Press Release

Press Release

May 06, 2026

TRISQUARE SWITCHGEARS PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	30.00	ACUITE BBB \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	40.00	ACUITE BBB \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	10.00	-	ACUITE A3+ \| Assigned	RBI
Bank Loan Ratings	0.00	45.00	-	ACUITE A3+ \| Reaffirmed	RBI
Total Outstanding	0.00	125.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has reaffirmed its long term rating of “ACUITE BBB” (read as ACUITE triple B) and short term rating of “ACUITE A3+” (read as ACUITE A three plus) for Rs.85.00 Cr. bank loan facilities of Trisquare Switchgears Private Limited. The outlook is ‘Stable’.
Further, Acuite has assigned long term rating of “ACUITE BBB” (read as ACUITE triple B) and short term rating of “ACUITE A3+” (read as ACUITE A three plus) on the Rs. 40.00 Cr. bank loan facilities of Trisquare Switchgears Private Limited. The outlook is “Stable”.

Rationale for Rating
The rating factors the company’s improving scale of operations marked by an operating income of Rs. 375.31 Cr. in FY2025 against Rs. 288.96 Cr. in FY2024. Moreover, operating income is estimated at Rs. 481.43 Cr. in FY2026. The EBIDTA and PAT margin stood at 9.61% and 5.61%, respectively, in FY2025. The increase in revenue and profitability reflects volume-driven growth supported by the easing raw material costs. Further, the rating also takes into account the moderate financial risk profile of the company as demonstrated by gearing at 0.59 times as on 31st March 2025 along with interest coverage ratio and debt service coverage ratio at 6.88 times and 4.31 times, respectively, as on 31st March 2025 and adequate liquidity position supported by sufficient net cash accruals, moderate dependency on the working capital limits, and moderate current ratio, albeit debt-funded capex plans for the addition of machinery in the near to medium term. However, the above-mentioned strengths are partly offset by the moderately intensive working capital operations marked by GCA days of 142 days as on 31st March, 2025, order-driven operations' sensitivity, susceptibility of operating margins due to fluctuations in input prices, and highly competitive nature of the industry.

About the Company

Incorporated in 2004, Trisquare Switchgears Private Limited is based in New Delhi. The company specializes in the design and manufacturing of electrical equipment and control panels. The current directors of the company are Mr. Nitin Mittal and Mrs. Shikha Mittal.

Unsupported Rating

Not applicable.

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of Trisquare Switchgears Private Limited (TSPL) to arrive at the rating.

Key Rating Drivers

Strengths

Established track record of operations and Experienced management
TSPL was incorporated in 2004 and is engaged in the manufacturing of electrical control panels, delivering low voltage (LV) and medium voltage (MV) switchgear solutions. The management has been associated with the company for more than two decades, which has enabled the company in establishing healthy relationships with its suppliers and clientele such as Adani Green Energy Limited, Tata Power Solar System Limited, and Delhi Electric Co., among others. Acuite believes that the company will continue to derive benefit from the established track record of operations and management’s strong understanding of market dynamics.

Improvement in scale of operations
TSPL achieved an operating income of Rs. 375.31 Cr. in FY2025 against Rs. 288.96 Cr. in FY2024. Moreover, revenue from operations is estimated at Rs. 481.43 Cr. in FY2026. The EBITDA margin of the company stood at 9.61% in FY2025 against 7.08% in FY2024. Likewise, PAT margin stood at 5.61% in FY2025 against 3.57% in FY2024. The increase in revenue and profitability is driven by the year-over-year increase in the sales volume of electrical control panels and spares coupled with easing raw material costs. Additionally, the company plans to add automatic assembly machinery in FY2027, which will support enhancing the operational efficiency and deliver higher-quality customized products with faster turnaround times. Further, the company has unexecuted orders of Rs.315.33 Cr. as on March 2026 and going forward, the company expects to maintain its business risk profile on the back of the execution of its order book as well as upcoming plans of adding machinery. However, the ability of the company to maintain its profitability margins while scaling up its operations in the near to medium term will remain a key rating sensitivity.

Moderate Financial Risk Profile
The financial risk profile of the company is marked by moderate net worth, gearing below unity, and moderate debt protection metrics. The tangible net worth stood at Rs. 56.91 Cr. as on 31st March 2025 as against Rs. 35.85 Cr. as on 31st March 2024. The increase in net worth is on account of the accretion of profits into reserves. The capital structure of the company is healthy, marked by a gearing ratio at 0.59 times as on 31st March 2025 against 1.04 times as on 31st March 2024. Further, coverage indicators are reflected by the interest coverage ratio and debt service coverage ratio, which stood at 6.88 times and 4.31 times, respectively, as on 31st March 2025 against 4.20 times and 2.92 times as on 31st March 2024. The TOL/TNW ratio of the company stood at 2.38 times as on 31st March 2025 against 3.49 times as on 31st March 2024 and the DEBT-EBITDA stood at 0.91 times as on 31st March 2025 against 1.78 times as on 31st March 2024. Moreover, the company has upcoming debt-funded capex plans in FY2027 pertaining to the addition of machinery with an estimated cost in the range of Rs.13.00 Cr. to Rs.15.00 Cr., despite same, the financial risk profile of the company is expected to remain moderate in the near to medium term.

Weaknesses

Moderately Intensive Working Capital Operations
The working capital operations of the company are moderately intensive, marked by GCA days, which stood at 142 days as on 31st March 2025 as against 167 days as on 31st March 2024. The inventory days stood at 74 days as on 31st March 2025 against 90 days as on 31st March 2024, as the company is required to maintain adequate inventory in the form of raw material and work in progress due to its large product portfolio. Further, the debtor days of the company stood at 67 days as on 31st March 2025 against 80 days as on 31st March 2024 and creditor days stood at 96 days as on 31st March 2025 against 106 days as on 31st March 2024. Acuite expects the working capital operations of the company to remain in a similar range in the near to medium term owing to the nature of operations.

Highly competitive nature of the industry and Susceptibility of margins to fluctuations in raw material prices
The company remains exposed to inherent challenges of operating in a highly competitive electrical equipment industry, where the presence of numerous organized and unorganized players limits pricing power and often compresses operating margins. Additionally, the company’s profitability is susceptible to volatility in the prices of key raw materials such as steel, aluminium, copper, cables, electrical accessories, etc. In case of any sharp raw material cost fluctuations, the ability of the company to sustain its operating profitability margins will remain a key monitorable factor.

Rating Sensitivities

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

Consistent growth in operating income by more than 40%, supported by healthy order accretion.
Significant improvement in the operating profitability position.
Improvement in the capital structure and debt protection metrics.

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

Decline in revenue y-o-y and/or operating profitability margins below 4%.
Stretch in the working capital cycle.
Deterioration in the financial risk profile owing to any larger than expected debt-funded capex.

Liquidity Position

Adequate

The liquidity profile of the company is adequate, marked by net cash accruals of Rs.24.62 crore as on 31st March 2025 against the debt repayment obligations of Rs.1.57 crore in the same period. In addition, the cash and bank balance with the company stood at Rs. 5.03 Cr. as on 31st March 2025. The current ratio of the company stood at 1.20 times as on 31st March 2025. Further, the average fund based and non-fund based bank limit utilization stood at 57.45% and 50.05%, respectively, in the last six months ending March 2026. Acuite expects the liquidity profile of the company to remain adequate going forward, supported by sufficient net cash accruals, moderate dependency on the working capital limits, and moderate current ratio, albeit debt-funded capex plans in the near to medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	375.31	288.96
PAT	Rs. Cr.	21.06	10.31
PAT Margin	(%)	5.61	3.57
Total Debt/Tangible Net Worth	Times	0.59	1.04
PBDIT/Interest	Times	6.88	4.20

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
25 Aug 2025	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A3+ (Upgraded from ACUITE A4+)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A3+ (Assigned)
	Covid Emergency Line.	Long Term	1.05	ACUITE BBB \| Stable (Upgraded from ACUITE BB+)
	Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	25.00	ACUITE BBB \| Stable (Upgraded from ACUITE BB+)
	Proposed Long Term Bank Facility	Long Term	2.50	ACUITE BBB \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
17 Jul 2025	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Cash Credit	Long Term	25.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.18	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	1.98	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Covid Emergency Line.	Long Term	0.19	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Covid Emergency Line.	Long Term	2.65	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
24 Apr 2024	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A3 (Assigned)
	Cash Credit	Long Term	25.00	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	0.18	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.98	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	0.19	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	2.65	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Punjab and Sind Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE A3+ \| Reaffirmed
Punjab and Sind 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 A3+ \| Assigned
Punjab and Sind Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Assigned
Punjab and Sind Bank	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2026	0.54	Simple	ACUITE BBB \| Stable \| 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.	3.20	Simple	ACUITE BBB \| Stable \| 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.	19.34	Simple	ACUITE BBB \| Stable \| Assigned
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2028	1.26	Simple	ACUITE BBB \| Stable \| Reaffirmed
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2027	0.66	Simple	ACUITE BBB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁴ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.

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