Press Release

Press Release

July 06, 2026

SIYARAM GRANITO 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	58.82	ACUITE BBB- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	6.25	-	ACUITE A3 \| Reaffirmed	RBI
Total Outstanding	0.00	65.07	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 the long-term rating of 'ACUITE BBB-' (read as ACUITE triple B Minus) and the short term rating of ‘ACUITE A3’ (read as ACUITE A three) on the Rs.65.07 crore bank facilities of Siyaram Granito Private Limited (SGPL). The outlook is ‘Stable’.

Rationale for rating
The rating takes into account the company’s improved operating income, which stood at Rs. 209.29 Cr. in FY2026 (Prov.) as against Rs. 162.92 Cr. in FY2025 driven by the increase in sales volume of ceramic vitrified tiles and improved price realizations. Further, the rating also factors in the moderate financial risk profile of the company as demonstrated by modest net worth, gearing below unity, and moderate debt protection metrics. The liquidity position is adequate, supported by sufficient net cash accruals against repayment obligations, a moderate current ratio, and the absence of any debt-funded capex plans in the near to medium term. However, the abovementioned strengths are partly offset by the moderately intensive working capital operations marked by GCA days of 156 days as on 31st March 2026 (Prov.), susceptibility of margins due to volatility in raw material prices as reflected by EBITDA margin, which stood at 6.85% in FY2026 (Prov.) as against 9.44% in FY2025 and the same will remain a key rating sensitivity. Acuite notes that the rating remains constrained by the presence of a highly competitive and fragmented nature of industry.

About the Company

Incorporated in 2014, Gujrat based, Siyaram Granito Private Limited is engaged in the manufacturing and trading of ceramic vitrified tiles with nano-polish technology. The current directors of the company are Mr. Jayprakash Nathalal Bavarva, Mr. Chirag Manubhai Ujariya, Mr. Jayesh Thakarshibhai Varsda and Mr. Devendra Bhudarbhai Barasara.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone financial and business risk profiles of Siyaram Granito Private Limited (SGPL) to arrive at the rating.

Key Rating Drivers

Strengths

Experienced Management and Established track record of operations
SGPL has been engaged in the manufacturing and trading of vitrified tiles since 2014. The company caters to domestic as well as export markets, including Taiwan, U.A.E., Nepal, Indonesia, among others. Currently the company is managed by Mr. Jayprakash Nathalal Bavarva, Mr. Chirag Manubhai Ujariya, Mr. Jayesh Thakarshibhai Varsda and Mr. Devendra Bhudarbhai Barasara who have an experience of about more than a decade in the ceramic tile industry. This benefited the company in building established relationships with customers and suppliers. Acuite believes that the company will continue to derive benefit from the established track record of operations and experienced management’s strong understanding of market dynamics.

Increase in revenue, albeit decrease in operating margins
The operating income of the company increased by 28.34% and stood at Rs.209.29 Cr. in FY2026 (Prov.) as against Rs.162.92 Cr. in FY2025. This is driven by the increase in sales volume of ceramic vitrified tiles along with improved price realizations in FY2026 (Prov.) thereby reflecting improved demand traction amidst a competitive ceramic tile industry. Despite the increase in sales volume, the EBITDA margin of the company moderated and stood at 6.85% in FY2026 (Prov.) against 9.44% in FY2025 on account of a significant surge in raw material procurement costs in FY2026 (Prov.) as compared to the previous year. Additionally, increase in operating expenses during the year also moderated margins to an extent. Likewise, the PAT margin stood at 1.10% in FY2026 (Prov.) against 1.18% in FY2025. Going forward, the company is expected to maintain its topline in the near to medium term supported by the execution of orders. However, the ability of the company to improve its profitability margins while scaling up its operations will remain a key rating sensitivity.

Moderate Financial Risk Profile
The financial risk profile of the company is moderate, marked by a modest net worth, gearing below unity, and moderate debt protection metrics. The tangible net worth of the company stood at Rs. 53.26 Cr. as on 31st March 2026 (Prov.) as against Rs. 55.74 Cr. as on 31st March 2025 due to the partial withdrawal of unsecured loans from directors/ promoters treated as quasi-equity. This primarily reflects a change in funding composition rather than any weakening of the company's underlying financial profile. The company continues to benefit from directors/ promoters support through outstanding subordinated unsecured loans retained in the business. The capital structure is marked by gearing ratio, which stood at 0.84 times as on 31st March 2026 (Prov.) against 0.91 times as on 31st March 2025. Further, the coverage indicators reflected by the interest coverage ratio and debt service coverage ratio stood at 3.40 times and 1.60 times, respectively, as on 31st March 2026 (Prov.). The DEBT-EBITDA stood at 3.11 times as on 31st March 2026 (Prov.) against 3.18 times as on 31st March 2025. Acuité expects the financial risk profile of the company to remain moderate with no debt-funded capex plans in the near to medium term.

Weaknesses

Moderately Intensive Working capital operations
The working capital operations of the company improved yet remained moderately intensive, marked by GCA days, which stood at 156 days as on 31st March 2026 (Prov.) as against 193 days as on 31st March 2025 wherein the company extends moderate credit to its customers and maintains adequate inventory as and when required for order execution. The inventory days stood at 37 days as on 31st March 2026 (Prov.). Further, the debtor days of the company stood at 118 days as on 31st March 2026 (Prov.) against 117 days as on 31st March 2025 and the creditor days stood at 99 days as on 31st March 2026 (Prov.) against 113 days as on 31st March 2025. Acuite expects the working capital operations of the company to remain in a similar range in the near to medium term owing to the nature of operations.

Highly competitive industry and susceptibility of margins to fluctuations in raw material prices
The company remains exposed to the inherent challenges of operating in a highly competitive ceramic tile processing industry, where the presence of numerous organized and unorganized players limits pricing power and often compresses operating margins. In this environment, sustaining differentiation becomes difficult, especially as customer preferences are price-sensitive and market cycles can shift quickly. Further, the company’s profitability is susceptible to volatility in raw material prices. Going forward, in case of any further sharp raw material cost fluctuations, the ability of the company to sustain its operating profitability and pass on cost escalations to customers will remain key rating monitorable factors.

Rating Sensitivities

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

Consistent growth in operating income by more than 30%.
Significant improvement in the operating profitability position.
Improvement in capital structure and debt protection metrics.

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

Decline in revenue y-o-y and/or operating profitability margins below 5%.
Stretch in the working capital operations.
Deterioration in the financial risk profile owing to any large debt-funded capex.

Liquidity Position

Adequate

The liquidity profile of the company is adequate, marked by net cash accruals of Rs.9.45 Cr. as on 31st March 2026 (Prov.) against the debt repayment obligations of Rs.4.30 Cr. in the same period. Additionally, the cash and bank balance stood at Rs. 0.11 Cr. as on 31st March 2026 (Prov.) against Rs. 0.07 Cr. as on 31st March 2025. The current ratio stood at 1.34 times as on 31st March 2026 (Prov.). Further, the fund-based and non-fund based limits stood utilized at 95.13% and 97.25% in last six months ending April 2026. Acuité expects the liquidity profile of the company to remain adequate in the near to medium term, supported by sufficient accruals to debt repayment obligations, moderate current ratio and the absence of any debt-funded capex plans in the near to medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	209.29	162.92
PAT	Rs. Cr.	2.31	1.93
PAT Margin	(%)	1.10	1.18
Total Debt/Tangible Net Worth	Times	0.84	0.91
PBDIT/Interest	Times	3.40	3.21

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
• 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

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
07 May 2025	Bank Guarantee (BLR)	Short Term	6.25	ACUITE A3 (Reaffirmed)
	Term Loan	Long Term	17.25	ACUITE BBB- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.57	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	35.00	ACUITE BBB- \| Stable (Reaffirmed)
	Channel/Dealer/Vendor Financing	Long Term	5.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	2.93	ACUITE Not Applicable (Withdrawn)
23 Feb 2024	Bank Guarantee (BLR)	Short Term	6.25	ACUITE A3 (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	4.77	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	19.97	ACUITE BBB- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	2.01	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
05 Jul 2023	Bank Guarantee (BLR)	Short Term	6.25	ACUITE A3 (Assigned)
	Proposed Long Term Bank Facility	Long Term	1.38	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	22.09	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	1.27	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	2.01	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	25.00	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.	6.25	Simple	ACUITE A3 \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Channel/Dealer/Vendor Financing	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB- \| Stable \| 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.	2.23	Simple	ACUITE BBB- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Aug 2021	Not avl. / Not appl.	31 Jul 2029	9.69	Simple	ACUITE BBB- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	18 Jun 2026	Not avl. / Not appl.	30 Jun 2031	6.90	Simple	ACUITE BBB- \| Stable \| Reaffirmed

Note: Working Capital Term Loan Facility amounting to Rs. 6.90 Cr. pertains to the Emergency Credit Line Guarantee Scheme (ECLGS 5.0).

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
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.