Press Release July 30, 2026 Spacenet Enterprises India Limited Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Issuer Rating (IR)	0.00	0.00	ACUITE BBB- | Stable | Reaffirmed	-	-
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 its long-term Issuer Rating (IR) of 'ACUITE BBB-' (read as ACUITE triple B minus) to Spacenet Enterprises India Limited (SEIL). The outlook is 'Stable'. Rationale for reaffirmation: The rating reaffirmation considers steady growth in revenues while maintaining profitability. The rating also factors in the healthy financial risk profile with healthy capital structure of the group marked by healthy debt protection metrics. Further, the rating considers the diversification in the revenue streams of the group including commodity trading, IT services and digital advertising business and the long-standing experience of the management. However, the rating remained constrained on account of intensive working capital operations with high receivable outstandings and significant investments in other business ventures.

About the Company

­Spacenet Enterprises India Limited (SEIL) (erstwhile Northgate Com Tech Private Limited) is a Hyderabad based company, incorporated on May 28, 2010 by Meenavalli family. The company is primarily engaged in commodity trading and rendering of IT services. The current directors of the company are Mr. Prakash Rao Venkata Surya Dasigi, Mr. Vasudevarao Maraka, Mr. Deenadayal Tripurasetty, Mr. Sarat Kumar Malik and Mr. Anima Rajmohan Nair .

About the Group

­Spacenet Enterprises India Limited and its four subsidiaries (referred to as a group) is engaged in the business of commodity trading, IT services and digital advertising. While Thalassa Enterprises Limited and Winteg People Solutions Private Limited have their operations based in India, Spacenet Enterprises FZCO (Dubai) and Spacenet Trade-Tech HK Limited (Hong Kong) cater to the international markets.

Unsupported Rating

­Not applicable.

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­To arrive at the rating of Spacenet Enterprises India Limited (SEIL), Acuité has consolidated the financial and business risk profile of SEIL and all its subsidiaries. The consolidation takes into account the common shareholding, similar line of business and financial linkages between the entities.

Key Rating Drivers

Strengths

Extensive Experience of management SEIL is a professionally managed group led by experienced management having rich experience in various fields such as commodity trading, financial markets and emerging technologies. The key management team comprises of Mr. Prakash Rao (CFO), who brings over 24 years of experience in the agri-commodity trading sector and Mr. S. Ravi, with more than 34 years of experience and a track record of serving on the boards of several reputed companies. Therefore, the experience of the management has enabled the group to venture into trading of commodities like de-oiled rice bran, exotic fruits, etc. and also diversify towards IT business. Going forward, the focus of the group is to establish a tech enabled commodity trading platform in Hong Kong, launch planned by the end of the current financial year. Steady growth in revenues while maintaining profitability with diversified revenue streams The group has reported revenue of Rs.194.71 Cr in FY2026 as compared to revenue of Rs.157.05 Cr  in FY2025. The improvement in revenue was primarily attributable increase in the revenue from Dubai based subsidiary (Spacenet Enterprises FZCO) which is providing trade finance, commodity trading, and tech-enabled solutions that bridge the trade finance gap for SMEs and MSMEs internationally. The group is engaged in three types of businesses namely commodity trading in multiple products, IT services and advertisement through digital marketing. Therefore, considering the diverse nature of businesses, the revenues of the group have been volatile over the years. Operating margins stood stable at 8.75 percent in FY2026 as against 8.75 percent in FY2025. Acuité believes the operating performance of the group would improve steadily wherein establishing a tech-enabled commodity trading platform shall remain a key rating monitorable. Healthy financial risk profile The financial risk profile of the group is healthy, marked by healthy net worth, debt protection metrics, and low gearing. The net worth of the group stood at Rs.127.32 Cr and Rs.131.40 Cr as on March 31, 2026, and 2025 respectively, however ~45 per cent of the net worth is invested in the other business ventures. The gearing of the group stood at 0.19 times as on March 31, 2026, against 0.01 times as on March 31, 2025. Debt protection metrics – Interest coverage ratio (ICR) and debt service coverage ratio (DSCR) stood at 43.20 times and 28.36 times as on March 31, 2026, respectively as against 88.14 times and 60.35 times as on March 31, 2025, respectively. TOL/TNW (Total outside liabilities/Total net worth) stood at 0.50 times and 0.29 times as on March 31, 2026 and 2025 respectively. The debt to EBITDA of the group stood at 1.14 times as on March 31, 2026, as against 0.11 times as on March 31, 2025. Acuité believes that the financial risk profile will remain healthy in the absence of any major debt funded capital expenditure plan in the near term.

Weaknesses

Intensive working capital operations Group’s working capital operations remained intensive in nature as reflected in its gross current assets (GCA) of 163 days in FY2026, compared to 188 days in FY2025, majorly driven by the receivables and other current assets. The debtor days stood at 111 days in FY2026 as against 121 days in FY2025 owing to higher credit period offered to the customers to build the relationships. Generally, the company provides credit period of 60-90 days for its customers. The creditor days stood at 65 days in FY2026 as against 63 days in FY2025. Acuité believes the working capital operations of the group to remain intensive over the medium term on account of extended credit offered to the customers. ­Significant investments in other business ventures The group on a consolidated basis has invested Rs. 58.55 Cr. (~45 percent of FY26 net worth) in other fintech and infra companies namely Billmart Financial Private Limited, Nashville Infra Services Limited and String Metaverse Limited. While these are strategic investments by the group in the IT space, no returns have been generated from these investments till date and any further significant investments to such ventures may constrain the group’s core operations, hence, remain a key rating sensitivity.

Rating Sensitivities

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

­Significant growth in revenues of over 30 percent aiding expansion in scale of operations while improving profitability. Improvement in working capital management with GCA below 150 days on a sustained basis

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

­Significant decline in revenues and profitability Any significant stretch in working capital cycle owing to the nature of business Increasing investments in non-group companies thereby constraining the group’s liquidity Substantial increase in debt levels thereby impacting the financial risk profile

Liquidity Position:

Adequate

­Group’s liquidity is adequate with net cash accruals of Rs.20.21 Cr in FY2026, while its maturing debt obligations were Rs. 0.23 Cr during the same period. Going forward the company is expected to generate net cash accruals of Rs. 19.06- 23.39 Cr in FY 2027-28 against Rs.1.24- 1.89 Cr debt obligations. The current ratio stood at 2.18 times as on March 31, 2026. The group has maintained unencumbered cash and bank balances of Rs.2.96 Cr. as on March 31, 2026. Acuité believes, that the liquidity is expected to remain adequate, supported by adequate accrual generation in the near to medium term.

Outlook: Stable

­

Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	194.71	157.05
PAT	Rs. Cr.	16.45	12.17
PAT Margin	(%)	8.45	7.75
Total Debt/Tangible Net Worth	Times	0.19	0.01
PBDIT/Interest	Times	43.20	88.14

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 • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 30 Jul 2025 Issuer Rating Long Term 0.00 ACUITE BBB- | Stable (Assigned)

­

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

Sr. No. Company Name 1 Spacenet Enterprises India Limited 2 Thalassa Enterprises Limited 3 Winteg People Solutions Private Limited 4 Spacenet Trade-Tech HK Limited 5 Spacenet Enterprises FZCO ­

Contacts

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

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