Press Release March 24, 2026 TIRUPATI MINERALS PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	40.00	ACUITE BBB+ | Stable | Assigned	-
Bank Loan Ratings	25.00	-	ACUITE A2 | Assigned
Total Outstanding	65.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned long term rating of 'ACUITE BBB+' (read as ACUITE triple B plus) on the Rs. 40 Cr. bank facilities and short term rating of  'ACUITE A2' (read as ACUITE A two) on the Rs. 25 Cr. bank facilities of Tirupati Minerals Private Limited. The outlook is 'Stable'. Rationale for rating The rating takes into cognizance long track record of operations, benefits derived from experienced promoters, established market presence, improvement in revenues along with stable operating profitability in FY 25 and has shown improvement in 9MFY26. The financial risk profile is healthy characterized by improving networth, low gearing and comfortable debt protection metrices, moderate working capital cycle and adequate liquidity. However, these are partly offset by fragmented industry, exposure to price volatility, regulatory changes and susceptibility to cyclical Risks.

About the Company

Incorporated in 2009, Tirupati Minerals Private Limited (TMPL) is mainly engaged in the trading and supply of non-coking coal, catering primarily to industrial consumers across various sectors. The company procures coal from suppliers and traders and also from Coal India Limited through its subsidiaries such as ECL, CCL, MCL, SECL, and NCL via e-auctions and supplies to traders and end-users. Additionally, it also derives revenue from transportation services associated with coal supply. The operations of the company are managed by Mr Anshuman Murarka and Mr Pramod Kumar Agrawal.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has taken standalone business and financial risk profile of Tirupati Minerals Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Experience of promoters and reputed Customer base The operations of the company are managed by Mr Anshuman Murarka and Mr Pramod Kumar Agrawal who have decades of experience in the coal industry. The customer base includes diverse industries, with established presence among power generation, steel and cement sectors. Acuite believes that the promoter's experience and healthy relationship with customers and suppliers will benefit the company going forward. Increase in revenues with stable operating profitability The revenues have increased to Rs. 523.18 Cr. in FY 25 as compared to Rs. 485.50 Cr. in FY 24 on account of increase in volume sold albeit decline in realisation. The company has achieved revenues of about Rs. 690 Cr. upto February 2026. The operating profitability has remained stable at 6.04 percent in FY 25 as compared to 6.24 percent in FY 24 on account of correction in coal prices.  The company has ongoing capex plans of setting up coal crusher sizing and wet washery plant with a project cost of Rs. 37.50 Cr. to be funded in a mix of debt of Rs. 25 Cr (term loan sanctioned with IDFC Bank and Axis Bank) and promoter’s contribution of Rs. 12.50 Cr. The operations are expected to begin from April 2027. Acuite expects scale of operations and operating profitability to improve with visible traction in 9MFY2026 in the medium term. Healthy financial risk profile The financial risk profile of the company is healthy marked by improving net worth, low gearing and moderate debt protection metrices. The tangible net worth of the company stood at Rs. 106.21 Cr. as on March 31, 2025 as compared to Rs. 88.47 Cr. as on March 31, 2024 due to accretion to reserves. The gearing of the company stood at 0.49 times as on March 31, 2025 and 0.70 times as on March 31, 2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 1.39 times as on March 31, 2025 as compared to 1.60 times as on March 31, 2024. The debt protection metrices of the company remain comfortable marked by Interest Coverage ratio (ICR) of 5.54 times and debt service coverage ratio (DSCR) of 1.86 times for March 31, 2025. The net cash accruals to total debt (NCA/TD) stood at 0.43 times as on March 31, 2025 as compared to 0.36 times as on March 31, 2024.  Acuité believes that the financial risk profile is expected to improve over the medium term, with steady cash accruals. Moderate Working Capital Cycle The working capital cycle of the company is moderate as reflected by Gross Current Assets (GCA) of 131 days for March 31, 2025 as compared to 121 days for March 31, 2024. The debtor period stood at 80 days as on March 31, 2025 as compared to 86 days as on March 31, 2024. The payments from the customers are received within 2-3 months. Further, the inventory days of the company stood at 39 days as on March 31, 2025 as compared to 6 days in FY2024. This increase was on account of high year-end inventory as the company had received order from NTPC limited. The inventory holding of the company is about 20-25 days. The creditors stood at 142 days as on March 31, 2025 as compared to 90 days as on March 31, 2024. The payments are made upfront to Coal India Limited and with respect to coal suppliers and traders, the company enjoys credit period of 2-3 months. Acuité believes that the working capital operations of the company is expected to remain in the similar lines over the medium term.

Weaknesses

­Fragmented Industry, Exposure to Price Volatility, Regulatory Changes and Susceptibility to Cyclical Risks: The coal trading industry is highly fragmented with numerous small players due to low entry barriers, resulting in intense competition. The company primarily caters to steel, cement, and power sectors, where demand is closely linked to overall economic activity, making its business risk profile vulnerable to cyclical fluctuations. Additionally, operations remain exposed to volatility in coal prices and changes in regulatory policies, which could impact profitability and demand dynamics.

Rating Sensitivities

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

Growth in revenues and profitability to remain in similar levels above 6 percent. Moderate Working Capital Cycle

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

Deterioration of financial risk profile with debt funded capex or time overrun Weakening of capital structure, leading to TOL/TNW ratio above 2.5 times

Liquidity Position

Adequate

The company has adequate liquidity marked by net cash accruals of Rs 22.25 Cr. as on FY2025 as against long term debt repayment of Rs. 9.05 Cr. over the same period. The company has also prepaid term loans in the past. The cash and bank balances stood at Rs. 0.73 Cr. as on March 31, 2025 and Rs. 15.85 Cr. March 31, 2024. The company has investment in mutual funds amounting to Rs. 13.60 Cr. in FY 25. Further, the current ratio of the company stood at 1.26 times as on March 31, 2025 as compared to 1.21 times as on March 31, 2024. The average fund-based bank limit utilization of the company for 7 months ended December 2025 is 31.51 percent and non fund based utilization stood at 56.92 percent. The company has capex plans of about Rs. 37.50 Cr. funded in a mix of debt and promoter’s contribution to be completed by April 2027. Acuité believes that the liquidity of the company is likely to remain adequate over the near to medium term on account of steady cash accruals and low bank limit utilization albeit debt funded capex plans.

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.	523.18	485.50
PAT	Rs. Cr.	17.74	16.33
PAT Margin	(%)	3.39	3.36
Total Debt/Tangible Net Worth	Times	0.49	0.70
PBDIT/Interest	Times	5.54	8.65

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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:Not Applicable

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating H D F C Bank Limited Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A2 | Assigned H D F C Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE BBB+ | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE BBB+ | Stable | Assigned

Contacts

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

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. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.