Press Release

Press Release

April 06, 2026

PRA HATIBENA BADAKUMARI EXPRESSWAY PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	325.00	ACUITE A- \| Stable \| Reaffirmed	-
Total Outstanding	325.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs 325.00 Cr. bank facilities of PRA Hatibena Badakumari Expressway Private Limited (PRA HBEPL). The outlook is ‘Stable’.

Rationale for Rating
The rating reaffirmation reflects stable operations supported by the receipt of three annuities, albeit with minor delays in receipt of annuities. The rating also factors in low counterparty risk, the promoters’ strong industry experience and annuity-based revenue model. However, exposure to delays in annuity receipts and variations in O&M costs and interest rates continue to constrain the rating.

About the Company

PRA Hatibena Badakumari Expressway Private Limited (PRA HBEPL) was incorporated in May 2021 by Barbrik Project Limited (74 percent stake) and PRA India Private Limited (26 percent stake). PRA HBEPL is a special purpose vehicle to undertake six lane Hatibena-Badakumari section of NH130 from 145+500 Km to 179+000 Km in the state of Odisha on Hybrid Annuity Model (HAM). The project covers a length of 32.50 Km at a project cost of Rs 816Cr. The project was awarded by National Highway Authority of India (NHAI) for a concession period of 17-years including construction period of 2 years. The project’s EPC contractor was PRA India Private Limited. The Company has received PCOD certificate on 8th Oct 2024 and are going to receive the final certificate by April 2026.

About the Group

Barbrik Project Limited (BPL) was established as a partnership firm in 1985 and subsequently converted into a private limited company in 2008. The entity has been promoted by the Agarwal family of Chhattisgarh and is engaged in the construction of roads, bridges and highways. The company is a registered contractor for Public Works Department (PWD) of Chhattisgarh, Jharkhand, Maharashtra, Madhya Pradesh, Odisha and Bihar along with National Highway Authority of India (NHAI) and State Highway Authority of Jharkhand (SHAJ). The company is also engaged in undertaking logistic service for Central Coalfield Limited, Northern Coalfield Limited and Adani Enterprises Limited. Currently, the company is managed by Mr. Ramesh Kumar Agrawal, Mr. Rajesh Kumar Agrawal, Mr. Kanhaiya Lal Agrawal, Mr. Ayush Kumar Agrawal and Mr. Sourabh Agrawal. Chhattisgarh based, PRA India Private limited (PIPL) was incorporated in 2019 by Mr. Rajesh Kumar Agrawal. The company is engaged in civil construction work and currently undertakes projects subcontracted by Barbrik Project Limited.

Unsupported Rating

ACUITE BBB+/Stable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of PRA Hatibena Badakumari Expressway Private Limited (PRA HBEPL) and notched up the standalone rating by factoring in the financial and operational linkages with Barbrik Project Limited (rated at Acuité A/Stable/A1) and PRA India Private Limited (rated at Acuité A/Stable/A1).

Key Rating Drivers

Strengths

Strong Parentage
Barbrik Project Limited (rated at Acuité A/Stable/A1) and PRA India Private Limited (rated at Acuité A/Stable/A1) in Sept 2025. Barbrik Project Limited is the lead sponsor and PRA India Private Limited is the EPC Contractor for PRA HBEPL. Barbrik Group is a reputed EPC player in Chhattisgarh and has almost three decades of experience in construction of roads and highways. The current order book of Barbrik group comprises of 75 percent of orders related to construction, upgrading and widening of highways issued by NHAI, MORTH, PWDs and SHAJ. The group has executed similar kinds of road projects in EPC mode. This reduces implementation risk partially. Moreover, the group has strong financial flexibility as reflected from its healthy financial risk profile and adequate liquidity profile.

Benefits derived from the annuity-based revenue model
PRA HBEPL has signed a concession agreement with NHAI for contractual payment in the form of grants and annuities. PRA HBEPL has received 40 percent of project cost in form of grants during the construction period. The project achieved COD on 8^th October 2024, also received three semi-annual annuities which are spread over a period of 15 years.

Low counter party risk
The project is issued and awarded by National Highway Authority of India (NHAI) which is a central government agency strategically important to the Government of India. The project is being developed under an annuity-based revenue model where PRA HBEPL bears no traffic risk and recovers the entire capital cost through biannual annuity payments over a 15-year concession period. PRA HBEPL will undertake operations and maintenance during the concession phase, with financial support from NHAI. Further, biannual operational and maintenance expense and interest cost reimbursement to the extent of bank rate+1.25 percent will be given to the concessionaire during the concession phase. PRA HBEPL has already received all milestone payments and has started receiving annuity payments and has received 3 annuities as on date.

Waterfall mechanism in ESCROW account, presence of DSRA
PRA HBEPL has an escrow mechanism through which cash flows from Authority are routed and used for payment as per the defined payment waterfall. Only surplus cash flow after meeting operating expenses, debt servicing obligations, and provision for major maintenance expenses can be utilized as per the borrower's discretion during the concession period. PRA HBEPL has also maintained a DSRA balance equivalent to 6 months of the repayment obligation i.e. towards 1 instalment of principal and 6 months of interest.

Weaknesses

Susceptibility to risks related to delay in receipt of annuity and changes in operational cost & interest rate
As per the concession agreement, the company is expected to receive a semi-annual annuity. Any delay in timely receipt of the annuity could adversely impact debt-servicing ability. Along with fixed annuities, the project will receive interest payments on the balance annuities that are linked to the prevailing bank rate. The bank rate has reduced significantly in the past couple of years, which has impacted the project inflow as a large proportion of the cash inflow is from the interest on balance annuities. However, this risk is partially offset as the interest rate on debt is floating and is also expected to follow the trend in bank rates, the company is exposed to risks related to maintenance of the project with DSCR above unity. Further, the company is exposed to risks related to maintenance of the project. If the prescribed standards are not met, annuity payment may be reduced. Any significant delay and deduction in annuities could impact the debt servicing ability of the company. However, strong track record of sponsor, who is also the O&M contractor, is expected to mitigate this risk.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

PRA HBEPL shall maintain more than stipulated Debt Service Reserve Account (DSRA) balance for six-months debt servicing obligation (Principal and Interest) along with the ESCROW mechanism.

Stress case Scenario
Acuite believes that, given the presence of DSRA mechanism PRA HBEPL will be able to service its debt on time with DSCR not likely to fall below at ~ 1.40 times, even in a stress case scenario.

Rating Sensitivities

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

Timely receipt of annuities from NHAI on a sustained basis, without material delays, sustaining DSCR above 2.00 times.
Continued support from the parent Barbrik Group, including timely infusion of funds in case of shortfalls.

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

Prolonged or repeated delays in annuity receipts from NHAI beyond the current observed delays leading to cash flow mismatches.
Average DSCR falls below 1.50 times

Liquidity Position

Adequate

PRA HBEPL’s liquidity position is adequate marked by continuous support from the parent Barbrik Group. Further, the company has received 3 annuity payment as on date with slight delays, thus the timely repayments are met through support from the promoters and internal sources. The company has unencumbered cash equivalents of around Rs. 70.00 Cr as of Feb 2026. The average expected DSCR is ~1.75 times during the tenure of the loan.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	196.79	255.50
PAT	Rs. Cr.	16.02	(7.88)
PAT Margin	(%)	8.14	(3.08)
Total Debt/Tangible Net Worth	Times	6.58	8.01
PBDIT/Interest	Times	3.00	0.26

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
• 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
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.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
10 Jan 2025	Term Loan	Long Term	156.60	ACUITE A- \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	165.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB \| Stable)
	Proposed Term Loan	Long Term	3.40	ACUITE A- \| Stable (Upgraded from ACUITE BBB \| Stable)
13 Feb 2024	Term Loan	Long Term	156.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	165.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	3.40	ACUITE BBB \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	47.61	Simple	ACUITE A- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Jan 2037	142.33	Simple	ACUITE A- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Apr 2037	135.06	Simple	ACUITE A- \| Stable \| Reaffirmed

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

Sr. No.	Company Name
1	PRA HATIBENA BADAKUMARI EXPRESSWAY PRIVATE LIMITED
2	Barbrik Project Limited
3	PRA India Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Akshat Shah
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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