Maks Motors Private Limited

Brickwork Ratings has assigned a long-term rating of BWR BBB/Stable to Maks Motors Private Limited for its Bank Loan Facilities of Rs. 171.63 crores.

Particulars

Facilities	Amount(Rs.Crs.)	Tenure	Rating	Regulator
Fund Based	171.63	Long Term	BWR BBB /Stable Assignment	RBI
Grand Total	171.63	(Rupees One Hundred Seventy One Crores and Sixty Three lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated RATING ACTION / OUTLOOK

Brickwork Ratings has assigned the Long-Term Rating of BWR BBB with a Stable outlook for the Bank Loan Facilities amounting to Rs. 171.63 crores of Maks Motors Private Limited. The assignment of the ratings reflects experienced management, established client relationships, revenue growth, stable profitability, and an adequate financial risk profile. The ratings also factor in the company’s efficient track record and adequate liquidity position. Brickwork Ratings believes these core strengths will continue to mitigate the company's primary business constraints, which include a heavy dependence on a single Original Equipment Manufacturer (OEM) and ongoing exposure to the inherently cyclical commercial vehicle industry. The “Stable” outlook reflects the expectation of a stable credit profile over the near to medium term.

KEY RATING DRIVERS

Credit Strengths:

• Established market position with Long-standing association with Tata Motors :

  Maks Motors Pvt. Ltd. is a Tata Motors commercial vehicle dealership entity, operating an extensive network of 11 sales outlets and 2 service centres. The company reported the Total Operating Income scaled consistently from Rs. 972.12 Cr in FY24 to Rs. 1,062.02 Cr in FY25 and Rs. 1,184.71 Cr in FY26 provisionals, driven primarily by an expansion in commercial vehicle sales volumes reflecting an expanding operational scale and strengthening market presence. The company benefits from its established relationship with Tata Motors, providing access to a diversified commercial vehicle portfolio, stable customer demand, OEM support through incentives and warranty reimbursements, and a well-established dealership ecosystem that supports business sustainability.

• Financial Risk Profile :

  The company's financial profile has strengthened through sustained profit retention, with Tangible Net Worth increasing to Rs. 49.15 crore in FY26 from Rs. 35.05 crore in FY25. Consequently, leverage indicators have improved steadily, with adjusted TOL/TNW 4.67; Debt/TNW 4.08x on a provisional basis. Further improvement is expected over the projected period through continued internal accruals. Operating in a working-capital-intensive business, the company maintains adequate debt servicing capability, reflected by a DSCR of 1.58x and an ISCR of 1.41x in FY26 provisionals. Liquidity is supported by improving working capital metrics, a Current Ratio of 1.14x, efficient inventory turnover, timely customer collections, and Rs. 34.69 crore of unencumbered cash and bank balances.

Credit Risks:

• Exposure to cyclical commercial vehicle industry :

  The company's performance remains linked to demand in the commercial vehicle segment, which is influenced by economic activity, infrastructure spending, freight movement, and replacement demand. Any slowdown in these sectors could affect vehicle sales and profitability.

• Dependence on a single OEM :

  Operations are predominantly dependent on Tata Motors. While the relationship remains long-standing and stable, the business is exposed to risks arising from changes in OEM policies, dealership agreements, product strategy, incentive structures, or market share.

ANALYTICAL APPROACH - Standalone

For arriving at its ratings, BWR has considered the standalone performance of Maks Motors Pvt Ltd (MMPL). BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Positive:
Substantial increase in revenue and stable profitability, leading to higher-than-expected net cash accrual while simultaneously improving credit profile as reflected in TOL/TNW of less than 2.5 on a sustained basis.
 

Negative:
Decline in operating margin resulting in lower net cash accrual or any large debt-funded capex leading to deterioration in TOL/TNW more than 6x on a sustained basis.
Negative deviation of more than 10% in audited key financial parameters and credit ratios as compared to the provisionals.

LIQUIDITY INDICATORS - Adequate

The entity's liquidity remains adequate. As of 31 March 2026, it has free cash and cash equivalents of Rs 34.69 Cr, and FY26 net cash accruals of Rs 13.71 Cr against repayments of Rs 2.28 Cr. Liquidity is further supported by average fund-based bank limit utilization of 75%, providing a sufficient cushion for short-term obligations. The debt protection metrics of the company are at a comfortable level with ISCR and DSCR as of FY 2026, 1.41x and 1.58x times, respectively.

ABOUT THE ENTITY

Maks Motors Private Ltd, incorporated in August 2019, is engaged in the authorized dealership and trading of TATA Motors commercial vehicles. Commencing commercial operations in 2020 under the brand name 'SHAW Motors', its business model strategically targets corporate B2B clients, logistics companies, and large fleet operators, ensuring a steady volume of bulk orders. The entity's established presence as a TATA commercial vehicle dealer in Western India provides a basis for its operational scalability.

ESG Profile

The company demonstrates a Evolving ESG profile based on its environmental, social, and governance practices.

Environmental: Environmental risks in trading companies are primarily related to energy use, emissions from logistics and operations, waste generation, water consumption, and compliance with environmental regulations. Key disclosures include energy usage, waste handling, and recycling practices, and any past violations or penalties.

Social: Social factors focus on labour practices, workforce welfare, diversity and inclusion, training and development, and community engagement. Metrics include workforce composition in fair proportion, employee safety and training programs, adherence to labour laws, and initiatives supporting social equity and employee growth.

Governance: Governance assessment emphasizes board structure, independence, and expertise, risk management and compliance frameworks, ethical conduct and anti-corruption policies, stakeholder engagement practices, data security and cybersecurity measures, and compliance with trading regulations.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)	FY 25 - 26 (Provisional)
Operating Revenue	Rs.Crs.	972.12	1062.02	1184.71
EBITDA	Rs.Crs.	19.37	27.30	26.76
PAT	Rs.Crs.	3.92	8.22	13.10
Tangible Net Worth	Rs.Crs.	25.84	35.05	49.15
Total Debt / Tangible Net Worth	Times	6.74	5.36	4.08
Current Ratio	Times	1.08	1.12	1.14

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include standard covenants normally stipulated for bank loan facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

RATING HISTORY FOR LAST THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating  (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	171.63	BWR BBB/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		171.63	(Rupees One Hundred Seventy One Crores and Sixty Three lakhs Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Services Sector
• Trading Companies

Analytical Contacts
Shalaka Shashikant Keer Ratings Analyst shalaka.k@brickworkratings.com	Niraj Kumar Rathi Senior Director Ratings niraj.r@brickworkratings.com
Media Contact | media@brickworkratings.com	Client Support | clientsupport@brickworkratings.com

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	Bank of Baroda	Inventory Funding Facility - Sanctioned	45.00	_	45.00	Simple##
2	Catholic Syrian Bank	Inventory Funding Facility - Sanctioned	7.50	_	7.50	Simple##
3	DBS Bank India Limited	Inventory Funding Facility - Sanctioned	10.00	_	10.00	Simple##
4	Federal Bank	Overdraft - Sanctioned	5.00	_	5.00	Simple##
5	HDFC Bank	Inventory Funding Facility - Sanctioned	30.00	_	30.00	Simple##
6	Indian Bank	Inventory Funding Facility - Sanctioned	44.50	_	44.50	Simple##
7	IndusInd Bank	Inventory Funding Facility - Sanctioned	5.00	_	5.00	Simple##
8	RBL Bank	Cash Credit - Sanctioned	14.63	_	14.63	Simple##
9	SG Finserve Limited (NBFC)	Line of Credit - Sanctioned	10.00	_	10.00	Simple##
Total			171.63	0.00	171.63
TOTAL (Rupees One Hundred Seventy One Crores and Sixty Three lakhs Only)

## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

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