Press Release

Press Release

June 05, 2026

SHREE GIRRAJJEE INFRA HEIGHTS 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	129.75	ACUITE BBB+ \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	202.25	-	ACUITE A2 \| Assigned	RBI
Total Outstanding	0.00	332.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 assigned 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 Rs.332 crore of bank facilities of Shree Girrajjee Infra Heights Private Limited. The outlook is 'Stable'.

Rationale for Rating:

The rating is driven by the company’s established market presence, experienced promoter, and healthy scale of operations, which is expected to further improve over the medium term, supported by a strong unexecuted order book of Rs.3,644 crore (6.75 times of FY26 revenue), providing adequate revenue visibility. The company’s recent expansion into diversified development projects such as water and sewage treatment and township infrastructure, along with geographic diversification across states, indicates improving business prospects and a reduction in regional concentration risk. Improvement in operating margins has been observed in FY26 (prov), with margins expected to remain in the range of 14–15% over the medium term. The financial risk profile remains stable, supported by moderate net worth, stable gearing, and average coverage indicators. Liquidity remained adequate against long-term repayment obligations. However, working capital management is intensive due to an elongated debtor cycle and high other current assets including retention money receivable and loans and advances, expected to improve over medium term. Timely execution of orders, securing of new projects, and sustainability of profitability amid geographical expansion remain key monitorable.

About the Company

Incorporated in 2016, Shree Girrajjee Infra Heights Private Limited is based in Mathura & is engaged in execution of EPC and construction projects. The Company specializes in roads and infrastructure works and has developed execution capabilities across highways, expressways, bridges, flyovers, and slope stabilization projects. Mr. Vivek Singh, Mr. Lokesh Singh & Mr. Virendra Singh are the current directors of the company.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone financial and business risk profile of SGIHPL.

Key Rating Drivers

Strengths

Experienced Management:
The promoters of the Company are Mr. Lokesh Singh, Mr. Virendra Singh, and Mr. Vivek Singh. The company operates as a family-run business. The promoters collectively possess over a decade of experience in the civil construction industry. Mr. Lokesh Singh is the key working promoter and is actively involved in strategic decision-making, project execution, and business development activities. Acuité believes that SGIHPL will continue to benefit from the extensive experience and active involvement of its promoters and management.

Healthy Scale of operation and diversified order book:
The scale of operations of SGIHPL increased marginally to Rs.540.93 crore in FY26 (provisional) as compared to Rs.521.13 crore in FY25 and Rs.463.38 crore in FY 24, supported by timely execution of existing orders. SGIHPL has an unexecuted order book of around Rs.3,644 crore as of now, translating into a healthy order book to operating income (OB/OI) ratio of 6.75 times, indicating strong revenue visibility over the medium term.Further, Up to FY25, Jammu & Kashmir and Mizoram were the major revenue contributor for SGIHPL; however, in the last financial year, execution in the region declined due to political tensions. Consequently, the share of Jammu & Kashmir in the current order book has reduced to around 14%. To manage this risk, the company has diversified its operations in recent years by expanding into multiple states like Arunachal Pradesh, , Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh, Gujarat, and Andhra Pradesh, Karnatak etc, thereby reducing its dependence on any single region. The operating margin improved to 17.13% in FY26 (Prov.) compared to 15.90% in FY25 and 13.70% in FY24. The improvement was mainly driven by a reduction in power and machinery-hire costs. Despite the improvement in operating margin, the PAT margin remained stable at 7.56% in FY26 (Prov.). This was mainly due to higher finance costs. Acuite believes scale of operation is expected to improve supported by healthy unexecuted order book however, timely execution and sustainability in profitability after state wise diversification will remain key monitorable.

Moderate Financial Risk Profile:
The company’s financial risk profile remains moderate, supported by moderate net worth, improved gearing, and average debt protection metrics. Its tangible net worth increased significantly to Rs. 166.92 crore in FY26 (Prov.) from Rs. 114.99 crore in FY25 .driven by higher internal accruals and equity infusion. Total borrowings increased to Rs. 193.86 crore in FY26 (Prov.) from Rs. 158.40 crore in FY25, mainly due to higher utilization of short-term limits and long-term borrowing for equipment purchase, including addition of machinery and equipment worth Rs. 31 crore during the year. Despite the rise in debt, total gearing improved to 1.16 times in FY26 (Prov.) from 1.38 times in FY25. Debt protection indicators remained comfortable, with ICR and DSCR at 3.43 times and 1.55 times, respectively, in FY26 (Prov.), compared to 4.50 times and 1.70 times in FY25. TOL/TNW and Debt/EBITDA stood at 2.46 times and 2.06 times, respectively, in FY26 (Prov.), against 2.27 times and 1.86 times in FY25, with the increase in TOL/TNW mainly on account of high mobilization advances. Acuité believes the company’s financial risk profile is expected to improve further, supported by the absence of any debt-funded capex plans.

Weaknesses

Moderate Customer Concentration:
The company’s client base comprises reputed government agencies such as the National Highways Authority of India (NHAI), National Highways & Infrastructure Development Corporation Limited (NHIDCL), and the Airports Authority of India (AAI), along with established private sector entities possessing strong credit profiles, including JSP Projects Pvt. Ltd., C.S. Construction Co. Pvt. Ltd., and COMT Construction Co. Pvt. Ltd etc. Though more than 50% of revenue has been concentrated in C S Constructions Co Pvt Ltd, it has mitigated to established relationships with them, and also they have a current order book of Rs. 1343 crore pertaining to C S Constructions in the state of Jammu and Kashmir. Arunachal Pradesh indicates a continuous flow of orders from them on a subcontracting basis.

Intensive Working Capital Management:

Working capital operations remained intensive, as reflected in the elongation of gross current days to 263 days in FY26 (Prov.), compared with 175 days in FY25 , mainly due to higher debtor days and an increase in other current assets. Debtor days increased to 129 days in FY26 (Prov.) from 73 days in FY25 , primarily due to high year-end revenue booking. Around 65% of total revenue was booked in Q4FY26, of which 32% was booked in March 2026, resulting in a sharp spike in debtor days as on year-end.Inventory days stood at 91 days in FY26 (Prov.), compared with 92 days in FY25 . The company’s average inventory holding period generally remains in the range of 45–60 days. Other current assets increased significantly to Rs. 87.35 crore in FY26 (Prov.) from Rs. 34.45 crore in FY25, mainly due to a rise in loans and advances to their customers in the form of deposit from which they have taken the orders on subcontractor basis and retention money. Creditor days increased to 355 days in FY26 (Prov.) from 164 days in FY25. The elevated creditor period is largely linked to the stretched collection cycle, with the company retaining payments due to subcontractors, which is reflected under sundry creditors. Acuité believes that the company’s working capital cycle is expected to moderate to around 200–225 days in the medium term, supported by an improvement in debtor days.

Tender-based Operations:
The company operates in a tender-driven industry that is largely unorganized and highly competitive, wherein revenue generation is significantly dependent on its ability to successfully bid for and secure contracts. Given the competitive intensity and price sensitivity inherent in tender-based operations, timely execution, cost efficiency, technical qualifications, and competitive pricing play a critical role in winning tenders and sustaining revenue growth. Consequently, the firm’s financial performance remains closely linked to its success rate in tender awards and its ability to consistently replenish its order book.

Rating Sensitivities

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

Improvement in scale of operation and profitability
Reduction in working capital cycle with GCA days falling below 160 days

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

Any execution delay which led to decline in scale of operations below Rs.450 crores or decline in profitability
Significant increase in debt levels leading to deterioration in financial risk profile
Significant elongation in working capital management

Liquidity Position

Adequate

Liquidity of SGIHPL remained adequate, supported by net cash accruals of Rs. 53.09 crore against long-term debt repayment of Rs. 24.51 crores in FY26 (Prov.).The company’s net cash accruals (NCA) are expected to remain in the range of Rs. 70–80 crore against long-term debt repayments of Rs. 33–35 crore over the medium term.The current ratio stood at 1.06 times in FY26 (Prov.), as against 1.10 times in FY25. Cash and bank balances improved significantly to Rs. 11.09 crores in FY26 (Prov.) from Rs. 2.00 crore in FY25. Fund-based and non fund bases utilisation remained moderate at 68% and 58% respectively for the six months ended April 2026. Acuité believes that the company’s liquidity position is expected to remain adequate in the medium term, supported by steady accruals and the absence of any debt-funded capex plan.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	540.93	521.13
PAT	Rs. Cr.	40.88	39.40
PAT Margin	(%)	7.56	7.56
Total Debt/Tangible Net Worth	Times	1.16	1.38
PBDIT/Interest	Times	3.43	4.50

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

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
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A2 \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	105.00	Simple	ACUITE A2 \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A2 \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A2 \| Assigned
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A2 \| Assigned
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.25	Simple	ACUITE A2 \| Assigned
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE BBB+ \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BBB+ \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BBB+ \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BBB+ \| Stable \| Assigned
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB+ \| Stable \| Assigned
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.75	Simple	ACUITE BBB+ \| Stable \| Assigned
IDFC First Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE BBB+ \| Stable \| Assigned

*Limit Pertaining to IDFC First bank Ltd, is interchangable with BG Limit as well.

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Shreya Banerjee
Analyst-Analytical 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	SEBI
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	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
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	SEBI
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)	RBI
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.

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 ⁶	Not applicable

⁶ 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.