Boulder Stone Mart Private Limited

Brickwork Ratings assigns the ratings for the Bank Loan Facilities of Rs. 50.00 Crs. of Boulder Stone Mart Private Limited

Particulars

Facilities	Amount(Rs.Crs.)	Tenure	Rating	Regulator
Fund Based	2.00	Long Term	BWR BB + /Stable Assignment	RBI
Non Fund Based	48.00	Short Term	BWR A4 + Assignment	RBI
Grand Total	50.00	(Rupees Fifty Crores 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 Assigns 'BWR BB+/Stable' and 'BWR A4+' to Boulder Stone Mart Pvt Ltd’s Bank Loan Facilities. Brickwork Ratings (BWR) has assigned a long-term rating of BWR BB+ (Outlook: Stable) and a short-term rating of BWR A4+ to the ₹50.00 crore sanctioned bank loan facilities of Boulder Stone Mart Pvt Ltd (BSMPL). The assigned ratings are anchored by the extensive experience of the promoters across diverse industries and strong revenue visibility supported by a 20-year coal mining contract. Financially, the company recorded revenues of ₹64.80 crore with a Profit After Tax (PAT) of ₹0.79 crore in FY25, and revenues of ₹50.80 crore with a PAT of ₹0.21 crore in FY26. Additionally, BSMPL maintains a comfortable capital structure, with its Tangible Net Worth expanding from ₹13.72 crore in FY24 to ₹40.27 crore in FY25. 

These rating strengths are partially offset by thin operating margins, dependence on non-operating income, and the company's nascent stage of operations. Furthermore, the ratings are constrained by high customer concentration risk, the tender-driven nature of the business within a fragmented and competitive market, susceptibility of margins to volatile coal prices, and inherent regulatory risks. The 'Stable' outlook reflects BWR’s expectation that BSMPL will maintain its business risk profile, operational stability, and core business relationships over the medium term. This outlook is further reinforced by favorable long-term demand growth in the coal and thermal power sectors, driven by expanding economic activity and ongoing government infrastructure initiatives.

KEY RATING DRIVERS

Credit Strengths:

• Group Support :

  The company has strong Group support, with other sistern concers are also operating in diverse areas with good topline and profitability.

• Management Experience :

  The company management has extensive experience in diverse businesses.

• Liquidity Position :

  The company has an adequate liquidity position in FY 26, as the company's gross cash accrual stands at 2.12 times against the CPLTD of zero.

• Networth :

  The net worth of the company is increasing on a year-on-year basis, as in FY 26, other sister concerns are also providing funds to support the business operations of the company

• Debt Protection Metrics :

  DSCR and ISCR of the company stand at 1.34 and 1.11 respectively, in FY 26, indicating the company’s adequacy to meet its debt obligations.

Credit Risks:

• Contractors/Project implementation stage/Greenfield :

  The company has given a contract to the specialised coal extraction company to extract the coal in a well-experienced manner. The company is new to the coal extraction business.

• Competition in the Industry :

  The company faces huge competition for bidding, as only one company can mine in a particular area after winning the coal mining contract. Entry barriers in the industry are low on account of limited capital and technology requirements and also low differentiation in the end product, leading to intense competition and limiting the pricing power, resulting in low profitability.

ANALYTICAL APPROACH - Standalone

BWR Ratings has evaluated the standalone business and financial risk profile of Boulder Stone Mart Pvt ltd .

RATING SENSITIVITIES

Going forward, the ability of the company to improve its scale of operations, profitability margins, overall credit risk profile, and efficiently manage its working capital requirements would be the key rating sensitivity.

Positive:-

• Significant and sustained growth in revenue from current levels of Rs.50.80 Cr while maintaining operational efficiency. Expansion of operating profit margin above current 12.98%, driving higher gross cash accruals (GCA > 2.12 Cr).
• Sustained improvement in debt protection metrics with Interest Service Coverage Ratio (ISCR) consistently above 2.00x.

Negative 

• Significant decline in top-line revenue from the current level of 50.80 Cr.Compression of operating margin below 2.00%
• Withdrawal of unsecured loans (up to 25.00 Cr), leading to capital structure moderation and a sharp spike in overall gearing.
• Deterioration of ISCR to below 1.00x, indicating severe interest-servicing stress.

LIQUIDITY INDICATORS - Adequate

Boulder Stone Mart Pvt Ltd maintains an adequate liquidity position, supported by healthy cash accruals and a sufficient cushion in its working capital facilities. The company reported cash and bank balances of Rs. 24.15 crore as of 31 March 2025 (Rs. 23.28 crore in FY26 UA). The current ratio stood at 0.77 times in FY25 (  0.87 times in FY26 UA). The company generated cash accruals of Rs. 2.91 crore during FY25 against the current portion of long-term debt (CPLTD) of nil. This resulted in comfortable coverage metrics, with a debt service coverage ratio (DSCR) of  0.57 times and an interest service coverage ratio (ISCR) of 1.12 times in FY25 (DSCR at 1.34 times and ISCR at 1.11 times in FY26 UA). Working capital limits remain moderately utilised, with average utilisation of around 68% of Bank facilities.

ABOUT THE ENTITY

Boulder Stone Mart Private Limited (BSMPL) was established in the year 2013 in Kota, Rajasthan. The company’s core activity is mining and quarrying coal. It is involved in mining, quarrying, and exploration of coal mines in Narsinghpur, Madhya Pradesh. BSMPL is part of the prominent Group of Kota, i.e Agarwal Group of Industry. The company became operational in 2022 after being awarded the mining of coal blocks through e-tendering in Madhya Pradesh by the Mining Department, Govt of India, through the Nominated Authority. The company has engaged specialized mining contractors to manage and execute its coal extraction operations.

Agrawal Group is a conglomerate of diversified industries led by first-generation entrepreneur Mr. Rajendra Agrawal along with his brothers Mr. Vasudev Agrawal and Mr. Ajay Agrawal. The Group has been in the Food Business for a period of 3 decades. The Group has a vision to grow and grab the best possible opportunity and explore new segments as well.

The family-led group has a presence in various businesses like Food Processing, Rolling Mill, Real Estate, stone mining, ready-to-eat food, furniture, etc. through its group entities. The first business of the group is a Food Processing Unit under the firm Kota Dal Mill (KDM). Later, they diversified their business into different sectors. The partners of the firm are financially resourceful; they have infused funds in the form of capital or unsecured loans to support working capital and capex requirements. 

ESG Profile

The company demonstrates an evolving ESG profile based on its environmental, social, and governance practices.

Environmental: Environmental risks are driven by high water usage, waste generation, and reliance on energy-intensive processes, making disclosures on water consumption, waste-management practices, renewable energy share, and emissions levels particularly important. (If applicable or available)

Social: Social factors hinge on adherence to labour laws, accident prevention frameworks, and human-capital development, with metrics such as workforce mix, safety performance, and training initiatives offering insights into operational resilience.

Governance: Governance assessment focuses on board independence, committee effectiveness, and robustness of compliance systems, supported by readily available disclosures on board structure, audit mechanisms, and risk-management practices.

Note: Company need to do the rehabilitation work after the extraction activities in the coal Blocks area; it is necessary as per the terms and conditions of the agreement. This rehabilitation work makes the environment less degraded.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited - Annual)	FY 24 - 25 (Audited - Annual)	FY 25 - 26 (Provisional - Annual)
Operating Revenue	Rs.Crs.	76.12	64.84	50.83
EBITDA	Rs.Crs.	3.68	3.20	4.76
PAT	Rs.Crs.	0.97	0.79	0.21
Tangible Net Worth	Rs.Crs.	68.06	13.72	40.27
Total Debt / Tangible Net Worth	Times	Not Available	3.35	1.59
Current Ratio	Times	1.21	0.77	0.87

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

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
IVR	Infomerics has downgraded the long-term and short-term ratings assigned to the bank facilities of Boulder Stone Mart Private Limited (BSMPL), and the ratings are migrated under the ISSUER NOT COOPERATING category. This is because of a lack of adequate information for rating review from the company and hence the uncertainty around its credit risk. Infomerics assesses whether the information available about the company is commensurate with its rating and reviews the same as per its policy “Policy on Issuer not cooperating”.	25May2026

ANY OTHER INFORMATION

There is no other information available regarding the same mandate.

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	2.00	BWR BB+/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	48.00	BWR A4+ (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		50.00	(Rupees Fifty Crores Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Short Term Debt
• Ratings based on Group Support
• Manufacturing Company

Analytical Contacts
Utsav Nagpal Ratings Analyst utsav.n@brickworkratings.com	Shyam Sunder Narang shyam.n@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	Union Bank of India	Bank Guarantee - Sanctioned	_	48.00	48.00	Simple##
2	Union Bank of India	Secured OD - Sanctioned	2.00	_	2.00	Simple##
Total			2.00	48.00	50.00
TOTAL (Rupees Fifty Crores 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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