Press Release June 29, 2026 BYGGING INDIA 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	45.00	ACUITE A- | Stable | Reaffirmed	-	RBI
Bank Loan Ratings	0.00	50.00	-	ACUITE A2+ | Assigned	RBI
Bank Loan Ratings	0.00	225.00	-	ACUITE A2+ | Reaffirmed	RBI
Total Outstanding	0.00	320.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 reaffirmed its long-term rating of ‘ACUITE A-' (read as ACUITE A minus) and short-term rating at ‘ACUITE A2+’ (read as ACUITE A two plus) on Rs.270.00 crore bank facilities of Bygging India Limited (BIL). The outlook is  'Stable'. ­Acuite has assigned its short-term rating at ‘ACUITE A2+’ (read as ACUITE A two plus) on Rs. 50.00 crore bank facilities of Bygging India Limited (BIL).  Rationale for reaffirmation  The rating reaffirmation factors in the steady improvement in revenues albeit modest scale of operations and moderation in profitability along with the healthy order book position. Further, the rating also continues to factor in experienced management with established track record of operations, healthy financial risk profile and adequate liquidity. The rating also draws support from the low cost financial and technical assistance company received being a subsidiary of Global Dominian Access Socieded Anomina. However, the rating is constrained by working capital intensive nature of operations and geographical concentration and execution risk in an intensely competitive construction industry.

About the Company

Bygging India Limited (BIL) was incorporated in 1983 and has its headquarter in Delhi. BIL is a subsidiary of Global Dominian Access Socieded Anomina, holding 88.41 per stake as on 31st March 2025. BIL is engaged in construction of RCC chimneys for power generation entities and is also involved in engineering and construction of other tall structures such as Prilling towers, silos, cooling towers and window towers. The company caters to industries such as oil & Gas, Power Generation, Petrochemicals, Cement, Steel, Refineries and Metal manufacturing industries. The directors of the company are Mr. Roberto Tobillas Angulo, Mr. Gopal Ravishankar Modi, Mr. German Pradera Lanza, Mr. Ram Babu Jhalani, Ms. Jyoti, and Ms. Jyoti Bansal.

Unsupported Rating

­Not Applicable

Analytical Approach

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

Key Rating Drivers

Strengths

Experienced management and established track record of operations The company has a long operational track record for over three decades and is led by Mr. R.B.Jhalani (CEO and Whole-time director). The management of the company has an extensive experience of more than three decades in the construction industry. Hence, the long track record of operations has enabled company to build strong relationship with customer and supplier. The company is further supported by qualified professionals across the hierarchy to support the day-to-day operations of the company. Acuite believes that the company is expected to benefit from the experienced management team. Steady growth in revenues, supported by a healthy order book position albeit modest scale of operations and moderation in profitability The company has recorded steady growth in operating income, with revenue of Rs. 282.13 crore in FY2026 (Prov.) as against Rs. 231.39 crore in FY2025, reflecting a year-on-year growth of approximately 22 percent, supported by healthy order execution. Further, the company is expecting to achieve revenue in the range of Rs. 350–360 crore in FY2027, backed by a healthy order book position of Rs. 899.59 crore as on 12th June 2026. The tenor of the existing work orders remains between 24–30 months, providing medium-term revenue visibility. The operating margin of the company moderated to 8.85 percent in FY2026 (Prov.), compared to 9.60 percent in FY2025, as margins vary across different project executions. Going forward, the company is expected to report EBITDA margins in the range of 9–10 percent. However, the PAT margin improved marginally, standing at 5.10 percent in FY2026 (Prov.) as against 4.22 percent in FY2025. The company has been executing work order for reputed organizations. The company caters to industries such as oil & Gas, Power Generation, Petrochemicals, Cement, Steel, Refineries and Metal manufacturing industries. The company has also started diversifying their business into tall and specialized structures (i.e., Natural Draft Cooling Tower (NDCT), induced draft cooling towers (IDCT) and Dome silos projects for Reliance and among others, which is newly introduced in India, and has started acquiring orders for the same. . Acuite believes that BIL will continue to benefit from its experience in the infrastructure sector and its healthy order book over the medium term.   Financial and technical assistance provided by Global Dominian Access Socieded Anomina BIL is a wholly owned subsidiary of Global Dominian Access Socieded Anomina, a Spanish company having established track record of two decades. The company is predominantly engaged in the construction and engineering segment. It has a worldwide presence through its subsidiaries in Europe, USA, Asia and Africa. The company has 88.41 per cent of stake in BIL, which has benefitted company by gaining access to low cost technical and financial assistance. Moving ahead, the Spanish parent is expected to acquire 100 per cent stake in BIL post March 2028. The association with the company has also enabled them to avail borrowings at lower interest cost. The company has started to execute work order w.r.t construction of Natural Draft Cooling Towers, IFFCO for dome silo's and among others for which the company would be receiving technical assistance from the parent company. Acuite believes that the parent would continue to support the BIL in medium to long term due to strategic presence and its market standing.   Healthy Financial Risk Profile The financial risk profile of the company stood healthy marked by healthy net worth, low gearing, and comfortable debt protection metrics. The tangible net worth stood at Rs.146.30 crore as on 31 March 2026 (Prov.) as against Rs.131.84 crore as on 31 March 2025 due to accretion of profits to reserves. The total debt remained low at Rs.16.46 crore as on 31 March 2026 (Prov.) as against Rs.29.10 crore as on 31 March 2025. Furthermore, the company has repaid approximately Rs.16 crore of loans from the related party till May 2026 and has no major debt outstanding as on date. The gearing (debt-equity) improved and stood at 0.11 times as on 31 March 2026(Prov.) as compared to 0.22 times as on 31 March 2025. Interest Coverage Ratio (ICR) improved and stood at 5.83 times for FY2026(Prov.) as against 3.69 times for FY2025. Further, Debt Service Coverage Ratio (DSCR) also improved and stood at 4.35 times in FY2026 (Prov.) as against 2.89 times in FY2025. Total outside Liabilities/Total Net Worth (TOL/TNW) stood at 1.06 times as on 31 March 2026 (Prov.) as against 1.02 times as on 31 March 2025. Acuite believes that the financial risk profile of BIL is likely to remain healthy on account of stable margins and conservative leverage policy.

Weaknesses

Working Capital Intensive Operations The operations of the company remained working capital intensive with gross current asset (GCA) days increasing to 311 days in FY2026(prov.) from 279 days in FY2025. The GCA levels continue to be driven by elevated debtor days and higher other current assets. The inventory days stood at 39 days in FY2026 (Prov.) as against 34 days in FY2025. The debtor days stood at 111 days in FY2026(Prov.) as against 103 days in FY2025. BIL generally allows a credit period of 90 days to its suppliers. Majority of the orders which BIL caters to are tender-based contracts of public sector units and private players. Also, the company is in use of discounting bills method from RXIL (Receivables Exchange of India limited) particularly for government companies through which the payment gets recovered faster. The Creditor days stood at 94 days in FY2026 (Prov.) as against 141 days in FY2025. There has been no utilization of fund-based working capital facilities in the six months ended March 2026. Acuite believes that working capital operations continue to remain intensive considering the nature of business.   Geographical concentration and execution risk in an intensely competitive industry The company is executing work orders across multiple states, out of which most of the work order is being executed in the state of Bihar. On the equipment front, the company has well developed asset base for execution. However, the company also hires heavy machinery such as cranes and transit equipment on lease. However, with the long-standing relationship with BHEL and Adani Power, the risk of work execution is expected to remain minimal.

Rating Sensitivities

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

Continued improvement in revenues of over 25 percent, along with maintained profitability margins. Improvement in financial risk profile

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

Any elongation of the working capital cycle with GCA above 330 days on a sustained basis Any delay in execution of work orders Changes in financial risk profile owing to higher debt or lower assistance from parent

Liquidity Position

Adequate

The company’s liquidity position is adequate, supported by healthy net cash accruals against its maturing debt obligations. The company has generated net cash accruals of Rs. 19.28 crore against its minimal debt repayments of Rs. 0.56 crore in FY2026 (Prov.). Going forward, the company is expected to continue generating sufficient cash accruals in the range of Rs.25–27 crore, against its nil debt obligations. Additionally, there has been no utilization of fund-based working capital facilities in the six months ended March 2026, providing an additional liquidity cushion. The company also maintained cash and bank balances amounting to Rs. 30.71 crore as on March 31, 2026 (Prov.), primarily held in short-term fixed deposits. Further, the company’s current ratio stood at a comfortable 1.92 times as on March 31, 2026 (Prov.). Acuite believes that liquidity profile of the company is expected to remain adequate in the near to medium term.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	282.13	231.39
PAT	Rs. Cr.	14.38	9.77
PAT Margin	(%)	5.10	4.22
Total Debt/Tangible Net Worth	Times	0.11	0.22
PBDIT/Interest	Times	5.83	3.69

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 Apr 2025 Working Capital Demand Loan (WCDL) Long Term 35.00 ACUITE A- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 20.00 ACUITE A- | Stable (Assigned) Bank Guarantee (BLR) Short Term 35.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 145.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 25.00 ACUITE A2+ (Assigned) 05 Jun 2024 Working Capital Demand Loan (WCDL) Long Term 35.00 ACUITE A- | Negative (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 10.00 ACUITE A- | Negative (Reaffirmed) Bank Guarantee (BLR) Short Term 145.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 35.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 10.00 ACUITE Not Applicable (Withdrawn) 08 Mar 2023 Working Capital Demand Loan (WCDL) Long Term 5.00 ACUITE A- | Stable (Assigned) Working Capital Demand Loan (WCDL) Long Term 30.00 ACUITE A- | Stable (Assigned) Working Capital Demand Loan (WCDL) Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 55.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 35.00 ACUITE A2+ (Assigned) Bank Guarantee (BLR) Short Term 70.00 ACUITE A2+ (Assigned) Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Assigned)

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Contacts

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

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