffirmation of rating factors the company’s improving scale of operations, marked by an operating income of Rs.204.97 Cr. in FY2025 as against Rs.174.07 Cr. in FY2024. The EBITDA and PAT Margin of the company stood at 19.81% and 9.52% respectively in FY2025. Moreover, the company has registered revenue of Rs.124.50 Crore till H1 FY2026 supported by production of plastic packaging containers through injection moulding alongside thermoform moulding. The rating further takes into account the moderate financial risk profile of the company as reflected by gearing ratio at 1.17 times as on 31st March 2025 along with the interest coverage ratio and debt service coverage ratio at 5.68 times and 2.07 times respectively as on 31st March 2025 as well as the adequate liquidity profile supported by sufficient accruals against the debt repayment obligations. The rating also draws comfort from the ongoing capex for enhancing the overall capacity to 18,500 MTPA from existing 16500 MTPA and setup of 715 kW Solar Power Plant, however timely completion of the ongoing capex will remain a key rating sensitivity. Additionally, the aforesaid strengths are also partly offset by the moderately intensive working capital operations of the company marked by GCA days of 132 days as on 31st March, 2025. Acuite notes the presence of the highly fragmented and competitive nature of the industry along with inherent risk of raw material price fluctuations.

About the Company

Incorporated in 2008, S D International Private Limited is an Uttar Pradesh-based company engaged in the manufacturing of disposable cups and food packaging containers at its facility in Gorakhpur, Uttar Pradesh. SDIPL currently has two units in Gorakhpur, Uttar Pradesh. The two units in Gorakhpur, which are located adjacent to each other, have a total installed capacity of 16500 MT per annum. The company is managed by Mrs. Sharda Devi, Mr. Vinay Agarwal and Mr. Vikas Shukla.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of SDIPL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management
The promoters of the company have long experience in the plastic packaging goods industry. The company is managed by Mrs. Sharda Devi, Mr. Vinay Agarwal and Mr. Vikas Shukla. The promoters have a vast experience in the plastic packaging goods industry and are ably supported by other key managerial personnel who are professionally running the company. The established track record of operations and experienced management has helped the company in establishing healthy relationship with its suppliers and clientele. The company has more than 350 dealers spread across India and caters to reputed clientele like Haldiram’s, Amul, Bikanervala Foods Private Limited, RSPL Group (Ghari Detergent), Bikaji etc. Acuite believes that the company will continue to derive benefit from its experienced management.

Steady scale of operations
The operating income of SDIPL stood at Rs.204.97 Crore in FY2025 as against Rs.174.07 Crore in FY2024 contributed by increase in sales volume of packaging containers. Moreover, the company has registered revenue of Rs.124.50 Crore till H1 FY2026 which is supported by production of packaging containers through injection moulding alongside thermoform moulding. The EBITDA Margin of the company stood at 19.81% in FY2025 against 17.12% in FY2024 on account of decrease in raw material procurements costs and the PAT Margin stood at 9.52% in FY2025 against 9.86% in FY2024 on account of increase in finance and depreciation costs on the back of capex related to production of containers through injection moulding. Furthermore, the company enhanced its production capacity to 16500 MTPA in FY2025 from existing 12500 MTPA in FY2024 and currently, the company is undergoing debt funded capex to further enhance the production capacity to 18500 MTPA which is expected to be completed by March, 2026. Acuite expects the company's scale of operations to improve over the medium term on account of higher sales volume supported by expected benefits derived from enhancement of its production capacity.

Moderate Financial Risk Profile
The financial risk profile of the company is moderate marked by tangible net-worth stood at Rs.82.49 Crore as on 31st March 2025 as against Rs.63.01 Crore as on 31st March 2024. The increase in the net-worth is on an account of accretion of profits into reserves. The total debt of the company stood at Rs.96.46 Cr. as on 31st March 2025 as against Rs.76.31 Cr. as on 31st March 2024 due to additional term loan facility taken to fund its capex. The capital structure of the company is marked by gearing ratio which stood at 1.17 times as on 31st March 2025 against 1.21 times as on 31st March 2024. Further, the coverage indicators are comfortable reflected by interest coverage ratio and debt service coverage ratio which stood at 5.68 times and 2.07 times respectively as on 31st March 2025. The TOL/TNW ratio of the company stood at 1.39 times as on 31st March 2025 against 1.50 times as on 31st March 2024 and DEBT/EBITDA stood at 2.34 times as on 31st March 2025 against 2.55 times as on 31st March 2024. Moreover, the company has ongoing debt funded capex for enhancing the overall capacity to 18,500 MTPA from existing 16500 MTPA along with setup of 715 kW Solar Power Plant. The total project cost is expected to be Rs.23.80 Cr. which will be funded by a mix of promoter contribution and external debt and is expected to be completed in by March, 2026. Acuité expects financial risk profile of the company to remain moderate on account of debt funded capex plans in near to medium term.

Weaknesses

Moderately Intensive Working Capital operations
The working capital operations of the company remained moderately intensive marked by GCA days which stood at 132 days as on 31^st March, 2025 as against 99 days as on 31^st March, 2024. The high GCA days are on an account of higher inventory days which stood at 85 days as on 31^st March, 2025 as against 44 days as on 31^st March, 2024 as the company maintains adequate inventory as and when required for order execution. Additionally, the capex for production of packaging containers through injection moulding commenced in Q4 FY2025 and accordingly the company started manufacturing for its orders resulting into higher levels inventory in FY2025. Further, debtor days of the company stood at 59 days as on 31^st March, 2025 against 60 days as on 31^st March, 2024 and the creditor days stood at 23 days as on 31^st March, 2025 as against 29 days as on 31^st March, 2024. Acuite expects working capital operations of the company to remain in similar range in near to medium term owing to nature of business.

Highly competitive and fragmented industry
The Indian packaging industry is highly fragmented on account of its low capital intensity, low entry barriers, and easy availability of raw materials. High competition puts pressure on margins, thereby reducing bargaining power with customers for players such as SDIPL. Further, the raw material used in packaging is plastic granules, whose prices are fluctuating and have a direct impact on operating margins. Acuité believes that the ability of the company to pass on such an adverse impact to its customers remains a key sensitivity factor.

Rating Sensitivities

Sustenance of the profitability margins while scaling up of operations.
Working Capital Operations.
Timely completion of ongoing capital expenditure.

Liquidity Position

Adequate

The liquidity profile of the company is adequate marked by net cash accruals of Rs.25.25 crore as on 31^st March, 2025 against the debt repayment obligations of Rs.8.48 crore in the same period. Going forward, the company is expected to generate enough net cash accruals in the range of Rs.31.50 Cr. to Rs.40.50 Cr. against the debt repayment obligation of Rs.18.57 Crore in the next two years. The current ratio of the company stood at 1.58 times as on 31^st March, 2025. The cash and cash equivalents available with the company stood at 7.43 Cr. as on 31^st March, 2025. Furthermore, the fund based and non-fund based working capital limits stood utilised at 91.58% and 44.51% respectively in last six months ending August, 2025. Acuité expects liquidity profile of the company to remain adequate in near to medium term supported by sufficient accruals to debt repayment obligations.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	204.97	174.07
PAT	Rs. Cr.	19.52	17.17
PAT Margin	(%)	9.52	9.86
Total Debt/Tangible Net Worth	Times	1.17	1.21
PBDIT/Interest	Times	5.68	13.92

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

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
31 Jul 2024	Bank Guarantee (BLR)	Short Term	3.02	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	1.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	0.88	ACUITE A2 (Upgraded from ACUITE A3+)
	Term Loan	Long Term	25.03	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	2.58	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	4.05	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	16.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Proposed Long Term Bank Facility	Long Term	0.96	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.30	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	3.43	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	36.25	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	1.75	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
16 Jun 2023	Bank Guarantee (BLR)	Short Term	2.97	ACUITE A3+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.83	ACUITE A3+ (Assigned)
	Letter of Credit	Short Term	1.00	ACUITE A3+ (Assigned)
	Term Loan	Long Term	25.03	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.97	ACUITE BBB \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	3.70	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	8.40	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	12.00	ACUITE BBB \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	0.10	ACUITE BBB \| Stable (Assigned)
25 Apr 2022	Bank Guarantee (BLR)	Short Term	0.59	ACUITE A3+ (Upgraded from ACUITE A3)
	Bank Guarantee (BLR)	Short Term	2.38	ACUITE A3+ (Upgraded from ACUITE A3)
	Term Loan	Long Term	3.50	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	0.01	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	4.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	11.65	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.87	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	13.56	Simple	ACUITE A2 \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	37.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.86	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Jun 2027	0.90	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Jul 2029	16.91	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Aug 2030	0.26	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Feb 2029	23.20	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Mar 2026	1.80	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Aug 2030	18.00	Simple	ACUITE BBB+ \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.76	Simple	ACUITE BBB+ \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

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.

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