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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.59 | ACUITE BBB+ | Stable | Upgraded | - |
| Bank Loan Ratings | 75.00 | - | ACUITE A2 | Upgraded |
| Total Outstanding | 90.59 | - | - |
| Total Withdrawn | 0.00 | - | - |
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Rating Rationale |
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Acuité has upgraded the long-term rating to 'ACUITE BBB+' (read as ACUITE triple B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) and the short-term rating to 'ACUITE A2' (read as ACUITE A two) from ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.90.59 Cr bank facilities of R B Ghodke Infrastructure Private Limited (erstwhile R B Ghodke) (RBGIPL). The outlook is 'Stable'.
Rationale for rating The rating upgrade takes into account growing scale of operations in FY25 backed by healthy order book of Rs.1,014 Cr as on September, 2025 (3.23 times of FY25 revenue). Additionally, the rating derives its strengths from moderate financial risk profile and established track record of the management in the industry, however, remains constrained by moderately intensive working capital operations due to high receivables. Further, the firm is subject to intensive competition & high dependence on the Maharashtra state government orders which keeps the operating performance susceptible. Going ahead, the ability of the company to scale up its operations backed by timely execution of its order book while maintaining its profitability margins will continue to remain a key rating monitorable. |
| About the Company |
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Established in 1986 as a sole proprietorship firm and later reconstituted as private limited company in 2021, RB Ghodke Infrastructure Private Limited (RBGIPL) is a Maharashtra-based company promoted by Mr. Ramprasad Ghodke. The company undertakes civil construction contracts and other variety of projects including canals, dams, barrages, commercial structures, industrial buildings, roads, bridges, water, and drainage projects for the Maharashtra government.
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| Unsupported Rating |
| Not Applicable. |
| Analytical Approach |
| Acuité has considered the standalone business and financial risk profile of RBGIPL to arrive at the rating. |
| Key Rating Drivers |
| Strengths |
| Established track record of operations and experienced management
RBGIPL has been executing civil construction contracts in Maharashtra for more than three decades. It is engaged in providing different types of civil construction in segments such as commercial structures, industrial buildings, roads, bridges, water and drainage projects, dams under government and semi government entities. The company is led by the Chairman, Mr. Ramprasad Ghodke who holds around three decades of experience in the civil construction industry. Acuité believes that the company will continue to benefit through the promoter’s extensive industry experience over the medium term. Growing scale of operations backed by a healthy orderbook The revenue of RBGIPL improved significantly and stood at Rs.313.50 Cr in FY25 as against Rs.120.16 Cr for FY24. The improvement is on account of increase in execution of orders and receipt of new orders. The outstanding order book as on September 30, 2025 stood healthy at ~Rs.1,014 Cr (3.23 times of FY25 revenue) which provides sound revenue visibility over the medium term. Additionally, RBGIPL has recorded revenue of ~Rs.187 Cr during H1FY26. Moreover, the operating margin of the company stood healthy at 14.40% in FY25 and is expected to remain in the range of ~14-16% going ahead. Further, the PAT margin also improved and stood at 7.10% in FY25 (6.06% in FY24). Moderate financial risk profile The tangible net worth increased to Rs.93.16 Cr as on 31st March 2025 as against Rs.70.99 Cr as on 31st March, 2024 on account of profit accretion. The total debt of the company stood increased in FY25 at Rs.108.63 Cr (Rs.22.07 Cr in FY24) on account of capex undertaken by the company towards purchase of new machinery to cater the orders efficiently. Therefore, the gearing (debt-equity) stood increased to 1.17 times as on 31st March, 2025 (0.31 times as on 31st March, 2024). However, owing to increase in cash accruals, the debt protection metrics stood improved with interest coverage ratio of 6.30 times and debt service coverage ratio of 2.90 times respectively in FY25 (5.54 times and 1.34 times respectively in FY24). Acuité expects the financial risk profile to improve further on the back of increase in cash accruals and absence of any significant debt funded capex. |
| Weaknesses |
| Moderately intensive working capital operations
The working capital operations of RBGIPL are moderately intensive marked by its gross current assets of 102 days for FY25 as against 91days for FY24. The debtor cycle has increased and stood at 69 days in FY25 (7 days in FY24) due to pending recoveries with PWD Parbhani. Additionally, most of the retention money from the government is due to be received within 3 months. On the other hand, inventory cycle stood improved at 9 days in FY25 as against 47 days in FY24 and the creditors cycle stood at 12 days in FY25 as against 23 days in FY24. The company majorly opts for advance payment to avail cash discount from the suppliers for orders where high value raw material is required, specifically in case of concrete road projects. Customer concentration risk and intensive competition RBGIPL does civil construction work mainly for Maharashtra Government which indicates that the firm’s revenues are highly dependent on number and value of tenders floated by State Government. Moreover, any delays in the project execution of current projects along with the delayed receipt from government and site related issues are likely to result in higher working capital requirements. Further, the sector is marked by the presence of several mid to large sized players; resulting which, the risk becomes more pronounced as tendering is based on minimum amount of bidding on contracts and there exists susceptibility to inherent cyclicality in the infrastructure segment. However, these risks are mitigated, as RBGIPL has established relations with State Government departments which resulted in timely realizations and winning of tenders at regular intervals. |
| Rating Sensitivities |
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| Liquidity Position |
| Adequate |
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The company’s liquidity position is adequate marked by sufficient of Rs.31.49 Cr in FY25 against maturing debt obligations of Rs.6.03 Cr in the same tenure. In addition, it is expected to generate a cash accrual in the range of Rs.35-40 Cr against the maturing repayment obligations of Rs.21.04 Cr over the medium term. The cash and bank balance stood at Rs.0.62 Cr as on 31st March, 2025. Further, the current ratio stood healthy at 2.11 times as on 31st March, 2025. The company’s reliance on working capital limits is moderate as reflected from average bank limit utilization which stood in the range of ~50-70% for fund-based facilities and ~67% for non-fund based facilities for the last 6 months ended September, 2025.
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| Outlook: Stable |
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| Other Factors affecting Rating |
| None. |
| Particulars | Unit | FY 25 (Actual) | FY 24 (Actual) |
| Operating Income | Rs. Cr. | 313.50 | 120.16 |
| PAT | Rs. Cr. | 22.26 | 7.28 |
| PAT Margin | (%) | 7.10 | 6.06 |
| Total Debt/Tangible Net Worth | Times | 1.17 | 0.31 |
| PBDIT/Interest | Times | 6.30 | 5.54 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable. |
| Any other information |
| None. |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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