Press Release June 02, 2026 THE INDURE 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	133.88	ACUITE BBB- | Stable | Assigned	-	RBI
Non Convertible Debentures (NCD)	0.00	164.80	ACUITE BBB- | Stable | Assigned	-	MCA
Bank Loan Ratings	0.00	812.11	-	ACUITE A3 | Assigned	RBI
Total Outstanding	0.00	1110.79	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) and short term rating of 'ACUITE A3' (read as ACUITE A three) on the Rs. 945.99 Cr. bank facilities of The Indure Private Limited (TIPL). The outlook is 'Stable'. Acuite has assigned the long-term rating at ‘ACUITE BBB-’(read as ACUITE triple B minus) on the Rs. 164.8 crore Non-Convertible Debentures of The Indure Private Limited (TIPL). The outlook is ‘Stable’. Rationale for Rating The assigned rating factors in the promoters’ extensive experience spanning several decades in the same line of business, having successfully executed over 250 ash handling plants with a cumulative generating capacity exceeding 70,000 MW. The rating is further supported by the company’s stable scale of operations, improving profitability, robust order book exceeding Rs. 3,400 crore—which provides strong revenue visibility over the medium term—along with adequate liquidity and a moderate financial risk profile. Acuite takes note that the company emerged from financial distress during the pandemic by entering into a Master Restructuring Agreement (MRA) with all existing lenders on March 30, 2022. Since then, the company has been servicing its debt obligations in a timely manner. However, as per the MRA terms, the company is required to write off bad debts amounting to Rs. 150 crore, of which Rs. 110.05 crore has already been written off as on 31st March 2026, while the remaining Rs. 39.95 crore is expected to be written off over the next few financial years. The rating, however, is constrained by the company’s working capital-intensive operations, reflected in elevated GCA days exceeding 1,000 days, the risk of bank guarantee invocation with utilization levels above 93%, and the tender-based nature of its business operations.

About the Company

The Indure Private Limited (TIPL), was incorporated in 1970, started as providing end to end solutions for ash handling systems for thermal power plants as their core operations. Later Indure diversified its operations as an EPC Contractor for coal / bulk handling systems, balance of plant (BOP) comprising civil, structural, mechanical, electrical and control packages for large power plants as well as operation & maintenance (O&M) services and selling of spare parts. TIPL has installed over 250 ash handling plants, contributing to a cumulative generating capacity of over 70,000 MW. IPL has also operated a manufacturing facility for ash handling equipment, fabrication, and spares in Shahibabad (UP) & Sikandrabad (UP). The company is managed by Mr. Anant Gupta, Mr. Naga Sai Yelkur, Mr. Sunil Kumar Sharma, Mr. Mohan Prasad Tiwari as directors.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has considered standalone business and financial risk profile of The Indure Private Limited (TIPL) to derive at the rating.

Key Rating Drivers

Strengths

Extensive industry experience of the promoters The company was established by Late Mr. O.P. Gupta, a graduate in Mechanical and Electrical Engineering from Banaras Hindu University, who had prior experience with the Damodar Valley Corporation until 1965. The company is currently managed by the third generation, led by Mr. Anant Gupta, CEO of TIPL, who holds a B. Tech degree from Pittsburgh University, USA, and brings over 30 years of industry experience. He has been instrumental in strengthening TIPL’s leadership in ash handling systems while also driving diversification into EPC contracting and air pollution control solutions. The company caters to a reputed client base comprising both public sector undertakings (PSUs) and private sector industrial players, including NTPC Limited, Bharat Heavy Electricals Limited (BHEL), Damodar Valley Corporation (DVC), Adani Power Limited, West Bengal Power Development Corporation Limited, Jindal Steel & Power Limited, and Gujarat State Electricity Corporation Limited, among others. Acuite believes that the company is well-positioned to benefit from its experienced management team in ensuring timely execution of its existing order book and in securing new orders going forward. Improving scale of operations & profitability The company continues to derive a majority of revenue from Ash Handling projects, contributing 60.64% in FY26 (Prov.), although its share has declined from 83.18% in FY24. This indicates gradual diversification, but dependence remains high. The share of other revenue streams have improved such as coal handling, sales of spare parts, O&M services, etc. Overall, the scale of operations improved by 3.04% in FY 26 (Prov.), thereby increasing the topline from Rs. 225.2 cr. in FY 25 to Rs. 232.1 cr. in FY 26 (prov.). EBITDA improved to Rs. 41.70 cr. in FY 26 (prov.) against Rs. 27.60 cr. in FY 25. Accordingly, margin rose to 17.97% in FY 26 (Prov.) against 12.25% in FY 25. The increase in EBITDA margin in FY26 compared to FY25 is primarily due to improved operating performance driven by better revenue mix and higher contribution from segments such as Coal Handling, EPC. Additionally, enhanced cost efficiencies, better absorption of fixed costs due to slightly higher revenues led to lower relative expenses, supporting overall margin expansion. Further, the net profits improved to Rs. 22.70 cr. in FY 26 (Prov.) against Rs. 16.12 cr. in FY 25. Acuite believes that the scale of operations & profitability of the company will improve in near to medium term backed by strong unexecuted order book. Moderate Financial Risk Profile The financial risk profile is moderate marked by comfortable net worth, high gearing and healthy debt protection metrices. The tangible net worth of the company improved from Rs. 120.59 cr. in FY 25 to Rs. 143 cr. in FY 26 (Prov.) mainly due to accretion of profits into reserves. The gearing ratio and TOL/TNW improved from 2.66 & 4.87 times in FY 25 to 2.13 & 4.27 times in FY 26 (Prov.) respectively. ROCE improved & stood at 9.25% for FY 26 (Prov.) against 7.36% for FY 25. Debt Protection Metrices (i.e. ISCR & DSCR) stood at 2.63 & 1.93 times respectively for FY 26 (Prov.). Acuite believes that going forward financial risk profile will improve on the account of absence of any debt funded capex in near to medium term.

Weaknesses

Working Capital Operations The company’s working capital operations remain highly intensive, as reflected in elevated Gross Current Asset (GCA) days of 1,078 days in FY2026 (Prov.). This intensiveness is primarily driven by significant delays in receivables, with bill realization extending up to 600 days, along with a substantial portion of other current assets comprising retention money. As of March 31, 2026 (Prov.), outstanding debtors amounting to Rs. 67.69 crore have been overdue for more than one year. Of these, approximately 80% have remained outstanding for over three years, indicating considerable delays in collection and raising concerns regarding their recoverability. In line with the restructuring agreement, the company is required to write off bad debts aggregating to Rs. 150 crore. As of March 31, 2026, the company has written off Rs. 110.05 crore, while the remaining Rs. 39.95 crore is to be written off over the next three financial years. Acuite believes that timely recovery of receivables will remain a key monitorable over the near term. Tender based Nature of Operations The company’s operations remain predominantly tender-driven, exposing it to intense competition from established EPC contractors as well as regional players. This results in pressure on bid margins and can lead to volatility in the order inflow. Additionally, the tender based model often entails elongated project award timelines, pricing rigidity, and susceptibility to delays in project execution, thereby impacting overall profitability and cash-flow visibility. Risk of Invocation of Bank Guarantee The company has sanctioned bank guarantee (BG) limits of Rs. 712 crore, of which over 93% is currently utilized towards performance guarantees, earnest money deposits (EMD), and retention money for certain legacy and pending orders. Consequently, the risk of invocation remains elevated until these sticky orders are satisfactorily completed. Moreover, with limited unutilized BG headroom, the company has restricted flexibility to bid for new orders, thereby constraining its near-term growth prospects.

Rating Sensitivities

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

­Improvement in scale of operations by 40-45% with sustained margins

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

­Further delay in realization of bills which may adversely impact cash flows for debt servicing Delay in order execution which may lead to significant decline in scale of operations

Liquidity Position

Adequate

­The liquidity position of the company is adequate marked by generating cash accruals of Rs. 27.60 Cr. against debt obligation for Rs. 5.85 Cr. for the same year. The cash & bank balance stood at Rs. 4.80 Cr. as on 31st March 2026 (prov.) and current ratio stood at 1.72 times for FY 26 (prov.). The average fund based & non-fund-based utilization for last six months ended March 2026 is 83.22% and 93.62% respectively. Acuite believes that the company should be able to comfortably meet its scheduled obligations up to FY 28, given that the repayments are relatively modest (below Rs. 10 crore annually over the next two years). However, the liquidity profile is expected to be monitorable from FY 29, primarily due to the substantial partial redemption of NCDs amounting to Rs. 40.8 crore.

Outlook - Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	232.10	225.25
PAT	Rs. Cr.	22.70	16.12
PAT Margin	(%)	9.78	7.16
Total Debt/Tangible Net Worth	Times	2.13	2.66
PBDIT/Interest	Times	2.63	2.08

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 • 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 :

­Not Applicable

­

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Kartik Arora Senior 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. 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