Press Release June 22, 2026 RIVAANSH PACKAGING SOLUTIONS PRIVATE LIMITED (ERSTWHILE RIVAANSH INFRATECH PRIVATE LIMITED) Rating Reaffirmed and Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	25.00	ACUITE BBB | Stable | Upgraded	-	RBI
Bank Loan Ratings	0.00	5.00	-	ACUITE A3+ | Reaffirmed	RBI
Total Outstanding	0.00	30.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has upgraded its long-term rating to 'ACUITE BBB' (read as ACUITE triple B) from 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 25.00 Cr. bank facilities and reaffirmed the short-term rating of 'ACUITE A3+' (read as ACUITE A three plus) on the Rs. 5.00 Cr. bank facilities of Rivaansh Packaging Solutions Private Limited (RPSPL). The outlook is 'Stable'.   Rationale for rating The rating upgrade factors in the company’s continuous improvement in the scale of operations while maintaining stable profitability margins. The rating also considers the managements’ extensive experience in the industry and the company’s operational track record. Further, the rating derives support from the company’s healthy financial risk profile, marked by low gearing and adequate liquidity. However, the rating continues to be constrained by moderate working capital operations, customer and supplier concentration risk, and susceptibility of profitability to fluctuations in raw material prices in a competitive industry.

About the Company

Mumbai based, Rivaansh Packaging Solutions Private Limited (Erstwhile Rivaansh Infratech Private Limited) (RPSPL) was incorporated in the year 2013. The company is engaged in the manufacturing of packaging products, including customized pouches and poly films, catering to industries such as food, beverages, pharmaceuticals, cosmetics and agriculture. The installed capacity is 15600 MT. The present directors of the company are Mr. Arshad Mahmad Alli Nanniwale and Mr. Jiva Raghunath Chavan.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered standalone business and financial risk profile of RPSPL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management Incorporated in 2013, RPSPL is managed by Mr. Arshad Nanniwale and Mr. Jiva Chavan. Although the current management took over in 2022-23, the directors have been engaged in the industry for around two decades. Additionally, the company is supported by a qualified management team. The company’s extensive industry experience is evident in their strong and long-standing relationships with customers and suppliers. Acuité believes, the company will benefit from the extensive experience of the directors in maintaining long standing relations with suppliers and customers.   Improvement in operating scale while maintaining profitability In FY26(Prov.) RPSPL reported operating income of Rs. 369.68 Cr. as against Rs. 220.18 Cr. in FY25 and Rs. 79.48 Cr in FY24. The growth was primarily driven by higher business volumes from existing customers and increased order inflows during the year. The company's profitability remained stable. EBITDA improved to Rs. 27.21 Cr. in FY26(Prov.) (FY25: Rs.15.48 Cr.). Accordingly, EBITDA margin improved to 7.36 per cent (FY25: 7.03 per cent) primarily on account of better capacity utilization and benefits of higher operating scale. PAT improved to Rs. 15.88 Cr. in FY26(Prov.) (FY25: Rs.9.35 Cr.), mainly attributable to higher operating profits arising from the increase in revenue. Further, the company recorded revenue of ~Rs. 102.00 Cr. till 8th June 2026. For FY27, the company has projected revenue of ~Rs. 450 Cr., with operating margins in the range of 7-8 per cent. Acuité believes that RPSPLs operating performance would remain steady over the medium term supported by the expanded manufacturing capacity, continued business from existing customers and addition of new customers.   Healthy financial risk profile The financial risk profile of the company remained healthy marked by moderate net worth, low gearing, and healthy debt protection metrics. Acuité has considered Rs. 42.11 Cr. of promoter unsecured loans (USL) as quasi equity, on account of undertaking given by the management. The net worth of the company improved to Rs. 74.16 Cr. in FY 2026(Prov.) (FY25: Rs.53.36 Cr.), primarily on account of retention of profits. The gearing remained low at 0.28 times in FY 2026(Prov.) (FY25: 0.39 times). Further, the debt protection metrics remained healthy, with the Interest Coverage Ratio (ICR) at 8.40 times in FY26 (Prov.) (FY25: 7.84 times) and Debt Service Coverage Ratio (DSCR) improving to 6.56 times in FY26 (Prov.) (FY25: 6.15 times). The Debt-to-EBITDA ratio remained low at 0.75 times in FY26 (Prov.) (FY25: 1.29 times). During FY26, the company incurred capital expenditure of Rs. 9.67 Cr. towards expansion of capacity by approximately 2500 MT. The capex was funded through promoter USL of Rs. 5.13 Cr. and internal accruals of Rs. 4.54 Cr., without availing additional term debt. The additional capacity is expected to be operational from June 2026. Acuité believes the company’s financial risk profile will remain healthy, given its low debt levels and absence of significant debt-funded capital expenditure plans.

Weaknesses

Moderate working capital operations The working capital operations of the company remained moderate, marked by a gross current asset (GCA) of 96 days in FY 2026(Prov.) (FY25: 87 days). The increase in GCA days was primarily driven by higher debtor and inventory levels. The debtor collection period stood at 41 days in FY26(Prov.) (FY25: 36 days). The average collection period is around 30 – 60 days. The inventory holding period increased to 49 days in FY26(Prov.) (FY25: 26 days) primarily on account of higher stocking of raw materials towards the end of the year. Further, the creditor payment period stood at 34 days in FY26(Prov.) (FY25: 14 days) The increase in creditor days was on account of improved credit terms received from suppliers following increase in scale of operations and procurement volumes. The average credit period of the company is around 30–45 days. Further, the average utilisation of consolidated fund-based limits remained high at around 90.25 per cent over the 6 months ended May 2026. Acuité believes that the working capital operations of the company will continue to remain moderate due to the nature of business.   Customer and Supplier Concentration Risk The company is exposed to elevated customer and supplier concentration risks. The top five customers contribute approximately 74 per cent of total revenue, reflecting a significant reliance on a limited client base. Similarly, the top five suppliers account for nearly 74 per cent of total purchases, indicating a high dependency on a concentrated group of vendors. This level of concentration underscores the company’s vulnerability to any adverse changes in the financial or business profiles of these key stakeholders, which could materially impact the operations and performance of RPSPL. However, the risk is partially mitigated by the company’s long-standing relationships with its major customers and suppliers. Acuite believes ability of the company to diverse its customer and supplier base is a key rating sensitivity.   Susceptibility of profitability to fluctuations in raw material prices in a competitive industry The company operates in a highly competitive and fragmented industry characterised by low entry barriers, which results in intense competition from the large number of organised and unorganised players present in the downstream segment providing similar products and services. Hence, the bargaining power of the company remains low due to the competitive nature of the industry. Additionally, prices of raw materials and products are highly volatile in nature. Any volatility in the prices of the raw materials has a direct impact on the profitability margins of the company.

Rating Sensitivities

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

Consistent improvement in scale of operation with revenue improving above Rs. 500 Cr. while improving profitability Diversification of customer and supplier portfolio Improvement in working capital cycle Improvement in financial risk profile

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

Significant deterioration in revenue and profitability Further elongation in working capital cycle with GCA above 150 days Deterioration in financial risk profile

Liquidity Position

Adequate

The company’s liquidity position remained adequate, supported by net cash accruals of Rs. 18.11 Cr. in FY2026(Prov.) against its NIL maturing debt obligations in the same period. Further, It is expected to generate cash accruals in the range of Rs. 21.89–24.45 Cr., against repayment obligations of Rs. 0.49 – 0.23 Cr. over the medium term. Reliance on fund-based working capital limits is high, with an average utilisation of 90.25 per cent over the 6 months ending May 2026. The cash and bank balance stood at Rs. 0.01 Cr., and the current ratio stood at 1.55 times as of March 31.2026(Prov). Acuite believes that liquidity position of the company will continue to remain adequate with steady cash accrual generation in the near term.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	369.68	220.18
PAT	Rs. Cr.	15.88	9.35
PAT Margin	(%)	4.29	4.25
Total Debt/Tangible Net Worth	Times	0.28	0.39
PBDIT/Interest	Times	8.40	7.84

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 04 Jun 2025 Letter of Credit Short Term 10.00 ACUITE A3+ (Assigned) Cash Credit Long Term 10.00 ACUITE BBB- | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE BBB- | Stable (Assigned)

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Contacts

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

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