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| Product | Quantum (Rs. Cr) (SEBI) | Quantum (Rs. Cr) (Other FSR) | Long Term Rating | Short Term Rating | Regulated By |
| Bank Loan Ratings | 0.00 | 14.30 | ACUITE BBB+ | Stable | Assigned | - | RBI |
| Bank Loan Ratings | 0.00 | 64.70 | - | ACUITE A2 | Assigned | RBI |
| Total Outstanding | 0.00 | 79.00 | - | - | - |
| Total Withdrawn | 0.00 | 0.00 | - | - | - |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. |
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Rating Rationale |
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Acuite has assigned its long-term rating of ‘ACUITE BBB+' (read as ACUITE triple B plus) and its short-term rating of ‘ACUITE A2' (read as ACUITE A two) on Rs 79.00 Cr. bank facilities of Bhanwariya Infra Projects Private Limited (BIPPL).The outlook is 'Stable'.
Rationale for rating The rating assigned factors in the continuous augmentation in the scale of operations over the past three years, supported by a healthy order book position and stable profitability margins. The rating also derives comfort from BIPPL’s moderate financial risk profile, adequate liquidity position, experienced management, and long operational track record. However, the rating is constrained by the moderately working capital-intensive nature of operations, high geographical concentration in the order book, and the inherent risks associated with the tender-based nature of business amid intense competition in the construction industry. |
| About the Company |
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Bhanwariya Infra Projects Private Limited (BIPPL) was originally incorporated as M/s Bhawariya Construction (Proprietorship firm) on July 01, 1999. In 2017, the constitution of the firm was converted into a private limited company under the name Bhanwariya Infra Projects Private Limited. The company operates as an EPC contractor in infrastructure and utility services, undertaking projects across power transmission and distribution, rural electrification, and substation works. The operations of the company are managed promoters and directors, namely Mr. Jai Narayan Bhanwariya, Mr. Somesh Bhanwariya, Mr. Kirtesh Bhanwariya, and Mr. Rameshwar Prasad Chaudhary.
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| Unsupported Rating |
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Not applicable
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| Analytical Approach |
| Acuité has considered standalone business and financial risk profile of BIPPL to arrive at the rating. |
| Key Rating Drivers |
| Strengths |
| Experienced management with established track of operations and reputed clientele base
BIPPL is promoted by Mr. Jai Narayan Bhanwariya, who has over two decades of experience in executing construction and infrastructure turnkey projects, particularly in power transmission and distribution. The promoters’ experience has helped the company establish a strong presence in western India, especially in EPC projects for power distribution, with an established client base including government entities such as the Rajasthan State Electricity Board. BIPPL is registered as an ‘AA’ class civil contractor with JDA and an ‘E1’ class electrical contractor with the Electricity Board of Rajasthan, reflecting its execution capabilities. Acuite believes that the experienced management, established track record, and longstanding government client relationships will continue to support BIPPL’s business profile over the medium term. Augmentation in scale of operations supported by a healthy outstanding orderbook BIPPL has witnessed steady growth in its scale of operations, with operating income increasing by ~18% to Rs. 305.08 Cr. in FY2026 (Prov.) from Rs. 257.82 Cr. in FY2025 (Rs 181.87 Cr. in FY2024), supported by timely execution of projects and repeat order inflows. The company further recorded revenue of ~Rs. 100.21 Cr. in Q1FY2027 as against Rs. 50.33 Cr. in Q1FY2026. BIPPL has a healthy unexecuted order book of Rs. 1,474.83 Cr. as on May 31, 2026, executable over the next 12–36 months, providing strong revenue visibility. The order book, which is mainly from government entities through direct tendering, is at ~4.83 times of FY2026 (Prov.) operating income. The company’s operating margin remained stable at 11.29% in FY2026 (Prov.) (11.19% in FY2025), while PAT margin improved to 5.58% from 4.00%. Acuite believes that BIPPL’s ability to scale up operations while sustaining healthy profitability will remain a key monitorable. Moderate financial risk profile The company’s financial risk profile remains moderate, supported by improving net worth, comfortable leverage levels, and adequate debt protection metrics. The tangible net worth increased to Rs. 77.55 Cr. as on M;arch 31, 2026 (Prov.), from Rs. 58.24 Cr. as on March 31, 2025, primarily driven by accretion of profits to reserves and augmentation of the quasi-equity component towards capex funding. The company’s total debt increased to Rs. 68.98 Cr. in FY2026 (Prov.), from Rs. 57.71 Cr. in FY2025, mainly due to higher working capital borrowings to support the scale-up in operations. Despite the increase in debt levels, the gearing improved to 0.89 times as on March 31, 2026 (Prov.), from 0.99 times as on March 31, 2025. Further, the Total Outside Liabilities to Tangible Net Worth (TOL/TNW) ratio improved to 1.58 times as on March 31, 2026, compared to 2.00 times as on March 31, 2025. The debt protection metrics remained adequate, marked by an Interest Coverage Ratio (ICR) of 4.44 times and a debt service coverage ratio (DSCR) of 1.23 times in FY2026 (Prov.), reflecting sufficient cash accruals relative to debt obligations. Acuité believes that the company’s financial risk profile is likely to remain moderate over the medium term, supported by moderate leverage indicators. However, any significant increase in debt levels or weakening in cash accruals, thereby impacting the financial risk profile, will remain a key rating monitorable. |
| Weaknesses |
| Moderately Intensive working capital management
The company’s working capital management remains moderately intensive, as reflected by gross current assets (GCA) of 163 days in FY2026 (Prov.), though improved from 192 days in FY2025. The high GCA days is on account of significant portion remaining locked in other current assets (mainly mobilisation deposit) despite comfortable inventory and receivables levels. Inventory holding stood at 14 days in FY2026 (Prov.) (9 days in FY2025), while debtor days improved to 38 days from 76 days over the same period. Geographic concentration risk BIPPL’s operations remain largely concentrated in the state of Rajasthan, exposing the company to significant geographic concentration risk. Although the company has initiated expansion into other states such as Chhattisgarh, Odisha, and Goa, a substantial portion of its revenue continues to be derived from Rajasthan. Risk associated with tender based nature of order BIPPL’s revenue profile is inherently dependent on its ability to secure orders through competitive tendering, as most of its projects are tender based. The company primarily undertakes projects in the transmission and distribution (T&D) segment, with key clients including rural electrification agencies and Indian railways. The tender-driven nature of operations exposes the company to intense competition from established large players as well as numerous regional and unorganised contractors. |
Rating Sensitivities
| Potential triggers (individual or collective) for an upward rating action: |
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| Potential triggers (individual or collective) for a downward rating action: |
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| Liquidity Position |
| Adequate |
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The liquidity position remains adequate supported by sufficient net cash accruals and comfortable coverage indicators. The company generated net cash accruals of Rs 22.43 Cr as on March 31, 2026(Prov.) as against long term debt repayment of Rs. 16.80 Cr over the same period. Over the medium term, the company is expected to generate annual cash accruals in the range of Rs. 35-45 Cr, which are expected to remain sufficient to meet its modest debt repayment obligations of Rs. 4-6 Cr annually. Further liquidity comfort is derived from the company's cash and bank balance of Rs. 9.70 Cr as on March 31, 2026 (Prov.). The current ratio stood moderate at 1.26 times as on March 31, 2026 (Prov.), primarily owing to elevated creditor levels, including retention money payable. The company's working capital utilization also remained moderate, with average fund-based bank limit utilization at 74.36% and non-fund-based bank limit utilization at 82.09% during the eight-month period ended with May 2026.
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| Outlook-Stable |
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| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 26 (Provisional) | FY 25 (Actual) |
| Operating Income | Rs. Cr. | 305.08 | 257.82 |
| PAT | Rs. Cr. | 17.02 | 10.31 |
| PAT Margin | (%) | 5.58 | 4.00 |
| Total Debt/Tangible Net Worth | Times | 0.89 | 0.99 |
| PBDIT/Interest | Times | 4.44 | 3.86 |
| Status of non-cooperation with previous CRA (if applicable) |
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None
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| Any other information |
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None
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| Applicable Criteria |
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• 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 |
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| 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. |
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Contacts |
List of instruments and names of regulators of the instruments |
