Press Release August 06, 2026 PERFECT INFRACORP PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	21.00	ACUITE BBB+ | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	104.00	-	ACUITE A2 | Assigned	RBI
Total Outstanding	0.00	125.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 the long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) and short-term rating of 'ACUITE A2' (read as ACUITE A two) on the Rs.125.00 crore bank facilities of Perfect Infracorp Private Limited (PIPL). The Outlook is 'Stable'. Rationale for Rating assigned The rating derives comfort from the company's established track record in the infrastructure and construction sector and the experience of its promoters, which supports its project execution capabilities. The company's revenue visibility remains healthy over the medium term, supported by an unexecuted order book equivalent to around 2.54 times of its FY26 operating income. The financial risk profile remains healthy, marked by low leverage and comfortable debt protection metrics. Further, the liquidity profile is adequate, supported by minimal debt servicing obligations, availability of unencumbered fixed deposits, and  expected recovery of funds from loans and advances extended to its wholly owned HAM SPV - Perfect Kim Mandavi Road Project Private Limited following the proposed refinancing and top-up debt arrangement at SPV level. The above strengths are, however, constrained by the working capital-intensive nature of operations. Furthermore, the current scale of operations is modest and therefore, timely execution of orders leading to future growth in operating performance remains a key rating monitorable. The rating also factors in the tender-driven nature of the infrastructure sector, which exposes it to competitive intensity and risks associated with order inflows, project execution and profitability.

About the Company

Perfect Infracorp Private Limited (PIPL) is a closely held private limited company incorporated on 21 December 2012. The company is engaged in the construction and infrastructure sector, with a primary focus on road works, bridges and related infrastructure development activities. Its registered office is located at Mehsana, Gujarat. The current directors of the company are Mr. Dahyabhai Manchanddas Patel and Mr. Hardikkumar Dahyabhai Patel

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has considered the standalone business and financial risk profile of PIPL to arrive at the rating.

Key Rating Drivers

Strengths

Established track record and extensive experience of the management PIPL has been engaged in the construction industry for over two decades. The company's operations are managed by Mr. Dahyabhai M. Patel, who possesses more than three decades of experience in the road construction and civil infrastructure sector. The company operates in the infrastructure construction segment and is engaged in the execution of road construction and improvement works, bridge projects, and other civil infrastructure activities. It primarily undertakes projects awarded by government departments, local authorities and infrastructure agencies through the tendering process. Over the years, the company has successfully executed numerous medium sized road construction projects for government authorities across Gujarat, Madhya Pradesh and Rajasthan, demonstrating its execution capabilities in the infrastructure sector. Acuite believes that PIPL will continue to benefit from its operational track record, the experience of its management, and its execution capabilities in undertaking infrastructure projects. Healthy order book supporting revenue visibility The company's business risk profile continues to derive support from its unexecuted order book of Rs. 773.09 crore (2.54 times of FY26 revenues), majority of which was secured during the last 12 months. The healthy order book provides strong revenue visibility and is expected to support business volumes and cash flow generation over the medium term. Healthy capital structure The company's capital structure remained healthy, supported by steady growth in net worth to Rs. 143.03 crore as on March 31, 2026 (Prov.) from Rs. 121.67 crore as on March 31, 2025, primarily due to the retention of profits in reserves. Total debt increased moderately to Rs. 47.53 crore as on March 31, 2026 (Prov.) compared with Rs. 40.22 crore a year earlier, largely on account of higher utilisation of working capital borrowings to support business operations. The debt profile predominantly comprised short-term working capital facilities, which include overdraft facilities backed by fixed deposits that are classified under short-term borrowings (Rs.25.86 crores FD-OD out of total short-term borrowings of Rs.44.89 crores). Despite the increase in borrowings, the company's leverage indicators remained comfortable, with overall gearing remaining largely stable at 0.33x as on March 31, 2026 (Prov.) and March 31, 2025. The company's debt servicing capacity continued to remain adequate, as reflected in comfortable coverage metrics. The company's coverage and leverage indicators remained comfortable, as reflected by an Interest coverage ratio (ICR) of 11.52 times and Debt/EBITDA of 1.73 times as on March 31, 2026 (Prov.), indicating its ability to service debt obligations from operating earnings.

Weaknesses

Moderate operating performance PIPL's operating income remained largely stable at Rs. 287.04 crore in FY26 (Prov.) as against Rs. 283.02 crore in FY25, growth was impacted by lower order inflows during the year as the company adopted a selective bidding approach and focused on the execution of its HAM project, which was nearing completion. Also, EBITDA margins remain moderate at 7.92% in FY26 (Prov.) (6.78% in FY25), improvement in which remains a key rating monitorable. Intensive working capital operations The company's working capital requirements remained high in FY26 (Prov.), as reflected by GCA days of 189 days, compared with 134 days in FY25. The elevated working capital intensity was primarily attributable to sizeable other current assets, largely comprising loans extended to its SPV and group companies amounting to Rs.77.22 crores as on March 31, 2026 (Prov.), along with inventory and retention receivables. Inventory holding increased to 68 days in FY26 (Prov.) from 56 days in FY25, mainly due to higher work-in-progress maintained for ongoing projects. The company generally raises bills upon confirmation of payments from the concerned authorities, resulting in relatively higher inventory levels and low debtor days. Creditor days remained largely stable at 22 days in FY26 (Prov.) as against 36 days in FY25, indicating consistent credit support from suppliers. Tender-based nature of operations PIPL operates in a highly competitive and tender-driven road construction industry, where revenue growth is dependent on timely order inflows and successful bidding for government contracts. Consequently, its ability to secure new projects, maintain a healthy order book, and execute projects efficiently remains a key monitorable.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Improvement in operating performance with timely execution of orders leading to generation of net cash accruals above Rs 30-40 Cr. Improvement in the working capital cycle with sustained reduction in GCA days

Potential triggers (individual or collective) for a downward rating action:

Decline in operating performance due to delay in order execution leading to lower-than-expected cash accruals Further elongation in working capital cycle with GCA days rising above 250 days Increased reliance on debt leading to deterioration in the financial risk profile.

Liquidity Position

Adequate

The company’s liquidity position is adequate, supported by healthy net cash accruals of Rs. 19.64 crore in FY26 (Prov.) against relatively lower repayment obligations of Rs.5.13 crore. Going forward, net cash accruals are expected to remain strong in the range of Rs. 20–25 crore, comfortably covering modest repayment obligations of below Rs.1 crores over the same period. Additionally, the company funding commitments have also completed now with the completion of HAM project and is expecting recovery of the loans and advances provided to HAM SPV on account of planned refinancing of construction loan availed in the SPV. Further, the current ratio stood moderate at 1.32 times as on March 31, 2026 (Prov.) and average fund based bank limit utilisation stood around 75 percent over the past 12 months ended March 2026. The liquidity is further supported by presence of liquid investments and cash & cash equivalents of Rs. 14.28 crores and Rs.1.63 crores respectively as on March 31, 2026 (Prov.).

Outlook - Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	287.04	283.02
PAT	Rs. Cr.	14.75	10.94
PAT Margin	(%)	5.14	3.87
Total Debt/Tangible Net Worth	Times	0.33	0.33
PBDIT/Interest	Times	11.52	9.58

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

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Parth Patel Senior Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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