Press Release

Press Release

October 22, 2026

BHANWARIYA INFRA PROJECTS PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	73.00	ACUITE BBB+ \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	13.30	ACUITE BBB+ \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	121.00	-	ACUITE A2 \| Assigned	RBI
Bank Loan Ratings	0.00	65.70	-	ACUITE A2 \| Reaffirmed	RBI
Total Outstanding	0.00	273.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 reaffirmed the long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) and short-term rating at ‘ACUITE A2’ (read as ACUITE A two) on the Rs.79.00 Cr bank facilities of Bhanwariya Infra Projects Private Limited (BIPPL).The outlook is 'Stable'.

Acuite has assigned its long-term rating of ‘ACUITE BBB+' (read as ACUITE triple B plus) and its short-term rating of ‘ACUITE A2' (read as ACUITE A two) on Rs 194.00 Cr. bank facilities of Bhanwariya Infra Projects Private Limited (BIPPL).The outlook is 'Stable'.

Rationale for rating
The rating factors the continuous augmentation in the scale of operations over the past three years, supported by a healthy order book position and stable profitability margins. The rating also derives comfort from BIPPL’s moderate financial risk profile, adequate liquidity position, experienced management, and long operational track record. However, the rating is constrained by the working capital-intensive nature of operations, high geographical concentration in the order book, and the inherent risks associated with the tender-based nature of business amid intense competition in the construction industry.

About the Company

Bhanwariya Infra Projects Private Limited (BIPPL) was originally incorporated as M/s Bhawariya Construction (Proprietorship firm) on July 01, 1999. In 2017, the constitution of the firm was converted into a private limited company under the name Bhanwariya Infra Projects Private Limited. The company operates as an EPC contractor in infrastructure and utility services, undertaking projects across power transmission and distribution, rural electrification, and substation works. The operations of the company are managed promoters and directors, namely Mr. Jai Narayan Bhanwariya, Mr. Somesh Bhanwariya, Mr. Kirtesh Bhanwariya, and Mr. Rameshwar Prasad Chaudhary.

Unsupported Rating

Not applicable

Analytical Approach

Acuité has considered standalone business and financial risk profile of BIPPL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management with established track of operations
BIPPL is promoted by Mr. Jai Narayan Bhanwariya, who has over two decades of experience in executing construction and infrastructure turnkey projects, particularly in power transmission and distribution. The promoters’ experience has helped the company establish a strong presence in western India, especially in EPC projects for power distribution. BIPPL is registered as an ‘AA’ class civil contractor with JDA and an ‘E1’ class electrical contractor with the Electricity Board of Rajasthan, reflecting its execution capabilities. During FY2026, the company had incorporated 17 subsidiaries to explore opportunities in the power sector through Government backed solar projects. Acuite believes that the experienced management, established track record, and longstanding government client relationships will continue to support BIPPL’s business profile over the medium term.

Augmentation in scale of operations supported by a healthy outstanding orderbook
BIPPL has witnessed steady growth in its scale of operations, with operating income increasing by ~18% to Rs. 304.84 Cr. in FY2026 from Rs. 257.82 Cr. in FY2025 (Rs 181.87 Cr. in FY2024), supported by timely execution of projects and repeat order inflows. The company further recorded revenue of ~Rs. 240.00 Cr. in H1FY2027. BIPPL has a healthy unexecuted order book of Rs. 1,305.67 Cr. as on August 31, 2026, executable over the next 12–36 months, providing strong revenue visibility. The order book, which is mainly from government entities through direct tendering, is at ~4.28 times of FY2026 operating income. The company’s operating margin remained stable at 11.06% in FY2026 (11.19% in FY2025), while PAT margin improved to 5.74% from 4.00%. Acuite believes that BIPPL’s ability to scale up operations while sustaining healthy profitability will remain a key monitorable.

Moderate financial risk profile
The company’s financial risk profile remains moderate, supported by improving net worth, comfortable leverage levels, and adequate debt protection metrics. The tangible net worth increased to Rs. 78.25 Cr. as on March 31, 2026, from Rs. 58.24 Cr. as on March 31, 2025, primarily driven by accretion of profits to reserves and augmentation of the quasi-equity component towards capex funding. The company’s total debt increased to Rs. 73.48 Cr. in FY2026, from Rs. 57.71 Cr. in FY2025, mainly due to higher working capital borrowings to support the scale-up in operations. Despite the increase in debt levels, the gearing stood comfortable i.e. 0.94 times as on March 31, 2026, (0.99 times as on March 31, 2025). However, the total outside liabilities to tangible net worth (TOL/TNW) ratio increased to 2.17 times as on March 31, 2026, compared to 1.99 times as on March 31, 2025. The debt protection metrics remained adequate, marked by an interest coverage ratio (ICR) of 4.38 times and a debt service coverage ratio (DSCR) of 2.46 times in FY2026. Acuité believes that the company’s financial risk profile is likely to remain moderate over the medium term, supported by comfortable leverage indicators. However, any significant increase in debt levels or weakening in cash accruals, thereby impacting the financial risk profile, will remain a key rating monitorable.

Weaknesses

Intensive working capital management
The company’s working capital management remains moderately intensive, as reflected by gross current assets (GCA) of 218 days in FY2026 (199 days in FY2025). The elevated GCA days are primarily attributable to higher debtor levels, including mobilization advances/deposits, along with a significant portion of funds remaining locked in other current assets, mainly receivables from government departments and high cash and bank balances. Inventory holding increased to 19 days in FY2026 from 9 days in FY2025, while debtor days stood high at 160 days in FY2026 (171 days in FY2025).

Geographic concentration risk
BIPPL’s operations remain largely concentrated in the state of Rajasthan, exposing the company to significant geographic concentration risk. Although the company has initiated expansion into other states such as Chhattisgarh, Odisha, and Goa, a substantial portion of its revenue continues to be derived from Rajasthan.

Risk associated with tender based nature of order
BIPPL’s revenue profile is inherently dependent on its ability to secure orders through competitive tendering, as most of its projects are tender based. The company primarily undertakes projects in the transmission and distribution (T&D) segment, with key clients including rural electrification agencies and Indian railways. The tender-driven nature of operations exposes the company to intense competition from established large players as well as numerous regional and unorganised contractors.

Rating Sensitivities

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

Steady growth in scale of operations with timely execution and growth in order book resulting in revenues above Rs 650.00 Cr coupled with sustaining profitability margin
Improvement in debt coverage indicators

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

Decline in scale of operations due to delay in order execution or low order book growth with revenues falling below Rs 300.00 Cr
Elevation in debt levels impacting in the financial risk profile
Elongation of working capital cycle

Liquidity Position

Adequate

The liquidity position remains adequate supported by sufficient net cash accruals and comfortable coverage indicators. The company generated net cash accruals of Rs 21.69 Cr as against long term debt repayment of Rs. 3.94 Cr in FY2026. Over the medium term, the company is expected to generate annual cash accruals in the range of Rs. 35-45 Cr, which are expected to remain sufficient to meet its modest debt repayment obligations of Rs. 4.50 Cr annually. Further liquidity comfort is derived from the company's cash and bank balance of Rs. 14.00 Cr as on March 31, 2026. The current ratio stood moderate at 1.18 times as on March 31, 2026, primarily owing to elevated creditor levels, including retention money payable. The company's average working capital utilization for fund-based bank limit utilization stood at 77.29% and non-fund-based bank limit utilization at 75.94% during the six-month period ended August 2026.

Outlook-Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	304.84	257.82
PAT	Rs. Cr.	17.50	10.31
PAT Margin	(%)	5.74	4.00
Total Debt/Tangible Net Worth	Times	0.94	0.99
PBDIT/Interest	Times	4.38	3.86

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
17 Jul 2026	Bank Guarantee (BLR)	Short Term	25.00	ACUITE A2 (Assigned)
	Bank Guarantee (BLR)	Short Term	39.70	ACUITE A2 (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	8.00	ACUITE BBB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	1.30	ACUITE BBB+ \| Stable (Assigned)
26 May 2025	Bank Guarantee/Letter of Guarantee	Short Term	62.00	ACUITE A4+ (Downgraded & Withdrawn & Issuer not co-operating* from ACUITE A3)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A4+ (Downgraded & Withdrawn & Issuer not co-operating* from ACUITE A3)
	Cash Credit	Long Term	13.00	ACUITE BB+ (Downgraded & Withdrawn & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Covid Emergency Line.	Long Term	0.60	ACUITE BB+ (Downgraded & Withdrawn & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	8.00	ACUITE BB+ (Downgraded & Withdrawn & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	4.52	ACUITE Not Applicable (Withdrawn)
	Proposed Long Term Bank Facility	Long Term	0.52	ACUITE Not Applicable (Withdrawn)
	Proposed Short Term Bank Facility	Short Term	5.00	ACUITE Not Applicable (Withdrawn)
16 May 2024	Bank Guarantee/Letter of Guarantee	Short Term	42.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	20.00	ACUITE A3 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	21.90	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	18.10	ACUITE A3 (Assigned)
	Proposed Short Term Bank Facility	Short Term	5.00	ACUITE A3 (Assigned)
	Cash Credit	Long Term	7.90	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	4.52	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.52	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.10	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	8.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	0.60	ACUITE BBB- \| Stable (Reaffirmed)
16 Feb 2023	Bank Guarantee/Letter of Guarantee	Short Term	42.00	ACUITE A3 (Assigned)
	Bank Guarantee/Letter of Guarantee	Short Term	21.90	ACUITE A3 (Assigned)
	Cash Credit	Long Term	8.00	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	1.12	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	0.10	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
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.	26.00	Simple	ACUITE A2 \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	39.70	Simple	ACUITE A2 \| Reaffirmed
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.	4.00	Simple	ACUITE A2 \| Assigned
Federal Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	87.00	Simple	ACUITE A2 \| 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.	30.00	Simple	ACUITE A2 \| Assigned
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE BBB+ \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB+ \| Stable \| Assigned
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE BBB+ \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB+ \| Stable \| Assigned
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	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.	0.30	Simple	ACUITE BBB+ \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Divya Bagmar
Senior 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 ⁶	RBI
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 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
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 ⁶	RBI
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) ⁷	+
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.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

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 ⁸	Not applicable

⁸ 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.