Press Release June 03, 2026 BRILLIANT INFRAPROJECTS PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	28.00	ACUITE BBB- | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	50.00	-	ACUITE A3 | Assigned	RBI
Total Outstanding	0.00	78.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has assigned long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 28 Cr. bank facilities and short-term rating of 'ACUITE A3' (read as ACUITE A three) on the Rs. 50 Cr. bank facilities Brilliant Infraprojects Private Limited. The outlook is 'Stable'. Rationale for rating The rationale takes into account benefits derived from the promoters, increase in revenues  due to healthy execution of orders albeit stable operating profitability in FY 26(Prov), moderate unexecuted orderbook position of Rs.  365 Cr. as of March 2026 providing revenue visibility in the medium term, moderate financial risk profile with improving networth, low gearing and comfortable debt protection metrices and adequate liquidity with sufficient net cash accruals to repay the debt obligations. However, these strengths are partly offset by intensive working capital cycle and risks pertaining to competitive and fragmented industry.

About the Company

­­I­ncorporated in 2002, Odisha based ­Brilliant Infraprojects Private Limited is engaged in construction of roads and buildings majorly for government player namely PWD. Additionally, it is engaged in the business of stone crushing with an installed capacity of 9,60,000 MTPA. The directors of the company are Mr Niraj Agrawal, Mr Sanjay Agrawal,  Mr Saroj Agrawal and Mrs Shristi Agrawal.

Unsupported Rating

­Not Applicable

Analytical Approach

Acuite has taken a standalone approach of Brilliant Infraprojects Private Limited’s business and financial risk profile for arriving at the rating.

Key Rating Drivers

Strengths

Benefits derived from promoters The operations of the company are managed by Mr Niraj Agrawal who has prio experience in the civil construction industry. The company caters to Government players like PWD in the state of Odisha. Acuite believes that the experienced promoters and relationship with customers will help the company going forward.   Increase in Revenues with stable operating profitability The revenues have increased to Rs. 114.97 Cr. as on March 31, 2026(Prov.) as compared to Rs. 100.58 Cr. as on March 31, 2025 on account of execution of orders. The operating profitability has remained stable at 14 percent as on March 31, 2026(Prov.) as compared to 14.90 percent as on March 31, 2025. The unexecuted orderbook position is Rs. 365 Cr. as of March 2026. The OB/OI stood at 3.17 times. Most of the orders will be completed approximately within 12-24 months providing revenue visibility in near to medium term. Acuite believes that going forward, the ability of the company to bag new orders and timely execution of the existing orders will remain a key rating monitorable. Moderate Financial risk profile The financial risk profile is moderate marked by an increase in the net worth to Rs. 60.85 Cr. as on March 31,2026(Prov.) as compared to Rs. 34.08 Cr. as on March 31, 2025 due to accretion to reserves and quasi equity. Acuite has considered unsecured loans of Rs. 19.09 Cr. as quasi equity, as it has been subordinated to bank loans. Gearing stood at 0.50 times as on March 31, 2026(Prov.) as against 1.29 times as on March 31,2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 0.71 times as on March 31, 2026(Prov.) as compared to 1.82 times as on March 31,2025. The debt protection metrics are comfortable marked by Interest Coverage Ratio at 5.68 times as on March 31, 2026(Prov.) and Debt Service Coverage Ratio at 1.42 times as on March 31, 2026(Prov.). Net Cash Accruals/Total Debt (NCA/TD) stood at 0.36 times as on March 31, 2026(Prov.) as compared to 0.25 times as on March 31,2025. Acuité believes that going forward the financial risk profile is expected to remain in similar lines over the medium term.

Weaknesses

Intensive working capital cycle The intensive working capital cycle is marked by Gross Current Assets (GCA) of 214 days as on March 31, 2026(Prov.) as compared to 205 days as on March 31, 2025. The debtor days stands at 2 days as on March 31, 2026(Prov.) as compared to 6 days as on March 31, 2025. The payments are received within 7-10 days on raising bills to the customers. Furthermore, the inventory days stood at 70 days as on March 31, 2026(Prov.) as compared to 53 days as on March 31,2025. The inventory holding is about 2 months. The other current assets amount to Rs. 46.71 Cr. as on March 31, 2026(Prov.) as compared to Rs. 44.74 Cr. as on March 31, 2025 majorly comprises the retention money with customers. The creditor days has improved to 38 days as on March 31, 2026(Prov.) as compared to 93 days as on March 31,2025. The suppliers are majorly paid within 2-3 months. Acuité believes that going forward the working capital operations of the company is expected to remain in similar lines over the medium term.

Rating Sensitivities

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

­Revenue growth by 15-20 percent in the near to medium term Sustained operating profitability in medium term

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

­Elongation of working capital cycle Delay in execution of orderbook position

Liquidity Position

Adequate

The liquidity position is adequate marked by net cash accruals of Rs. 10.96 Cr. as on March 31, 2026(Prov.) as against long term debt repayment of Rs. 6.84 Cr. over the same period. The cash and bank balances stood at Rs. 1.28 Cr. as on March 31, 2026(Prov.) as compared to Rs. 0.05 Cr. as on March 31,2025. The current ratio stood at 1.68 times as on March 31, 2026(Prov.) as compared to 2.40 times as on March 31,2025. The average fund based bank limit utilization stood at 74 percent over the last eight months ended, March 2026 and non fund based utilisation is about 60-65 percent ended March 2026. Acuité believes that going forward the liquidity position of the company is expected to remain adequate in the medium term on account of steady net cash accruals and in the absence of any debt funded capex plans.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	114.97	100.58
PAT	Rs. Cr.	8.30	7.72
PAT Margin	(%)	7.22	7.68
Total Debt/Tangible Net Worth	Times	0.50	1.29
PBDIT/Interest	Times	5.68	4.28

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

­None

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:Not Applicable

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Vedika Lahoti Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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