Press Release February 12, 2026 ADITYA MOTOR PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	31.00	ACUITE BBB- | Stable | Assigned	-
Bank Loan Ratings	59.00	-	ACUITE A3 | Assigned
Total Outstanding	90.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus)  on the Rs. 31 Cr. bank facilities and short-term rating of 'ACUITE A3'(read as ACUITE A three) on the Rs. 59 Cr. bank facilities of Aditya Motor Private Limited. The outlook is 'Stable'. Rationale for rating The rating has taken into account long track record of operations, experienced management, improvement in the revenues and operating profitability in FY 25, efficient working capital cycle, adequate liquidity. However, these strengths are partly offset by the average financial risk profile and thin profitability associated with commercial vehicle trading business.

About the Company

Incorporated in 2019, ­­Aditya Motor Private Limited serves as an authorized dealer in commercial vehicles of Tata Motors Limited. The company has 1 showroom and 3 workshops in Gorakhpur. The present directors are Mr. Harendra Prasad Jaiswal, Mr. Raju Kumar Jaiswal, Ms. Kanchan Jaiswal, Mr. Vijay Pratap Jaiswal and Mrs. Meena Devi Jaiswal.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has taken standalone business and financial risk profile of Aditya Motor Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Benefits derived from experienced promoters The operations are managed by Mr. Harendra Prasad Jaiswal and Mr. Raju Kumar Jaiswal who have prior experience in the automobile dealership industry. Acuite believes that the experienced promoters and their contract with Tata Motors Limited will benefit the company going forward. Increase in Revenues and operating profitability The revenues have increased to Rs. 594.52 Cr. in FY 25 as compared to Rs. 550.54 Cr. in FY 24 on account of increase in volume sold for models like Light Commercial Vehicles (LCV), Medium and Heavy Commercial Vehicles (MHCV), Tata Magic among others. The company has achieved revenues of about Rs. 450 Cr. up to December 2025. The operating profitability has increased to 2.98 percent in FY 25 as compared to 1.73 percent in FY 24. The company has ongoing capex plans for body fabrication of vehicles with a project cost of Rs. 31.60 Cr. to be funded in a mix of term loan of Rs. 20 Cr. (sanctioned with Bank of Baroda) and promoter's contribution of Rs. 11.60 Cr.  The project is expected to be operationalised by May 2026. Acuite believes the scale of operations and operating profitability is expected to improve over the near to medium term.  Efficient Working Capital Cycle The working capital cycle of the company is efficient as reflected by Gross Current Assets (GCA) of 43 days for March 31, 2025 as compared to 72 days for March 31, 2024. The debtor period stood at 6 days as on March 31, 2025 as compared to 23 days as on March 31, 2024. The payments from customers are received within 7-10 days. Further, the inventory days of the company stood at 29 days as on March 31, 2025 as compared to 30 days in FY2024. The inventory holding is about 25-30 days. The creditors stood at 3 days as on March 31, 2025 as compared to 2 days as on March 31, 2024. There is no credit available to the company, it is majorly advance payments made to Tata Motors Limited. Acuité believes that the working capital operations of the company is expected to remain in similar lines over the medium term.

Weaknesses

Average financial risk profile The financial risk profile of the company is average marked by small but improving net worth but high gearing and moderate debt protection metrices. The tangible net worth of the company stood at Rs. 15.57 Cr. as on March 31, 2025 as compared to Rs. 9.60 Cr. as on March 31, 2024 due to accretion to reserves. The short term borrowings amount to Rs. 73.98 Cr. in FY 25 as compared to Rs. 106.57 Cr. in FY 24. The gearing of the company stood high at 5.32 times as on March 31, 2025 and 12.26 times as on March 31, 2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 5.96 times as on March 31, 2025 as compared to 13.12 times as on March 31, 2024. This has largely been due to reduction in quantum of unsecured short term borrowings availed by company from banks.  The debt protection metrices of the company remain moderate marked by Interest Coverage ratio (ICR) of 1.97 times as on March 31, 2025 and debt service coverage ratio (DSCR) of 1.50 times for March 31, 2025. The net cash accruals to total debt (NCA/TD) stood at 0.08 times as on March 31, 2025 as compared to 0.02 times as on March 31, 2024.  Acuité believes that the financial risk profile is expected to remain average over the medium term, with steady cash accruals and slight improvement in capital structure.

Rating Sensitivities

­­Movement in revenues and operating profitability Working Capital Cycle Improvement in the capital structure

Liquidity Position

Adequate

The company has adequate liquidity marked by net cash accruals of Rs. 6.73 Cr. as on FY 2025 as against long term repayment of Rs. 1.50 Cr. over the same period. The company has also prepaid term loans in the past. The cash and bank balance stood at Rs. 1.71 Cr. as on March 31, 2025 and Rs. 3.64 Cr. as on March 31, 2024. Further, the current ratio of the company stood low at 0.80 times as on March 31, 2025 as compared to 0.93 times as on March 31, 2024. The average bank utilization limit of the company for 7 months ended December 2025 is 86.66 percent. Acuité believes that the liquidity of the company is likely to remain adequate over the near to medium term on account of steady cash accruals albeit low current ratio and moderate bank limit utilization.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	594.52	550.54
PAT	Rs. Cr.	5.98	1.02
PAT Margin	(%)	1.01	0.18
Total Debt/Tangible Net Worth	Times	5.32	12.26
PBDIT/Interest	Times	1.97	1.31

Status of non-cooperation with previous CRA (if applicable)

­CARE vide its press release dated March12th, 2025 had denoted the rating of Aditya Motor Private Limited as 'CARE B+/Stable/A4; DOWNGRADED, REAFFIRMED AND ISSUER NOT CO-OPERATING

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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:Not Applicable

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating ICICI BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple ACUITE BBB- | Stable | Assigned Aditya Birla Finance Limited Not avl. / Not appl. Channel/Dealer/Vendor Financing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple ACUITE A3 | Assigned Bank Of Baroda Not avl. / Not appl. Channel/Dealer/Vendor Financing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A3 | Assigned H D F C Bank Limited Not avl. / Not appl. Inventory Funding Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A3 | Assigned ICICI BANK LIMITED Not avl. / Not appl. Inventory Funding Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A3 | Assigned Bank Of Baroda Not avl. / Not appl. Term Loan 28 Jul 2025 Not avl. / Not appl. 28 Jul 2033 20.00 Simple ACUITE BBB- | Stable | Assigned ICICI BANK LIMITED Not avl. / Not appl. Term Loan 10 Aug 2023 Not avl. / Not appl. 30 Sep 2027 4.00 Simple ACUITE BBB- | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Vedika Lahoti Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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.