Press Release April 06, 2026 NANDA INFRA CONSTRUCTION PRIVATE LIMITED Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	19.76	ACUITE BBB | Stable | Reaffirmed	-
Bank Loan Ratings	10.00	-	ACUITE A3+ | Assigned
Bank Loan Ratings	92.50	-	ACUITE A3+ | Reaffirmed
Total Outstanding	122.26	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) and the short-term rating of ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.112.26 Cr. bank facilities of Nanda Infra Construction Private Limited (NICPL). The outlook is ‘Stable’. Acuité has assigned the short-term rating of ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.10.00 Cr. bank facilities of Nanda Infra Construction Private Limited (NICPL). Rationale for rating The rating factors stable scale of operations supported by moderate order book position and healthy profitability margins. The rating continues to draw comfort from experienced management, long operational track record, healthy financial risk profile and adequate liquidity position. The rating is however constrained by working capital intensive nature of operations, high geographical concentration in order book and inherent risks in tender based nature of business in an intensely competitive construction industry.

About the Company

Incorporated in 2011, Nanda Infra Construction Private Limited (NICPL) is Talcher, Odisha based company, promoted by Mr. Dilip Kumar Nanda and Mr. Rajendra Kumar Nanda. The company is engaged in civil construction activities and undertakes contracts for construction of roads, bridges and railway works mainly in Odisha. NICPL caters majorly to the government entities such as Public Works Department (PWD) Odisha, Indian Railways, Mahanadi Coalfield ltd., among others.

Unsupported Rating

­Not applicable

Analytical Approach

­Acuité has considered standalone business and financial risk profile of Nanda Infra Construction Private Limited (NICPL) to arrive at the rating.

Key Rating Drivers

Strengths

­Experienced management and reputed clientele base NICPL is promoted by Mr. Dilip Kumar Nanda, who possesses over two decades of experience in the civil construction industry. The company has developed strong relationships with its clientele and is registered as a Super Class Contractor with the Public Works Department (PWD), Odisha. NICPL also enjoys established associations with various state government departments and public sector undertakings, ensuring a steady flow of orders and sustained business visibility. Stable operating performance The operating revenue stood at Rs 169.86 Cr. in FY2025 (Rs. 165.05 Cr. in FY 2024) supported by timely execution of orders and efficient project delivery. However, in current fiscal year 2025-26 the company has achieved the sales of Rs. 116.25 Cr. till Feb-26. This moderation in revenue attributed to heavy monsoon conditions in the state of Odisha and a change in the state government, which resulted in lower tendering activity and reduced order inflow. The management expects FY26 to be an exceptional and temporary deviation for the company. With normalisation of weather conditions and gradual improvement in the tendering environment, the company expects its order book pipeline to realign with historical levels. However, the medium-term revenue visibility remains stable, wherein as of January 31,2026 it has an unexecuted order book of Rs 129.78 Cr. which provides 12–24 months of revenue visibility based on current execution trends. Additionally, NICPL has three orders in the pipeline amounting to Rs 74.70 Cr. for which L1 status has already been secured. Of these, a project worth Rs 39.31 Cr. has been formally awarded to the company in March 2026. Moreover, the operating margin remains healthy and rangebound at 10.87 percent and PAT margin at 7.56 percent in FY2025 as compared to 10.46 percent and 6.62 percent respectively in FY2024. Acuité believes that the company’s ability to improve its scale of operations while sustaining its profitability margins will remain a key monitorable going forward. Healthy financial risk profile The company’s financial risk profile remains healthy supported by strong net worth base, low gearing and strong debt protection metrics. The tangible net worth of the company increased to Rs. 65.43 Cr. as on March 31,2025 from Rs.52.59 Cr. as on March 31, 2024 mainly on account of accretion of profit to reserves. Gearing remained below unity at 0.08 times as on March 31,2025 (0.10 times as on March 31, 2024) due to low reliance on external debt. The Total outside Liabilities/Tangible Net Worth (TOL/TNW) improved to 0.43 times as on March 31,2025 (0.48 times as on March 31, 2024). The strong debt protection metrics of the company is marked by interest coverage ratio at 20.18 times and debt service coverage ratio (DSCR) at 6.21 times for FY2025.

Weaknesses

­Moderately intensive working capital cycle The working capital cycle of the company though improved remained moderately intensive with gross current assets (GCA) at 119 days as on March 31,2025 (126 days March 31, 2024). This is primarily on account of high debtors days and balance floated in other current assets (mainly consists of lien marked FD and balance with revenue authority). The inventory holding period remains stable at 8 days as on March 31,2025 (6 days as on March 31, 2024). The debtor’s holding days increased to 76 days as on March 31,2025 from 61 days which mainly consist of retention money. Acuité believes that the working capital operations of the company will remain around similar levels over the medium term based on the nature of business. Exposure to intense competition and tender-based operations The infrastructure is a fragmented industry with a presence of large players pan India where subcontracting & project specific partnerships for technical/financial reasons are common. The revenue and profitability for tendering based operations depends entirely on the ability to win tenders wherein entities face intense competition, thus requiring them to bid aggressively to procure contracts and restrict the operating margin to a moderate level. Moreover, susceptibility of raw material pricing again keeps profitability margins vulnerable and shall remain key rating sensitivity. High geographical concentration  The company derives majority of revenue from government projects limited to Odisha thereby reflecting higher geographic concentration. Moreover, the unexecuted order book of the company is also geographically limited to state of Odisha only.

Rating Sensitivities

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

­   Steady growth in scale of operations with timely execution and growth in order book resulting in revenues above Rs 250.00 Cr coupled with sustaining profitability margin Improvement in debt coverage indicators

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

­ Decline in scale of operations due to delay in order execution or low order book growth with revenues falling below Rs 120.00 Cr Elevation in debt levels impacting in the financial risk profile Elongation of working capital cycle

Liquidity Position

Adequate

The liquidity position remains adequate supported by healthy net cash accruals and comfortable coverage indicators. The company generated net cash accruals of Rs 14.90 Cr. as on March 31, 2025 as against long term debt repayment of Rs. 1.56 Cr. over the same period. Over the medium term, the company is expected to generate cash accrual in the range of Rs 12.00 Cr - Rs 15.00 Cr. as against its maturing repayment obligations of ~Rs. 0.66 Cr. The cash & bank balances and free fixed deposit stood at Rs. 7.24 Cr. and Rs 23.25 respectively as on March 31, 2025 providing additional liquidity comfort. The current ratio remained healthy at 3.08 times as on March 31, 2025. Further the average fund -based bank limit utilization stood low at 2.06 percent & non-fund-based bank limit utilization stood at 34.82 percent over the six months ended, February 2026. Acuité believes that the liquidity position of the company will remain adequate to strong in the near to medium term, backed by improving cash accruals, comfortable leverage, and healthy unutilised bank lines.

Outlook-Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	169.86	165.05
PAT	Rs. Cr.	12.84	10.92
PAT Margin	(%)	7.56	6.62
Total Debt/Tangible Net Worth	Times	0.08	0.10
PBDIT/Interest	Times	20.18	21.34

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 • 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

­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 Mar 2025 Bank Guarantee (BLR) Short Term 34.50 ACUITE A3+ (Reaffirmed) Bank Guarantee (BLR) Short Term 44.00 ACUITE A3+ (Reaffirmed) Bank Guarantee (BLR) Short Term 14.00 ACUITE A3+ (Assigned) Cash Credit Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 2.76 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB | Stable (Assigned) 26 Jul 2024 Bank Guarantee (BLR) Short Term 34.50 ACUITE A3+ (Reaffirmed) Bank Guarantee (BLR) Short Term 2.26 ACUITE A3+ (Reaffirmed) Bank Guarantee (BLR) Short Term 19.00 ACUITE A3+ (Reaffirmed) Bank Guarantee (BLR) Short Term 10.00 ACUITE A3+ (Assigned) Cash Credit Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 15.00 ACUITE BBB | Stable (Assigned) 28 Apr 2023 Bank Guarantee (BLR) Short Term 26.74 ACUITE A3+ (Reaffirmed) Bank Guarantee (BLR) Short Term 7.76 ACUITE A3+ (Assigned) Bank Guarantee (BLR) Short Term 2.26 ACUITE A3+ (Reaffirmed) Bank Guarantee (BLR) Short Term 19.00 ACUITE A3+ (Assigned) Cash Credit Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE BBB | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB | Stable (Assigned)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Union Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 34.50 Simple ACUITE A3+ | Reaffirmed ICICI BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 44.00 Simple ACUITE A3+ | Reaffirmed Federal Bank Limited Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.00 Simple ACUITE A3+ | Reaffirmed Federal Bank Limited Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A3+ | Assigned Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE BBB | Stable | Reaffirmed Federal Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE BBB | Stable | Reaffirmed ICICI BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 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. 2.76 Simple ACUITE BBB | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Short Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A3+ | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Divya Bagmar 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. 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.