Press Release February 10, 2026 A AND T INFRACON PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	4.00	ACUITE BBB | Stable | Assigned	-
Bank Loan Ratings	45.00	-	ACUITE A3+ | Assigned
Total Outstanding	49.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has assigned the long-term rating of ‘ACUITE BBB' (read as ACUITE triple B) and short-term rating of ‘ACUITÉ A3+’ (read as ACUITE A three plus) on the Rs. 49.00 Cr. bank facilities of A AND T Infracon Private Limited (ATIPL). The outlook is ‘Stable’. Rationale for Rating The rating assigned reflects the promoters’ extensive experience in the industry and established operational track record of the company. The rating draws strength from the company’s improving operating performance, supported by a moderate book position, efficient working capital management and adequate liquidity position. However, the rating is constrained by moderate financial risk profile and susceptibility of operating margin to volatility in input prices, labour charges in a highly competitive tender based nature of business.

About the Company

Ahmedabad based, A and T Infracon Private Limited (ATIPL) was established in 1981 as a partnership firm. It was later reconstituted to a private limited company in 2011. Hence company has experience of more than 4 decades in the EPC business. ATIPL is registered as an ‘AA’ class government approved contractor that is engaged in civil construction and infrastructure projects. It undertakes construction works for roads, bridges, and other allied activities. The current directors of the company are Mr. Punit Doshi, and Mr. Mohit A Doshi.

Unsupported Rating

­Not applicable

Analytical Approach

Acuite has considered the standalone business and financial risk profile of A and T Infracon Private Limited (ATIPL) to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and established operational track record ATIPL was established in 1981 as a partnership firm and was reconstituted as a private limited company in 2011. It has been active in the civil construction industry for over four decades. The company is managed by Mr. Punit Doshi and Mr. Mohit A. Doshi, supported by an experienced management team. The directors have around a decade of experience in this line of business. ATIPL is registered as an ‘AA’ class government-approved contractor and holds registrations in five regions: Gujarat, Jammu, Leh, Rajasthan and Sikkim. The company undertakes only government projects, primarily with the CPWD. Its long operational history has facilitated stable relationships with key suppliers and government clients. Acuité believes that the company’s track record and the promoters’ experience will continue to aid its business risk profile. Modest but improving scale of operations backed by moderate order book position ATIPL’s revenue increased to Rs.191.80 Cr. in FY2025 from Rs.136.02 Cr. in FY2024, supported by an expanded order book and higher execution across its EPC projects. For 9M FY2026, the company reported revenues of Rs.179.92 Cr., compared with Rs.100.65 Cr. in 9MFY2025. The growth is supported by an improved execution of existing order book. Further company has a moderate order book of ~Rs.479.11 Cr. as of January 2026, providing revenue visibility for the medium term. As of January 2026, the company has also submitted bids worth approximately Rs.941.86 Cr., which, if awarded, may further strengthen its order pipeline. ATIPL reported an operating margin of 11.70 percent in FY2025, compared with 13.28 percent in FY2024. The moderation in profitability was primarily due to a change in the geographical mix of projects. The PAT margin also declined to 7.04 percent in FY2025 from 7.57 percent in FY2024. Acuité believes that ATIPL’s operating performance is expected to improve steadily over the medium term, supported by its moderate order book position. Efficient Working capital management The company’s working capital operations are efficient, marked by gross current assets (GCA) of 60 days in FY2025, compared to 71 days in FY2024, indicating improvement. The debtor collection days stood at 8 days in FY25 as against 3 days in FY24, while the usual payment terms are 8–10 days. Inventory days stood at 4 days in FY25, as against 3 days in the previous year. Creditor days increased to 115 days in FY25, up from 96 days in FY24, mainly on account of a year-end timing mismatch, as certain supplier payments were cleared post-year-end upon receipt of RA bill proceeds, although normal credit terms range between 30–45 days. The average utilisation of fund-based working capital limits remained low at 31% over the six-month period ending October 2025. Acuité believes that working capital operations of the company will continue to remain in similar range over medium term.

Weaknesses

Moderate financial risk profile The company’s financial risk profile is moderate, marked by moderate net worth, low gearing, and comfortable debt protection metrics. The tangible Net worth improved to Rs. 47.85 Cr. as on March 31, 2025, as against Rs. 34.35 Cr. as on March 31, 2024, primarily due to profit retention. During the financial year 2025–26, a total of 12,50,000 equity shares held by Late Mr. Ashok Kumar Doshi were transmitted in accordance with applicable laws to his legal heirs. Of these, 2,50,000 equity shares were transmitted to Mrs. Anita Doshi, while 5,00,000 equity shares each were transmitted to Mr. Punit Doshi and Mr. Mohit Doshi. Also, in FY 2025–26, the company issued 1,25,00,000 equity shares of face value Rs.10 each as a bonus issue. The bonus shares were allotted by capitalising the company’s accumulated free reserves and were distributed strictly in proportion to the existing shareholding structure. The company’s gearing remained low at 0.16 times as on March 31, 2025, compared with 0.27 times in the previous year. Debt protection metrics improved, with the Interest Coverage Ratio (ICR) at 12.05 times in FY2025 against 7.03 times in FY2024, and the Debt Service Coverage Ratio (DSCR) at 2.76 times in FY2025 compared with 2.36 times in FY2024. The Total Outside Liabilities to Tangible Net Worth (TOL/TNW) ratio stood at 1.05 times as on March 31, 2025, compared with 1.19 times in the prior year. Acuité believes the financial risk profile is expected to remain moderate over the near to medium term on account of modest net worth base. Susceptibility of profitability to volatility in input prices, labour charges in a highly competitive tender based nature of business. The basic input materials for construction and works contracts include steel, stone chips, cement, and structural components, the prices of which are highly volatile. Government contracts currently include price-escalation clauses, which mitigate this risk to some extent. However, the company’s operating margin remains exposed to sudden increases in input material costs, as well as rising labour expenses, given the labour-intensive nature of the industry. Although the promoter has around a decade of experience in the sector, the company’s revenue is largely dependent on its ability to secure tender-based contracts. The company also faces competition from large players and numerous local and unorganised contractors, which can exert pressure on profitability.

Rating Sensitivities

Sustained growth in revenues while maintaining profitability margins Timely execution of existing orders and addition of new orders to improve the scalability Deterioration in working capital cycle Changes in financial risk profile

Liquidity Position

Adequate

The company’s liquidity position is adequate, supported by net cash accruals of Rs. 16.65 Cr. in FY2025 against maturing debt obligations of Rs. 4.80 Cr. during the same period. The company is further expected to generate cash accruals in the range of Rs. 24.12–27.03 Cr., compared to repayment obligations of around Rs. 3.88–2.61 Cr. over the medium term. The current ratio stood at 1.18 times as on March 31, 2025. The average utilisation of fund-based working capital limits remained low at around 31 per cent for the six months ended October 2025. Unencumbered fixed deposits amounted to Rs. 19.19 Cr, as on March 31, 2025. Acuité believes the company’s liquidity position will remain adequate, supported by expected steady cash accrual generation.

Outlook: Stable

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Other Factors affecting Rating

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Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	191.80	136.02
PAT	Rs. Cr.	13.50	10.30
PAT Margin	(%)	7.04	7.57
Total Debt/Tangible Net Worth	Times	0.16	0.27
PBDIT/Interest	Times	12.05	7.03

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

CARE, vide its press release dated December 05th, 2025 had denoted the rating of A and T Infracon Private Limited as Care B-/ Stable/ A4 'Reaffirmed, and Issuer not cooperating ’.

Any other information

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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 :

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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 Canara Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 45.00 Simple ACUITE A3+ | Assigned Canara Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple 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

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.