Press Release

Press Release

December 24, 2025

EROS INFRASTRUCTURES PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	58.00	ACUITE BB+ \| Stable \| Reaffirmed	-
Bank Loan Ratings	32.00	-	ACUITE A4+ \| Reaffirmed
Total Outstanding	90.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has reaffirmed the long term rating of 'Acuite BB+' (read as Acuite Double B Plus) on the Rs.58.00 crore bank facilities and short term rating of 'Acuite A4+' (read as Acuite A Four Plus) on the Rs.32.00 crore bank facilities of Eros Infrastructures Private Limited(EIPL). The Outlook is 'Stable'.

Rationale for Rating:
The rating Reaffirmation reflects the company’s established operational track record and the promoters’ extensive experience in the transmission tower manufacturing business. Despite a decline in revenue in FY2025 due to changes in the revenue mix and pressure from falling steel prices, profitability remained stable. The financial risk profile is moderate, supported by improving net worth, comfortable coverage indicators, and adequate liquidity aided by efficient collections and healthy cash accruals. However, the absence of a hedging policy exposes the company to foreign exchange risk as it expands export operations. The rating is constrained by volatility in revenue patterns and low profitability margins.

About the Company

Nagpur based, Eros Infrastructures Private Limited (EIPL) was incorporated in 2003 by Mr. Amitkumar Narayanprasad Pande, Mrs. Gaitrydevi Narayanprasad Pande, Mr. Atulkumar Narainprasad Pande and others. EIPL is a tower manufacturer that has products like TLT, Sub Station Structures, Solar Module Mounting Structures, Highway crash barrier etc. Initially EIPL operated as a conversion partner for major players like KEC International (Kamani Engineering Corporation) and L&T (Larsen & Toubro), fabricating towers from client-supplied raw materials. After a slowdown in FY2021 due to COVID, the company diversified its revenue streams into three segments: (a) With Material Supplies—its primary and high-margin segment, (b) Conversion Business—job work for clients like KEC, L&T, and Tata Power, offering lower realizations and (c) By-Product Sales—scrap generated during manufacturing.

Unsupported Rating

Not Applicable.

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of EIPL for arriving at the rating.

Key Rating Drivers

Strengths

Long track record of operations and experienced management
Nagpur-based Eros Infrastructures Private Limited (EIPL), incorporated in 2003, is engaged in manufacturing towers and related structures such as transmission line towers (TLT), substation structures, solar module mounting structures, and highway crash barriers. The company operates manufacturing facilities in Nagpur, Jaipur, and Jabalpur and has over 14 years of experience in the industry. EIPL caters to reputed clients including KEC International, L&T, Godrej & Boyce Mfg. Co. Ltd., and Tata Projects Ltd. Acuité believes that EIPL will continue to benefit from its established market presence and long-standing relationships with customers over the medium term.

Moderate financial risk profile
The financial risk profile of the company is marked by improving net worth and comfortable gearing and debt protection metrics. The net worth of the company stood at Rs. 22.66 crores in FY 25 as against Rs. 19.43 crores in FY 2024, driven by accretion to reserves. Also, the company has infused Rs.5 crores through equity capital (Rs.10 lakhs share FV at 10/share and premium at 40/share) in this current financial year. Total borrowing increased to Rs. 35.83 crores in FY 2025 as compared to Rs. 25.42 crores in FY 24, mainly driven by short-term borrowing and a new equipment loan from SIDBI, resulting in their gearing standing at 1.58 times in FY 25 as compared to 1.31 times in FY 24. The coverage indicator stood stable, with ICR and DSCR at 2.41 times and 1.21times in FY 2025. TOL/TNW stood at 2.32 times, and DEBT/EBITDA stood at 3.34 times in FY 2025. Acuite believes the financial risk profile of the company will improve on account of absence of any debt-funded capex plan.

Moderate Working Capital Management:
The working capital cycle of the company is moderate marked by Gross Current Assets (GCA) of 112 days on 31st March 2025 as compared to 109 days on 31st March 2024. Debtors days stood at 33 days in FY 2025 as against 23 days in FY 2024. Their payments terms with customers are mainly on a cash-advance basis or LC backed, while only few clients like L&T and GE International have 45 days of credit period. Inventory holding days stood at 72 days in FY 25 as against 80 days in FY 24. However Average holding period of inventory are 90 days as due to high conversion cycle from raw materials to finished goods. Creditor days stood at 40 days in FY 25 as against 70 days in FY 24 in line with average supplier terms which 45 to 60 days. Acuite believes that, working capital cycle will be same in line with FY 2025.

Weaknesses

Decline in Operation Performance:
EIPL reported a 17.86% decline in revenue to Rs.177.72 crore in FY2025 from Rs.216.36 crore in FY2024, primarily due to a change in its revenue mix, “with material supply contracts “ contributing 82% in FY 25 versus 96% in FY2024. The company has shown improvement in 7MFY2026 with revenue of Rs.98.16 crore (up from Rs.80.38 crore in 7MFY2025), supported by a higher share of “with material supply contracts” (92%). Despite this the Operating margin slightly improved to 5.86% in FY2025 from 5.48% in FY2024, PAT margin stood at 1.81% in FY2025 compared to 1.94% in FY2024. EIPL has an outstanding order book of Rs.115 crore and a recurring export order of Rs.30 crore per quarter from middle east until December 2026. Acuité believes operating performance of EIPL will likely improve in the medium term backed by its order book, growing exports while volatility in revenue mix and forex risk in absence of a formal hedging policy remain key monitorable.

Rating Sensitivities

1.Improvement in Topline and profitability
2.Timely completion of orders and influx of new orders
3. Improvement in financial risk profile

Liquidity Position

Adequate

The company has adequate liquidity marked by net cash accruals of Rs.5.21 crore against the long-term debt obligation of Rs.3.55 crores during FY2025. The current ratio of the company stood comfortable at 1.30 times in FY2025 as compared to 1.23 times in FY 24. Unencumbered Cash and bank balance stood at Rs 2.16 crore as on March 31, 2025.The bank limit of the company has been ~57 per cent and non fund-based limit has been 58% utilized during the last six months ending in Oct 2025. Acuité believes that the liquidity of the company is likely to remain adequate over the medium term on account of healthy cash accruals against long debt repayments, moderate current ratio and efficient collection efficiency.

Outlook: Stable

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	177.72	216.36
PAT	Rs. Cr.	3.22	4.21
PAT Margin	(%)	1.81	1.94
Total Debt/Tangible Net Worth	Times	1.58	1.31
PBDIT/Interest	Times	2.41	2.23

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
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
25 Sep 2024	Bank Guarantee/Letter of Guarantee	Short Term	4.00	ACUITE A4+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	2.00	ACUITE A4+ (Assigned)
	Letter of Credit	Short Term	8.50	ACUITE A4+ (Assigned)
	Proposed Short Term Bank Facility	Short Term	17.50	ACUITE A4+ (Assigned)
	Cash Credit	Long Term	5.00	ACUITE BB+ \| Stable (Upgraded from ACUITE BB-)
	Proposed Long Term Bank Facility	Long Term	0.52	ACUITE BB+ \| Stable (Upgraded from ACUITE BB-)
	Term Loan	Long Term	6.98	ACUITE BB+ \| Stable (Upgraded from ACUITE BB-)
	Cash Credit	Long Term	17.00	ACUITE BB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	8.73	ACUITE BB+ \| Stable (Assigned)
	Covid Emergency Line.	Long Term	0.80	ACUITE BB+ \| Stable (Assigned)
	Term Loan	Long Term	0.97	ACUITE BB+ \| Stable (Assigned)
	Proposed Cash Credit	Long Term	18.00	ACUITE BB+ \| Stable (Assigned)
28 Dec 2023	Bank Guarantee/Letter of Guarantee	Short Term	4.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE BB- (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	7.15	ACUITE BB- (Reaffirmed & Issuer not co-operating*)
	Proposed Term Loan	Long Term	0.35	ACUITE BB- (Reaffirmed & Issuer not co-operating*)
19 Oct 2022	Bank Guarantee/Letter of Guarantee	Short Term	4.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	5.00	ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
	Term Loan	Long Term	7.15	ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
	Proposed Term Loan	Long Term	0.35	ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)

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/Letter of Guarantee	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE A4+ \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE BB+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	22.00	Simple	ACUITE BB+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	31 Oct 2026	0.36	Simple	ACUITE BB+ \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.50	Simple	ACUITE A4+ \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.24	Simple	ACUITE BB+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.50	Simple	ACUITE A4+ \| Reaffirmed
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Sep 2029	6.72	Simple	ACUITE BB+ \| Stable \| Reaffirmed
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Mar 2030	1.44	Simple	ACUITE BB+ \| Stable \| Reaffirmed
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Jul 2027	3.86	Simple	ACUITE BB+ \| Stable \| Reaffirmed
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Sep 2026	0.38	Simple	ACUITE BB+ \| Stable \| Reaffirmed

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.

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.