Press Release

Press Release

March 25, 2026

ADONIS MEDICAL SYSTEMS PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	19.00	ACUITE BBB- \| Stable \| Assigned	-
Bank Loan Ratings	6.00	-	ACUITE A3 \| Assigned
Total Outstanding	25.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has assigned its long-term rating of ‘ACUITÉ BBB-' (read as ACUITE Triple B minus) and short-term rating of ‘ACUITÉ A3’ (read as ACUITE A three) on the Rs. 25.00 Cr. bank facilities of Adonis Medical Systems Private Limited (AMSPL). The outlook is ‘Stable’.

Rationale for Rating
The assigned rating factors in the experienced promoter background and the strategic advantages derived from being part of the Refex Group, with extension of financial support in the form of unsecured loans given for business expansion and working capital requirements. However, the rating is constrained by company’s modest scale of operations with subdued profitability, average financial risk profile and the company’s moderately intensive working capital operations in a competitive medical equipment manufacturing.

About the Company

Tamil Nadu based Adonis Medical Systems Private Limited (AMSPL), incorporated in 1998 is a subsidiary of Cura Healthcare Private Limited (holds 100.00% in AMSPL) which is ultimately held by Refex Holding Private Limited (RHPL holds 73.82% in Cura) and is a part of Refex Group. AMSPL is engaged in the manufacturing and trading of diagnostic imaging, including X ray, Digital X-ray, Mobile C-arm, flat panel detectors and MRI systems. The company has its primary manufacturing facility located at Mohali (Punjab) and additional manufacturing operations at Andhra Pradesh Medtech Zone (AMTZ). Mr. Arun Kaul, Mr. Virender Singh Bedi, Mr. V Saravanan and Mr. T Manikandan are the present directors of the company.

The Refex Group is undertaking a restructuring, with NCLT approval expected in the next 2–3 months, to streamline its medical technology vertical. The plan proposed to merge 3i Medical Technologies Private Limited (3i Medtech) into AMSPL and removes Cura from the structure as a holding company, positioning AMSPL as the primary operating entity directly under RHPL as a subsidiary. 3i Medical Equipment Manufacturing Private Limited (3i MEM) will remain as a subsidiary of AMSPL. The simplified structure is expected to enhance operational efficiency, consolidate licenses and brand rights, and improve scalability. Refex Holding will directly hold its stake in Adonis post-amalgamation, while retaining its existing investment in Cura for future evaluation.

About the Group

3i Medical Technologies Private Limited (3i Medtech)
3l Medical Technologies Private Limited (3i Medtech) was incorporated on November 25, 2020, as part of the groups expansion into higher -end imaging products and refurbishment of MRI systems. The company has been engaged in refurbishment of imported MRI machines as well as development and manufacturing of imaging equipment. The operations of 3i Medtech are proposed to be merged into AMSPL as part of the ongoing restructuring.

3i Medical Equipment Manufacturing Private Limited (3i MEM)
3i Medical Equipment Manufacturing Private Limited (3i MEM) was incorporated on January 30,2024. 3i MEM is primarily engaged in the manufacturing of MRI machines. The entity functions as a specialized manufacturing arm and supplies components both to group entities and potentially to third-party customers. Post restructuring, 3i MEM will remain as a subsidiary under AMSPL.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has considered the consolidated business and financial risk profile of Adonis Medical Systems Private Limited, with its subsidiaries: 3i Medical Technologies Private Limited, 3i Medical Equipment Manufacturing Private Limited factoring in the support from the Refex group to arrive at the rating. The list of subsidiaries considered in consolidation has also been added below, separately in the Annexures-2.

Key Rating Drivers

Strengths

Promoters’ extensive experience in industry and long track record of operations
Adonis Medical Systems Private Limited (AMSPL), incorporated in 1998 and headquartered in Chennai, is a step-down subsidiary of the Refex Holding Private Limited (RHPL). RHPL is the ultimate holding company of AMSPL and is managed by Mr. Anil Jain and Mr. Dinesh Agarwal (Group CEO), supported by a team of experienced professionals. Mr. Anil Jain has been associated with the group since its inception; this has helped the group to establish strong market presence. He has over 23 years of experience in heading various business operations and is actively involved with various trade bodies such as The Associated Chambers of Commerce and Industry in India (ASSOCHAM) and the National Solar Energy Federation of India (NSEFI). Mr. Jain oversees the day -to-day operations of the companies under the group. The directors' long-standing experience and the group’s established track record have enabled it to build strong relationships with key suppliers and customers. Acuité believes that the promoter's extensive industry experience will support the group’s business risk profile over the medium term.

Benefits derived from being part of Refex group
AMSPL is currently a step-down subsidiary of Refex Holding Private Limited (RHPL). RHPL through its subsidiary Cura Healthcare Private Limited(CHPL) has extended unsecured loans aggregating Rs.17.05 Cr. to AMSPL as on March 31, 2025. RHPL is expected to continue supporting the company’s business requirements going forward as well. The bank facilities are presently partly backed by the personal guarantee of Mr. Anil Jain and fully backed by the corporate guarantee of Cura Healthcare Private Limited. Pursuant to the completion of the proposed amalgamation, RHPL will directly hold a stake in AMSPL and the bank facilities are proposed to be fully secured by corporate guarantee from RHPL. Acuité believes, the AMSPL will continue to benefit from the financial and management support provided by the Refex group.

Weaknesses

Modest scale of operations with subdued profitability
The group reported revenue of Rs. 79.47 Cr. in FY25, compared with Rs. 67.10 Cr. in FY24, driven mainly by increased execution of imaging equipment orders. The unexecuted order book stood at Rs. 82.18 Cr. as of January 2026, providing visibility for the near term. Despite the improvement in revenue, profitability remained subdued, where group has reported losses at EBITDA level of Rs. 2.06 Cr. and at PAT level of Rs. 3.09 Cr. in FY25. Margins are expected to improve over the near to medium term following the proposed amalgamation, which aims to consolidate the medical technology operations under a single operating entity. The group’s focus going forward will be on scaling operations, increasing the share of higher-value MRI systems, and improving its product mix. For 9MFY26, AMSPL on a standalone basis recorded revenue of Rs. 45.79 Cr. (Rs. 41.53 Cr. in 9MFY25) and EBITDA of Rs. 3.60 Cr., with an EBITDA margin of 7.89%. On a consolidated basis, the group reported revenue of ~Rs. 69.84 Cr. for 10MFY26 and is targeting revenue of Rs. 90–100 Cr. for FY26 with expected profits. Acuite believes the operating performance of AMSPL will gradually improve, supported by scale expansion and change in product mix.

Average Financial Risk Profile
The group’s financial risk profile is average, marked by low net worth, high gearing, and weak debt protection indicators. The net worth stood at Rs. 1.84 Cr. as on March 31, 2025 as against Rs. 9.36 Cr. as on March 31, 2024. The group’s gearing remained high at 15.22 times in FY2025, compared with 1.37 times as of March 31, 2024 owing to losses which eroded net worth. The elevated gearing and TOL/TNW levels primarily reflect the classification of the holding company’s unsecured loan of about Rs. 17.05 Cr. as debt. On an adjusted basis, gearing stands at ~5.93 times in as on March 31, 2025. Debt protection metrics were weak with the Debt Service Coverage Ratio (DSCR) at 0.09 times in FY2025, against 0.21 times in the previous year. The Total Outside Liabilities to Tangible Net Worth (TOL/TNW) stood at 27.78 times in FY2025, compared to 3.49 times in FY2024.
Acuite believes the financial risk profile is likely to remain average over the near to medium term, given the group’s low net worth base.

Moderately intensive working capital operations
The group’s working capital operations remained moderately intensive, reflected in Gross Current Assets (GCA) of 204 days in FY2025 compared with 188 days in FY2024. The debtors’ collection period stood at 102 days in FY2025, broadly stable against 105 days in FY2024. The higher share of receivables in the 180–365-day bracket contributed to the elongation in debtor days during FY2025. The average credit period remains in the range of 60–90 days. Inventory days stood at 64 days in FY2025, compared with 57 days in FY2024. Creditors’ days increased to 75 days in FY2025 from 59 days in FY2024. The company’s fund-based working capital limit utilisation remained low at around 22% over the six months ending December 2025.
Acuite believes the company’s working capital cycle will remain in a similar range over the near to medium term, given the nature of its operations.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Consistent improvement in revenues and profitability
Debt service coverage ratio (DSCR) above 2.00 times

Potential triggers (individual or collective) for a downward rating action:

Deterioration in financial risk profile
Elongation in working capital cycle, GCA days above 200
Reduced support from RHPL

Liquidity Position

Adequate

The company’s liquidity position remains adequate. It is expected to generate cash accruals in the range of Rs. 1.60–4.57 Cr. against repayment obligations of Rs. 0.20–0.50 Cr. over the medium term. Any shortfall in repayments is expected to be supported by RHPL. Reliance on fund-based working capital limits remained low, with average utilisation at around 22% over the six months ending December 2025. The cash and bank balance stood at Rs. 3.67 Cr. in FY25, and the current ratio stood at 1.59 times for the same period. Acuite believes the company’s liquidity position will remain adequate over the medium term, supported by expected steady cash accruals.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	79.47	67.10
PAT	Rs. Cr.	(3.09)	(1.17)
PAT Margin	(%)	(3.89)	(1.75)
Total Debt/Tangible Net Worth	Times	15.22	1.37
PBDIT/Interest	Times	(0.42)	1.10

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

None

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 :

Not Applicable

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.	6.00	Simple	ACUITE A3 \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB- \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.00	Simple	ACUITE BBB- \| Stable \| Assigned

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Company name
1	Adonis Medical Systems Private Limited
2	3I Medical Technologies Private Limited
3	3I Medical Equipment Manufacturing Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Amay Gupta
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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