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| Product | Quantum (Rs. Cr) (SEBI) | Quantum (Rs. Cr) (Other FSR) | Long Term Rating | Short Term Rating | Regulated By |
| Bank Loan Ratings | 0.00 | 12.00 | ACUITE A | Stable | Assigned | - | RBI |
| Bank Loan Ratings | 0.00 | 60.00 | ACUITE A | Stable | Reaffirmed | - | RBI |
| Total Outstanding | 0.00 | 72.00 | - | - | - |
| Total Withdrawn | 0.00 | 0.00 | - | - | - |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. |
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Rating Rationale |
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Acuite has reaffirmed the long term rating of 'ACUITE A' (read as ACUITE A) on the Rs. 60 Cr. bank facilities of Sanspareils Greenlands Private Limited (SGPL). The outlook remains "Stable".
Acuite has assigned the long term rating of 'ACUITE A' (read as ACUITE A) on the Rs.12 Cr. bank facilities of Sanspareils Greenlands Private Limited(SGPL). The outlook is "Stable". Rationale for rating The rating reaffirmation takes into account of company’s experienced management, established track record of operations, decades long relationships with customers and reputed clientele. Further, the rating reflects the company’s improved operating performance in FY26 along with healthy financial risk profile and comfortable debt coverage indicators. However, rating is constrained by increasing working capital intensity and competition risk from a fragment industry.
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| About the Company |
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Incorporated in 1979, SGPL is engaged in the manufacturing of cricket bats, leather balls, premium footwear, apparel, travel gear, and other cricket protective equipment under its well-established "SG" brand. The company is promoted by Mr. Kailash Chandra Anand, Mr. Puneet Anand, Mr. Paras Juny Anand, and Mr. Triloknath Anand, and operates through two manufacturing facilities located in Meerut, Uttar Pradesh.
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| Unsupported Rating |
| Not Applicable. |
| Analytical Approach |
| Acuite has taken standalone financial and business risk profile of Sanspareils Greenlands Private Limited to arrive at this rating. |
| Key Rating Drivers |
| Strengths |
| Experienced management and established market position
The promoters of SGPL, Mr. Kailash Chandra Anand, Mr. Triloknath Anand, Mr. Puneet Anand and Mr. Paras Juny Anand are seasoned players in the said industry with an operational track record of more than four decades. The company also manufactures leather balls, bats, protective equipment, cricket accessories, shoes and apparels under its own "SG" brand, thereby maintaining a diversified product portfolio. The company has long standing relationship with reputed customers for more than 4 decades. Acuité believes that the promoter's extensive experience and healthy relations with its customers and suppliers will continue to benefit SGPL over the medium term. Improving scale of operations The company achieved an estimated turnover of Rs. 372.02 Cr. in FY26, registering a growth from Rs. 339.98 Cr. in FY25. Further, the company reported revenue of approximately Rs. 104 Cr in Q1 FY27 as against Rs. 78 Cr. in Q1 FY26, reflecting healthy growth driven by the wholesale segment and continued expansion of its distribution network. Going forward, the company is targeting revenue of over Rs. 430 Cr. in FY27.
The company's operating performance improved, with the EBITDA margin increasing to 11.99% in FY26 (Estimated) from 9.88% in FY25. The improvement was supported by enhanced operational efficiencies, professionalized management practices, a favourable product mix, and a reduction in fixed costs compared to the previous year. Consequently, the PAT margin improved to 7.01% in FY26 (Estimated) from 5.35% in FY25, aided by stronger operating profitability, lower depreciation expenses, and overall improvement in earnings during the year. Healthy financial risk profile The financial risk profile of the company remained comfortable, supported by a healthy net worth of Rs. 127.18 Cr. in FY26 (Estimated) as against Rs. 101.09 Cr. in FY25, driven by the accretion of profits to reserves. The company had no long-term debt outstanding as on March 31, 2026 and has only short-term working capital borrowings. Accordingly, the capital structure remained healthy with gearing remaining below unity. The debt protection indicators remained comfortable, with the interest coverage ratio at 4.99 times and DSCR at 3.99 times in FY26 (Estimated). |
| Weaknesses |
| Intensive working capital operations
The working capital operations of the company is intensive, driven by the nature of its business and inventory requirements. The GCA days stood at 194 days in FY26 (Estimated) as compared to 179 days in FY25, mainly due to higher inventory levels maintained to ensure timely execution of orders and availability of imported raw materials. Inventory holding days increased to 98 days in FY26 from 77 days in FY25. The company imports a portion of its raw materials from the UK and manages foreign currency risk through forex hedging within approved limits. The debtor days stood on similar level at 92 days in FY26 (Estimated) as against 91 days in FY25. The company benefits from long-standing customer relationships, with export sales largely realized on a sight payment basis. Creditor days remained stable at 58 days in FY26 compared to 59 days in FY25, supported by established relationships with suppliers. The average fund-based bank limit utilisation remained at a moderate 71% during the six months ending August 2026. The company has not availed any non-fund-based facilities from banks. Highly competitive and fragmented industry The sports goods industry is highly competitive and fragmented with presence of numerous local players. Acuité believes that despite a highly competitive market, SGPL will be able to maintain its presence in the domestic market, mainly on account of its long presence in cricket gear manufacturing and recognition by the technical committee of Board of Control for Cricket India (BCCI). |
Rating Sensitivities
| Potential triggers (individual or collective) for an upward rating action: |
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| Potential triggers (individual or collective) for a downward rating action: |
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| Liquidity Position |
| Adequate |
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The liquidity profile of the company remains adequate, supported by healthy cash accruals of Rs. 28.07 Cr. in FY26 (Estimated) against low debt repayment obligations of Rs. 0.59 Cr. during the same period. Further, the company is expected to generate net cash accruals in the range of Rs. 32-39 Cr. for FY 27-28, which are likely to remain sufficient to meet its annual debt repayment obligations of around Rs. 0.81 Cr. for FY 28. Further,the company does not have any scheduled debt repayment obligations in FY27. The company's average fund-based bank limit utilisation remained at a moderate 71% during the six months ended August 2026, providing some financial flexibility. Additionally, the company has strengthened its liquidity position through the sanction of an ECLGS facility of Rs. 4.34 Cr. in June 2026 and may avail additional debt to support its future growth plans. The current ratio stood comfortable at 1.49 times as on March 31, 2026 (Estimated). Additionally, the company has cash and bank balance of Rs. 4.57 Cr.
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| Outlook: |
| Stable |
| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 25 (Actual) | FY 24 (Actual) |
| Operating Income | Rs. Cr. | 339.98 | 312.18 |
| PAT | Rs. Cr. | 18.20 | 13.74 |
| PAT Margin | (%) | 5.35 | 4.40 |
| Total Debt/Tangible Net Worth | Times | 0.62 | 0.52 |
| PBDIT/Interest | Times | 5.96 | 8.45 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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 |
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| 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. |
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Contacts |
List of instruments and names of regulators of the instruments |
