Press Release

Press Release

October 24, 2025

ENERTURE TECHNOLOGIES PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	25.00	ACUITE BBB- \| Stable \| Assigned	-
Bank Loan Ratings	15.00	ACUITE BBB- \| Stable \| Reaffirmed	-
Bank Loan Ratings	45.00	-	ACUITE A3+ \| Reaffirmed
Total Outstanding	85.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has reaffirmed the long-term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on Rs.15 crore bank facility and short-term rating of 'ACUITE A3+' (read as ACUITE A three plus) on Rs.45 crore bank facility of Enerture Technologies Private Limited (ETPL). The Outlook is 'Stable'.
Further, Acuite has assigned long-term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on Rs.25 crore bank facility of Enerture Technologies Private Limited. The Outlook is 'Stable'.

Rationale for Rating:
The company demonstrates an experienced management team with over a decade of expertise in the same industry, contributing to its strategic decision-making and operational efficiency. It has established market presence, catering to a renowned client base, predominantly comprising Public Sector Undertakings (PSUs), which imparts business stability. The scale of operations has shown significant improvement, reflecting growth momentum, although profitability margins remain moderate due to industry dynamics and cost structures. The company exercises intensively working capital management to support its expanding operations while maintaining a healthy financial risk profile and an adequate liquidity position. Furthermore, the presence of a healthy unexecuted order book amounting to Rs.855.89 crore as of 31st Aug, 2025 provides strong revenue visibility over the near to medium term. In addition, the company holds L1 status for projects worth Rs.993 crore, with Letters of Award (LOAs) anticipated by the end of this month, further enhancing its growth prospects and reinforcing its competitive positioning in the market.

About the Company

Incorporated in 2012, Enerture Technologies Private Limited (ETPL) is a tech-enabled solar rooftop platform that combines engineering, data, and analytics to deliver tailored solar solutions for residential, commercial, and industrial customers. They are an integrated solar energy player focused on solar asset development, ownership, and management across both rooftop and open-access formats.
Throughout the whole solar project lifetime, the company provides in-house capabilities for design, engineering, procurement, construction, monitoring, operations, and maintenance.

Unsupported Rating

Not Applicable.

Analytical Approach

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

Key Rating Drivers

Strengths

Established Market Presence with geographically diversification:
ETPL’s credit profile is underpinned by its experienced promoter group with over a decade in the renewable energy sector, bolstered by industry recognition such as the ‘Entrepreneurial Green Award’ from the Ministry of New & Renewable Energy in 2022. The company’s strong and recurring clientele base, predominantly composed of reputed PSUs including HPCL Renewable & Green Energy Ltd, NLC India Ltd, APGCL, and GAIL India Ltd, contributes to revenue stability and enhances its credibility. Strategic partnerships with these entities, which accounted for approximately 64% of FY 2025 revenue, are expected to support medium-term growth. Furthermore, ETPL’s pan-India execution capabilities across multiple states mitigate regional concentration risks and position the company to capitalize on broader infrastructure opportunities, thereby strengthening its operational resilience and long-term growth prospects.

Improvement in Scale of operation with variability in margins:
ETPL exhibited strong revenue growth in FY 2025, with operating income rising to Rs.316.08 crore from Rs.141.60 crore in FY 2024, driven by efficient execution and new government contracts. The strategic pivot from private to PSU clientele enhanced topline performance but exerted pressure on margins, with EBITDA margin declining to 12.97% from 14.35% due to higher raw material costs and low-margin government orders. PAT margin fell to 8.78% from 10.37% owing to increased finance costs. As of August 31, 2025, ETPL’s healthy order book of Rs.855.89 crore and L1 project value of Rs.993.33 crore reflect an OB/OI ratio of 2.78x,The top line for Six mnths ended FY 26 stands at Rs.46.13 Cr. Acuite expects this healthy pipeline to support scale expansion over the medium term.

Healthy Financial Risk Profile:
The financial risk profile of the company is healthy marked by net-worth stood at Rs. 69.94 Cr. as on 31st March 2025 against Rs. 37.45 Cr. as on 31st March 2024. The increase in the net- worth is due to accumulation of profits into reserves, treatment of unsecured loans and infusion of funds through equity share capital. Despite a sharp rise in total debt from Rs.13.47 Cr. to Rs.66.25 Cr., primarily due to increased unsecured loans from promoters and group entities, the gearing ratio remains below unity at 0.95 times in FY25 (0.36 times in FY24), indicating manageable leverage. However, the TOL/TNW ratio rose to 4.37 times in FY25 from 1.34 times in FY24, reflecting increased liabilities. Debt/EBITDA stood comfortable at 1.55 times in FY 2025. Debt protection metrics continue to be robust, with ISCR and DSCR at 12.80 and 7.67 times respectively in FY25 (13.31 and 7.56 times in FY24), and Debt/EBITDA at a comfortable 1.55 times in FY25. In the absence of major debt-funded capex, Acuite expects the financial risk profile to remain stable over the near to medium term.

Weaknesses

Intensive Working Capital Cycle:
ETPL’s working capital intensity increased notably in FY 2025, with gross current asset (GCA) days stretching to 340 days from 144 days in FY 2024, primarily due to elongated debtor and inventory cycles. Debtor days rose sharply to 259 days in FY 2025 from 97 days in FY 2024, driven by back- ended revenue recognition—82% of FY 2025 revenue booked in Q4, with 63% concentrated in March alone. Further, Due to nature of operations, the major payment gets realized from PSU in timeline of 0-6 months once the bill gets submitted. Around 97% of debtors are under the range of 6 months. Inventory days increased to 55 days in FY 2025 from 34 days in FY 2024, reflecting a significant WIP build-up of Rs.41.56 crore in FY 2025 from Rs.11.24 crore in the previous year. Other current assets also increased to Rs.33.66 crore in FY 2025 from Rs.6.06 crore in FY 2024, largely due to advances to SPVs and suppliers. Creditor days surged to 303 days in FY 2025 from 109 days in FY 2024, mirroring high year-end procurement and supplier terms linked to collections. Acuite expects working capital operations to remain elevated in the near to medium term, consistent with ETPL’s business model and PSU-driven execution cycle.

Highly competitive industry marked by tender based nature of business:
ETPL operates in a highly competitive industry characterized by the tender-based nature of business, where revenue generation is closely tied to the company’s ability to secure contracts through competitive bidding. This model inherently exposes ETPL to fluctuations in order inflow and pricing pressures, as success depends on both technical qualifications and cost competitiveness. The reliance on winning tenders, particularly from government and PSU clients, makes performance susceptible to market dynamics, regulatory changes, and bidding cycles, potentially impacting revenue visibility and margin stability in the short to medium term.

Rating Sensitivities

1.Moevment in revenues and profitability
2.Working capital management
3.Timely execution and bagging fresh orders

Liquidity Position

Adequate

The liquidity profile of the company is adequate marked by net cash accruals of company stood at Rs. 27.88 Cr. in FY 2025 against the current maturities for debt obligation of Rs. 0.72 Cr. for the same period indicating cushion for any future endeavours. The company has unencumbered cash & bank position of Rs. 0.40 Cr. and current ratio stood at 1.14 times for FY 25. The average fund-based utilization is 79.50% for last 6 months ended Aug 2025 and average non-fund-based utilization is 76.40% for last seven months ended Aug 2025. Acuite believes that the company will be able to maintain adequate liquidity with steady accruals in near to medium term.

Outlook: Stable

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	316.08	141.60
PAT	Rs. Cr.	27.75	14.68
PAT Margin	(%)	8.78	10.37
Total Debt/Tangible Net Worth	Times	0.95	0.36
PBDIT/Interest	Times	12.80	13.31

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
03 Jul 2025	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A3+ (Assigned)
	Cash Credit	Long Term	15.00	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A3+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A3+ \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BBB- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Shreya Banerjee
Analyst-Analytical Operations

Contact details exclusively for investors and lenders

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

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.

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