Press Release June 02, 2026 SHREE ASHTAVINAYAK GLASS 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	56.11	ACUITE BB | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	2.00	-	ACUITE A4+ | Assigned	RBI
Total Outstanding	0.00	58.11	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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) and short-term rating of ‘ACUITÉ A4+’ (read as ACUITE A four plus) on Rs. 58.11 Cr. bank facilities of Shree Ashtavinayak Glass Private Limited (SAGPL). The outlook is ‘Stable’.   Rationale for Rating The rating assigned reflects the managements’ extensive experience in the industry and established operational track record along with company’s stable growth in operating performance. However, these strengths are offset by the company’s average financial risk profile marked by low net worth and high gearing, moderately intensive working capital operations, and susceptibility of profitability to raw material price fluctuations.

About the Company

Incorporated in 2008, Pune-based Shree Ashtavinayak Glass Private Limited (SAGPL) manufactures a range of glass products such as architectural glass, refrigerator shelf glass, refrigerator glass doors, escalator glass, elevator mirrors, acoustic phone booths, and furniture. The company is also engaged in contracting activities. Its present directors are Mr. Suresh Agarwala Kumar, Mr. Aditya Suresh Agarwal, Mr. Ritesh Agarwal, and Mr. Nitin Sinha.

Unsupported Rating

Not Applicable?

Analytical Approach

Acuite has considered the standalone business and financial risk profile of Shree Ashtavinayak Glass Private Limited (SAGPL) to arrive at this rating.

Key Rating Drivers

Strengths

Established operational track record and extensive promoter experience SAGPL has been operating in the glass industry for more than a decade, reflecting an established operational track record. The company is promoted and managed by Mr. Aditya Suresh Agarwal, Mr. Suresh Kumar, and Mr. Ritesh Agarwal, supported by an experienced management team. The promoters have over a decade of experience in the industry, which has helped the company build relationships with key suppliers and customers. The company is engaged in the processing and supply of architectural and industrial glass products. It undertakes various value-added glass processing activities such as cutting, edging, drilling, washing, tempering, printing, and double-glazing. The company caters to end-user industries such as real estate, commercial buildings, home appliances, interiors, and related infrastructure segments. Over the years, it has also diversified its operations into façade contracting, partition solutions, and turnkey interior execution for commercial and residential projects. SAGPL primarily procures raw glass from established suppliers and carries out further processing at its manufacturing facility, which is equipped with automated glass processing machinery. Its clientele includes companies such as Godrej & Boyce Mfg. Co. Ltd., among others. 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.   Stable growth in operating performance SAGPL reported revenue of Rs. 92.40 Cr. in FY25 (FY24: Rs. 75.61 Cr.). The increase in revenue was driven by higher order execution and increased contribution from the contracting and value-added glass processing business. EBITDA improved to Rs. 11.24 Cr. in FY25 (FY24: Rs. 8.09 Cr.), while EBITDA margin improved to 12.17 per cent (FY24: 10.70 per cent), supported by a higher contribution from the relatively better-margin contracting and installation segment. PAT also improved and stood at Rs. 4.68 Cr. in FY25 (FY24: Rs. 1.91 Cr.). In FY26 (Est.), the company reported revenue of around Rs. 90.83 Cr. and EBITDA of around Rs. 15.00 Cr., supported by steady order execution and an increasing share of the contracting business. Acuité believes that the company’s operating performance is expected to improve gradually over the near to medium term.

Weaknesses

Average financial risk profile SAGPL’s financial risk profile is average, marked by high gearing, low net worth, and moderate debt protection metrics. The company’s net worth stood at Rs. 15.32 Cr. as on March 31, 2025 (as on March 31, 2024: Rs. 10.46 Cr.), primarily due to retention of profits. The gearing (debt-to-equity) stood high at 3.07 times as on March 31, 2025 (March 31, 2024: 4.16 times). Debt protection metrics remained moderate, with interest coverage ratio (ICR) at 2.66 times in FY25 (FY24: 1.96 times) and debt service coverage ratio (DSCR) at 1.22 times in FY25 (FY24: 1.42 times). The NCA/TD ratio stood at 0.16 times in FY25 (FY24: 0.10 times), while debt-to-EBITDA remained high at 3.87 times in FY25 (FY24: 4.82 times). In FY26, the company undertook capital expenditure towards acquisition of plant and machinery, funded primarily through debt of Rs. 15.00 Cr. This is likely to moderate the debt protection metrics and impact the overall financial risk profile to an extent. Acuité believes that the company’s financial risk profile is likely to remain average over the near to medium term on account of modest net worth base.  Moderately intensive working capital management The company’s working capital operations are moderately intensive, as reflected in gross current asset (GCA) of 180 days in FY25 (FY24: 167 days). The increase was primarily due to higher debtor days. The debtor collection period stood at 130 days in FY25 (FY24: 112 days), with the average collection period remaining in the range of 110–130 days. The inventory holding period declined to 35 days in FY25 (FY24: 42 days). The creditor payment period stood at 76 days in FY25 (FY24: 71 days), while the average credit period availed by the company remained at around 60–70 days. Further, the average utilisation of fund-based limits remained high at around 83.39 per cent over the six months ended February 2026. Acuité believes that the company’s working capital operations are likely to remain moderately intensive over the near to medium term, owing to the nature of its business. Susceptibility of profitability to raw material price fluctuations The company’s profitability remains susceptible to fluctuations in raw material prices, particularly glass and allied input materials, as any sharp volatility in procurement costs may impact margins, given the limited ability to pass on price increases immediately to customers. Further, the company’s growing focus on contracting and interior execution business exposes it to project execution risks, including delays in completion, changes in project timelines, and cost overruns, which may adversely impact profitability and cash flows.

Rating Sensitivities

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

Consistent improvement in scale of operations while maintaining healthy profitability Improvement in the capital structure Improvement in working capital management with GCA below 120 days

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

Significant deterioration in revenue and profitability Further elongation in working capital cycle exerting pressure on liquidity Deterioration in financial risk profile, with 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. 7.74 Cr. in FY2025 against maturing debt obligations of Rs. 5.49 Cr., during the year. Further, the company is expected to generate cash accruals in the range of Rs. 9.18–11.48 Cr., against repayment obligations of Rs. 9.13 – 4.29 Cr. over the medium term. Reliance on fund-based working capital limits is high, with an average utilisation of 83.39% over the six months ending February 2026. The cash and bank balance stood at Rs. 0.24 Cr. and the current ratio stood at 1.05 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

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Other Factors affecting Rating

­­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	92.40	75.61
PAT	Rs. Cr.	4.68	1.91
PAT Margin	(%)	5.06	2.52
Total Debt/Tangible Net Worth	Times	3.07	4.16
PBDIT/Interest	Times	2.66	1.96

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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

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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

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