Press Release

Press Release

July 29, 2026

SHUBHADA POLYMERS PRODUCTS PRIVATE LIMITED
Rating Assigned 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	12.00	ACUITE BBB \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	4.00	ACUITE BBB \| Stable \| Upgraded	-	RBI
Total Outstanding	0.00	16.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 the long-term rating to ‘ACUITE BBB’ (read as ACUITE Triple B) from 'ACUITE BB' (read ACUITE Double B) on the Rs. 4.00 Cr. bank facilities of Shubhada Polymers Products Private Limited. The outlook is 'Stable’.
Acuite has assigned the long-term rating of ‘ACUITE BBB’ (read as ACUITE Triple B) on the Rs. 12.00 Cr. bank facilities of Shubhada Polymers Products Private Limited. The outlook is 'Stable’.

Acuite has received latest information from the issuer along with latest No Default Statement, leading to transition from Issuer Not Co-operating to Co-operative issuer.

Rationale for upgrade
The rating reflects the extensive experience of the promoters, which continues to support business stability and long-standing customer relationships. SPPPL reported a healthy improvement in its operating revenues stood at Rs.571.89 Cr. in FY26(Prov.) as against Rs. 537.79 crore in FY25, supported by increased infrastructure development activities and the rising demand for power transmission and distribution infrastructure. Moreover, the company has achieved a turnover of approximately Rs. 200.00 crore up to Q1FY27 as against Rs. 128.13 Cr. in Q1FY26(Prov.) reflecting improved business momentum. The EBITDA and PAT margin of the company also increased and stood at 7.65% and 5.10% respectively in FY26(Prov.) against 7.50% and 3.02% in FY25. Acuite also notes that there had been a fire incident at the Mumbai facility of the company and the company had received claims from insurance company in FY26 and is also expected to receive further claims during the current year. Furthermore, the financial risk profile remains healthy, supported by a strong net worth base, low gearing, and healthy debt protection metrics. Its liquidity position remains adequate, supported by positive net cash accruals and manageable debt repayment obligations. The rating also derives benefit from the expected improvement in scale of operations in the near to medium term emanating from the enhancement in installed capacity of the company in FY26(Prov.). These strengths are however, partly offset by the intensive working capital nature of operations marked by GCA days of 141 days as on 31st March 2026 (Prov.) and high working capital limits utilization along with the susceptibility of margins to fluctuations in raw material prices.

About the Company

Incorporated in the year 1994, Shubhada Polymers Products Private Limited is engaged in the manufacturing of fittings and fixtures (FRP insulation products) of electrical components. The directors of the company are Ms. Malti Pramod Jhaveri, Mr. Devang Pramod Jhaveri, and Ms. Falguni Devang Jhaveri. The company has its registered office in Maharashtra.
SPPPL operates four manufacturing facilities in Maharashtra, located at Lonavala, Nashik (two units), and Mumbai. The company manufactures a wide range of products for the switchgear industry, including epoxy-moulded components, thermoset (SMC/DMC and compression/injection moulded) components, thermoplastic components, auxiliary switches, earthing switches, current transformers, and potential transformers.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken standalone business and financial risk profile of Shubhada Polymers Products Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and established track record of operations
The company is currently promoted and managed by the Jhaveri family, comprising Mr. Devang Pramod Jhaveri, Mrs. Malti Pramod Jhaveri and Mrs. Falguni Devang Jhaveri, who possess extensive experience in the electrical insulation industry. The extensive industry experience of the promoters has enabled the company to establish a healthy relationship with its suppliers and customers. Over the years, the company has established capabilities in the design, manufacturing, and supply of specialized electrical insulation and switchgear components catering to diverse customer requirements. Further, SPPPL has developed a well-established export presence across key markets, including the USA, Australia, and several countries in Asia, Europe, and the Middle East, which provides geographical diversification and supports its business profile. Acuite believes that the company is going to benefit from the extensive experience of promoters over the medium term.

Steady growth in Business Risk Profile
SPPPL witnessed an increase in its operating income over the last three years to Rs. 571.89 crore in FY26 (Prov.) from Rs. 537.79 crore in FY25 and Rs. 474.64 crore in FY24. The revenue growth was primarily supported by increased demand for insulators, driven by infrastructure development and the growing requirement for electricity transmission and distribution infrastructure. SPPPL continues to benefit from its longstanding relationships with reputed customers. Moreover, the company has registered revenue of Rs. 200.00 Cr. till Q1FY27. Further, the EBITDA margin has marginally improved to 7.65% in FY26 (Prov.) from 7.50% in FY25, supported by decreased in power & employee cost expenses and foreign exchange gain in FY26. Likewise, the PAT margin improved to 5.1% in FY26(Prov.) from 3.02% in FY25, mainly supported by absence of the exceptional loss of Rs. 14.8 crore recorded in FY25, lower interest costs, and improved operating profitability supported by revenue growth. Acuite expects the top line and margins of the company to improve in the near to medium term, supported by the expected increase in sales volume on the back of the enhancement in installed capacity of the company.

Healthy Financial Risk Profile
The financial risk profile of the company is marked by improving tangible net worth, healthy gearing, and comfortable debt protection metrices. The tangible net worth of the company stood at Rs. 423.74 Cr as on March 31, 2026 (Prov.) as compared to Rs. 394.58 Cr as on March 31, 2025. The increase in the net worth is on account of accretion of profits into reserves. The gearing of the company is stood low at 0.03 times as on March 31, 2026 (Prov.) as against 0.00 times as on March 31, 2025. Further, the coverage indicators are reflected by the interest coverage ratio and debt service coverage ratio, which stood at 13.84 times and 12.31 times respectively as on 31st March 2026(Prov.) against 7.46 times and 6.42 times as on 31st March 2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 0.32 times as on March 31, 2026, as compared to 0.26 times as on March 31, 2025, indicating the company's adequate ability to meet its interest and debt repayment obligations from its operating cash flows. Acuite believes that SPPPL's financial risk profile remains healthy over the medium term, supported by its healthy net worth position, steady cash accrual generation, low dependence on external borrowings, and the absence of any significant debt-funded capital expenditure plans.

Weaknesses

Intensive Working Capital Management
The working capital operations of the company are intensive, marked by Gross Current Asset (GCA) days to 141 days in FY26 (Prov.) from 162 days in FY25. The high GCA days are on account of higher inventory days which stood at 60 days in FY26(Prov.) against 43 in FY25, primarily due to delays in dispatches to export markets, including Dubai, Kuwait, Turkey, and other regions amid geopolitical disruptions. Further, the debtor days of the company stood at 83 days in FY26 (Prov.) against 86 days in FY25, while the creditor days increased marginally to 107 days from 99 days during the same period. The company gets credit from its suppliers. Acuite believes that the working capital operations of the company to remain intensive in the near to medium term owing to the nature of operations.

Susceptibility of operating margin to Volatility in Raw Material Price and forex exposure:
The operating margins of manufacturers supplying epoxy-moulded components, thermoset (SMC/DMC) components, thermoset compression and injection-moulded components, thermoplastic components, auxiliary switches, earthing switches, current transformers (CTs), and potential transformers (PTs) to the switchgear industry are moderately to highly susceptible to fluctuations in raw material prices. However, the company can bargain and partially pass on price escalation due to raw material to its customers from time to time but with a time lag. The company is also exposed to forex fluctuations due to import and export exposure. Acuite believes that the profitability of the company will remain susceptible to forex fluctuations risk.

Rating Sensitivities

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

Improvement in the topline and profitability margins.
Improvement in working capital cycle.

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

Elongation in working capital cycle.
Decline in profitability margins.

Liquidity Position

Adequate

The company has adequate liquidity marked by comfortable net cash accruals of Rs. 49.53 crore in FY26(Prov.) as against long term debt repayment of Rs. 0.05 Cr. over the same period. In addition, the cash and bank balance of Rs. 9.47 Cr as on March 31, 2026(Prov.) as compared to Rs. 17.71 Cr as on March 31, 2025. The current ratio of the company stood comfortable at 1.67 times as on March 31, 2026 (Prov.), as compared to 2.22 times as on March 31, 2025. Further, the average bank utilization limit of the company for 03 months ended May 2026 is 100 percent, the cash credit facility has been taken in the month of February 2026; however, the same has start utilisation from March 2026. The company immediately does not have any capex plan. The company also has investments in mutual funds, quoted and unquoted shares, REIT, AIFs which are free and can be monetised to meet it incremental working capital requirements. Going forward, Acuité believes that the company’s liquidity profile is expected to remain adequate over the medium term, supported by steady accruals in future, low leverage and absence of any significant long-term borrowing requirements.

Outlook

Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	571.89	537.79
PAT	Rs. Cr.	29.16	16.24
PAT Margin	(%)	5.10	3.02
Total Debt/Tangible Net Worth	Times	0.03	0.00
PBDIT/Interest	Times	13.84	7.46

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
18 Nov 2025	Proposed Long Term Bank Facility	Long Term	4.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
20 Aug 2024	Proposed Long Term Bank Facility	Long Term	4.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
31 May 2023	Proposed Long Term Bank Facility	Long Term	4.00	ACUITE BBB \| Stable (Assigned)

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
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE BBB \| Stable \| Assigned
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.	3.83	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE BB )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Jul 2025	Not avl. / Not appl.	24 Jul 2029	0.17	Simple	ACUITE BBB \| Stable \| Upgraded ( from ACUITE BB )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Jul 2025	Not avl. / Not appl.	24 Jul 2029	4.00	Simple	ACUITE BBB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Ujjwal Srivastva
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	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.

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