Press Release

Press Release

July 03, 2026

A B INFRABUILD LIMITED
Rating Assigned and Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	25.00	ACUITE BBB \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	117.00	ACUITE BBB \| Stable \| Upgraded	-	RBI
Bank Loan Ratings	0.00	25.00	-	ACUITE A3+ \| Assigned	RBI
Bank Loan Ratings	0.00	83.00	-	ACUITE A3+ \| Upgraded	RBI
Total Outstanding	0.00	250.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 its long-term rating to ‘ACUITÉ BBB' (read as ACUITE triple B) from ‘ACUITÉ BBB-' (read as ACUITE triple B minus) on the Rs.117.00 Cr. bank facilities and its short-term rating to ‘ACUITÉ A3+’ (read as ACUITE A three plus) from ‘ACUITÉ A3’ (read as ACUITE A three) on the Rs.83.00 Cr. bank facilities of A B Infrabuild Limited (ABIL). The outlook is revised from 'Positive' to ‘Stable’.

Further, Acuité has assigned its long term rating of ‘ACUITÉ BBB' (read as ACUITE triple B) on the Rs.25.00 Cr. bank facilities and its short term rating of ‘ACUITÉ A3+’ (read as ACUITE A three plus) on the Rs.25.00 Cr. bank facilities of A B Infrabuild Limited (ABIL). The outlook is ‘Stable’.

Rationale for rating
The rating upgrade reflects ABIL’s healthy order book (~3.81x FY26 revenue), improving scale of operations with steady execution driving revenue growth and stable profitability. The financial risk profile is healthy with improving net worth, below unity gearing, and comfortable debt protection metrics, while liquidity remains adequate, supported by healthy accruals, enhanced working capital limits, and customer advances from railway projects (notably the Bhubaneswar project). However, the rating is constrained by the working capital-intensive nature of operations, reflected in elevated debtor days, high unbilled revenue and retention money, leading to high reliance on bank limits (~92% utilization) making improvement in working capital management a key monitorable.

About the Company

Established in 2011 and headquartered in Mumbai, A B Infrabuild Limited (ABIL) is a Grade "AA" contractor registered with Municipal Corporation of Greater Mumbai and Class 1(A) Contractor with Public Works Department, Maharashtra. ABIL is an engineering, procurement and construction (EPC) company engaged in civil and structural work, new station infrastructure, redevelopment of old stations, new railway lines, gauge conversion, track inking, track formation, building of rail over bridge, foot over bridge, etc. with specialisation in railway projects. The company is promoted by Mr. Amit Bholanath Mishra, supported by its directors namely, Mr. Bharatkumar Punmaji Parmar, Ms. Shivani Amit Mishra, Mr. Shreeprakash Deonarayan Singh, Mr. Udayan Anantrao Chindarkar, Ms. Archana Rakesh Pandey, Mr. Sadiq Shakil Merchant And Ms. Reshma Dagdu Wadkar.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of ABIL to arrive at the rating.

Key Rating Drivers

Strengths

Established track record of operations
ABIL has an established track record of over two decades. The company holds Grade "AA" registration with the Municipal Corporation of Greater Mumbai and Class 1(A) certification from the Public Works Department, Maharashtra. Further, the promoter Mr. Amit Bholanath Mishra has an experience spanning over two decades as an EPC contractor which has helped ABIL in increasing its scale of operations over the years .

Healthy order book along with improving revenues with range bound profitability
ABIL has a healthy outstanding order book of ~Rs.977.18 Cr. as on 31st March 2026 (3.81 times of FY26 revenue), which provides steady revenue visibility over the medium term. Further, the company has bided for orders worth ~Rs.848 Cr. The revenue of the company is improving Y-o-Y basis and stood at Rs.256.18 Cr. in FY2026 against Rs.208.23 Cr. in FY2025 and Rs.183.61 Cr. in FY2024. The improvement is primarily attributable to timely completion and billings of projects along with inflow of new orders. The EBIDTA margin stood at 14.86% in FY2026 against 16.00% in FY2025 (exceptional year due to certain orders received during monsoons) and 13.18% in FY2024. Further, the PAT margin stood largely remained range bound at around 7.55% in FY2026 against 7.74% in FY2025. Going forward, the revenue is expected to improve gradually on account of further anticipated inflow of new orders along with expected timely completion and billings of the projects.

Healthy financial risk profile
ABIL’s financial risk profile is healthy, marked by growing net worth, low gearing and comfortable debt protection metrics. The net worth of the company improved to Rs.169.28 Cr. as on 31^st March 2026 against Rs.110.38 Cr. as on 31^st March 2025. The improvement in the net worth is on account of right issue of equity shares during the year and accretion of profits into reserves which helped in improving the gearing to 0.68 times as on 31^st March 2026 from 0.78 times as on 31^st March 2025. Despite increase in debt levels, the debt protection metrics stood comfortable in FY2026; with interest coverage ratio at 4.07 times and debt service coverage ratio at 2.69 times. Furthermore, the Debt-EBITDA stood at 2.77 times. Going forward, any significant increase in the working capital requirements leading to moderation of the same remains a key rating monitorable.

Weaknesses

Intensive working capital management
The company has an intensive working capital operations along with high reliance on the bank limits. The gross current asset days stood at 388 in FY2026 against 317 in FY2025. This is mainly due to unbilled revenue that stood at Rs.110.54 Cr. as on March 31, 2026 (Rs.81.11 Cr. as on March 31, 2025). The debtor days also elevated and stood at 148 in FY2026 against 88 in FY2025. The stretch in the debtor days is on account of increase in the share of railway related project as compared to the total order book value and the average receivable period from these government railway projects is around 180 days. The creditor days stood at 79 days in FY2026 against 75 days in FY2025. The average utilization of the working capital limits stood high at ~91.95% in the last 12 months ending March 2026.

Going forward, any further stretch in the working capital cycle leading to pressure on liquidity will remain a key rating monitorable.

Tender based nature of operations and competitive industry
ABIL is engaged in bidding for tenders in the infrastructure segment, which is marked by the presence of several mid- to large-sized players; hence, the company faces intense competition from other players in the sector. The risk becomes more pronounced as tendering is based on a minimum amount of bidding for contracts. The company acquires tenders at competitive prices, which may affect its profitability. There are uncertainties attached to the allotment of tenders. However, the risk is mitigated to some extent, given the promoter's experience of more than two decades in the industry, which has enabled the company to procure tenders on a regular basis.

Rating Sensitivities

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

Sustained improvement in operating performance with revenues reaching above ~Rs.500 Cr. along with improvement in the profitability margins.
Improvement in the working capital cycle.
Improvement in the financial risk profile.

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

Deterioration in operating performance with revenues falling below ~Rs.200 Cr. or decline in profitability margins.
Further elongation in working capital cycle or increased reliance on working capital borrowings, leading to deterioration in the financial risk profile.

Liquidity Position

Adequate

ABIL’s liquidity position is adequate, marked by healthy net cash accruals of Rs.24.33 Cr. in FY2026 against minimal repayment obligations of Rs.2.67 Cr. during the same period. Going forward, the company is expected to generate healthy net cash accruals in the range of ~Rs.30-37 Cr. in FY27 & FY28 against repayment obligation of ~Rs.4 – 5 Cr. during the same period. The reliance on working capital limits stood high, with fund-based utilisation at around 91.95% for the past 12 months ending March 2026. The current ratio stood moderate at 1.66 times, and cash balance stood at Rs.3.29 Cr. as on 31st March 2026. However, company has recently taken enhancement of working capital limits of Rs.67 Cr. from Feb 2026 onwards to support the growth in operations. Additionally, to support liquidity and working capital requirements, the company has received approximately Rs.9.16 crore as of March 31, 2026, in the form of customer advances from one railway project which has provided some liquidity comfort.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	256.18	208.23
PAT	Rs. Cr.	19.34	16.12
PAT Margin	(%)	7.55	7.74
Total Debt/Tangible Net Worth	Times	0.68	0.78
PBDIT/Interest	Times	4.07	4.97

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
07 May 2025	Bank Guarantee (BLR)	Short Term	20.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	18.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	25.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Assigned)
	Cash Credit	Long Term	15.00	ACUITE BBB- \| Positive (Assigned)
	Cash Credit	Long Term	30.00	ACUITE BBB- \| Positive (Assigned)
	Cash Credit	Long Term	18.00	ACUITE BBB- \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	47.00	ACUITE BBB- \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	10.00	ACUITE BBB- \| Positive (Assigned)
	Cash Credit	Long Term	2.00	ACUITE BBB- \| Positive (Assigned)
21 Nov 2024	Bank Guarantee (BLR)	Short Term	10.21	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	6.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.50	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	2.50	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.30	ACUITE BBB- \| Stable (Reaffirmed)
	Funded Interest Term Loan	Long Term	1.55	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.48	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.70	ACUITE BBB- \| Stable (Reaffirmed)
	Funded Interest Term Loan	Long Term	0.50	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.43	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	26.83	ACUITE BBB- \| Stable (Reaffirmed)
22 May 2024	Bank Guarantee (BLR)	Short Term	10.21	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	6.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.50	ACUITE A3 (Assigned)
	Cash Credit	Long Term	2.50	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	15.30	ACUITE BBB- \| Stable (Assigned)
	Funded Interest Term Loan	Long Term	1.55	ACUITE BBB- \| Stable (Assigned)
	Working Capital Term Loan	Long Term	1.48	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	4.70	ACUITE BBB- \| Stable (Assigned)
	Funded Interest Term Loan	Long Term	0.50	ACUITE BBB- \| Stable (Assigned)
	Working Capital Term Loan	Long Term	0.43	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	26.83	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
BANK OF MAHARASHTRA	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
A U Small Finance Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
INDUSIND BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
KOTAK MAHINDRA 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 A3+ \| Assigned
BANK OF MAHARASHTRA	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A3+ \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A3+ \| Assigned
BANK OF MAHARASHTRA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
INDUSIND BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
A U Small Finance Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BBB \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
ICICI BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Sanidhya Jain
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.