Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 73.00 ACUITE A | Stable | Upgraded -
Bank Loan Ratings 300.00 - ACUITE A1 | Upgraded
Total Outstanding 373.00 - -
Total Withdrawn 0.00 - -
 
Rating Rationale

A­­cuité has upgraded the long-term rating to ‘ACUITE A’ (read as ACUITE A)  from  'ACUITE C' (read as ACUITE C) and the short-term rating to ‘ACUITE A1’ (read as ACUITE A One) from  'ACUITE A4' (read as ACUITE A four) on the Rs.373.00 crore of bank facilities of Barbrik Project Limited (BPL). The outlook is ‘Stable’.

Rationale for upgrade:
The rating was earlier downgraded on account of delays reflected in the recent past in servicing of equipment loan as per the credit bureau information (CRIF) report. Acuite now takes the note of the rectification in the CRIF, since delay was on account of technical issues from the banker’s side which banker has acknowledged and accordingly got the CRIF corrected with no delays reported. Hence, the default cannot be established. Accordingly, Acuite has upgraded the rating. The rating continues to take into consideration Barbrik Group’s steady operating performance backed by the strong order book, which stood at Rs. 2025.51 Cr. as on June 2025 and healthy financial risk profile. However, the rating remains constrained by its working capital-intensive operations and exposure to project execution risks associated with EPC projects, including cost overruns and time delays which can impact cash flows.

About the Company
­Barbrik Project Limited (BPL) was established as a partnership firm in 1985 and subsequently converted into a private limited company in 2008. The entity has been promoted by the Agarwal family of Chhattisgarh and is engaged in the construction of roads, bridges and highways. The company is a registered contractor for Public Works Department (PWD) of Chhattisgarh, Jharkhand, Maharashtra, Madhya Pradesh, Odisha and Bihar along with National Highway Authority of India (NHAI) and State Highway Authority of Jharkhand (SHAJ). The company is also engaged in undertaking logistic service for Central Coalfield Limited, Northern Coalfield Limited and Adani Enterprises Limited. Currently, the company is managed by Mr. Ramesh Kumar Agarwal, Mr. Rajesh Kumar Agarwal, Mr. Dhruv Kumar Agarwal, Mr. Kanhaiya Lal Agarwal, Mr. Ayush Kumar Agarwal and Mr. Sourabh Agarwal.
 
About the Group
­­Chhattisgarh based, PRA India Private limited (PIPL) was incorporated in 2019 by Mr. Rajesh Kumar Agrawal. The company is engaged in civil construction work and currently undertakes projects subcontracted by Barbrik Project Limited.
 
Unsupported Rating
­Not applicable 
 
Analytical Approach

Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support
­Acuité has consolidated the financial and business risk profile of Barbrik Project Limited (BPL) and PRA India Private Limited (PIPL). The group is herein being referred to as Barbrik Group. The same is on account of common management, same line of operations and significant operational and financial linkages.
Key Rating Drivers

Strengths
­Experienced management and long track record of operations and healthy order book
The group has an extensive execution track record of 35 years in the civil construction business, with a well -established history of projects involving roads, highways, and bridges. The promoters—Mr. Ramesh Kumar Agrawal, Mr. Rajesh Kumar Agrawal, and Mr. Kanhaiya Lal Agrawal—bring over three decades of experience in the infrastructure industry. The second-generation promoters, Mr. Ayush Kumar Agrawal and Mr. Sourabh Agrawal (son of Mr. Ramesh Kumar Agrawal), have also joined the business and possess more than a decade of experience in the sector. The group’s long-standing presence in the industry has enabled it to build strong relationships with customers over the years. Timely execution of projects has further enhanced its market presence across Odisha, Chhattisgarh, Madhya Pradesh, Jharkhand, and Maharashtra. Acuité derives comfort from the extensive experience of the promoters in civil construction and the group’s healthy order book position.

Muted growth  in scale of operations
The group has reported revenues of Rs.1016.16 Cr. in FY2025(Prov) as against Rs.1136.37 Cr. in FY2024, registering a marginal decline due to postponement of some orders execution. The group enjoys long-standing relationships with its clients, supported by a consistent increase in order volumes. The operating margins ranged between 17.43-22.05 percent for the last two years ended FY2025 (Prov). Over the past three to four years, ending FY2025, the group has secured multiple Hybrid Annuity Model (HAM) projects. Groups’ order book as on June 30, 2025 stands at Rs. 2,025.51 Cr, with major contributions from the by-roads (HAM), roads – EPC, coal over burden removal, and hydropower segments. The outstanding order book is 2.01x of the FY2025 (Prov) revenue, which provides revenue visibility for the medium term. Acuite believes, the operating performance of the group would remain steady based on the healthy unexecuted order book in hand.

Healthy financial risk profile 
Group’s financial risk profile is healthy, marked by a healthy net worth and gearing along with healthy debt protection metrics. The net worth of the group stood at Rs.528.47 Cr. and Rs.431.23 Cr. as on March 31, 2025(Prov) and 2024 respectively. The improvement is on account of healthy accretion of net profit in the reserves. The gearing of the group stood at 0.23 times as on March 31, 2025(Prov) as against 0.31 times as on March 31, 2024. Group’s debt protection metrics is healthy marked by– Interest coverage ratio and debt service coverage ratio stood at 9.34 times and 2.15 times as on March 31, 2025(Prov) respectively as against 15.48 times and 3.28 times as on March 31, 2024 respectively. TOL/TNW stood at 0.76 times and 1.05 times as on March 31, 2025(Prov) and 2024 respectively. The debt to EBITDA of the group stood at 0.65 times on as on March 2025(Prov) as against 0.53 times in FY2024. Going forward, Acuite believes the financial risk profile of the group will remain healthy on account of steady net cash accruals and no major debt-funded capex plans.

Weaknesses
Working capital intensive operations
Group has intensive working capital operations marked by gross current assets of 131 days in FY2025(Prov) as against 150 days in FY2024. However, there is an improvement in GCA days on account of the debtors days. Inventory days stood at 30 days In FY2025(Prov) as against 19 days in FY2024. The debtor days improved significantly to 17 days in FY2025 (Prov), as against to 71 days in FY2024. This improvement was primarily due to timely payments received by the group for its EPC contracts. Further, the high GCA days also emanate from the high other current asset of Rs.258.07 Cr. in FY 2025(Prov). Acuite believes the working capital requirement is likely to remain at similar levels over the medium term.

Exposure to project execution risks, including cost overruns and time delays
Group remains exposed to inherent execution risks associated with large-scale EPC projects, particularly those undertaken for public sector entities. Delays in land acquisition, regulatory approvals or site handovers can result in extended project timelines and cost escalations. Given the fixed-price nature of many contracts, the company has limited flexibility to pass on the cost overruns to clients, which may further lead into working capital pressure. Acuite believes that the company's ability to execute its current order book within stipulated timelines and costs will remain a key monitorable.
Rating Sensitivities
  • Scaling up of operations while maintaining their profitability margin
  • Timely execution of orders
  • Sustenance of existing financial risk profile with healthy capital structure
 
Liquidity Position: Adequate
Group’s liquidity is adequate with adequate net cash accruals (NCA)s to its repayment obligations. Group generated cash accruals of Rs.129.44 Cr. during FY2025(Prov), while it’s maturing debt obligations are Rs.49.41 Cr. during the same period. Going forward, the group is expected to continue generating healthy net cash accruals against it's repayment obligations. However, the reliance on working capital limits stood moderate marked by average of 67 percent utilization for the fund-based limits and 58 percent for non-fund based limits over the past twelve months ending in June, 2025. The group has maintained unencumbered cash and bank balances Rs.4.88 Cr. and the current ratio stood at 1.07 times as on March 31, 2025(Prov). Acuité expects that the liquidity of the company is likely to remain adequate over the medium term on account of healthy cash accruals.
 
Outlook: Stable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 25 (Provisional) FY 24 (Actual)
Operating Income Rs. Cr. 1016.16 1136.37
PAT Rs. Cr. 96.72 174.67
PAT Margin (%) 9.52 15.37
Total Debt/Tangible Net Worth Times 0.23 0.31
PBDIT/Interest Times 9.34 15.48
Status of non-cooperation with previous CRA (if applicable)
­Not applicable
 
Any Other Information
­None
 
Applicable Criteria
• 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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
26 Aug 2025 Bank Guarantee (BLR) Short Term 10.00 ACUITE A4 (Downgraded from ACUITE A1)
Bank Guarantee (BLR) Short Term 30.00 ACUITE A4 (Downgraded from ACUITE A1)
Bank Guarantee/Letter of Guarantee Short Term 80.00 ACUITE A4 (Downgraded from ACUITE A1)
Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A4 (Downgraded from ACUITE A1)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A4 (Downgraded from ACUITE A1)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A4 (Downgraded from ACUITE A1)
Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A4 (Downgraded from ACUITE A1)
Proposed Bank Guarantee Short Term 32.00 ACUITE A4 (Downgraded from ACUITE A1)
Cash Credit Long Term 10.00 ACUITE C (Downgraded from ACUITE A | Stable)
Cash Credit Long Term 15.00 ACUITE C (Downgraded from ACUITE A | Stable)
Cash Credit Long Term 20.00 ACUITE C (Downgraded from ACUITE A | Stable)
Cash Credit Long Term 6.00 ACUITE C (Downgraded from ACUITE A | Stable)
Cash Credit Long Term 10.00 ACUITE C (Downgraded from ACUITE A | Stable)
Cash Credit Long Term 10.00 ACUITE C (Downgraded from ACUITE A | Stable)
Cash Credit Long Term 2.00 ACUITE C (Downgraded from ACUITE A | Stable)
06 Aug 2024 Cash Credit Long Term 2.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 6.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE A | Stable (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 80.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A1 (Reaffirmed)
Proposed Bank Guarantee Short Term 32.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 30.00 ACUITE A1 (Reaffirmed)
24 Jul 2024 Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 6.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 19.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE A | Stable (Assigned)
Proposed Cash Credit Long Term 16.00 ACUITE A | Stable (Assigned)
Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Proposed Bank Guarantee Short Term 16.00 ACUITE A1 (Assigned)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 30.00 ACUITE A1 (Assigned)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 80.00 ACUITE A1 (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Reaffirmed)
08 Jan 2024 Cash Credit Long Term 2.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable)
Proposed Cash Credit Long Term 10.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable)
Cash Credit Long Term 10.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable)
Cash Credit Long Term 10.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable)
Cash Credit Long Term 7.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable)
Cash Credit Long Term 6.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable)
Cash Credit Long Term 15.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Upgraded from ACUITE A2+)
Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A1 (Upgraded from ACUITE A2+)
Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A1 (Upgraded from ACUITE A2+)
Bank Guarantee/Letter of Guarantee Short Term 58.00 ACUITE A1 (Upgraded from ACUITE A2+)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A1 (Upgraded from ACUITE A2+)
Proposed Bank Guarantee Short Term 34.00 ACUITE A1 (Upgraded from ACUITE A2+)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A1 (Upgraded from ACUITE A2+)
06 Apr 2023 Cash Credit Long Term 7.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 58.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 34.00 ACUITE A2+ (Reaffirmed)
Proposed Bank Guarantee Short Term 67.00 ACUITE A2+ (Reaffirmed)
17 Nov 2022 Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 7.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 38.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 50.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 22.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 58.00 ACUITE A2+ (Reaffirmed)
Bank Guarantee/Letter of Guarantee Short Term 34.00 ACUITE A2+ (Reaffirmed)
Proposed Bank Guarantee Short Term 67.00 ACUITE A2+ (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Federal Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
Bandhan Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
State Bank of India Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 38.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
Yes Bank Ltd Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
ICICI Bank Ltd Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 22.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
HDFC Bank Ltd Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 80.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
Kotak Mahindra Bank Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 38.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
Federal Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE C )
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE C )
Yes Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE C )
HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE C )
ICICI Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE C )
Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE C )
Bandhan Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE A | Stable | Upgraded ( from ACUITE C )
Not Applicable Not avl. / Not appl. Proposed Bank Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.00 Simple ACUITE A1 | Upgraded ( from ACUITE A4 )
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
­
Sr No.  Company name 
1 ­PRA India Private limited (Erstwhile P R Agrawal Project Private Limited)
2 Barbrik Project Limited
 

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