Press Release

Press Release

June 12, 2026

Batliboi Limited
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	3.75	ACUITE BBB- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	24.35	ACUITE BBB- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	53.25	-	ACUITE A3 \| Assigned	RBI
Bank Loan Ratings	0.00	28.15	-	ACUITE A3 \| Reaffirmed	RBI
Total Outstanding	0.00	109.50	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuité has reaffirmed its long term rating of ‘ACUITÉ BBB-’ (read as ACUITE Triple B minus) and short term rating of ‘ACUITE A3’ (read as ACUITE A three) on the Rs.52.50 Cr. bank facilities of Batliboi Limited (BL). The outlook is ‘Stable'.

Acuité has assigned its long term rating at ‘ACUITÉ BBB-’ (read as ACUITE Triple B minus) and short term rating at ‘ACUITE A3’ (read as ACUITE A three) on the Rs.57.00 Cr. bank facilities of Batliboi Limited (BL). The outlook is ‘Stable'.

Rationale for Rating
The rating reaffirmation considers steady growth in revenues amidst moderation in profitability. The rating also factors in the group’s established operational track record, experienced management and healthy financial risk profile marked by high net worth, low gearing and comfortable coverage indicators. However, the rating remains constrained by the group’s moderately intensive working capital cycle and the inherent cyclicality associated with the end-user industries.

About the Company

Batliboi Limited (BL) was incorporated in 1941 and is promoted by the Bhogilal family. The company went public in 1986. As on date, the company has its equity shares listed on BSE. The company is primarily in the manufacturing sector of Machine Tools, Air Engineering, Textile Machinery, Environmental Engineering, wind engineering etc. The machine tools division manufactures conventional and computer numerical controlled machines. The textile engineering division provides equipment and designs for climate control in textile manufacturing units. The Environmental Engineering Group (EEG) includes Air Pollution Control Systems, Industrial Fans, and NOx and SOx Removal Systems. The manufacturing facility is in Surat, Gujarat, whilst, the company is headquartered in Mumbai, Maharashtra. Current Directors of the Company are Mr. Nirmal Pratap Bhogilal, Mr. Sanjiv Harischandra Joshi, Mr. George Verghese, Mr. Kabir Nirmal Bhogilal, Ms. Sheela Nirmal Bhogilal, Mr. Aditya Tarachand Malkani, Mr. Binoy Sandip Parikh and Mr. Jai Shishir Diwanji.

About the Group

Quickmill Inc. is a wholly own subsidiary of Batliboi Limited (BL) was acquired by the company in 2007 and is headquartered in Peterborough, Ontario, Canada is engaged in the design, manufacture, sales and service of a line of large sized Gantry Drilling and Milling machines globally. Customers are mainly from Energy, Heat Transfer, Steel Service sectors, large Industrial machinery manufacturers and job shop manufacturing sectors.

760 Rye Street Inc is a wholly owned subsidiary of Batliboi Limited (BL) and was acquired by the company in 2007 and is headquartered in Peterborough, Ontario, Canada. The company owns the land of the facilities of Quickmill Inc.

Bioconserve Renewables Envirotech Private Limited (BREPL), India, was incorporated in April 2025 as a subsidiary of Batliboi Limited (BL) and is a specialized provider of Effluent Treatment Plants (ETPs) for achieving Zero Liquid Discharge (ZLD) in industrial applications. The company is a joint initiative between Mr. S. Ramu – a recognized expert in textile processing and wastewater treatment – and Batliboi Ltd., a long-standing solutions provider to the Indian textile industry for six decades. BREPL focuses on delivering comprehensive and advanced solutions in Water, Sewage, and Effluent Treatment & Recovery Systems across multiple industrial sectors.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has consolidated the business and financial risk profiles of Batliboi Limited and its subsidiaries namely Quickmill Inc., 760 Rye Street Inc. and Bioconserve Renewables Envirotech Private Limited to arrive at this rating. The consolidation is on account of common management, a similar line of business, and financial linkages.

Key Rating Drivers

Strengths

Experienced management and long operational track record of the group
Batliboi was established in 1892, after which, the company was incorporated as Batliboi Limited (BL) in 1941. Thus, the vintage of the company is more than a century. The promoters of the company have been in the machine tools manufacturing and textile machinery manufacturing for more than six decades. Acuité believes, extensive experience of management and long operational track record would help the group to maintain healthy relations with customers and suppliers.

Steady growth in revenues albeit moderation in profitability margins
The group reported revenue of Rs. 440.43 Cr. in FY2026 as against Rs. 412.94 Cr. in FY2025, supported by healthy order execution. The group expects to achieve revenue growth of around 9–10% YoY in FY27, driven by favourable sectoral trends and an unexecuted order book of Rs. 171.31 Cr. as on 31st March 2026. The operating margin (EBITDA) stood at 5.19 percent in FY2026 as against 5.43 percent in FY2025. The moderation in EBITDA margin is primarily attributable to temporary cost pressures, largely due to external factors including ongoing geopolitical disruptions, which impacted input prices in Q4 FY2026. The bottom-line performance was impacted by non-recurring items, primarily the provisioning necessitated by the implementation of the new labour codes notified in November 2025, which required the Company to create an exceptional provision towards gratuity and leave encashment. In addition, the accounting impact arising from the merger completed in Q1 FY26 further affected profitability. As a result, the PAT margin of the group moderated to 1.48 per cent in FY2026, compared with 3.27 per cent in FY2025. Acuite believes, the revenues of the group would improve steadily in the medium to long term, however, the improvement in profitability margins would remain as a key rating monitorable.

Healthy financial risk profile
The groups financial risk profile is healthy, marked by high net worth, low gearing ratio and comfortable debt protection metrics. The net worth of the group increased and stood at Rs. 231.12 Cr. as on March 31, 2026, against Rs.224.39 Cr. as on March 31, 2025, majorly due to accretion of profits to reserves. The share capital increased by Rs. 0.07 Cr. as on March 31, 2026, pursuant to the allotment of 1,40,663 ESOPs by the Company, which also resulted in a securities premium of Rs. 0.82 Cr. during the same period. The total debt stood at Rs. 85.81 Cr. as on March 31, 2026, against Rs. 87.55 Cr. as on March 31, 2025. The debt-to-equity ratio remained low and stood at 0.37 times as on 31 March 2026 as against 0.39 times as on 31 March 2025. TOL/TNW (Total outside liabilities/Total net worth) stood at 1.03 times as on 31 March 2026 against 0.96 times in the previous year. The group has comfortable debt protection metrics with Interest coverage ratio (ICR) and debt service coverage ratio (DSCR) at 4.96 times and 2.20 times respectively in FY2026 as against 5.00 and 1.74 times respectively in the previous year. Acuite believes, the financial risk profile of the group would remain in the similar lines in the near to medium term on account of absence of any major debt funded capex plans.

Weaknesses

Moderately Intensive Working Capital Operations
The group’s working capital operations remained moderately intensive with gross current asset (GCA) days increasing to 166 days as on March 31, 2026, compared to 143 days as on March 31, 2025. The elongation is primarily on account of a higher cash and bank balance of ~Rs. 22 Cr. as on March 31, 2026. The debtor days stood at 92 days as on March 31, 2026, as against 83 days as on 31st March 2025. The inventory days stood at 44 days as on March 31, 2026, as against 41 days as on March 2025. The creditors days are elevated and stood at 107 days as on March 31, 2026, as against 93 days as on March 31, 2025. Further, the working capital limits (BL on standalone basis) have moderately utilized at around 71.87 percent in the last 12 months ending March 2026. Acuite believes that working capital operations continue to remain moderately intensive considering the nature of business.

Exposure to intense competition and cyclicality in the end user industries
The group continues to face stiff competition from domestic players in the standardised machinery segment and from imports in case of high value-added Specialised and customised products, which limit its pricing flexibility and margins to an extent. Further, the company’s margins remain susceptible to fluctuations in raw material price as its orders are fixed price in nature. Its major raw materials include steel and steel components. Also, any volatility in the end user industries or any changes in the capital expenditure plans likely to impact the group’s operating performance to an extent.

Rating Sensitivities

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

Significant scaling up of operations with consistent growth in revenues and profitability at consolidated as well as at standalone level.
Improvement in financial risk profile
Improvement in working capital management with GCA below 120 days on a sustained basis

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

Significant decline in revenue and profitability
Deterioration in the financial risk profile on the back of any unexpected debt funded capex or DSCR below 1.50 times
Elongation in the working capital cycle exerting pressure on liquidity

Liquidity Position

Adequate

The liquidity position of the group remains adequate marked by sufficient generation of net cash accruals to its maturing debt obligations. The group has generated cash accruals in the range of Rs.12.79 Cr. during year ending March 31, 2026, as against its debt obligations of Rs. 6.23 Cr. for the same period. Going forward, the group is expected to generate sufficient net cash accruals of ~Rs. 20-22 Cr. in FY2027- 2028 as against repayment obligations of Rs. 2-2.5 Cr. The current ratio stood at 1.44 times and cash and bank balance stood at Rs. 22.03 Cr. as on March 31, 2026. Further, the working capital limits have moderately utilized at around 71.87 percent (Standalone) in the last 12 months ending March 2026. Acuite believes that going forward the liquidity position of the group will remain adequate owing to steady cash accruals.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	440.43	412.94
PAT	Rs. Cr.	6.54	13.49
PAT Margin	(%)	1.48	3.27
Total Debt/Tangible Net Worth	Times	0.37	0.39
PBDIT/Interest	Times	4.96	5.00

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

Not Applicable

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
• 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

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
17 Mar 2025	Bank Guarantee (BLR)	Short Term	1.40	ACUITE A3 (Upgraded from ACUITE A4+)
	Letter of Credit	Short Term	15.60	ACUITE A3 (Upgraded from ACUITE A4+)
	Letter of Credit	Short Term	11.15	ACUITE A3 (Upgraded from ACUITE A4+)
	Cash Credit	Long Term	7.50	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
	Cash Credit	Long Term	0.60	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
	Cash Credit	Long Term	2.85	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
	Proposed Long Term Bank Facility	Long Term	11.50	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
	Cash Credit	Long Term	1.90	ACUITE BBB- \| Stable (Upgraded from ACUITE BB \| Stable)
18 Dec 2023	Letter of Credit	Short Term	15.60	ACUITE A4+ (Upgraded from ACUITE A4)
	Letter of Credit	Short Term	11.90	ACUITE A4+ (Upgraded from ACUITE A4)
	Letter of Credit	Short Term	5.00	ACUITE A4+ (Upgraded from ACUITE A4)
	Cash Credit	Long Term	7.50	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	3.00	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	2.50	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	5.00	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	0.60	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	1.40	ACUITE BB \| Stable (Upgraded from ACUITE B+ \| Stable)
03 Apr 2023	Letter of Credit	Short Term	15.60	ACUITE A4 (Assigned)
	Letter of Credit	Short Term	11.90	ACUITE A4 (Assigned)
	Letter of Credit	Short Term	5.00	ACUITE A4 (Assigned)
	Cash Credit	Long Term	7.50	ACUITE B+ \| Stable (Assigned)
	Cash Credit	Long Term	3.00	ACUITE B+ \| Stable (Assigned)
	Cash Credit	Long Term	2.50	ACUITE B+ \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE B+ \| Stable (Assigned)
	Cash Credit	Long Term	0.60	ACUITE B+ \| Stable (Assigned)
	Cash Credit	Long Term	1.40	ACUITE B+ \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Canara Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.40	Simple	ACUITE A3 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.50	Simple	ACUITE A3 \| Assigned
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.85	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.60	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.50	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.90	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.15	Simple	ACUITE A3 \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.60	Simple	ACUITE A3 \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.50	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.75	Simple	ACUITE A3 \| Assigned
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	05 Feb 2026	Not avl. / Not appl.	31 Mar 2035	3.75	Simple	ACUITE BBB- \| Stable \| Assigned

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

Sr. No.	Company name
1	Batliboi Limited
2	Quickmill Inc. – Canada
3	760 Rye Street Inc. – Canada
4	Bioconserve Renewables Envirotech Pvt Ltd (W.E.F 8th April 2025)

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nidhi Gala
Associate 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

¹Includes 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.
³The 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.