Press Release August 18, 2026 SUPREME GUMS PRIVATE LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	37.80	ACUITE BBB | Stable | Reaffirmed	-	RBI
Bank Loan Ratings	0.00	25.00	-	ACUITE A3+ | Reaffirmed	RBI
Total Outstanding	0.00	62.80	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 ratings of 'ACUITE BBB' (read as ACUITE Triple B) and short-term rating of 'ACUITE A3+' (read as ACUITE A three plus) on the Rs.62.80 crore bank facilities of Supreme Gums Private Limited (SGPL). The outlook is ‘Stable’. Rationale for rating The rating draws comfort from the experienced management of the company and its established presence in the guar products industry. The rating further factors in the company's improved scale of operations, as reflected in the growth in revenue from operations by around 20% to Rs. 325.18 Cr. in FY25 from Rs. 269.80 Cr. in FY24, driven by higher sales volumes. The operating margin remained stable at 6.01% in FY25 as against 6.32% in FY24. Further, the company's revenue is estimated to remain stable at around Rs. 332.91 Cr. in FY26, supported by higher sales volumes despite moderation in average realizations. The rating also derives strength from the company's healthy financial risk profile, marked by a comfortable net worth base, low gearing and comfortable debt protection metrics, along with its adequate liquidity position. However, these strengths are partially offset by the company's working capital-intensive nature of operations, notwithstanding the improvement in receivable management, as well as its exposure to fluctuations in raw material prices and foreign exchange rates.

About the Company

­Supreme Gums Private Limited (SGPL) based in Rajasthan was incorporated in the year 2002. The company is promoted by Mr. Naresh Kumar Jain. The company is engaged in the manufacturing of guar gum powder and trading of guar splits. SGPL caters largely to the export market and sells its products under the ‘SUPREME’ brand name.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of SGPL to arrive at the rating.

Key Rating Drivers

Strengths

­Established track record of operations and experienced management The company was incorporated in the year 2002 and has established presence of over a decade in the said line of business. The company also has an established market for its own brand ‘SUPREME’ in international market like USA, Russia, Latin America and Europe as well as in domestic market. The company is largely in export of its products which contributes to 97-98 percent of its total revenue. The promoter Mr. Naresh Kumar Jain has almost two decades of experience in the guar gum industry. The company’s operations are also supported by second generation entrepreneur, Mr. Tarun Jain. Further, the company’s manufacturing facilities are located in Rajasthan which provides proximity to raw material thereby reducing logistic cost. Acuité believes that the company will continue to benefit from the promoter’s experience, its established presence in the industry and close proximity to raw material improving its business risk profile over the medium term. Improvement in scale of operations The company witnessed an improvement in its scale of operations, with revenue from operations increasing by around 20% to Rs. 325.18 Cr. in FY25 from Rs. 269.80 Cr. in FY24, primarily driven by higher sales volumes. The company's operating profitability remained stable, with the operating margin at 6.01% in FY25 as against 6.32% in FY24, while the net profit margin stood at 3.96% in FY25 as compared to 4.21% in FY24. Further, the company is estimated the revenue from operations of Rs. 332.91 Cr. in FY26 with profitability remaining largely at similar levels. The company has reported revenue of around Rs. 98 Cr. in Q1FY27, reflecting stable business performance. Acuité believes that the company's established presence in the guar products industry, export-oriented operations, and continued focus on volume growth are expected to support the stability of its scale of operations and profitability over the near to medium term. Healthy financial risk profile The company has a healthy financial risk profile, supported by a comfortable net worth base, low leverage, and adequate debt protection metrics. The tangible net worth improved to Rs. 119.29 Cr. as on March 31, 2025, from Rs. 106.42 Cr. as on March 31, 2024, driven by profit accretion during the year. The capital structure strengthened significantly, with the gearing ratio improving to 0.17 times as on March 31, 2025, from 0.44 times as on March 31, 2024. Further, the company's debt protection indicators remained comfortable, with the interest coverage ratio improving to 9.63 times in FY25 from 7.24 times in FY24. The DSCR stood at 5.95 times in FY25, indicating adequate debt servicing ability, while the TOL/TNW ratio improved to 0.30 times as on March 31, 2025, from 0.53 times as on March 31, 2024. Acuité believes that the company's financial risk profile is expected to remain healthy over the near to medium term, supported by its healthy net worth base, conservative capital structure, and adequate cash accrual generation, despite the ongoing debt-funded solar power project.

Weaknesses

Intensive working capital operations The company's operations remain working capital intensive in nature, although there has been an improvement in its working capital cycle during FY25. The Gross Current Assets (GCA) days improved to 136 days in FY25 from 177 days in FY24, primarily driven by better receivable management. The debtor days reduced significantly to 69 days in FY25 from 96 days in FY24 with the inventory holding period reduced to 39 days in FY25 from 52 days in FY24. Further, the company maintains a low creditor cycle, with creditor days standing at 6 days in FY25, as raw material procurement is largely undertaken on a cash-and-carry basis. Acuité believes that the company's operations will continue to remain working capital intensive over the near to medium term owing to the inventory-intensive nature of the business, the need to maintain adequate stock levels for export operations, and limited supplier credit availability. ­Volatility in raw material prices and foreign currency fluctuation risk The major raw material for manufacturing guar gum powder is guar seed, which is an agro-commodity. Its availability is highly dependent on monsoons; guar seed supply can vary, which may lead to fluctuations in prices. However, the risk is mitigated to a certain extent as SGPL enters into contracts with customers after the harvest, usually in the month of October to January. The company majorly exports its products to USA, Europe, Latin America, etc., which contributes 98 percent of the revenue. The margins are partially impacted by foreign currency fluctuation.

Rating Sensitivities

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

Growth in operating income by more than 30% with sustained improvement in profitability. Improvement in working capital operations.

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

Any large debt funded capex, impacting the financial risk profile and liquidity. Revenue falling by 20-25 percent and steep decline in profitability.

Liquidity Position

Adequate

The company's liquidity position remains adequate, supported by healthy cash accruals, comfortable liquidity indicators, and low reliance on working capital borrowings, albeit debt-funded capex plans. The company generated net cash accruals of Rs. 14.38 Cr. in FY25 against scheduled debt repayment obligations of Rs. 0.59 Cr. The current ratio improved to 3.95 times as on March 31, 2025, from 2.96 times as on March 31, 2024. Further, the company have cash and bank balances of Rs. 5.79 Cr. as on March 31, 2025. The liquidity profile is also supported by the relatively low utilization of its fund-based working capital limits, which stood at approximately 27.62% during the six months ended June 2026. Acuité believes that the liquidity position of the company is likely to remain adequate over the near to medium term, supported by healthy cash accruals against its debt repayment obligations, notwithstanding the ongoing debt-funded capex for the captive solar power project.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	325.18	269.80
PAT	Rs. Cr.	12.87	11.36
PAT Margin	(%)	3.96	4.21
Total Debt/Tangible Net Worth	Times	0.17	0.44
PBDIT/Interest	Times	9.63	7.24

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 23 May 2025 Bills Discounting Short Term 24.10 ACUITE A3+ (Reaffirmed) Bills Discounting Short Term 0.90 ACUITE A3+ (Assigned) Working Capital Term Loan Long Term 6.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.06 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 3.80 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 1.00 ACUITE BBB | Stable (Assigned) PC/PCFC Long Term 24.10 ACUITE BBB | Stable (Reaffirmed) PC/PCFC Long Term 0.90 ACUITE BBB | Stable (Assigned) 31 May 2024 Bills Discounting Short Term 17.50 ACUITE A3+ (Upgraded from ACUITE A3) Bills Discounting Short Term 6.60 ACUITE A3+ (Upgraded from ACUITE A3) PC/PCFC Long Term 17.50 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Positive) Working Capital Term Loan Long Term 10.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Positive) Term Loan Long Term 1.80 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Positive) PC/PCFC Long Term 6.60 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Positive) 03 Mar 2023 Bills Discounting Short Term 17.50 ACUITE A3 (Reaffirmed) Bills Discounting Short Term 6.60 ACUITE A3 (Assigned) PC/PCFC Long Term 17.50 ACUITE BBB- | Positive (Reaffirmed) PC/PCFC Long Term 6.60 ACUITE BBB- | Positive (Assigned) Working Capital Term Loan Long Term 10.00 ACUITE BBB- | Positive (Assigned) Proposed Term Loan Long Term 1.80 ACUITE BBB- | Positive (Assigned)

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Siddharth Garg Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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