Product Quantum (Rs. Cr) (SEBI) Quantum (Rs. Cr) (Other FSR) Long Term Rating Short Term Rating Regulated By
Bank Loan Ratings 0.00 45.00 ACUITE A+ | Stable | Upgraded - RBI
Bank Loan Ratings 0.00 75.00 - ACUITE A1 | Reaffirmed RBI
Total Outstanding 0.00 120.00 - - -
Total Withdrawn 0.00 0.00 - - -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 upgraded the long-term rating to 'ACUITE A+' (read as ACUITE A plus) from 'ACUITE A' (read as ACUITE A) and reaffirmed the short-term rating of ‘ACUITE A1’ (read as ACUITE A one) on the Rs. 120.00 Cr. bank facilities of Schiller Healthcare India Private Limited (SHIPL). The outlook remains 'Stable.'

Rationale for rating
The rating upgrade takes into account the significant improvement in the company’s operating revenue in FY2026, along with its healthy financial risk profile, marked by minimal dependence on external debt. The rating also derives comfort from the company’s established operational track record and reputed clientele base. These strengths are, however, partly offset by the susceptibility of profitability to fluctuations in material prices and the dependence of revenue growth on government expenditure toward medical infrastructure.

About the Company

­Incorporated in 1997, Schiller Healthcare India Private Limited is a Mumbai-based subsidiary of Schiller AG (SAG), Switzerland, engaged in the manufacturing, distribution, trading and servicing of medical equipment. Its product mix includes variety of equipment including diagnostics products, emergency care & resuscitation machines, consumables & accessories, neurosurgical robot, critical care utilities and anaesthesia equipment. The company is managed by directors Mr. Vikram Dhirajlal Sanghvi, Mr. Pravin Ratilal Gandhi, Mr. Dominik Doppler and Mr. Alfred Eugen Schiller.
 
Unsupported Rating
­Not Applicable
 
Analytical Approach

­Acuité has considered the standalone financial and business risk profile of SHIPL to arrive at the rating.
 
Key Rating Drivers

Strengths

­Experienced management with established track record of operations and diversified revenue streams
Mr. Alfred E. Schiller, Chairman & Founder of the company possesses experience of over four decades in the medical care sector and is well supported by Mr. Vikram Sanghvi, Managing Director, who has an extensive experience of almost three decades in the industry. SHIPL mainly supplies to government institutions and has developed a reputed customer base over the years. The company has different sources of revenue, such as manufacturing medical equipment locally, co-branding and distributing equipment with technical partners, distributing products of the parent company, agency sales, and servicing medical equipment. The extensive experience of the promoters has enabled the company to establish a strong presence of the 'Schiller' brand in the market

Healthy financial risk profile
SHIPL has a healthy financial risk profile with low gearing, healthy networth and strong debt coverage indicators. The tangible networth of the company stood at Rs. 114.87 Cr. on March 31, 2025 post profit accretion and distribution of dividends. The gearing stood low at 0.02 times in FY2025 in the absence of long-term debt and minimal utilization of working capital limits. Further, the TOL/TNW levels stood at 0.87 times and Debt-EBITDA levels stood low at 0.06 times in FY2025. 
The financial risk profile is expected to remain healthy over the medium term as the company does not have any debt funded capex plan

Improving operating performance
The operating revenue of the company increased to Rs. 324.18 Cr. in FY2026 (Est) from Rs. 251.48 Cr. in FY2025, supported by increased inflow of orders. Further, in Q1 FY2027, the company reported revenue of around Rs. 66 Cr. as against around Rs. 51 Cr. in Q1 FY2026. The company has maintained healthy profitability levels over the years, with EBITDA margins remaining in the range of 11-12 percent. The margins are expected to remain at similar levels going forward. The PAT margin stood at 8.53 percent in FY2025 as against 9.27 percent in FY2024. Further, the company is working on the development and launch of new products, which is expected to improve its operating performance over the medium term.

Moderately intensive working capital operations
The operations of of the company are moderately working capital intensive, driven by inventory of 99 days and receivables of 112 days in FY2025. Since the company is also into distribution and provides AMC services, they are required to maintain adequate stock of inventory and consumables. On the other hand, creditor days stood at 117 in FY2025. However, since the company has strong cash balances, their reliance on working capital limits is minimal and the working capital mismatch is funded by internal accruals. The average bank limit utilization stood at ~3 percent for the last six months ended June 2026.


Weaknesses
Susceptibility of profitability to fluctuation in material/component price
The company's profitability remains susceptible to fluctuations in the prices of key raw materials and components, particularly electronic panels, chips, sensors, and other electronic parts used in the manufacturing of medical equipment. Given the increasing dependence on imported and technologically advanced components, any sustained rise in input costs due to global supply chain disruptions, semiconductor shortages, inflationary pressures, or currency fluctuations could adversely impact operating margins. However, since most of the orders of SHIPL are single supply orders, the company is able to pass on the increase in material costs to their consumers and the risk is mitigated to some extent.


Susceptibility of growth to government spends on medical infrastructure and competition
The company currently generates 60-65 revenue through government institutions. Therefore, any changes in government policies towards medical spending or inculcation of regulatory requirements shall affect the operations of the company. Further, bidding mechanism for orders exposes the company to intense competition from both domestic and international players.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:
  • Improvement in operating revenue higher than Rs. 500 Cr. with operating margins remaining above 11 percent
  • Improvement in working capital cycle
Potential triggers (individual or collective) for a downward rating action:
­
  • Elongation in working capital cycle leading to stretch in liquidity position
  • Decline in net cash accruals below 10 Cr. on account of significant dividend outflow.
  • Deterioration in financial risk profile on account of significant debt addition.
Liquidity Position
Strong

­SHIPL generated net cash accruals (NCAs) of Rs. 19.92 Cr. in FY2026 (Est) (post dividend distribution) against nil repayment obligations. The company does not have any long term debt. Going forward, NCAs are expected to remain in the range of Rs. 15 - 20 Cr. for FY2027 and FY2028 against no repayment obligations. The current ratio stood healthy at 2.20 times in FY2025. The average bank limit utilization stood at ~3 percent for the last six months ended June 2026. The unencumbered cash and bank deposits of the company stood at Rs. 18.80 Cr. on March 31, 2025.
 
Outlook: Stable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 25 (Actual) FY 24 (Actual)
Operating Income Rs. Cr. 251.48 274.43
PAT Rs. Cr. 21.46 25.44
PAT Margin (%) 8.53 9.27
Total Debt/Tangible Net Worth Times 0.02 0.01
PBDIT/Interest Times 43.14 25.88
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Apr 2025 Cash Credit Long Term 14.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 31.00 ACUITE A | Stable (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 60.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 5.00 ACUITE A1 (Reaffirmed)
24 Jan 2024 Cash Credit Long Term 19.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 31.00 ACUITE A | Stable (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 5.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 55.00 ACUITE A1 (Reaffirmed)
­

Lender’s Name ISIN Facilities Listing Status Regulated By Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
H D F C Bank Limited Not avl. / Not appl. Bank Guarantee (BLR) Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A1 | Reaffirmed
BANK OF INDIA (BOI) Not avl. / Not appl. Bank Guarantee (BLR) Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 60.00 Simple ACUITE A1 | Reaffirmed
BANK OF INDIA (BOI) Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.00 Simple ACUITE A+ | Stable | Upgraded ( from ACUITE A )
H D F C Bank Limited Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 31.00 Simple ACUITE A+ | Stable | Upgraded ( from ACUITE A )
BANK OF INDIA (BOI) Not avl. / Not appl. Letter of Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A1 | Reaffirmed
H D F C Bank Limited Not avl. / Not appl. Letter of Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A1 | Reaffirmed
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.
­*In HDFC bank, fund based limits and non-fund based limits are interchangeable
*In Bank of India, BG and LC limits are interchangeable to the extent of Rs. 5 Cr

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