Press Release

August 17, 2026

SAI MAITHILI POWER COMPANY PRIVATE LIMITED
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	64.64	ACUITE BBB- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.38	Not Applicable \| Withdrawn	-	RBI
Total Outstanding	64.64	-	-	-
Total Withdrawn	0.38	-	-	-

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 reaffirmed its long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) on Rs 64.64 Cr. bank facilities of Sai Maithili Power Company Private Limited (SMPCPL). The outlook is 'Stable'.

Further, Acuité has withdrawn its long-term rating of the Rs.0.38 Cr. proposed bank facilities of Sai Maithili Power Company Private Limited (SMPCPL). The rating has been withdrawn on account of the request received from the issuer. The same is withdrawn without assigning any rating as facilities were proposed.

The rating withdrawal is in accordance with the Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.
.
Rationale for reaffirmation:
The rating reaffirmation takes into account the established market presence of the Refex group in the Renewable energy sector, the extensive experience of the management and the business support received being part of the Refex Group, presence of a long term (25 years) power purchase agreement (PPA) with a strong counter party, NTPC Vidyut Vyapar Nigam Limited (NVVN) for its 10 megawatt -MW power plant based in Rajasthan and the structured payment mechanism. The rating is, however, constrained by high customer concentration risk in the revenue profile, and susceptibility of power generation to climatic conditions.

About the Company

Established in August 2002, Sai Maithili Power Company Private Limited (SMPCPL) operates a 10 MW solar power plant utilizing photovoltaic technology, located in Gurha, Kolayat Tehsil, Bikaner District, Rajasthan. SMPCPL is promoted by V S Lignite Power Private Limited, the majority shareholder, and is currently part of the Refex Group. The Board of Directors includes Mr. G Satyanarayana and Mr. Navaluru Venkata Sreenivas.

Unsupported Rating

Not applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of SMPCPL to arrive at this rating.

Key Rating Drivers

Strengths

Experienced management and assured off-take through long term power purchase agreement (PPA)
The Refex Group is involved in the business of renewable energy utility-grade EPC projects, O&M of solar power plants, solar IPP businesses, ash disposal management, and trading of coal. The Refex Group has commissioned approximately 1 GW of projects under varying conditions in Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, Andhra Pradesh, and Rajasthan. The group has a strong pipeline of over 250 MW in various stages of execution. SMPCPL entered into a 25-year long PPA at a fixed tariff of Rs. 8.28 per unit (kWh) of power supplied, with NTPC Vidyut Vyapar Nigam Limited (NVVN). This substantially mitigates the demand and price risk associated with the project. The company entered into the agreement in January 2012, and the plant commenced operations in February 2013. Furthermore, the PPA is secured by an irrevocable revolving letter of credit (LC) opened by NVVN in favor of SMPCPL for payment assurance. SMPCPL raises invoices to NVVN on or before the fifth of the succeeding month, and payments are to be received within 30 days of the bill submission date. The Refex Group is expected to manage the O&M activity of the solar plant and will ensure an efficient cost structure to aid the financial risk profile of the company. Acuité believes that the presence of strong management, assured off-take, long-term PPA, and moderate counterparty receivable risk is expected to support the business risk profile over the medium term.

Strong counter-party profile

SMPCPL has entered into a 25-year long PPA at a fixed tariff of Rs. 8.28 per unit with NTPC Vidyut Vyapar Nigam Limited (NVVN). NTPC Vidyut Vyapar Nigam Ltd. (NVVN) was formed by NTPC Ltd in 2002 as its wholly-owned subsidiary to tap the potential of power trading in the country. NVVN holds the highest Category ‘I’ power trading license as per the latest CERC regulation. NVVN is also the nodal agency for the sale of 1,000 MW (733 MW operational) of solar bundled power under Jawaharlal Nehru National Solar Mission (JNNSM) Phase I. SMPCPL has a strong payment track record from its counterparty- NVVN, thereby leading to low counterparty risk. NVVN has been making all the payments within a week's time from the submission of the invoice and availing a prompt payment discount of 2 percent.

Presence of structured payment mechanism

The bank facilities availed by SMPCPL are backed by a Debt Service Reserve Account (DSRA) in the form of a fixed deposit worth Rs. 2.89 Cr as on March 2026(Prov). In addition, the bank facilities are supported by an escrow account through which all receipts from NVVN shall be routed. The order regarding the manner in which funds shall be utilized has been clearly laid down by the lender. Furthermore, there is a cash sweep clause that allows the lender to utilize the surplus amount in the escrow account towards the prepayment of the debt undertaken by the company. Acuité derives comfort from the structure envisaged to ensure timely repayment of the bank facilities over the medium term.

Weaknesses

Susceptibility of operating performance to climatic risks

The performance of the solar plant is highly dependent on favorable climatic conditions, including solar radiation levels, which have a direct impact on the plant load factor (PLF). These risks include variations in solar irradiance, extreme weather conditions, and natural disasters. The entire capacity is already commissioned, and the project has an operational track record of more than 12 years. Revenue for the FY2026(Prov) stood at Rs. 12.20 Cr. The average PLF stood at 17.01 percent in FY2026, and the average PLF for FY2025 was 17.86 percent.

High customer concentration risk

SMPCPL has entered into a PPA agreement for the sale of power generated from the 10 MW solar plant located in Rajasthan with NTPC Vidyut Vyapar Nigam Ltd. (NVVN), along with 100 percent assured offtake. However, it can be observed that the contribution from a single customer (i.e., NVVN) is 100 percent in a given financial year, thereby leading to significant customer concentration risk. This risk, however, is mitigated to an extent due to the strong credit profile of the counterparty.

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)

SMPCPL maintains a Debt Service Reserve Account (DSRA) for three months’ worth repayment obligation along with the ESCROW mechanism.

Stress case Scenario

Acuite believes that, given the presence of DSRA mechanism SMPCPL will be able to service its debt on time, even in a stress scenario.

Rating Sensitivities

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

Substantial improvement in PLF while maintaining profitability margins over the medium term
Adequacy of cash flows with DSCR above 1.50 times on a sustained basis.

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

Significant deterioration in the operating performance of the plant leading to PLF below 90 consistently.
Delays in receivables from the NVVN, leading to a deterioration in working capital cycle and liquidity profile of the company.

Liquidity Position:

Adequate

SMPCPL’s liquidity is Adequate marked by adequate generation of net cash accruals its maturing debt obligations. The company generated cash accruals of Rs.6.64 Cr. in FY2026(Prov.) as against its maturing debt obligations of Rs.4.65 Cr. The company maintains unencumbered cash and bank balances of Rs.3.22 Cr as on March 31, 2026(Prov). The liquidity position of the company is adequate also on account of presence of secured payment mechanism with Trust and retention account to monitor the cash flows generated from the projects, presence of waterfall mechanism, presence of 3-month Debt Service Reserve Account (DSRA) in the form of a fixed deposit for interest and principal repayment obligation coupled with moderate DSCR of 1.17 times expected until FY2031. Acuité believes that the liquidity of the company is likely to adequate over the medium term on account of stable plant operating metric, support from management and timely repayment of debt obligation resulting in reduction in interest obligation. However, timely collection of payment from NVVN and company’s ability to sustain the plant operating performance at favorable level will be key monitorable over the medium term for the assessment of liquidity position of the company.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	12.20	11.51
PAT	Rs. Cr.	2.99	0.83
PAT Margin	(%)	24.49	7.21
Total Debt/Tangible Net Worth	Times	5.01	8.42
PBDIT/Interest	Times	2.64	1.89

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

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
19 May 2025	Term Loan	Long Term	3.60	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	0.50	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.38	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	60.54	ACUITE BBB- \| Stable (Reaffirmed)
26 Feb 2024	Term Loan	Long Term	60.54	ACUITE BBB- \| Negative (Reaffirmed)
	Term Loan	Long Term	3.60	ACUITE BBB- \| Negative (Reaffirmed)
	Secured Overdraft	Long Term	0.50	ACUITE BBB- \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.38	ACUITE BBB- \| Negative (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.38	Simple	ACUITE Not Applicable \| Withdrawn
H D F C Bank Limited	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.50	Simple	ACUITE BBB- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2033	60.54	Simple	ACUITE BBB- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2033	3.60	Simple	ACUITE BBB- \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Moparthi Anuradha Devi
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:

A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.

Disclaimer:

An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.