Press Release August 19, 2026 VAIBHU INFRA TECH 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	40.50	ACUITE BB | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	9.50	-	ACUITE A4+ | Assigned	RBI
Total Outstanding	0.00	50.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 assigned its long-term rating of ‘ACUITE BB’ (read as ACUITE double B) and short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on Rs. 50.00 Cr. bank facilities of Vaibhu Infra Tech India Private Limited (VITIPL). The outlook is ‘Stable'. Rationale for rating: The assigned rating considers the established operational track record of the company and experienced management with moderate operational track record in infrastructure services. The rating also factors in the substantial improvement in operating revenue which is expected to continue on the back of healthy order book position. However, the rating is constrained by its average financial risk profile, intensive nature of working capital operations and presence in highly competitive nature of industry and susceptibility of margins to fluctuation in input costs.

About the Company

­Vaibhu Infra Tech India Private Limited (VITIPL) was incorporated in the year 2010 and currently managed by Mr. K Babji (Managing Director) and Mrs. K Lakshmi (Director). The company is engaged in the business of providing IT support for government utility services (e-Governance), maintenance, and technology support, facility management services for computer systems & peripherals and computer hardware in different department under central and state government.

Unsupported Rating

­Not applicable.

Analytical Approach

­Acuité has considered the standalone business and financial risk profiles of Vaibhu Infra Tech India Private Limited (VITIPL) for arriving at the rating.

Key Rating Drivers

Strengths

Experienced management and long operational track record ­The company was established in 2010- evolving from a proprietary firm active since 1998. The promoters of the company are Mr. Babji Kolipara and Mrs. Nagalakshmi Kolipara who are experienced professionals having more than 2 decades of track record in the power utility, infrastructure, information technology, and smart metering sectors. Over the years, the management has successfuLly diversified the company's operations from traditional EPC activities into technology-enabled utility solutions, including smart metering, gas and water utility services, and e-governance applications. The management's established relationships with government agencies, power distribution utilities and corporate clients have aided in securing orders and expanding the company's operational performance. Acuité believes that the management's industry experience and execution capabilities will continue to support the company's growth prospects. Growth in Scale of Operations amid Sustained Profitability The company's operating performance has improved marked by YOY growth of 120.79 percent in FY 2026, which stood at Rs. 113.60 Cr. in FY 2026 as against Rs. 51.45 Cr. in FY 2025 and Rs. 49.76 Cr. in FY2024. Growth in revenue during FY2026 due to higher execution of ongoing projects and the addition of new work orders. The major growth was seen in the second half of FY2026, mainly due to faster execution and billing of ongoing projects. The Company is currently executing various projects in the areas of power distribution, transmission, smart metering, IT-enabled services, and infrastructure works for reputed government and public-sector customers. The increase in the number and size of projects has helped the Company achieve higher revenue during the year. The company is having unexecuted order book of Rs.1048.30 Crore as on May 31st, 2026. Operating margin stood at 12.56 percent in FY2026 as against 13.93 percent in FY2025 and 9.47 percent in FY2024. Healthy margins on account of efficient utilization of resources and higher execution of orders. Acuité believes that , the sustenance of growth in revenues while maintaining its profitability margins will remain a key rating sensitivity.

Weaknesses

­Average financial risk profile VITIPL’s financial risk profile is average, marked by low net worth base, moderate gearing and debt protection metrics. The net worth of the company stood at Rs.19.33 Cr, Rs.11.88 Cr. and Rs.6.66 Cr. as on March 31, 2026, 2025, 2024 respectively. The improvement in net worth is due to accretion of reserves and equity infusion of Rs. 4.00 Cr in FY2025. Gearing of the company stood at 1.77 times as on March 31, 2026, against 1.54 times as on March 31, 2025, and 2.43 times as on March 31, 2024. Company’s debt protection metrics is moderate marked by– Interest coverage ratio and debt service coverage ratio stood at 3.27 times and 1.46 times as on March 31, 2026, respectively as against 2.18 times and 1.39 times as on March 31, 2025, and 2.29 times and 1.71 times as on March 31, 2024. TOL/TNW stood high at 3.86 times as on March 31st, 2026, against 4.42 times as on March 31st , 2025 and 5.72 times as on March 31st, 2024, respectively. The debt to EBITDA of the company stood at 2.39 times in March 2026 as against 3.39 times in FY2025 and 3.39 times in FY2024. Acuité believes that the financial risk profile wil remain avearge over the medium term. Working capital intensive operations The company’s working capital operations is intensive, which stood at 275 days in FY2026 as against 401 days in FY2025 and 280 days in FY2024. The GCA days are impacted mainly on account elongated debtors days. GCA days are on higher level in FY2025 on account of high debtor days and OCA which includes work & mobilization advances. Inventory days stood at 2 days in FY2026 as against 39 days in FY2025. Debtor days stood at 213 days in FY2026 as against 173 days in FY2025 and 133 days in FY2024. High debtor days on account of higher proportion of sales in Q4 of FY2026 and since company engaged in EPC and infrastructure projects since FY2025 where payments are received based on different stages of project completion. Subsequently, the payable period stood at 32 days in FY2026 as against 12 days in FY2025 and 01 day in FY2024. The fund based limits are utilized at 95 percent for fund based over the 12 months ended May 2026. Acuité believes VITIPL's ability to improve its working capital cycle wil remain a key monitorable. Presence in highly competitive nature of industry and Susceptibility of margins to fluctuation in input costs Vaibhu Infra Tech India Private Limited operates in the highly competitive infrastructure, power utility, smart metering, and IT-enabled services segments, wherein it faces competition from several established regional and national players. The company's ability to secure new orders is dependent on its technical qualifications, execution capabilities, pricing competitiveness, and timely completion of projects. Any significant increase in input prices, coupled with delays in cost pass-through mechanisms under fixed-price contracts, could exert pressure on the company's operating margins.

Rating Sensitivities

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

­Significant growth in revenues while maintaining healthy profitability. Improvement in working capital management with GCA below 150 days on a sustained basis Improvement in TOL/TNW below 1.5 times.

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 Deterioration in financial risk profile due to additional in debt or weakening of coverage indicators with DSCR below 1.10 times.

Liquidity Position:

Adequate

­Company’s liquidity is adequate marked by adequate net cash accruals to its maturing debt obligation. The company has generated cash accruals in the range of Rs.7.97 Cr in FY2026, while its maturing debt obligations were Rs. 4.06 Cr during the same period. Going forward the company is expected to generate net cash accruals of Rs. 10.58- 16.03 Cr in FY 2027-28 against Rs.4.15-1.94 Cr debt obligations. The current ratio stood at 1.19 times as on March 31, 2026, and the limits remains utilized at 95 percent for fund based over the 12 months ended May 2026. The company maintains unencumbered cash and bank balances of Rs.2.02 Cr as on March 31, 2026. Acuité believes, liquidity is expected to remain adequate, supported by adequate accrual generation in the near term.

Outlook: Stable

­

Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	113.60	51.45
PAT	Rs. Cr.	7.45	1.22
PAT Margin	(%)	6.56	2.37
Total Debt/Tangible Net Worth	Times	1.77	1.54
PBDIT/Interest	Times	3.27	2.18

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 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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