Press Release

Press Release

April 28, 2026

VINTAGE TILES PRIVATE LIMITED
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	26.69	ACUITE BBB- \| Negative \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	15.31	Not Applicable \| Withdrawn	-	RBI
Bank Loan Ratings	0.00	8.00	-	ACUITE A3 \| Reaffirmed	RBI
Total Outstanding	0.00	34.69	-	-	-
Total Withdrawn	0.00	15.31	-	-	-

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 reaffirmed 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) to the Rs. 34.69 crore bank facilities of Vintage Tiles Private Limited (VTPL). The outlook is revised from 'Stable' to 'Negative'.

Also Acuite has withdrawn the long-term rating on the Rs. 15.31 Cr. of proposed bank facilities of Vintage Tiles Private Limited (VTPL) without assigning any rating as it is a proposed facility.
The withdrawal is in accordance with Acuite's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the issuer.

Rationale for rating reaffirmation and revision in outlook
The revision in outlook factors in the continued moderation in the company’s operating performance, driven by lower revenues amid periodic production shutdowns. Going forward, the operating environment for the ceramic industry is expected to remain challenging in the near term, owing to geopolitical uncertainties impacting fuel availability, logistics costs, and export demand, which may continue to affect industry production levels and revenue growth.
The rating reaffirmation considers the operational and financial support extended by the parent, Somany Ceramics Limited (SCL) which aids business and liquidity support. The rating also draws comfort from extensive experience of the management and the company’s established track record of operations. However, the rating remains constrained by the company’s below-average financial risk profile and the highly competitive and cyclical nature of the ceramic industry, which is vulnerable to demand fluctuations, energy price volatility, and exogenous geopolitical developments.

About the Company

Incorporated in 2010, Vintage Tiles Private Limited (VTPL) is a Gujarat based company and a part of Somany group. VTPL is engaged in manufacturing double charge vitrified tiles. The company has an installed capacity of 10,000 boxes per day or 120000 MT per annum. Mr. Rajan Jayantkumar Patel, Mr. Sandeep Ashokbhai Suthar, Mr. Jayantkumar Jerajbhai Patel, Mr. Nirav Jayantkumar Patel & Mr. Rahul Sharma are the directors of the company.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered standalone business and financial risk profile of VTPL and has notched up the standalone rating of VTPL by factoring in the operational and financial support extended by SCL to VTPL.

Key Rating Drivers

Strengths

Experienced management and long track record of operations

Incorporated in 2010, VTPL is engaged in manufacturing of double charge vitrified tiles. The company is promoted and managed by Mr. Jayant Kumar J Patel along with his sons Mr. Nirav J Patel and Mr. Rajan J Patel. Mr. Jayant Patel possesses over thirty years of industry experience, while both his sons have been associated with the ceramics industry for more than a decade. The promoters are ably supported by a team of qualified and experienced senior management team and mid-level managers. The team also includes representatives from SCL. The Board of VTPL includes two nominee directors while the technical team of VTPL also includes representatives of SCL. The team believes that VTPL will continue to benefit from its experienced management and long track record of operations over the medium term.

Support from Parent Company

As on 31st March 2025, SCL holds 50 percent stake in VTPL. The entire output of VTPL is sold to SCL which in turn markets it under its brand ‘Somany’. Further, the Board of VTPL includes two nominee directors of SCL and technical team of VTPL also comprises of representatives of SCL. Acuité believes that VTPL will continue to benefit from the support and benefits it derives from its parent company over the medium to long term.

Moderately Efficient Working capital management
The working capital operations of the company are moderately efficient marked by gross current assets (GCA) of 112 days for FY25 as against 73 days for FY24. The elongation in GCA days is primarily on account of higher inventory levels, which stood at 84 days in FY25 as against 40 days in FY24, due to delays by SCL in taking delivery of the finished goods inventory. The debtor days are at 32 days for FY25 as against 34 days for FY24. The creditor days of the company stood at 146 days for FY25 as against 85 days for FY24. The average utilization of the fund-based of the company stood at 74.96 percent for last twelve months ended March 2026. Acuite believes, that working capital requirements of the company will remain moderate over the medium term owing to comfortable working capital cycle and buffer in working capital limits.

Weaknesses

Moderation in scale of operations albeit sustained profitability margins
The company’s revenue declined and stood at Rs.124.06 crore in FY25 as compared to Rs.148.71 crore in FY24, primarily due to lower realizations and reduced operating days during the year. Each major maintenance cycle entails a production shutdown of approximately 30–45 days, which limits effective operating days. Further, In FY26, the company reported revenue of Rs.113.78 crore owing to maintenance shutdowns undertaken toward the end of Q1 and the beginning of Q2. Additionally, due to adverse geopolitical developments and the resulting disruption in gas supplies, all ceramic units in the Morbi cluster were shut down from March 2026, with operations resuming only by mid-April 2026. As a result, production and sales were adversely impacted for a cumulative period exceeding two months during FY26, leading to a further decline in revenue compared to FY25.
Despite the moderation in revenues, the company’s operating profitability remained stable, with the operating profit margin at 8.82 percent in FY25 as compared to 8.61 percent in FY24, reflecting its ability to sustain margins. The company follows a pass-through pricing mechanism, whereby increases in operating costs, including fuel and gas expenses, are passed on to SCL through revisions in realizations. Accordingly, the EBITDA margin is expected to remain range bound at around 8 percent. The PAT margin stood at 0.47 percent in FY25 from 0.63 percent in FY24.
Nevertheless, given the company’s pass-through pricing arrangement, any increase in gas prices is compensated through proportional revisions in realizations to SCL. Accordingly, while gas price volatility may influence revenue levels due to changes in realizations, the company’s operating profitability is expected to be maintained, with EBITDA margins remaining broadly in line with historical trends.

Below average financial risk profile
The financial risk profile of the company stood below average marked by low net worth, comfortable gearing and weak debt protection metrics. The tangible net worth increased and stood at Rs. 27.27 crore as on 31 March 2025, as against Rs. 21.68 crore as on 31 March 2024 due to due to accretion of profit to reserves and increase in Quasi equity by Rs. 5.00 Cr. in FY25. The total debt of the company stood at Rs. 26.82 crore includes Rs.1.46 crore of long-term debt, Rs. 20.50 crore of short-term debt, and Rs.4.86 crore of CPLTD as on 31 March 2024. The gearing (debt-equity) improved and stood at 0.98 times as on 31 March 2025 as compared to 1.34 times as on 31 March 2024. Further, Interest Coverage Ratio also improved and stood at 2.02 times for FY25 as against 1.87 times for FY24. Debt Service Coverage Ratio (DSCR) stood at 1.00 time in FY25 as against 0.93 times in FY24. Total outside Liabilities/Total Net Worth (TOL/TNW) stood at 1.71 times as on 31 March 2025 as against 2.14 times as on 31 March 2024. Net Cash Accruals to Total Debt (NCA/TD) stood similar at 0.20 times on 31 March 2025 as against 0.19 times on 31 March 2024. Acuite believes that the financial risk profile of the company will remain below average in near to medium term owing to low net worth base.

Intense competition in ceramic industry and vulnerability to cyclicality in end-user industry

The ceramic tiles industry is highly competitive, characterised by the presence of a large number of organised and unorganised players. The competition, intensified in the recent past because of moderation in demand with continued challenges in the real estate sector. Intense competition restricts the profitability, given the limited pricing flexibility. Gas prices have remained volatile due to ongoing geopolitical tensions and war-related disruptions, which have affected global energy supply chains. In India, the impact has been more pronounced for gas-intensive industries such as ceramics, particularly in the Morbi region of Gujarat, where periodic supply disruptions and gas price revisions have affected industry operations.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

Acuité considers the benefit derived by VTPL from the support of SCL. While the rating is based on VTPL’s standalone business and financial risk profile, Acuité believes that, given SCL’s 50 percent shareholding, the company is expected to extend timely support to VTPL in any stress-case scenario.

Rating Sensitivities

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

Scaling up of operations with revenue growth of over 50 per cent along with sustenance of profitability margins
Improvement in financial risk profile

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

Deterioration in financial risk profile on the back of any expected debt funded capex with gearing above 1.5 times
Elongation in working capital cycle exerting pressure on liquidity
Changes in the extent of support received from parent entity
Any adverse change in the financial or business risk profile of SCL due to industry-specific developments having negative impact on VTPL

Liquidity Position

Adequate

VTPL generated net cash accruals of Rs.5.33 Cr. in FY25 against repayment obligations of Rs.5.38 Cr. for the same period. The gap in funding requirement is met by infusion of funds by promoters. The average utilization of the fund-based of the company stood at 74.96 percent for last twelve months ended March 2026. Furthermore, the company’s cash and bank balance stood at Rs.0.09 crore as on March 31, 2025, and the current ratio also stood at 0.83 times as on March 31, 2025. Acuite expects VTPL’s liquidity to remain adequate over the medium term on account of track record of timely support by promoters and parent company in the past and expected moderate net cash accruals against repayment obligations over the medium term.

Outlook: Negative

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	124.06	148.71
PAT	Rs. Cr.	0.58	0.93
PAT Margin	(%)	0.47	0.63
Total Debt/Tangible Net Worth	Times	0.98	1.34
PBDIT/Interest	Times	2.02	1.87

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
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.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
29 Jan 2025	Bank Guarantee (BLR)	Short Term	8.00	ACUITE A3 (Reaffirmed)
	Term Loan	Long Term	10.40	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	6.60	ACUITE BBB- \| Stable (Reaffirmed)
01 Nov 2023	Bank Guarantee (BLR)	Short Term	8.00	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.90	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	4.10	ACUITE BBB- \| Stable (Reaffirmed)

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
BANK OF INDIA (BOI)	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE A3 \| Reaffirmed
BANK OF INDIA (BOI)	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BBB- \| Negative \| Reaffirmed \| Stable to Negative
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.	15.31	Simple	ACUITE Not Applicable \| Withdrawn
BANK OF INDIA (BOI)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2028	1.69	Simple	ACUITE BBB- \| Negative \| Reaffirmed \| Stable to Negative

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Company name
1	Vintage Tiles Private Limited (VTPL)
2	Somany Ceramics Limited (SCL)

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nidhi Gala
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.

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.