Press Release July 03, 2025 ENERTURE TECHNOLOGIES PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	15.00	ACUITE BBB- | Stable | Assigned	-
Bank Loan Ratings	45.00	-	ACUITE A3+ | Assigned
Total Outstanding	60.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has assigned the long-term rating of ’ACUITE BBB-’ (read as ACUITE triple B minus) and the short-term rating of ’ACUITE A3+’ (read as ACUITE A three plus) on the Rs. 60.00 Cr. bank facilities of Enerture Technologies Private Limited (ETPL). The outlook is 'Stable'. Rationale for Rating The rating assigned reflects the established track record of the management with more than a decade in setting up the ground mount and rooftop solar platforms for residential, commercial, and industrial customers. The company has a healthy unexecuted order book of Rs. 871.22 Cr. mainly from PSU (Public Sector Undertakings) indicates revenue visibility over medium term. The company witnessed the significant growth in scale of operations with recording revenue of Rs. 308.33 Cr. in FY 25 (Prov.) against Rs. 141.6 Cr. in FY 24. The rating gets additional comfort on healthy financial risk profile and adequate liquidity. However, rating gets constrained with intensive working capital operations and highly competitive industry with tender based nature of operations.

About the Company

­Incorporated in 2012, Delhi based, Enerture Technologies Private Limited 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 offers in house capabilities across the entire solar project lifecycle including Design, Engineering, Procurement, Construction, Monitoring, Operations, and Maintenance. The directors include Mr. BhairawKumar Mandal and Ms. Poonam Kumari.

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

Benefits derived from ­Experienced Management The company is managed by experienced promoters who has more than a decade in renewable energy and by a team of well-qualified professionals who assist them in managing the day to day affairs of the company. The company has been awarded as ‘Entrepreneurial Green Award’ from Ministry of New & Renewable Energy in 2022. Acuité believes that going forward, the growth of the company will be based on its ability to undertake fresh orders and timely execute the existing orders with the management’s strong understanding of market dynamics. Improvement in Scale of Operations & Profitability The company has clocked a revenue of Rs. 308.33 Cr. in FY 25 (Prov.) against Rs. 141.60 Cr. in FY24. The company has witnessed CAGR (Compounded Annual Growth Rate) by 137.49% year on year from FY 22 to FY 25 (prov.). The significant improvement is mainly due to ability of the company to bag fresh orders bagged and timely execution of ongoing orders. The EBITDA margin of the company stood at 16.50% in FY 25 (Prov.) as against 14.35% in FY 24. The PAT margin of the company improved and stood at 12.37% in FY 2025 (prov.) against 10.37% in FY 2024. The improvement in margins is mainly due to better absorption of fixed expenses in FY 25 (prov.). Acuite believes that the company is expected to have better top-line in near to medium term supported by stable margins as compared to previous years on account of timely execution of the orders. Healthy Financial Risk profile The financial risk profile of the company is healthy marked by net-worth stood at Rs. 80.34 Cr. as on 31st March 2025 (prov.) against Rs. 37.45 Cr. as on 31st March 2024. The increase in the net-worth is due to accumulation of profits into reserves and infusion of funds through equity share capital. The gearing ratio of the company is comfortable which is below unity which stood at 0.46 times in FY 25 (prov.) against 0.36 times in FY24. The TOL/TNW ratio of the company stood at 2.13 times in FY 25 (prov.) against 1.34 times in FY 24. The debt protection metrices of the company are comfortable reflected by ISCR & DSCR stood at 16.02 & 10.61 times for FY 2025 (Prov.) against 13.31 & 7.56 times for FY 24 respectively. The ROCE & Debt-EBIDTA stood at 60.43% and 0.73 times for FY 25 (prov.). Acuite believes that going forward the financial risk profile of the company will remain healthy in near to medium term in the absence of any major debt funded capex.

Weaknesses

Intensive Working Capital Operations The working capital operations of the company is intensive marked by GCA days which stood at 207 days in FY 25 (prov.) against 144 days as on 31st March 2024. The intensiveness of working capital operations is mainly due high debtor days. Due to nature of operations, the major payment gets realized from PSU in timeline of 0-6 months once the bill gets submitted. More than 99.5% of debtors are under the range of 6 months. The inventory holding period and creditor days stood at 70 days and 34 days respectively for FY 25 (prov.). Acuite believes that working capital operations will remain at same level in near to medium term due to nature of operations of the company. ­Highly competitive industry marked by tender based nature of business The company’s performance is susceptible to the tender based nature of business, where the business depends on the ability to bid for contracts successfully. Risk become more pronounced as tendering is based on minimum amount of biding of contracts.

Rating Sensitivities

­Movement in scale of operations & profitability margins. Timely execution of its order book. Movement in Working Capital Operation

Liquidity Position

Adequate

­The liquidity profile of the company is adequate marked by net cash accruals of company stood at Rs. 38.21 Cr. in FY 2025 (Prov.) 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. 3.83 Cr. and current ratio stood at 1.15 times for FY 25 (Prov.). The average fund-based utilization is 73.37% for last 12 months ended May 2025 and average non-fund-based utilization is 69.85% for last seven months ended May 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 (Provisional)	FY 24 (Actual)
Operating Income	Rs. Cr.	308.33	141.60
PAT	Rs. Cr.	38.15	14.68
PAT Margin	(%)	12.37	10.37
Total Debt/Tangible Net Worth	Times	0.46	0.36
PBDIT/Interest	Times	16.02	13.31

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.

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+ | Assigned HDFC Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A3+ | Assigned 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 | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Kartik Arora Analyst - Rating 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. 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.