Press Release July 28, 2026 UNICORN INDIA PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	23.00	ACUITE BBB- | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	42.00	-	ACUITE A3 | Assigned	RBI
Total Outstanding	0.00	65.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 assigned the long-term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 23 Cr. bank facilities and short-term rating of 'ACUITE A3' (read as ACUITE A three) on the Rs 42 Cr. bank facilities of Unicorn India Private Limited. The outlook is 'Stable'. Rationale for rating The rating takes into account benefits derived from the promoters in the construction industry, increase in revenues and operating profitability in FY 26(Prov), moderate unexecuted orderbook position of Rs.  300.58 Cr. as of March 2026 providing revenue visibility in the medium term, moderate financial risk profile with improving yet low networth, low gearing and comfortable debt protection metrices and adequate liquidity with sufficient net cash accruals to repay the debt obligations and low bank limit utilisation. However, these strengths are partly offset by intensive working capital cycle and risks pertaining to competitive and fragmented industry.

About the Company

I­ncorporated in 2020, Odisha based Unicorn India Private Limited is engaged in construction of roads, bridges and buildings majorly for government players. The directors of the company are Mr Sripati Kumar Kar, Mrs Tanuja Senapati and Mr Samir Mohapatra.

Unsupported Rating

­Not Applicable

Analytical Approach

Acuite has taken a standalone approach of Unicorn India Private Limited’s business and financial risk profile for arriving at the rating.

Key Rating Drivers

Strengths

Benefits derived from promoters The operations of the company are managed by Mr. Sripati Kumar Kar and Mr Samir Mohapatra who have prior experience in the civil construction industry. The company caters to Government players in the state of Odisha. Acuite believes that the experienced promoters and relationship with customers will help the company going forward.  Increase in Revenues with stable operating profitability The revenues have increased to Rs. 112.26 Cr. as on March 31, 2026(Prov.) as compared to Rs. 101.05 Cr. as on March 31, 2025 on account of execution of orders. The operating profitability has increased to 9.85 percent as on March 31, 2026(Prov.) as compared to 8.52 percent as on March 31, 2025. The unexecuted orderbook position is Rs. 300.58 Cr. as of March 2026. The OB/OI stood at 2.67 times. Most of the orders will be completed approximately within 12-24 months providing revenue visibility in near to medium term. Acuite believes that going forward, the ability of the company to bag new orders and timely execution of the existing orders will remain a key rating monitorable. Moderate Financial risk profile The financial risk profile is moderate marked by an increase in the net worth to Rs. 37.08 Cr. as on March 31,2026(Prov.) as compared to Rs. 30.01 Cr. as on March 31,2025 due to accretion to reserves and quasi equity. Acuite has considered unsecured loans of Rs. 7.78 Cr. that has been subordinated to bank loans. Gearing stood at 0.30 times as on March 31, 2026(Prov.) as against 0.87 times as on March 31,2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 1.71 times as on March 31, 2026(Prov.) as compared to 2.53 times as on March 31,2025. The debt protection metrics is marked by Interest Coverage Ratio at 6.91 times as on March 31, 2026(Prov.) and Debt Service Coverage Ratio at 1.52 times as on March 31, 2026(Prov.). Net Cash Accruals/Total Debt (NCA/TD) stood at 0.81 times as on March 31, 2026(Prov.) as compared to 0.24 times as on March 31,2025. Acuité believes that going forward the financial risk profile is expected remain in similar lines in the absence of any debt funded capex plans over the medium term.

Weaknesses

­Intensive working capital cycle The intensive working capital cycle is marked by Gross Current Assets (GCA) of 238 days as on March 31, 2026(Prov.) as compared to 233 days as on March 31, 2025. The debtor days stands at 69 days as on March 31,2026(Prov.) as compared to 51 days as on March 31, 2025. The payments are received on the basis of milestone billing. Furthermore, the inventory days have improved to 38 days as on March 31, 2026(Prov.) as compared to 87 days as on March 31,2025. The other current assets amount to Rs. 35.05 Cr. as on March 31, 2026(Prov.) as compared to Rs. 25.41 Cr. as on March 31, 2025 majorly comprises of security deposits. The creditor days stood at 225 days as on March 31, 2026(Prov.) as compared to 338 days as on March 31,2025. The suppliers are majorly paid within 2-3 months and extension on need basis. Acuité believes that going forward the working capital operations of the company is expected to remain in similar lines over the medium term.

Rating Sensitivities

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

Revenue growth by 15-20 percent in the medium term Sustained operating profitability in the near term

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

­Elongation of working capital cycle Delay in execution of orderbook position

Liquidity Position

Adequate

­The liquidity position is adequate marked by net cash accruals of Rs. 8.93 Cr. as on March 31, 2026(Prov.) as against long term debt repayment of Rs. 5.25 Cr. over the same period. The cash and bank balances stood at Rs. 6.24 Cr. as on March 31, 2026(Prov.) as compared to Rs. 2.89 Cr. as on March 31,2025. The current ratio stood at 1.27 times as on March 31, 2026(Prov.) as compared to 0.92 times as on March 31,2025. The average fund based bank limit utilization stood at 65 percent and non fund based utilization is 48% over the last 12 months ended, June 2026. Acuité believes that going forward the liquidity position of the company is expected to remain adequate in the near to medium term.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	112.26	101.05
PAT	Rs. Cr.	6.58	4.14
PAT Margin	(%)	5.86	4.10
Total Debt/Tangible Net Worth	Times	0.30	0.87
PBDIT/Interest	Times	6.91	4.38

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 • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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:Not Applicable

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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

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