­Experienced management and established track record of operations
SPF started operations in 2002 and the partners; Mr. Abhishek Sashidharan and Ms. Geeta Sashidharan have over a decade of experience in the industry. The extensive experience of the partners has helped the firm in maintaining good business relations with clients, the majority of whom have been associated with the firm for more than a decade. SPF has exported around 91 percent of its total sales in FY2026, primarily in the markets of Saudi Arabia, Switzerland, Kuwait, Germany etc. 

Moderate financial risk profile
The financial risk profile of the firm is moderate, marked by moderate gearing, debt protection metrics and low net worth. The net worth of the firm stood at Rs.21.59 Cr. as on 31^st March 2026 (Prov.). The total debt stood at around Rs.17.03 Cr. as on 31^st March 2026 (Prov.), resulting in a below unity gearing of 0.79 times, indicating moderate reliance on external borrowings. The debt protection metrics remained moderate, with interest coverage ratio at around 3.06 times, debt service coverage ratio at around 1.59 times. The Debt to EBITDA stood at around 2.23 times in FY2026 (Prov.). Going forward, any debt-funded capex or working capital expansion pressuring coverage metrics will be a key rating monitorable.

­Low scale and volatile operating performance
The firm’s operating performance remained low and volatile with operating revenue of Rs.54.76 Cr. in FY2026 (Prov.) against Rs.70.65 Cr. in FY2025 and Rs.55.16 Cr. in FY2024. The operating profit margin stood at 13.82% in FY2026 (Prov.) against 12.19% in FY2025 and 19.03% in FY2024. The PAT margin stood at 6.64% in FY2026 (Prov.) against 5.52% in FY2025 and 10.01% in FY2024.

The volatility in the firm’s operating performance over the past three fiscal years is primarily attributable to external macroeconomic factors. During FY2026 (Prov.) and FY2025, performance was adversely impacted by the ongoing energy crisis, global trade disruptions, and geopolitical tensions, which led to a notable slowdown in import demand across key markets such as Europe and the Middle East. Additionally, the firm’s revenue was affected by lower selling prices, as raw mango prices declined due to higher supply.

Working capital intensive nature of operations
The working capital operations of the firm are intensive in nature marked by gross current asset days of 230 days in FY2026 (Prov.), primarily driven by higher debtor and inventory levels. The debtor days stood at 123 days in FY2026 (Prov.) against 118 days in FY2025. Further, the inventory days stood at 70 days in FY2026 (Prov.) against 90 days in FY2025. The firm provides credit period of 30-90 days to its customers depending on the relation with the customer. While creditor days stood at 51 days in FY2026 (Prov.) and FY2025. The average bank limit utilisation remained moderate, with fund-based utilisation at around 65.95% for the past six months ending May 2026, reflecting a moderate dependence on bank lines to support working capital requirements. High receivable levels, particularly from export customers, expose SPF to counterparty risks and foreign exchange delays, which could strain liquidity if collections are prolonged.

Susceptibility to raw material and external factors
SPF’s business remains highly dependent on seasonal mango crop yields and price movements, making margins vulnerable to agro-climatic risks and supply fluctuations. In addition, the firm’s performance is exposed to external macroeconomic factors such as global trade disruptions, energy price volatility, and geopolitical tensions, which have already impacted demand in key export markets.

• Improvement in operating performance with revenues reaching above ~Rs.100 Crs at stable profitability margins.
• Improvement in working capital cycle.

• Deterioration in operating performance with revenues falling below ~Rs.40 Crs or decline in profitability margins.
• Further elongation in working capital cycle or increased reliance on working capital borrowings, leading to weakening of financial risk profile.