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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 150.00 | ACUITE BBB | Stable | Assigned | - |
| Total Outstanding | 150.00 | - | - |
| Total Withdrawn | 0.00 | - | - |
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Rating Rationale |
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Acuite has assigned the long-term rating of ‘ACUITE BBB' (read as ACUITE triple B) on the Rs. 150.00 Cr. bank facilities of Arisinfra Solutions Limited (AISL). The outlook is ‘Stable’.
Rationale for Rating The rating assigned reflects the promoters’ extensive experience in the industry and company’s moderate financial risk profile, marked by an improvement in net worth on account of the fresh equity raised through the IPO, which was utilised to repay/prepay outstanding borrowings. The rating further considers the company’s steady operating performance, with revenues increasing to Rs. 724.11 Cr. in 9M FY26 from Rs. 546.52 Cr. in 9M FY25, and EBITDA rising to Rs. 72.19 Cr. from Rs. 46.94 Cr. over the same period. The rating also factors in the company’s diversified customer base, across real estate and infrastructure segments. However, the rating remains constrained by the limited operational track record of the company, working-capital-intensive nature of operations and the inherent cyclicality in the real estate sector. |
| About the Company |
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Arisinfra Solutions Limited (AISL), incorporated in 2021, is a B2B, technology-enabled procurement and supply-chain platform dedicated to the infrastructure and construction sector. The company facilitates the trading, sourcing, supply, and distribution of a comprehensive range of raw materials essential for infrastructure development, real-estate projects, and building construction.
Positioned as an end-to-end procurement partner for developers and contractors, AISL manages the full material-procurement lifecycle, offering a unified platform that streamlines planning, sourcing, logistics, and delivery. Its product portfolio spans aggregates, ready-mix concrete, steel, cement, construction chemicals, tiles, electricals, sanitaryware, and other finishing materials required across infrastructure and real-estate projects. The company is led by its Board of Directors: Mr. Ronak Kishor Morbia, Mr. Bhavik Jayesh Khara, Mr. Srinivasan Gopalan, Mr. Siddharth Bhaskar Shah, Mr. Renganathan Bashyam, Mr. Ravi Venkatraman, Mr. Ramakant Sharma, and Ms. Gitanjali Rikesh Mirchandani. The company is based in Mumbai. |
| About the Group |
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AISL’s subsidiaries are engaged in the allied activities such as trading, procurement, supply and distribution of raw materials used in infrastructure and construction projects. These are engaged as stone aggregates, concrete, and concrete-based products, this also includes ready-mix concrete, precast concrete items, concrete blocks, and related materials similar to the core business of the group.
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| Unsupported Rating |
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Not applicable
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| Analytical Approach |
| Extent of Consolidation |
| •Full Consolidation |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Acuité has considered the consolidated business and financial risk profile of Arisinfra Solutions Limited (AISL) with its subsidiaries Arisinfra Trading Private Limited, ArisUnitern Re Solutions Private Limited, Buildmex-Infra Private Limited, Arisinfra Realty Private Limited, White Roots Infra Private Limited and Arisinfra Construction Materials Private Limited to arrive at the rating. The consolidation is in the view of financial and operational linkages.
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| Key Rating Drivers |
| Strengths |
| Experienced management and established relationships with diversified clientele
AISL was incorporated in 2021, The company is managed by Mr. Ronak Kishor Morbia, Mr. Bhavik Jayesh Khara and Mr. Srinivasan Gopalan, along with a team of experienced professionals. The directors bring around a decade of industry experience, enabling the company to cultivate long-standing relationships across its supplier and customer network. AISL services a diversified base of established real-estate developers and infrastructure contractors. Its clientele includes Capacit’e Infraprojects Limited, J Kumar Infraprojects Limited, Larsen & Toubro Limited, Tata Projects Limited, and Megha Engineering Private Limited, among others. On the supply side, the company collaborates with recognised partners such as Jainam Enterprise, Swarajya Stones LLP, Sun X Concrete India Private Limited, Bigbloc Building Elements Private Limited, and Fosroc Chemicals India Private Limited, ensuring reliable sourcing across key material categories. Between April 1, 2021 and December 31, 2025, AISL facilitated the supply of approximately 20.62 million MT of construction materials through 2,083 vendors, catering to 3,133 customers across 1,075 pin codes in major markets including Mumbai, Bengaluru, and Chennai. The breadth of its network and operational scale underline the company’s ability to service large, complex procurement needs across geographies. Acuite believes that AISL’s established presence, experienced management team, and sustained relationships with reputable clients and suppliers will continue to support its growth trajectory. Improving Scale of operations and profitability AISL derives its revenues from B2B material supply, contract manufacturing arrangements, and service-related activities, with contributions from aggregates, ready-mix concrete (RMC), steel, cement, walling solutions, and various other construction materials. In FY25, the on consolidated basis, reported revenues of Rs. 767.67 Cr., compared with Rs. 696.84 Cr. in FY24, supported by higher transaction volumes and increased scale across the B2B supply and contract-manufacturing segments. EBITDA improved to Rs. 48.10 Cr. in FY25 from Rs. 33.01 Cr. in FY24, with margins rising to 6.27% from 4.74%, driven by an improved product mix, a higher share of third-party manufactured materials, and better operating processes. PAT margin increased to 0.78% in FY25, compared with –2.48% in FY24, reflecting stronger operating performance and the absence of certain one-time non-cash expenses recorded in the previous year. During 9M FY26, the company on consolidated basis, recorded revenues of Rs. 724.11 Cr., compared with Rs. 546.52 Cr. in 9M FY25, supported by higher volumes, deeper penetration within existing customers, and increased revenue from service-related activities. EBITDA for 9M FY26 stood at Rs. 72.19 Cr. versus Rs. 46.94 Cr. in 9M FY25, with the EBITDA margin improving to 9.97% from 8.59%, aided by a favourable product mix and higher contribution from value-added services. The PAT margin strengthened to 5.32% in 9M FY26, compared with 1.19% in 9M FY25, reflecting improved operating efficiencies and lower finance costs. Acuité believes that AISL’s operating profile is expected to strengthen over the medium term, supported by sustained scale expansion, improved profitability metrics, and increasing contribution from value-added services Improving financial risk profile on the back of equity infusion and repayment of debt AISL’s financial risk profile remained moderate in FY25, supported by a healthy net worth position, moderate gearing, and average debt-protection metrics. The company reported a tangible net worth of Rs. 235.69 Cr. in FY25, compared with Rs. 142.13 Cr. in FY24, driven by the conversion of compulsory convertible preference shares (CCPS), a bonus issue, and a fresh equity infusion. Gearing (debt to equity) stood at 1.46 times in FY25, compared with 1.94 times as of March 31, 2024. Debt-protection indicators also improved, with the Interest Coverage Ratio (ICR) improving to 1.38 times in FY25 from 0.57 times in FY24, and the Debt Service Coverage Ratio (DSCR) improving to 1.22 times from 0.55 times over the same period. The TOL/TNW ratio improved to 1.92 times in FY25 from 2.43 times in FY24, while Debt/EBITDA moderated to 6.02 times in FY25, compared with 15.04 times in FY24. In June 2025, AISL completed its Initial Public Offering (IPO) of 2,25,04,324 equity shares of face value Rs. 2 each, issued at Rs. 222 per share, aggregating Rs. 499.596 Cr. The equity shares were listed on the NSE and BSE on June 25, 2025. Of the total IPO proceeds, Rs. 203.19 Cr. were utilised for repayment/prepayment of borrowings, Rs. 176.97 Cr. for working-capital requirements, Rs. 47.87 Cr. for investment in subsidiary Buildmex Infra Private Limited, Rs. 39.27 Cr. for general corporate purposes, and Rs. 21.16 Cr. towards issue expenses. As of December 31, 2025, the Company had utilised Rs. 488.46 Cr., leaving an unutilised balance of Rs. 11.13 Cr. Consequently, the net worth increased to ~Rs. 718 Cr. in 9M FY26 with long term debt at Rs.0.00 Cr. as on Dec 2025. Acuité believes AISL’s financial risk profile is expected to strengthen further over the near to medium term, supported by higher net worth, reduced leverage following the IPO, and improved debt-protection metrics. |
| Weaknesses |
| Working capital intensive nature of operations
AISL’s operations remain working-capital intensive. Gross Current Asset (GCA) days increased to 267 days in FY25, from 196 days in FY24, largely due to higher vendor advances, which form an integral part of the Company’s asset-light procurement model. The debtor collection period is high although improved to 155 days in FY25, compared with 168 days in FY24, supported by better collections. Inventory days remained at 1 day in both years, reflecting the nature of the Company’s procurement-led business model. Creditor days increased to 38 days in FY25, up from 26 days in FY24, remaining broadly aligned with the standard credit cycle of 30–45 days and aided by improved supplier terms as operations scaled. The working capital cycle continued to show improvement, with debtor days reducing to 118 and creditor days extending to 44, thereby bringing down the net working capital cycle (NWC) to 74 days as on December 31, 2025. The average utilisation of fund-based working-capital limits remained moderate at 54.52% over the four-month period ending November 2025. Acuité expects the company’s working capital operations to remain intensive given the nature of its business and elongated debtor cycle. Exposure to Cyclicality in the Real Estate and Infrastructure Sector AISL remains exposed to the inherent cyclicality associated with the real estate and infrastructure sectors, given that a significant portion of its revenues is derived from developers and EPC contractors operating in these segments. Although the Company itself is not engaged in project development, fluctuations in construction activity—stemming from regulatory changes, funding constraints, execution delays, or shifts in demand—can influence order flows, material procurement volumes, and payment cycles. Periods of sectoral slowdown may also lead to elongated receivable cycles and variability in working-capital requirements. As a result, AISL’s business performance is indirectly linked to the broader investment and activity levels within these end-user industries. |
| Rating Sensitivities |
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| Liquidity Position |
| Adequate |
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The company’s liquidity position is adequate, supported by net cash accruals of Rs.9.31 Cr. in FY2025 against NIL maturing debt obligations in the same year. Additionally, it is expected to generate cash accruals in the range of Rs.49.42–68.99 Cr., while negligible debt obligation as majority of the debt payable in FY2026 has been repaid/prepaid utilising IPO proceeds. Reliance on fund-based working capital limits is moderate, with an average utilisation of 54% over the four months ending November 2025. Unencumbered cash balance of Rs.122.58 Cr. as on Sept 2025. The current ratio stood at 1.55 times as of March 31, 2025. Acuité believes the company’s liquidity position will remain adequate, supported by expected steady cash accrual generation.
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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 25 (Actual) | FY 24 (Actual) |
| Operating Income | Rs. Cr. | 767.67 | 696.84 |
| PAT | Rs. Cr. | 6.01 | (17.30) |
| PAT Margin | (%) | 0.78 | (2.48) |
| Total Debt/Tangible Net Worth | Times | 1.46 | 1.94 |
| PBDIT/Interest | Times | 1.38 | 0.57 |
| 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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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on complexity levels of the rated instrument |
Rating History : |
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Not Applicable
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||||||||||||
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