Press Release May 28, 2026 OASIS INFRASTRUCTURE PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	27.00	ACUITE BB+ | Stable | Assigned	-	RBI
Total Outstanding	0.00	27.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

­Acuite has assigned its long-term rating of ‘ACUITÉ BB+' (read as ACUITE Double B plus) on the Rs. 27.00 Cr. bank facilities of Oasis Infrastructure Private Limited (OIPL). The outlook is ‘Stable’. Rationale for Rating The rating assigned reflects the managements’ extensive experience in the industry and established operational track record. The rating also favourably considers the company’s modest scale of operations albeit healthy profitability. However, these strengths are partly offset by the company’s moderate financial risk profile marked by modest net worth and moderate coverage indicators, working capital intensive operations and exposure to cyclicality in end user industries.

About the Company

Incorporated in 2003, Oasis Infrastructure Private Limited (OIPL) is based in Mumbai & is engaged in the business of Crane Rental Services. Mr. Om Premal Thaker & Mr. Premal Naresh Thaker are the current directors of the company.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has considered the standalone business and financial risk profile of Oasis Infrastructure Private Limited (OIPL) to arrive at this rating.

Key Rating Drivers

Strengths

­Established operational track record and extensive promoter experience OIPL has been operating for more than two decades in the crane rental services, reflecting an established operational track record. The company is promoted and managed by Mr. Premal Naresh Thaker and Mr. Om Premal Thaker, supported by a team of experienced personnel. The promoters have over two decades of experience in the industry, which has enabled the company to establish relationships with key suppliers and customers. The company is engaged in the business of renting construction equipment such as crawler cranes, truck-mounted cranes, piling rigs and trailers for infrastructure and industrial projects. Its clientele includes established infrastructure players such as Larsen & Toubro, Reliance Industries, Ultratech Cement, Tata Projects and Afcons Infrastructure. Acuité believes that the long track record and rich experience of the directors’ augur well for the company's relationships with key suppliers and customers. Modest scale of operations albeit healthy profitability OIPL, in FY25 reported revenue of Rs. 60.63 Cr. (FY24: Rs. 46.88 Cr.), the increase in revenues is primarily driven by higher fleet deployment. EBITDA improved to Rs. 31.42 Cr. in FY25 (FY24: Rs. 26.95 Cr.); however, EBITDA margin moderated to 51.83% (FY24: 57.49%), PAT stood at Rs. 10.63 Cr. in FY25 (FY24: Rs. 12.57 Cr.), with the decline primarily attributable to higher interest costs and depreciation. In FY26 (estimated), the company reported revenue of ~Rs. 70.93 Cr. (FY25: Rs. 60.63 Cr.) and EBITDA of Rs. 35.47 Cr. (FY25: Rs. 31.42 Cr.), supported by healthy fleet utilisation and contribution from newly added equipment. Acuité believes that the company’s operating performance is expected to improve gradually, supported by stable utilisation and incremental fleet additions.

Weaknesses

Moderate financial risk profile OIPL’s financial risk profile is moderate, marked by moderate gearing, net worth and debt protection metrics. The net worth of the company stood modest at Rs. 56.04 Cr. as on March 31, 2025 (As on March 31, 2024: Rs. 45.41 Cr.), primarily driven by retention of profits. The gearing (debt-to-equity) is moderate at 1.78 times as on March 31, 2025 (March 31, 2024: 1.60 times). Debt protection indicators are moderate, with the interest coverage ratio (ICR) at 4.46 times in FY25 (FY24: 5.80 times) and the debt service coverage ratio (DSCR) deteriorating to 1.31 times in FY25 (FY24: 1.46 times). The net cash accruals to total debt (NCA/TD) ratio stood at 0.21 times in FY25 (FY24: 0.30 times). The Debt-to-EBITDA ratio is high at 3.01 times in FY25 (FY24: 2.34 times). In FY26, the company undertook capital expenditure of approximately Rs. 70 Cr. towards acquisition of crawler cranes, tyre-mounted cranes and piling rigs to expand its fleet and support operations, the capex is funded through debt of ~Rs. 65.00 Cr and rest through own funds, which is likely to further moderate the coverage indicators thereby impacting overall financial risk profile. Acuité believes, that regular capex requirement which is inherent in the business is likely to keep the financial risk profile moderate and leverage elevated for the medium to long term. Working capital intensive nature of operations The working capital operations of the company are intensive, marked by Gross Current Asset (GCA) days of 315 days in FY25 (FY24: 267 days), with the increase primarily driven by higher current assets and debtor levels. The debtor collection period stood at 151 days in FY25 (FY24: 150 days), with the average collection period remaining in the range of 150–160 days. The elevated debtor levels are attributable to the company’s customer profile, comprising EPC contractors, where payments are typically received upon release of funds from the respective departments. However, the average utilisation of consolidated fund-based limits remained moderate at around 45% over the four months ended April 2026. Acuité believes the operations of the company would remain working capital intensive due to its nature of business. Exposure to cyclicality in end user industry The company’s operations remain exposed to cyclicality in the infrastructure and industrial sectors, as demand for crane and construction equipment rental is largely dependent on project execution, capital expenditure by private players and government-led infrastructure spending. Any slowdown in infrastructure activity, delay in project execution or moderation in industrial capex could impact equipment utilisation levels and consequently the company’s revenue and profitability. However, the risk is partially mitigated by the company’s established relationships with reputed clientele such as Larsen & Toubro, Reliance Industries and Ultratech cement across diversified end-user segment.

Rating Sensitivities

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

Consistent improvement in scale of operations surpassing Rs. 100 Cr while sustaining the healthy profitability. Improvement in working capital cycle Improvement in financial risk profile

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

Significant decline in revenue and profitability Deterioration in financial risk profile with gearing (debt to equity) above 2.5 times and DSCR below 1.10 times on a sustained basis

Liquidity Position

Adequate

The Company’s liquidity position is adequate, supported by net cash accruals of Rs. 21.23 Cr. in FY2025 against maturing debt obligations of Rs. 14.51 Cr., during the year. Further, the company is expected to generate cash accruals in the range of Rs. 22.15–26.92 Cr., against repayment obligations of Rs. 19.88 Cr. over the medium term. Reliance on fund-based working capital limits is moderate, with an average utilisation of 45.36% over the four months ending April 2026. The cash and bank balance stood at Rs. 0.03 Cr. and the current ratio stood at 0.73 times as of March 31, 2025. Acuité believes that the company’s liquidity position will remain adequate over the medium term on account of 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.	60.63	46.88
PAT	Rs. Cr.	10.63	12.57
PAT Margin	(%)	17.54	26.81
Total Debt/Tangible Net Worth	Times	1.78	1.60
PBDIT/Interest	Times	4.46	5.80

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

None

Any other information

­­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.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 :

­­Not Applicable

­

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

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:   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.   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: 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: https://acuite.in/Activities-and-Regulators.html   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.