Press Release

Press Release

March 09, 2026

JAI MATA DI ROAD CONSTRUCTION PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	11.50	ACUITE BBB \| Stable \| Assigned	-
Bank Loan Ratings	56.00	-	ACUITE A3+ \| Assigned
Total Outstanding	67.50	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has assigned the long term rating of ‘ACUITE BBB’ (read as ACUITE Triple B) and the short term rating of ‘ACUITE A3+’ (read as ACUITE A Three plus) on the Rs. 67.50 Cr. bank facilities of Jai Mata Di Road Construction Private Limited. The outlook is ‘Stable’.

Rationale for Rating
The assigned rating factors in the company’s increasing scale of operations, marked by an operating income of Rs.183.45 Cr. in FY2025 as against Rs.127.72 Cr. in FY2024 on the back of execution of orders by the company. The EBITDA and PAT margin stood at 9.17% and 6.07% respectively in FY2025. Moreover, the company has registered revenue of Rs.119.71 Cr. till 31st January 2026 and has unexecuted orders in hand of Rs.576.11 Crore as on December 2025. The rating further takes into account the comfortable financial risk profile of the company as reflected by the gearing ratio at 0.66 times as on 31st March, 2025, the interest coverage ratio and debt service coverage ratio at 8.03 times and 5.35 times respectively as on 31st March 2025 as well as the adequate liquidity position backed by sufficient net cash accruals against its debt repayment obligations. Additionally, the working capital operations of the company are efficient, marked by GCA days of 52 days as on 31st March, 2025. The rating also draws comfort from the experience of the management in the same line of business, leading to repeat orders. However, the rating is constrained by geographic concentration risk, as the company majorly executes orders in Bihar. Acuite also notes risks related to the tender-based nature of the business, volatility in raw material prices and intense competition in the civil construction industry.

About the Company

Incorporated in 1995, Patna based, Jai Mata Di Road Construction Private Limited undertakes civil construction works related to the construction of buildings, roads and bridges. The company undertakes projects for the Government Department of Bihar along with few contracts from Jharkhand and Orrisa. The company is managed by Mr. Ranjit Kumar, Mr. Mohit Sinha and Mr. Rohit Singh.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone business and financial risk profile of Jai Mata Di Road Construction Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and long track record of operations
The company commenced its operations in 1995 and is currently managed by Mr. Ranjit Kumar, Mr. Mohit Sinha and Mr. Rohit Singh. The promoters possess experience of around three decades in the same line of business. The long-standing track record of the management has enabled the company to leverage the relationship built with the government departments and suppliers, which resulted in a healthy order book position. Acuité believes that the company will continue to derive benefit from its long-established market presence, the extensive experience of the promoters and the successful completion of past contracts, which will help to secure fresh orders.

Sound Business Risk Profile
The company witnessed an improvement in its scale of operations marked by an operating income of Rs.183.45 Cr. in FY2025 as against Rs.127.72 Cr. in FY2024 and Rs.44.58 Cr. in FY2023 on the back of execution of orders by the company. Additionally, the company has clocked Rs.119.71 Cr. till 31^st January 2026. The stability in revenue is further backed by an unexecuted order book to the tune of Rs.576.11 Crore as on December 2025 (approximately 3.14x of the revenue of the company in FY2025). The orders are for civil construction projects, primarily from Government Departments of Bihar. All its projects are on the direct tendering basis and have an in-built price escalation clause for major raw materials in most of its contracts. Moreover, the EBITDA margin of the company stood at 9.17 percent in FY2025 as against 9.55 percent in FY2024 on account of increase in raw material costs in FY2025. Likewise, the PAT margin stood at 6.07 percent in FY2025 against 6.14 percent in FY2024. Acuité believes that the company will continue to sustain its order book position and maintain its business risk profile over the medium term on the back of the execution of orders in hand coupled with the incremental order book of the company. However, the ability of the company to bag new orders and timely execution of the existing orders will remain a key rating monitorable.

Comfortable Financial Risk Profile
The financial risk profile of the company is marked by moderate net worth, gearing below unity and comfortable debt protection metrics. The net worth stood at Rs.32.13 Crore as on 31^st March 2025 against Rs.20.99 Crore as on 31^st March 2024. The increase in the net worth is on account of accretion of profits into reserves. Further, the total debt of the company stood at Rs.21.11 Crore as on 31^st March 2025 as against Rs.22.52 Crore as on 31^st March 2024. The capital structure of the company is comfortable, marked by the gearing ratio, which stood at 0.66 times as on 31^st March 2025 against 1.07 times as on 31^st March 2024. Further, the coverage indicators of the company improved, reflected by the interest coverage ratio and debt service coverage ratio, which stood at 8.03 times and 5.35 times respectively as on 31^st March 2025 against 7.20 times and 4.14 times as on 31^st March 2024. The TOL/TNW ratio of the company stood at 1.28 times as on 31^st March 2025 against 1.56 times as on 31^st March 2024 and the DEBT-EBITDA stood at 1.21 times as on 31^st March 2025 against 1.80 times as on 31^st March 2024. Acuité expects the financial risk profile of the company to improve in the near to medium term, supported by steady cash accruals and no major debt funded capex plans.

Efficient Working Capital operations
The working capital operations of the company are efficient, marked by GCA days, which stood at 52 days as on 31^st March 2025 as against 60 days as on 31^st March 2024. The civil construction business retains a naturally elevated working capital intensity, attributed to prolonged project execution timelines, payments tied to project milestones, and the release of retention money. However, the company manages the same efficiently, as reflected by the debtor days of the company, which stood at 32 days as on 31^st March 2025 against 41 days as on 31^st March 2024. Further, the inventory holding stood at 6 days as on 31^st March 2025 against 4 days as on 31^st March 2024 and the creditor days stood at 34 days as on 31^st March 2025 against 14 days as on 31^st March 2024. Acuité expects the working capital operations of the company to remain at similar levels in the near to medium term.

Weaknesses

Susceptibility to geographical concentration risk
The company is based in Patna and primarily undertakes projects for various Government Departments in Bihar. While this focused presence has enabled the company to build healthy relationships and secure repeat orders/contracts within the state, it also heightens its exposure to geographical concentration. As a regional player with operations largely confined to Bihar, the company remains vulnerable to policy shifts and changes in government priorities. Acuité believes that diversification of the customer base will remain a key rating sensitivity.

Presence in highly competitive nature of industry and Susceptibility of margins to fluctuation in raw material prices
The civil construction sector is highly fragmented, marked by the presence of several mid to big size players. The company operates mainly in Bihar and specializes in civil works related to the construction of buildings, roads and bridges, with its revenue driven by its ability to bid successfully for tenders. The company faces competition from large players, as well as many local and small unorganized players, which may hence require it to bid aggressively to get contracts. Also, given the cyclicality inherent in the civil construction industry, the operating margins of the company are susceptible to volatility in raw material prices. The ability of the company to maintain its profitability margin through operating efficiency becomes critical. However, this risk is mitigated to an extent on account of the experience of the management and well-established presence in its terrain.

Rating Sensitivities

Movement in topline of the company while maintaining profitability position.
Timely execution of projects in hand

Liquidity Position

Adequate

The liquidity profile of the company is adequate, marked by net cash accruals of Rs.11.57 Crore as on 31^st March 2025 against debt repayment obligations of Rs.0.39 Crore over the same period. The unencumbered cash and cash equivalents available with the company stood at Rs.8.84 Crore as on 31^st March 2025 against Rs.7.14 Crore as on 31^st March 2024. Further, the fund based and non-fund based working capital limits of the company stood utilized at an average of 93.63% and 75.60% respectively for the last nine months ended January 2026. The current ratio of the company stood at 0.76 times as on 31^st March 2025. Acuité expects the liquidity profile of the company to remain adequate in the near to medium term, supported by adequate accruals to repayment obligations and cash and cash equivalents available with the company.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	183.45	127.72
PAT	Rs. Cr.	11.14	7.84
PAT Margin	(%)	6.07	6.14
Total Debt/Tangible Net Worth	Times	0.66	1.07
PBDIT/Interest	Times	8.03	7.20

Status of non-cooperation with previous CRA (if applicable)

CRISIL, vide its press release dated December 29th, 2025 had denoted the rating of Jai Mata Di Road Construction Private Limited as CRISIL BB+/ Stable/ A4+ 'Reaffirmed and Issuer not co-operating’.

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
Canara Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.00	Simple	ACUITE A3+ \| Assigned
State Bank of India	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
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE A3+ \| Assigned
Canara Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.50	Simple	ACUITE BBB \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE BBB \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
Associate 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.

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