Press Release July 22, 2026 RAJ INFRASTRUCTURE DEVELOPMENT INDIA 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	94.00	ACUITE BBB+ | Stable | Reaffirmed	-	RBI
Bank Loan Ratings	0.00	165.00	-	ACUITE A2 | Reaffirmed	RBI
Total Outstanding	0.00	259.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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.

Rating Rationale

­Acuité has reaffirmed its 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.259.00 Cr. bank facilities of Raj Infrastructure Development India Private Limited (RIDIPL). The outlook is ‘Stable’.   Rationale for reaffirmation The rating reaffirmation factors in the consistent improvement in the company’s scale of operations and healthy order book position. The rating further draws comfort from the company’s established track record and extensive experience of the promoters in the civil construction industry, healthy financial risk profile and adequate liquidity position. However, the rating remains constrained by intensive working capital operations, intense competition, susceptibility of operating margin to volatility in input  prices and labour charges, geographical concentration risk as RIDIPL mostly operates in Maharashtra and risk associated with tender based nature of operations.

About the Company

Raj Infrastructure Development India Private Limited (RIDIPL), was incorporated in 1996 and is headquartered in Pune, Maharashtra. The company is engaged in construction of Highways and Bridges, executing Irrigation Projects, Land Development, Industrial Construction, Residential Construction, Public Private Projects. The Directors of the company are Mr. Ram Udaysing Nimbalkar, Ms. Rutuja Ram Nimbalkar and Mr. Adhiraj Ram Nimbalkar. The company’s clientele includes various government entities and several other corporations. The current directors of the company are Mr. Ram Udaysing Nimbalkar, Ms. Rutuja Ram Nimbalkar and Mr. Adhiraj Ram Nimbalkar.

Unsupported Rating

­­Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of Raj Infrastructure Development India Private Limited (RIDIPL) to arrive at the rating.

Key Rating Drivers

Strengths

­Experienced management and established track record of operations The company is managed by Mr. Ram Nimbalkar, Director, along with Ms. Rutuja Ram Nimbalkar, Mr. Adhiraj Ram Nimbalkar and a team of experienced professionals. The directors possess over two decades of experience in the civil construction industry. Over the years, the company has established an operational track record through the successful execution of projects for various government departments and government agencies across road and irrigation infrastructure segments. The company’s longstanding presence in the industry has enabled it to establish established relationships with customers and suppliers, supporting the execution of projects. Acuité believes that the extensive experience of the promoters and the company’s established track record of operations will continue to the business risk profile of the company. Improved operating performance supported by healthy order book position During FY26(Prov.), the company reported revenue of Rs. 453.66 Cr. as against to Rs. 392.17 Cr. in FY25, registering a growth of ~16 per cent. The growth was primarily supported by steady execution of projects from the existing order book across road and irrigation infrastructure segments. Operating profitability improved during FY26(Prov.), with EBITDA increasing to Rs. 104.58 Cr. in FY26(Prov.) (FY25: Rs. 85.25 Cr.). Consequently, the EDITDA margin improved to 23.05 per cent in FY26(Prov.) (FY25: 21.74 per cent). The improvement was primarily supported by a favourable project execution mix during the year. PAT margin remained stable at ~14.16 per cent in FY26(Prov.) (FY25: 14.17 per cent). As of June 2026, the unexecuted order book stood at Rs. 1392.64 Cr., comprising projects awarded by various government departments and government agencies, providing revenue visibility over the medium term. The management has indicated FY27 revenue target of Rs. 500-550 Cr., supported by execution of the existing order book and expected order inflows. Acuité believes that RIDIPLs operating performance would remain comfortable over the medium term backed by its healthy order book position. Healthy financial risk profile RIDIPL’s financial risk profile continues to remain healthy, marked by healthy net worth, low gearing and comfortable debt protection metrics. The company’s net worth increased to Rs. 386.07 Cr. as on March 31, 2026 (Prov.) (As on March 31, 2025: Rs. 320.45 Cr.), primarily on account of retention of profits. The gearing increased marginally however remained low at 0.24 times as on March 31, 2026(Prov.) (March 31,2025: 0.11 times), despite the increase in debt levels towards funding of capital expenditure during the year. The debt protection metrics deteriorated marginally however remained comfortable, with interest coverage ratio (ICR) at 13.00 times in FY2026(Prov.) (FY 25: 16.94 times), the debt service coverage ratio (DSCR) stood at 3.20 times in FY 2026(Prov.) (FY25: 5.37 times). The Total outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 0.57 times in FY 2026(Prov.) (FY25: 0.49 times), while the Net Cash Accruals to Total Debt (NCA/TD) stood at 0.85 times in FY 2026(Prov.) (FY25: 1.86 times). Debt to EBITDA stood at 0.85 times in FY2026(Prov.) (FY 25: 0.40 times). During FY25 and FY26(Prov.), the company incurred capital expenditure of Rs. 37 Cr. each year, primarily towards the acquisition of construction equipment, plant and machinery and commercial vehicles for its execution capabilities. The capex was funded through term loan facilities, with the balance financed through internal accruals. Acuité believes that the financial risk profile of the company is likely to remain healthy on account of expected steady net cash accruals and absence of any significant debt-funded capex over the near term.

Weaknesses

Intensive working capital operations The company’s working capital operations remained intensive, with Gross Current Asset (GCA) increasing to 340 days in FY26(Prov.) (FY25: 278 days). The increase is primarily driven by higher inventory levels and other current assets. The inventory days increased to 169 days in FY26(Prov.) (FY25: 58 days), mainly on account of higher contract work-in-progress relating to ongoing projects. The debtor collection period stood at 71 days in FY26(Prov.) (FY25: 67 days), broadly in line with the company’s normal collection cycle. The creditor payment period reduced to 47 days in FY26(Prov.) (FY25: 73 days). Further, the average utilisation of consolidated fund-based and non fund-based limits remained moderate at around 63.88 per cent and 82.86 per cent over the 12 months ended March 2026. Acuité believes that the company’s working capital operations are expected to remain intensive owing to the nature of its business. ­Competitive construction industry, and tender-based nature of operations Although the company has a long-standing presence of more than 20 years in the industry, as almost all its sales are tender based, the revenue depends on the company's ability to bid successfully for tenders. RIDIPL specialises in civil works related to construction of roads and irrigation projects, primarily for various government departments and government agencies. The company faces competition from large players, as well as many local and small unorganised players, adversely affecting the profitability. Currently all their projects are situated in Maharashtra. This increases the geographical concentration risk significantly. Nonetheless, the company is bidding for projects in new territories which is expected to mitigate the geographic concentration risk to some extent.   Susceptibility of operating margin to volatility in input material prices and labour charges The basic input materials for execution of construction projects and works contracts are steel, stone chips, cement, and structures etc. The prices of which are highly volatile. However, currently government agencies’ work contracts have price escalation clause which mitigate price volatility risk to some extent. Furthermore, the operating margin of the company is exposed to sudden spurt in the input material prices along with increase in labour prices being in labour intensive industry.

Rating Sensitivities

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

Significant Improvement in revenues and profitability. Timely execution of orders and securing new sizeable orders. Sustenance of healthy financial risk profile. Improvement in working capital management with GCA days below 180 days consistently.

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

Significant deterioration in operating performance Deterioration in financial risk profile, with gearing above 1.20 times Elongation in working capital cycle, exerting pressure on liquidity.

Liquidity Position

Adequate

The company’s liquidity position is adequate, supported by net cash accruals of Rs. 80.23 Cr. in FY2026(Prov.) against maturing debt obligations of Rs. 19.25 Cr., during the year. Further, the company is expected to generate cash accruals in the range of Rs. 89.30 – 101.25 Cr., against repayment obligations of Rs. 17.65 –17.76 Cr. over the medium term. Reliance on fund-based working capital limits is moderate, with an average utilisation of consolidated fund-based and non fund-based limits remained moderate at around 63.88 per cent and 82.86 per cent over the 12 months ended March 2026. The cash and bank balance stood at Rs. 0.13 Cr. and the current ratio was 2.26 times as of March 31, 2026(Prov.). Liquidity is expected to remain adequate, supported by steady accrual generation in the near to medium term.

Outlook: Stable

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Other Factors affecting Rating

­­None

Key Financials :

Particulars Unit FY26(Provisional) FY 25 (Actual) Operating Income Rs. Cr. 453.66 392.17 PAT Rs. Cr. 64.24 55.57 PAT Margin (%) 14.16 14.17 Total Debt/Tangible Net Worth Times 0.24 0.11 PBDIT/Interest Times 13.00 16.94 The company transitioned to India Accounting Standard (IND AS) during FY25. Accordingly, the FY24 comparative figures and FY25 financials have been restated and thus may vary from the figures reported in the previous press release.

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 26 May 2025 Bank Guarantee (BLR) Short Term 80.00 ACUITE A2 (Upgraded from ACUITE A3+) Bank Guarantee (BLR) Short Term 80.00 ACUITE A2 (Assigned) Bank Guarantee (BLR) Short Term 40.00 ACUITE A2 (Assigned) Secured Overdraft Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Secured Overdraft Long Term 20.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 15.00 ACUITE BBB+ | Stable (Assigned) Cash Credit Long Term 4.00 ACUITE BBB+ | Stable (Assigned) 05 Apr 2024 Bank Guarantee (BLR) Short Term 80.00 ACUITE A3+ (Assigned) Secured Overdraft Long Term 20.00 ACUITE BBB | Stable (Assigned)

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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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