Press Release

Press Release

June 29, 2026

KRAM INFRACON PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	133.57	ACUITE BBB+ \| Negative \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	166.75	-	ACUITE A2 \| Reaffirmed	RBI
Total Outstanding	0.00	300.32	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 the long term rating of ‘ACUITE BBB+' (read as ACUITE triple B plus) and the short term rating of 'ACUITE A2' (read as ACUITE A two) on the Rs 300.32 crore bank facilities of Kram Infracon Private Limited. The outlook is revised to ‘Negative’ from ‘Stable’.

Rationale for Rating
The outlook revision reflects moderation in the company’s operating performance, as indicated by a decline in operating income to Rs. 324.55 Cr. in FY26 (est.) from Rs. 431.30 Cr. in FY25 and Rs. 430.86 Cr. in FY24. The company has an unexecuted order book of Rs. 706.25 crore, equivalent to 2.18 times its FY26 (est.) operating income, providing medium-term revenue visibility. However, the moderation in performance is primarily on account of delays in execution of existing projects due to issues at the government department level. Further, the company has not received any significant new orders since H2FY25 through FY26, which has impacted topline growth. Nevertheless, profitability has improved, with operating margin increasing to 7.01% in FY26 (est.) from 4.07% in FY25 and PAT margin improving to 3.43% from 2.34% over the same period, primarily supported by lower subcontracting expenses. The rating continues to derive comfort from the company’s healthy financial risk profile, adequate liquidity position, and the extensive experience of its promoters in the infrastructure segment. However, timely execution of the existing order book remains a key monitorable. The rating is further constrained by the company’s intensive working capital cycle and susceptibility to volatility in raw material prices.

About the Company

Kram Infracon Private Limited (KIPL) was incorporated in February 2016, by Mr. Rahul Kumar and Mr. Sachin Gaur. It is registered in Noida (UP). The company is engaged in construction of roads, highways, bridges, irrigation, and other infrastructure projects. In addition to this, the KIPL also provides consultancy and advisory services in the fields of engineering and constructions services to other entities. The present directors are Mr. Himanshu Kant, Mr. Navin Kumar Mittal, and Mr. Deepesh Kumar Sharma.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of Kram Infracon Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Experienced Management
KIPL is promoted and managed by Mr. Navin Kumar Mittal, Mr. Deepesh Kumar Sharma and Mr. Himanshu Kant, who have around two decades of experience in the civil construction industry. They are actively involved in managing the day-to-day affairs of the company along with the support of qualified and experienced professionals. Acuite believes that the benefits of the promoters experience is expected to continue to be available to the company.

Healthy financial risk profile
The company’s financial risk profile remains healthy, supported by a comfortable net worth of Rs. 128.29 Cr. as on March 31, 2025, compared to Rs. 118.29 Cr. as on March 31, 2024. The capital structure continues to be comfortable, with a gearing ratio of 0.33 times as on March 31, 2025, albeit moderated from 0.14 times as on March 31, 2024, primarily due to higher utilisation of fund-based working capital limits and incremental debt availed towards capital expenditure. During FY25 and FY26, the company has undertaken regular capital expenditure on machinery and equipment, funded through a mix of internal accruals and external debt. The debt protection metrics, though moderated, remain at comfortable levels, as reflected by interest coverage and debt service coverage ratios of 3.89 times and 2.45 times, respectively, as on March 31, 2025, compared to 5.90 times and 3.09 times, respectively, as on March 31, 2024. The TOL/TNW ratio stood at 2.41 times as on March 31, 2025, against 1.34 times as on March 31, 2024. Acuité believes that the company’s financial risk profile will continue to remain healthy over the near to medium term, supported by its comfortable capital structure and limited debt-funded capital expenditure towards machinery and equipment.

Weaknesses

Decline in scale of operations, albeit improvement in profitability
The company witnessed moderation in scale of operations, decline in operating income to Rs. 324.55 Cr. in FY26 (est.) from Rs. 431.30 Cr. in FY25 and Rs. 430.86 Cr. in FY24. The company has an unexecuted order book of Rs. 706.25 Cr., equivalent to 2.18 times its FY26 (est.) operating income, providing medium-term revenue visibility. However, the moderation in performance is primarily on account of delays in execution of existing projects due to issues at the government department level. Further, the company has not received any significant new orders since H2FY25 through FY26, which has impacted topline growth. Nevertheless, profitability has improved, with operating margin increasing to 7.01% in FY26 (est.) from 4.07% in FY25 and PAT margin improving to 3.43% from 2.34% over the same period, primarily supported by lower subcontracting expenses. Acuité believes that going forward the company’s ability to ramp up operations along with improvement in profitability will remain a key monitorable.

Intensive working capital operations
The company’s working capital operations remain intensive, as reflected by gross current asset (GCA) days of 276 days as on March 31, 2025, compared to 152 days as on March 31, 2024. The elongation in the working capital cycle is primarily on account of higher receivable days, which stood at 94 days in FY25 against 38 days in FY24. This was mainly due to the concentration of revenue recognition, with around 59% of total revenue booked in Q4FY25. Additionally, an increase in unbilled revenue to Rs. 119.50 Cr. in FY25 from Rs. 28.66 Cr. in FY24. However, inventory days moderated to 17 days in FY25 from 34 days in FY24. Acuité believes that the company’s working capital operations will continue to remain intensive over the near to medium term, owing to the inherent nature of the business and exposure to government contracts.

Highly competitive industry marked by tender-based nature of business
The company’s performance is susceptible to the tender-based nature of business, where the business depends on the ability to bid for contracts successfully. Risk becomes more pronounced as tendering is based on the minimum amount of bidding of contracts.

Rating Sensitivities

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

Growth in the scale of operations by 50% with improving profitability margins.
Timely execution of order book and bagging new orders.

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

Reduction in OB/OI below 1.5 times
Any elongation in working capital management.
The company’s failure to secure new orders in FY27 and further delays in execution of the existing order book.

Liquidity Position

Adequate

The company’s liquidity position is adequate, supported by healthy net cash accruals of Rs. 12.14 Cr. in FY25 against debt repayment obligations of Rs. 1.83 Cr. during the same period. Liquidity is further supported by a cash and bank balance of Rs. 3.43 Cr., along with unencumbered fixed deposits of Rs. 23.30 Cr. and investments in mutual funds amounting to Rs. 3.20 Cr. as on March 31, 2025. The current ratio stood at 1.16 times as on March 31, 2025. The average utilisation of fund-based working capital limits remained moderate at around 72.01% during the six-month period ended April 2026. Acuité believes that the company’s liquidity will continue to remain adequate over the near to medium term, supported by steady cash accruals and limited reliance on debt-funded capital expenditure.

Outlook: Negative

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	431.30	430.86
PAT	Rs. Cr.	10.10	19.05
PAT Margin	(%)	2.34	4.42
Total Debt/Tangible Net Worth	Times	0.33	0.14
PBDIT/Interest	Times	3.89	5.90

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
01 Apr 2025	Bank Guarantee (BLR)	Short Term	31.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	19.00	ACUITE A2 (Reaffirmed)
	Letter of Credit	Short Term	12.50	ACUITE A2 (Reaffirmed)
	Bills Discounting	Short Term	25.00	ACUITE A2 (Assigned)
	Bills Discounting	Short Term	10.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A2 (Reaffirmed)
	Bills Discounting	Short Term	12.50	ACUITE A2 (Assigned)
	Proposed Bank Guarantee	Short Term	21.68	ACUITE A2 (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	33.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	38.00	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	15.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	14.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	3.14	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	9.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	9.00	ACUITE BBB+ \| Stable (Assigned)
19 Nov 2024	Bank Guarantee (BLR)	Short Term	19.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	12.50	ACUITE A2 (Upgraded from ACUITE A3+)
	Letter of Credit	Short Term	7.50	ACUITE A2 (Upgraded from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A2 (Upgraded from ACUITE A3+)
	Cash Credit	Long Term	6.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	9.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Bank Guarantee (BLR)	Long Term	32.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	5.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Bank Guarantee (BLR)	Long Term	14.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
04 Mar 2024	Letter of Credit	Short Term	7.50	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A3+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	50.50	ACUITE A3+ (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	20.00	ACUITE BBB \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	12.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Assigned)
	Bank Guarantee (BLR)	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.50	ACUITE BBB \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	5.50	ACUITE BBB \| Stable (Assigned)
28 Sep 2023	Letter of Credit	Short Term	7.50	ACUITE A3+ (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Long Term	20.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.50	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Assigned)
	Bank Guarantee (BLR)	Long Term	10.00	ACUITE BBB \| 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
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.	71.75	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative
UCO BANK	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative
Punjab and Sind Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	56.75	Simple	ACUITE A2 \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	31.50	Simple	ACUITE A2 \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	31.00	Simple	ACUITE A2 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Bills Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.50	Simple	ACUITE A2 \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Bills Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A2 \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Bills Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A2 \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.00	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.00	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.75	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative
Punjab and Sind Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.25	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative
UCO BANK	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.82	Simple	ACUITE BBB+ \| Negative \| Reaffirmed \| Stable to Negative

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Siddharth Garg
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.