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- | Negative | Assigned - RBI
Bank Loan Ratings 0.00 169.00 ACUITE A- | Negative | Reaffirmed - RBI
Bank Loan Ratings 0.00 50.00 - ACUITE A2+ | Reaffirmed RBI
Total Outstanding 0.00 231.00 - - -
Total Withdrawn 0.00 0.00 - - -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

­Acuité has reaffirmed the long-term rating of ‘ACUITE A-' (read as ACUITE A minus) and short term rating of 'ACUITE A2+' (read as ACUITE A two plus) on the Rs.219.00 crore bank facilities of Superhouse Limited. The outlook is 'Negative'.

Acuite has also assigned long-term rating of ‘ACUITE A-' (read as ACUITE A minus) on the Rs. 12.00 crore bank facilities of Superhouse Limited. The outlook is ‘Negative’.

Rationale for rating
The outlook continues to remain 'Negative' on account of the moderation in the group's profitability metrics. The operating margin stood at 5.23% in FY2026 as against 5.32% in FY2025, impacted by higher foreign exchange losses and increased operating expenses. Further, the PAT margin declined to 0.09% from 1.15% in FY2025 due to the absence of exceptional income during FY2026 vis-à-vis a one-time gain reported in the previous year. The rating is further constrained by the group's intensive working capital operations, exposure to foreign currency fluctuations risk, and its presence in a highly competitive and fragmented industry. However, the rating derives comfort from the improvement in revenue from operations, healthy financial risk profile, and adequate liquidity position of the group. Additionally, the group continues to benefit from established brand presence and extensive experience of promoters spanning over four decades in the leather industry. Acuite notes that going forward, the ability of the group to improve its profitability margins while scaling up operations will remain a key rating sensitivity.


About The Company

Uttar Pradesh based, Superhouse Limited is a manufacturer and exporter of finished leather, textile garments, leather products like footwear, accessories, etc. The company was originally incorporated in 1980 as a private limited company in the name of Aminsons Leather Finishers Private Limited and was later converted to a public limited company, and subsequently its name was changed to Aminsons Limited in 1989. Post the merger of other group companies, its name was changed to Superhouse Leather Limited and then to Superhouse Limited in 2006. The directors of the company are Mrs. Shahina Mukhtar, Mr. Mohammad Shadab, Mr. Vinay Sanan, Mr. Mukhtarul Amin, Mr. Zafarul Amin, Mr. Yusuf Amin, Mr. Harmeet Singh, Mr. Girish Chandra Srivastava, Mr. Rajendra Krishna Shukla, and Mr. Krishna Kumar Ram Tiwari.

 
About the Group

The Superhouse Group is engaged in the manufacturing and supplying of leather, footwear, leather goods, and textile garments across the world. Its diversified product offerings, coupled with its longstanding presence in the leather and footwear industry. The group derives a significant portion of its revenue from exports and has established marketing and distribution networks through its overseas subsidiaries and sales offices across key international markets.

 
Unsupported Rating
­Not Applicable
 
Analytical Approach

Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has considered the consolidated view of business and financial risk profiles of Superhouse Limited along with its wholly owned subsidiaries/ subsidiaries and step-down subsidiaries (refer to annexure 2) owing to presence in a similar line of business, common promoters, and operating as well as financial linkages between the entities to arrive at this rating.

Key Rating Drivers

Strengths

­Experienced promoters and Established market position
The group has a diversified presence across multiple leather and footwear segments, comprising finished leather, shoe uppers, finished footwear, textile garments, safety footwear, fashion footwear, and other leather products. The operations of the group are led by Mr. Mukhtarul Amin along with his family, who possess more than four decades of experience in the leather industry. The extensive experience of the promoters coupled with support from an experienced technical team has helped the group in establishing healthy relationships with its customers and suppliers. Acuité believes that the group will continue to benefit from its experienced management and established brand presence in the leather industry.

Improved revenue from operations
The revenue of the group stood at Rs. 679.20 Cr. in FY2026 as against Rs. 667.59 Cr. in FY2025 amidst a slowdown in the key export markets during the year. The improvement is supported by higher sales contribution from textile products coupled with improved price realization across key product categories. Additionally, the revenue performance reflects the group's established market position and diversified product offerings. Revenue from textile products improved to Rs. 85.63 Cr. in FY2026 from Rs. 72.81 Cr. in the previous year, while leather and leather products continued to dominate the revenue mix, contributing around 84 percent of the total sales. Going forward, the group's revenue profile is expected to benefit from improving demand conditions in key export markets and continued traction in its domestic footwear brands. However, Acuite notes that the ability of the group to sustain its topline in the near to medium term will remain a key monitorable factor.

Healthy Financial Risk Profile
The financial risk profile of the group is marked by healthy net worth, gearing below unity, and comfortable debt protection metrics. Tangible net worth of the group stood at Rs. 485.39 Cr. as on March 2026 from Rs. 470.81 Cr as on March 31, 2025 driven by accretion to reserves. The capital structure marked by gearing ratio stood at 0.37 times as on March 31, 2026 as against 0.45 times as on March 31, 2025. Further, the interest coverage ratio and debt service coverage ratio stood at 2.25 times and 0.78 times, respectively, as on March 31, 2026. Acuite notes while the DSCR at the consolidated level remained below unity, the standalone DSCR of Superhouse Limited stood above 1.1 times as on March 31, 2026. Moreover, Debt-EBITDA stood at 3.83 times in as on March 31, 2026 as against 4.16 times in as on March 31, 2025 and Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 0.76 times as on March 31, 2026 as against 0.80 times as on March 31, 2025. Acuite expects the financial risk profile of the group to remain in a similar range with no major debt-funded capex plans in the near to medium term.


Weaknesses

Intensive Working Capital Operations
The working capital operations of the group are intensive, marked by Gross Current Assets (GCA) of 268 days as on 31st March 2026 owing to high inventory and receivable days. The inventory days stood at 146 days as on 31st March 2026 as against 154 days as on 31st March 2025 as the group maintains adequate inventory as and when required for order execution. Further, the debtor days stood at 94 days as on 31st March 2026 as against 92 days as on 31st March 2025, wherein the group extends moderate credit to its customers. Against this, the creditor days stood at 113 days as on 31st March 2026 as against 96 days as on 31st March 2025. Acuité expects working capital operations of the group to remain in a similar range in the near to medium term owing to the nature of operations.

Moderation in profitability margins despite improved revenue from operations
The operating margin of the group stood at 5.23% in FY2026 as compared to 5.32% in FY2025, despite improvement in the group's topline The marginal moderation was primarily on account of higher foreign exchange losses along with increase in operating expenses during the year. Net profitability, however, declined sharply, with PAT margin at 0.09% from 1.15% in FY2025 owing to the absence of exceptional income during FY2026, as compared to a one-time gain of Rs. 6.20 crore reported in the previous year from profit on the sale of land and building. Additionally, high depreciation and finance costs exerted pressure on the net profitability. Nonetheless, the pre-tax profitability before exceptional items improved, with the PBT margin increasing to 1.07% from 0.82% in FY2025. Acuite notes that the ability of the group to improve its profitability margins in the near to medium term will remain a key rating sensitivity.

­Competition from organized and unorganized players and Foreign currency fluctuation risk
The group operates in the highly fragmented and competitive leather industry, characterized by the presence of numerous organized and unorganized players. The intense competition limits pricing flexibility and exerts pressure on operating margins. Further, given the significant contribution of export sales to its revenue profile, the group remains exposed to foreign exchange fluctuation risk. Acuite notes that the group hedges its export exposures, which may help to mitigate the impact of adverse exchange rate movements to a certain extent.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:
  • ­Consistent growth in operating income by more than 30%.
  • Significant improvement in the operating profitability position.
  • Improvement in capital structure and debt protection metrics.
Potential triggers (individual or collective) for a downward rating action:
  • ­Any substantial decline in revenue from operations.
  • Persistent losses and any further deterioration in the earnings profile.
  • Deterioration in the financial risk profile owing to any large debt-funded capex.
Liquidity Position
Adequate

The liquidity profile of the group is marked by net cash accruals of Rs. 19.51 Cr. as on 31st March 2026 against the debt repayment obligations of Rs. 31.07 Cr. in the same period. The relatively higher repayment obligations are primarily attributable to the overseas entities within the group, and the gap in these repayments has been managed through working capital management. Additionally, the cash and bank balance available with the group stood at Rs. 17.44 Cr. as on 31st March 2026 against Rs. 13.78 Cr. as on 31st March 2025. The current ratio stood at 1.51 times as on 31st March 2026. Further, the fund based and non-fund based bank limits stood utilized at 84.18% and 15.73%, respectively, in the last six months ending May 2026. Acuité expects the liquidity profile of the group to remain adequate in the near to medium term, supported by sufficient accruals to debt repayment obligations going forward, adequate cash and bank balance, and a moderate current ratio.

 
Outlook: Negative
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 26 (Actual) FY 25 (Actual)
Operating Income Rs. Cr. 679.20 667.59
PAT Rs. Cr. 0.59 7.66
PAT Margin (%) 0.09 1.15
Total Debt/Tangible Net Worth Times 0.37 0.45
PBDIT/Interest Times 2.25 2.42
Status of non-cooperation with previous CRA (if applicable)
­Not Applicable
 
Any Other Information
­None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
30 Apr 2025 Cash Credit Long Term 18.00 ACUITE A- | Negative (Reaffirmed)
Term Loan Long Term 8.93 ACUITE A- | Negative (Reaffirmed)
Proposed Long Term Bank Facility Long Term 1.07 ACUITE A- | Negative (Reaffirmed)
FBN/FBP/FBD/PSFC/FBE Long Term 42.00 ACUITE A- | Negative (Reaffirmed)
PC/PCFC Long Term 83.00 ACUITE A- | Negative (Reaffirmed)
Stand By Gold Card Long Term 16.00 ACUITE A- | Negative (Reaffirmed)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 33.00 ACUITE A2+ (Reaffirmed)
Derivative Exposure Short Term 7.00 ACUITE A2+ (Reaffirmed)
23 Feb 2024 Cash Credit Long Term 18.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
FBN/FBP/FBD/PSFC/FBE Long Term 50.00 ACUITE A- | Stable (Reaffirmed)
PC/PCFC Long Term 83.00 ACUITE A- | Stable (Reaffirmed)
Stand By Gold Card Long Term 8.00 ACUITE A- | Stable (Reaffirmed)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 33.00 ACUITE A2+ (Reaffirmed)
Derivative Exposure Short Term 7.00 ACUITE A2+ (Reaffirmed)
18 Jan 2024 Cash Credit Long Term 18.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
FBN/FBP/FBD/PSFC/FBE Long Term 50.00 ACUITE A- | Stable (Reaffirmed)
PC/PCFC Long Term 83.00 ACUITE A- | Stable (Reaffirmed)
Stand By Gold Card Long Term 8.00 ACUITE A- | Stable (Reaffirmed)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 33.00 ACUITE A2+ (Reaffirmed)
Derivative Exposure Short Term 7.00 ACUITE A2+ (Assigned)
07 Sep 2023 Cash Credit Long Term 18.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
FBN/FBP/FBD/PSFC/FBE Long Term 50.00 ACUITE A- | Stable (Reaffirmed)
PC/PCFC Long Term 83.00 ACUITE A- | Stable (Reaffirmed)
Stand By Gold Card Long Term 8.00 ACUITE A- | Stable (Reaffirmed)
Bank Guarantee (BLR) Short Term 10.00 ACUITE A2+ (Reaffirmed)
Letter of Credit Short Term 33.00 ACUITE A2+ (Reaffirmed)
Term Loan Long Term 10.00 ACUITE Not Applicable (Withdrawn)
Packing Credit Long Term 28.00 ACUITE Not Applicable (Withdrawn)
­

Lender’s Name ISIN Facilities Listing Status Regulated By Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A2+ | Reaffirmed
Punjab National Bank Not avl. / Not appl. Cash Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 18.00 Simple ACUITE A- | Negative | Reaffirmed
Punjab National Bank Not avl. / Not appl. Derivative Exposure Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple ACUITE A2+ | Reaffirmed
Punjab National Bank Not avl. / Not appl. FBN/FBP/FBD/PSFC/FBE Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 42.00 Simple ACUITE A- | Negative | Reaffirmed
Punjab National Bank Not avl. / Not appl. Letter of Credit Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 33.00 Simple ACUITE A2+ | Reaffirmed
Punjab National Bank Not avl. / Not appl. PC/PCFC Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 83.00 Simple ACUITE A- | Negative | Reaffirmed
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. 0.27 Simple ACUITE A- | Negative | Reaffirmed
Punjab National Bank Not avl. / Not appl. Stand By Gold Card Unlisted RBI Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 16.00 Simple ACUITE A- | Negative | Reaffirmed
Punjab National Bank Not avl. / Not appl. Term Loan Unlisted RBI 05 Dec 2025 Not avl. / Not appl. 31 Aug 2028 6.83 Simple ACUITE A- | Negative | Reaffirmed
Punjab National Bank Not avl. / Not appl. Working Capital Term Loan Unlisted RBI 04 Jun 2026 Not avl. / Not appl. 03 Jun 2031 2.90 Simple ACUITE A- | Negative | Reaffirmed
Punjab National Bank Not avl. / Not appl. Working Capital Term Loan Unlisted RBI 04 Jun 2026 Not avl. / Not appl. 03 Jun 2031 12.00 Simple ACUITE A- | Negative | Assigned
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.
­


*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­
Sr. No. Company Name
1 Superhouse (U.K.) Limited
2 Superhouse Middle East FZC, Ajman
3 Briggs Industrial Footwear Ltd, UK
4 Linea De Seguridad SLU, Spain
5 Allen Cooper Limited
6 LA Compagine Francaise Da Protection Sarl, France
7 Creemos International Limited
8 Nomads Clothing Limited, UK
9 Petrick Shoes Limited, UK
10 Superhouse Limited
 

Contacts

List of instruments and names of regulators of the instruments

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