Press Release

Press Release

September 29, 2026

VALEUR FABTEX 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	25.50	ACUITE BBB- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	24.50	-	ACUITE A3 \| 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Total Withdrawn	0.00	0.00	-	-	-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

Acuite has assigned the long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) and short term rating of ‘ACUITE A3’ (read as ACUITE A three) on the Rs. 50.00 Crore bank loan facilities of Valeur Fabtex Private Limited. The outlook is 'Stable'.

Rationale for rating
The assigned rating takes into account the growth in operating income to Rs. 237.18 Cr. in FY2026 (Prov.) from Rs. 145.56 Cr. in FY2025, driven by the higher execution of skill development, training, and education infrastructure projects. The company's profitability also improved, reflected by EBITDA and PAT margins of 17.40% and 13.64%, respectively, in FY2026 (Prov.), as against 11.20% and 9.38% in FY2025. Additionally, the company's established operational track record and the experience of its promoters support its business profile. The rating further reflects the company's moderate financial risk profile and adequate liquidity position. However, the above-mentioned strengths are constrained by the intensive working capital operations owing to elongated outstanding receivables as well as its exposure to risks associated with the tender-based nature of operations. Acuite notes that the company's ability to sustain its profitability margins while scaling up its operations and ensuring efficient working capital management will remain key rating monitorable factors.

About the Company

Incorporated in 2012, Delhi based, Valeur Fabtex Private Limited is engaged in vocational training, skill development, and educational infrastructure projects (such as laboratory setups, science centres, etc.). The company is a training partner accredited by the ‘National Skill Development Corporation’ (NSDC). The company also works with the ‘Ministry of Skill Development & Entrepreneurship’ (MSDE) and multiple sector skill councils for implementation of skill development and livelihood programs across India. The current directors of the company are Mr. Harsh Chamaria and Ms. Garima Parasramka.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone financial and business risk profiles of Valeur Fabtex Private Limited (VFPL) to arrive at the rating.

Key Rating Drivers

Strengths

Established track record of operations and Experienced management
VFPL commenced its operations in 2012 and is a training partner of the National Skill Development Corporation (NSDC). Over the years, the company has established a track record in executing government-sponsored skill development programs and CSR-funded livelihood initiatives across diverse sectors as well as education infrastructure projects. The company has successfully trained over 3 lakh individuals in the last five years. The company is managed by Mr. Harsh Chamaria and Ms. Garima Parasramka, who possess over a decade of experience in the same line of business. This has enabled the company to establish longstanding relationships with government departments, public sector enterprises, CSR foundations, and educational institutions. Acuité expects the company to continue benefiting from its experienced management, established presence, and successful execution track record.

Improvement in revenue and profitability metrics
The company witnessed an improvement in its scale of operations, marked by operating income at Rs. 237.18 Cr. in FY2026 (Prov.) from Rs. 145.56 Cr. in FY2025, supported by the higher execution of skill development, training, and education infrastructure projects. The company reported revenue of approximately Rs. 41 Cr. as on 30th June 2026 and has an unexecuted order book of approximately Rs. 300 Cr. as on 15^th September 2026. Moreover, the profitability improved with the EBITDA margin increasing to 17.40% in FY2026 (Prov.) as against 11.20% in FY2025, driven by better absorption of costs led by higher turnover. Additionally, the execution of higher margin orders during the year further contributed to the increase in profitability margins. Likewise, the PAT margin stood at 13.64% in FY2026 (Prov.) as against 9.38% in FY2025. Acuité expects the company to sustain its business risk profile over the medium term on the back of execution of orders in hand coupled with incremental orders, which are expected to be received in the near to medium term. However, 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 of the company is marked by modest net worth, gearing below unity, and moderate debt protection metrics. The tangible net worth of the company stood at Rs. 59.31 Cr. as on 31st March 2026 (Prov.) as against Rs. 27.00 Cr. as on 31st March 2025 on account of accretion of profits into reserves. The total debt of the company stood at Rs. 50.80 Cr. as on 31st March 2026 (Prov.) as against Rs. 29.70 Cr. as on 31st March 2025. The increase is largely attributable to higher utilisation of working capital facilities and incremental long-term borrowings availed during the year towards business requirements. The capital structure is marked by gearing ratio at 0.86 times as on 31st March 2026 (Prov.) as against 1.10 times as on 31st March 2025. Moreover, the coverage indicators marked by interest coverage ratio and debt service coverage ratio stood at 15.68 times and 4.26 times, respectively, as on 31st March 2026 (Prov.) as against 8.31 times and 4.92 times, respectively, as on 31st March 2025. Further, the Debt/EBITDA stood at 1.08 times as on 31st March 2026 (Prov.) against 1.37 times as on 31st March 2025. Acuite expects the financial risk profile of the company to remain in a similar range with no major debt-funded capex plans in the near to medium term.

Weaknesses

Intensive Working Capital Operations
The company’s operations retain naturally elevated working capital intensity, inherent to its project-driven operations and milestone-based billing and collection mechanisms. The GCA days stood high at 348 days as on 31st March 2026 (Prov.) as against 320 days as on 31st March 2025 on account of elongated outstanding receivables. The debtor days stood at 279 days as on 31^st March 2026 (Prov.) as against 261 days as on 31^st March 2025, owing to substantial billing undertaken at fiscal year-end. Additionally, the predominance of government counterparties leads to relatively elongated realisation cycles despite negligible counterparty risk. Any significant delay in the collection of receivables can impact the company's working capital management and will remain a monitorable factor. The inventory levels remained stable, with inventory days at 13 days as on 31st March 2026 (Prov.) as against 14 days as on 31st March 2025. Further, the creditor days stood at 400 days as on 31st March 2026 (Prov.) as against 350 days as on 31st March 2025 on account of procurement towards ongoing projects. Acuite expects the working capital operations of the company to remain at similar levels in the near to medium term owing to the nature of operations.

Tender-based nature of operations
The company's business profile remains exposed to risks associated with a tender-driven order acquisition process. The company's revenue visibility remains linked to its ability to secure orders through a tendering process. Consequently, its growth prospects are dependent on its ability to secure orders amidst competition from the other participants. Further, competitive intensity may necessitate aggressive bidding, thereby exerting pressure on margins. The company's ability to continuously augment its order book while maintaining healthy profitability and timely execution of projects shall remain a key monitorable.

Rating Sensitivities

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

Consistent growth in operating income by more than 30%, supported by healthy order accretion.
Significant improvement in the operating profitability position.
Sustenance of 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 10%.
Further elongation in the receivable cycle.
Reduced order accretion and any delay in execution of orders in hand.

Liquidity Position

Adequate

The liquidity position of the company is adequate, as reflected by sufficient net cash accruals of Rs. 33.05 Cr. in FY2026 (Prov.) as against debt repayment obligations of Rs. 5.48 Cr. during the same period. Additionally, the cash and bank balance of the company stood at Rs. 0.44 Cr. in FY2026 (Prov.) and the current ratio stood moderate at 1.20 times in FY2026 (Prov.). Moreover, the fund based working capital limits stood utilized at 85.55% for the last six months ended June 2026. Acuite expects the company to maintain adequate liquidity position supported by steady accruals against debt repayment obligations, moderate current ratio, and the absence of any major debt-funded capex plans 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.	237.18	145.56
PAT	Rs. Cr.	32.35	13.65
PAT Margin	(%)	13.64	9.38
Total Debt/Tangible Net Worth	Times	0.86	1.10
PBDIT/Interest	Times	15.68	8.31

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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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

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
YES BANK LIMITED	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
INDUSIND BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.50	Simple	ACUITE A3 \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A3 \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	23 Mar 2026	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB- \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB- \| Stable \| Assigned
INDUSIND BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.50	Simple	ACUITE BBB- \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
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 ⁶	RBI
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 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
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 ⁶	RBI
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) ⁷	+
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.
³The 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.
⁴ There 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.
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.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

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 ⁸	Not applicable

⁸ 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.

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.