­Experienced Managerial Personnel

GHFPL benefits from strong promoter’s experience and a long operational track record, which underpin its business stability and customer relationships. Promoted by Mr. Aman Chopra and Mr. Rajiv Chopra, who together bring over six decades of expertise in aviation refueling systems and equipment distribution, the company is further supported by a capable second line of management. This depth of industry knowledge has enabled GHFPL to build enduring ties with key suppliers and institutional clients, particularly in the aviation sector. With five decades of operations, the company’s reputation and consistent execution have reinforced its market position. Acuité believes GHFPL will continue to derive strategic advantage over the medium term from its experienced leadership and longstanding customer and supplier relationships.

Moderate operating performance:
GHFPL registered a moderate growth in operating revenue to Rs.52.67 crore in FY 2025 from Rs.49.92 crore in FY 2024, supported by Rs.5.48 crore booked from fuel firm construction at Jaipur International Airport. Export sales increased significantly to Rs.8.63 crore (16% of total sales) from 4.98 crore (10%) in the previous year, indicating rising international demand and margin potential. As on Feb'26, the Company has already recorded Rs.80 crores of total turnover indicates medium term revenue visibility. Despite top-line growth, operating profit margin declined to 8.07% in FY 2025 from 9.25% in FY 2024 due to higher material and employee costs and the construction cost of the fuel farm facility. PAT margin also fell to 2.91% in FY 25 from 3.57% in FY 24 due to increased finance costs.

­Average Financial Risk Profile

GHFPL’s financial risk profile remains average, characterized by moderate net worth, high gearing, and average debt protection metrics. The company’s net worth improved to ?8.95 crore in FY2025 from ?7.41 crore in FY2024, driven by internal accruals. However, gearing increased to 2.44 times in FY2025 from 2.36 times in FY2024 due to a rise in short-term borrowings, Their total borrowing’s structure consists of WC term loan, USL from directors and others (interest free) and short-term borrowings. Debt protection metrics showed a slight decline, with Interest Coverage Ratio (ICR) at 2.27 times and Debt Service Coverage Ratio (DSCR) at 1.57 times in FY2025, compared to 2.57 times and 1.87 times respectively in FY2024. The Net Cash Accruals to Total Debt (NCA/TD) ratio also declined to 0.09 times in FY2025 from 0.12 times in FY2024. Furthermore, the Total Outside Liabilities to Tangible Net Worth (TOL/TNW) ratio rose to 4.22 times in FY2025 from 3.37 times in FY2024, primarily due to an increase in other current liabilities, notably advances received from Jaipur Airport Authority Limited.

Intensive Working Capital Cycle

GHFPL exhibits an intensive working capital cycle, with Gross Current Assets (GCA) days stretching to 277 days in FY 2025 from 214 days in FY 2024, primarily driven by consistently high inventory holding of 133 days in both years. The elevated inventory levels stem from the company’s strategy to stock equipment parts in advance to ensure timely delivery of refueling equipment. Debtor days have also increased to 89 days in FY 2025 from 79 days in FY 2024, largely due to a client base dominated by government entities, where payments are subject to extended approval processes as well as high year end revenues booked by the Company. Additionally, a significant rise in other current assets fromRs.2.52 crore in FY 2024 toRs.9.86 crore in FY 2025, driven by higher advances to suppliers, has further stretched the working capital cycle. However, marginal improvement in accounts payable days to 41 days in FY 2025 from 53 days in FY 2024 .