Press Release

Press Release

May 14, 2026

VOLTA GREEN STRUCTURES 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Rating Reaffirmed and Withdrawn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Bank Loan Ratings	0.00	26.00	ACUITE C \| Reaffirmed & Withdrawn	-	RBI
Bank Loan Ratings	0.00	1.30	Not Applicable \| Withdrawn	-	RBI
Bank Loan Ratings	0.00	33.70	-	ACUITE A4 \| Reaffirmed & Withdrawn	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	61.00	-	-	-

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Acuite has reaffirmed and withdrawn its long-term rating of 'ACUITE C' (read as ACUITE C) and short-term rating of 'ACUITE A4' (read as ACUITE A four) on Rs.59.70 Cr. bank facilities of Volta Green Structures Private Limited. (VGSPL). The rating is being withdrawn on account of request received from the issuer and No Objection Certificate received from the banker.

Acuite also withdrawn its long-term rating on Rs.1.30 Cr. bank facilities without assigning any rating, as it was proposed limits of Volta Green Structures Private Limited (VGSPL). The rating has been withdrawn on account of request received from the issuer.

The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility.

Rationale for rating
The rating is reaffirmed and withdrawn on account of recent delays in servicing of debt obligations by VGSPL in their term loan as evident from the loan statement and feedback received from the lender.

About the Company

Volta Green Structures Private Limited (VGSPL) is a Hyderabad-based company, incorporated in 2015. VGSPL is promoted by Mr. MSRV Prasad and Mr. Basavaiah Rayipudi. The company is engaged in the manufacturing and erection of pre-engineered buildings (PEB). The company operates in three key business segments: pre-engineered building structures, rapid building systems, and high-rise structures. It has one manufacturing facility located in Hyderabad, Telangana, with an installed PEB manufacturing capacity of 12,000 Metric tons per annum.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken the standalone view of business and financial risk profile of VGSPL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced Promoters
The promoters, Mr. MSRV Prasad and Mr. R Basavaiah, have spent over three decades in the industry through association with other companies engaged in the manufacturing and installation of steel prefabricated structures. The experience has enabled the promoters to establish strong relationships with key customers and suppliers, resulting in repeat orders and steady growth in scale. VGSPL has maintained healthy relationships with established customers, which include Tata Steel Ltd, Larsen & Toubro Ltd, Nuclear Power Corporation Ltd, and Indian Oil Corporation Ltd, among others. Acuité believes that the company will continue to derive benefits from the extensive experience of the promoters

Weaknesses

Delays in serving debt obligations
There have been continuous delays in servicing of term loan obligations by VGSPL from February 2025 to March 26, as evident from loan account statement and feedback received from the lending institution. The delays are on account of inadequate funds in the overdraft account on due dates.

Rating Sensitivities

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

Not Applicable

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

Not Applicable

Liquidity Position:

Poor

The liquidity position of the company is marked poor on account of recent instances of delays in servicing of debt obligation

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	61.75	90.17
PAT	Rs. Cr.	0.12	0.57
PAT Margin	(%)	0.19	0.64
Total Debt/Tangible Net Worth	Times	2.03	1.65
PBDIT/Interest	Times	1.24	1.26

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
19 Feb 2026	Letter of Credit	Short Term	7.00	ACUITE A4 (Downgraded from ACUITE A4+)
	Bank Guarantee (BLR)	Short Term	11.70	ACUITE A4 (Downgraded from ACUITE A4+)
	Secured Overdraft	Short Term	10.00	ACUITE A4 (Downgraded from ACUITE A4+)
	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A4 (Downgraded from ACUITE A4+)
	Cash Credit	Long Term	8.00	ACUITE C (Downgraded from ACUITE BB \| Stable)
	Cash Credit	Long Term	18.00	ACUITE C (Downgraded from ACUITE BB \| Stable)
	Proposed Long Term Bank Facility	Long Term	1.30	ACUITE C (Downgraded from ACUITE BB \| Stable)
29 Nov 2024	Bank Guarantee (BLR)	Short Term	18.00	ACUITE A4+ (Upgraded from ACUITE A4)
	Cash Credit	Long Term	18.00	ACUITE BB \| Stable (Upgraded from ACUITE BB- \| Stable)
	Cash Credit	Long Term	8.00	ACUITE BB \| Stable (Upgraded from ACUITE BB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	17.00	ACUITE BB \| Stable (Upgraded from ACUITE BB- \| Stable)
22 Sep 2023	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A4 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	18.00	ACUITE A4 (Reaffirmed)
	Cash Credit	Long Term	18.00	ACUITE BB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	8.00	ACUITE BB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	12.00	ACUITE BB- \| Stable (Reaffirmed)
20 Jul 2023	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A4 (Downgraded from ACUITE A4+)
	Bank Guarantee (BLR)	Short Term	28.00	ACUITE A4 (Downgraded from ACUITE A4+)
	Cash Credit	Long Term	18.00	ACUITE BB- \| Stable (Downgraded from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	8.00	ACUITE BB- \| Stable (Downgraded from ACUITE BB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	2.00	ACUITE BB- \| Stable (Downgraded from ACUITE BB+ \| Stable)

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
Bandhan Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.70	Simple	ACUITE A4 \| Reaffirmed & Withdrawn
UTKARSH SMALL FINANCE 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 A4 \| Reaffirmed & Withdrawn
Bandhan Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE C \| Reaffirmed & Withdrawn
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE C \| Reaffirmed & Withdrawn
AXIS BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.00	Simple	ACUITE A4 \| Reaffirmed & Withdrawn
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.	1.30	Simple	ACUITE Not Applicable \| Withdrawn
UTKARSH SMALL FINANCE BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A4 \| Reaffirmed & Withdrawn

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Dharmavarapu Sai Kiran
Senior 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.
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.

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.