Product Quantum (Rs. Cr) (SEBI) Quantum (Rs. Cr) (Other FSR) Long Term Rating Short Term Rating Regulated By
Bank Loan Ratings 0.00 2.00 ACUITE BBB | Stable | Assigned - RBI
Bank Loan Ratings 0.00 56.00 - ACUITE A3+ | Assigned RBI
Total Outstanding 0.00 58.00 - - -
Total Withdrawn 0.00 0.00 - - -
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
 
Rating Rationale

­Acuité has assigned its long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs.2.00 Cr bank facilities and its short-term rating of 'ACUITE A3+' (read as ACUITE A three plus) on the Rs.56.00 Cr bank facilities of Jeelani Marine Products (JMP). The outlook is ‘Stable’.

Rationale for rating
The rating reflects the group's established position and experience of promoters in the seafood export industry, healthy customer relationships and improving operating performance supported by increasing scale of operations and continued capacity expansion. The rating also derives comfort from the group's moderate financial risk profile, supported by healthy profitability and comfortable debt protection metrics. These strengths are partly constrained by the moderate working capital requirements of the business, exposure to supply chain challenges, foreign exchange and regulatory risks inherent in export-oriented operations, competitive industry dynamics, and the risk of capital withdrawal from the partnership firm.

About Company
Incorporated in 2011 and based in ­Ratnagiri, Jeelani Marine Products is engaged in the business of exporting a wide range of premium seafood—including Indian Mackerel, Squid, Vannamei Shrimps, and Black Tiger Shrimps. Mr. Shahul Hamid Aboobaker and Mr. Aishabeevi Aboobaker Rawther are the current partners of the firm.
 
About the Group

The Jeelani Group, based in Ratnagiri, has over a decade of experience in the seafood export industry. The group comprises Jeelani Marine Products, a partnership firm established in 2011 by Mr. S.H. Aboobaker, and Jeelani Marine Products Private Limited, incorporated in 2020. The group is engaged in exporting a wide range of premium seafood products, including Indian Mackerel, Squid, Vannamei Shrimps, and Black Tiger Shrimps, to international markets. The business is managed by Mr. S. H. Aboobaker and Mrs. Aishabeevi Aboobaker Rawther, who oversee the group's operations and growth.
 
Unsupported Rating
­Not Applicable
 
Analytical Approach

Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support
­Acuité has considered the consolidated business and financial risk profile of JMP and JMPPL to arrive at the rating. The consolidation is on account of common promoters, operational synergies, shared customer relationships, integrated processing activities and significant business linkages between the entities.
Key Rating Drivers

Strengths

Established track record and experienced management
The group benefits from an established presence in the seafood export industry through JMP, which has been operating since 2011. The business is led by promoters with over three decades of industry experience and has developed strong relationships with customers, suppliers and shrimp farmers over the years. JMP operates its seafood processing plant at Ratnagiri, Maharashtra. JMPPL has established a new seafood processing plant at Ratnagiri, Maharashtra, which is awaiting regulatory approvals for commercial operations. It has also taken a processing facility at Vasai, Maharashtra, on lease in FY26, which is currently operational and undertakes seafood processing activities. The promoters' industry expertise, sourcing capabilities and established customer network have supported the group's business growth, geographical diversification and operational stability.

Improving operating performance
The group's operating performance improved significantly during FY2026 (Prov.), with operating income increasing to Rs.517.74 crore from Rs.328.67 crore in FY2025, driven by higher export volumes, expansion into newer geographies and healthy demand across key export markets. The operating margin improved to 8.18% in FY2026 (Prov.) from 6.44% in FY2025, while PAT margin increased to 5.15% from 4.37% during the same period, supported by better absorption of fixed costs and operational efficiencies. Further, the group's ongoing capacity expansion i.e., setting up of new facility in Ratnagiri at JMMPL and further capex of solar power plant & value-added processing infrastructure at JMP, is expected to strengthen processing capabilities, improve profitability and support future growth.

Moderate financial risk profile
The group's financial risk profile remains moderate, supported by a moderate net worth base and leverage and comfortable debt protection metrics. Tangible net worth improved to Rs.77.62 Cr as on March 31, 2026 (Prov.) from Rs.45.10 Cr as on March 31, 2025, while gearing improved to 0.96 times from 1.04 times. Debt protection indicators strengthened with interest coverage ratio of 10.17 times, debt service coverage ratio of 5.44 times and Total Debt/EBITDA of 1.76 times in FY2026 (Prov.), reflecting improved profitability and healthy accrual generation. Going forward, while the group has undertaken debt-funded capex plans through both JMP and JMPPL in FY27, its financial risk profile is expected to improve over the near term, supported by anticipated growth in scale of operations, improving operating profitability and the ramp-up of the new Ratnagiri processing facility in JMPPL.


Weaknesses

Moderate working capital operations
The group's working capital requirements remain moderate, driven by the inherent characteristics of the seafood processing and export business. Gross current assets stood at 91 days in FY2026 (Prov.) as against 84 days in FY2025. Inventory levels remained moderate at 49 days, reflecting the need to maintain stock to meet export demand and seasonal procurement requirements. Debtor days improved to 36 days from 40 days, although collections continue to vary across export destinations owing to differing credit terms. Creditor days stood at 21 days in FY2026 (Prov.) compared to 32 days in FY2025. Further, average utilisation of fund-based working capital facilities remained moderate at around 82.10% during the twelve months ended March 2026, indicating continued reliance on bank limits to support business operations.

Risk of capital withdrawal from partnership firm
The group's credit profile remains exposed to the risk of capital withdrawal from the partnership entity, JMP. Any significant withdrawal of capital by partners could adversely impact liquidity, capital structure and financial flexibility. Although no major withdrawals were reported during FY2026 and management does not envisage any substantial withdrawals in the near term, the risk remains inherent in the partnership structure.

Exposure to industry and export-related risks
The seafood processing and export business remains susceptible to supply chain challenges and prices, which are influenced by seasonal harvest cycles, climatic conditions and disease outbreaks. The group is also exposed to regulatory changes in importing countries, foreign exchange fluctuations and intense competition from domestic as well as international players. Any adverse developments in these factors could affect profitability and overall business performance.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:
  • ­Improvement in operating performance with revenues reaching above ~Rs.1000 Cr along with improvement in the profitability margins.
  • Improvement in the working capital cycle.
  • Improvement in financial risk profile
Potential triggers (individual or collective) for a downward rating action:
  • Deterioration in operating performance with revenues falling below ~Rs.300 Cr. or decline in profitability margins.
  • Further elongation in working capital cycle or increased reliance on working capital borrowings, leading to weakening of financial risk profile
Liquidity Position
Adequate

The group’s liquidity position is adequate marked by healthy net cash accruals of Rs.29.34 Cr as on March 31, 2026 (Prov.), as against minimal repayment obligation of Rs.1.99 Cr during the same period. Going forward, the group is expected to generate healthy net cash accruals in the range of ~Rs.41-56 Cr in FY27 & FY28 against repayment obligation in the range of ~Rs.4-7 Cr during the same period.

The reliance on working capital limits stood moderate with fund based limits at around 82.10 percent during the twelve months ended March 2026. The current ratio stood moderate at 1.56 times, and cash balance stood at Rs.3.39 Cr as on 31st March 2026 (Prov.).

Going forward, the liquidity position is expected to remain adequate on account of healthy cash accruals and gradual ramp-up of operations at the Ratnagiri facility. However, the company's ability to achieve timely stabilisation of the new facility and manage the increased debt associated with the ongoing expansion will remain a key monitorable.
 
Outlook: Stable
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Other Factors affecting Rating
­None
 

Particulars Unit FY 26 (Provisional) FY 25 (Actual)
Operating Income Rs. Cr. 517.74 328.67
PAT Rs. Cr. 26.64 14.37
PAT Margin (%) 5.15 4.37
Total Debt/Tangible Net Worth Times 0.96 1.04
PBDIT/Interest Times 10.17 5.02
Status of non-cooperation with previous CRA (if applicable)
None
 
Any Other Information
­None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
Note on complexity levels of the rated instrument


Rating History : Not Applicable
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Lender’s Name ISIN Facilities Listing Status Regulated By Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
ICICI BANK LIMITED Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE BBB | Stable | Assigned
ICICI BANK LIMITED Not avl. / Not appl. PC/PCFC Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 26.00 Simple ACUITE A3+ | Assigned
KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. PC/PCFC Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A3+ | Assigned
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.


*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr No. Company Name
1 Jeelani Marine Products
2 Jeelani Marine Products Private Limited
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