RATING RATIONALE
21Aug2026
Bramha Chemicals Pvt. Ltd.
Brickwork Ratings has assigned ratings for the total bank loan facilities of Rs 45.42 crores for Bramha Chemicals Pvt. Ltd. These facilities include fund-based long-term facilities consisting of a cash credit of Rs 20.00 crores, a term loan of Rs 21.50 crores, and a working capital term loan of Rs 3.92 crores from the Bank of Maharashtra.
Particulars| Facilities | Amount(Rs.Crs.) | Tenure | Rating | Regulator | |
|---|---|---|---|---|---|
| Fund Based | 45.42 | Long Term |
BWR BB +
/Stable Assignment |
RBI | |
| Grand Total | 45.42 | (Rupees Forty Five Crores and Forty Two lakhs Only) | |||
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 a long-term rating of BWR BB+/Stable for the bank facilities of Bramha Chemicals Pvt. Ltd.
The rating factors in the timely execution and operationalisation of the manufacturing facility without cost or time overruns, as well as strong support from group entities. The group companies' established presence in trading agrochemical products and agricultural inputs enhances the promoters' project execution capability, market standing, and growth foundation. However, the rating is constrained by the risks associated with the initial ramp-up phase of commercial operations and exposure to raw material price volatility.
KEY RATING DRIVERSCredit Strengths:
-
Technical Product Portfolio & Regulatory Registrations :
BCPL specializes in agrochemical active ingredients, technical indigenous manufacturing (including molecules such as Propaquizafop technical and Atrazine formulations), and custom plant growth regulators. Obtaining statutory approvals under the Insecticides Act, 1968 from the Central Insecticides Board & Registration Committee (CIB&RC) creates entry barriers and supports market penetration across domestic and export markets
-
Strategically Located Manufacturing Infrastructure :
The facility in Chincholi MIDC, Solapur, offers logistical access to key agricultural consumption belts across Maharashtra, Karnataka, and Telangana. Operating within an established industrial corridor ensures reliable power, water, and effluent management infrastructure, supporting scalable manufacturing operations.
-
Promoter Commitment and Financial Support :
Promoted by Mr. Bramanand Dyanoba Dhekale and Mr. Tanishk Bramhanand Dhekale, the entity benefits from direct promoter oversight and equity capitalization support, which buffers initial capital expenditures and minimizes immediate dependence on high-cost long-term debt.
-
Nascent Operating Vintage & Limited Scale :
Incorporated in November 2021, the company is relatively new to the market and has not yet developed an extensive track record across full economic and agricultural cycles. As a result, its performance data is still evolving, and it is in the process of establishing a solid foundation within its industry.
-
Vulnerability to Agro-Climatic Conditions and Seasonality :
Demand for BCPL’s herbicide active ingredients and formulation products depends heavily on seasonal agricultural cycles, rainfall distribution, and acreage patterns. Monsoonal deviations or pest dynamics in target regions can directly impact product sales and lead to inventory holding risks.
-
Exposure to Environmental & Regulatory Norms :
Agrochemical processing requires strict adherence to environmental regulations and pollution control board norms (MPCB). Any prospective tightening of regulatory standards, bans on specific chemical molecules, or compliance delays present inherent operational risks.
As part of its credit rating assessment, BWR has conducted a comprehensive evaluation based on the standalone performance of Brahma Chemicals Pvt Ltd as outlined in the Rating Criteria, ensuring a systematic and objective approach to the rating process
RATING SENSITIVITIES
Upward Factors:
Timely scale-up and stabilization of commercial operations post-commencement (April 2026), achieving the projected Total Operating Income (TOI) of Rs 151.86 Crore and net profit margin of 8.10% on a sustained basis
Efficient working capital management and sustained generation of projected Net Cash Accruals of Rs 13.00 Crore at the same time maintaining DSCR above 2.00x.
Downward Factors:
Total operating income decreasing below Rs.100 Cr and net profit margins falling below 7.00 %.
Brahma Chemicals Pvt. Ltd. achieved its Date of Commercial Operation (DCCO) on December 31, 2025. Following 3 months of trial runs, commercial sales commenced in April 2026.
The company's projected liquidity indicators remain satisfactory. The Current Ratio is projected at 1.27x for FY27 and 1.60x for FY28. Net Cash Accruals (NCA) are projected at Rs 16.19 Crore in FY27 and Rs 17.07 Crore in FY28. Debt servicing metrics are comfortable, with an Interest Service Coverage Ratio (ISCR) projected at 8.97x (FY27) and 11.07x (FY28), and a Debt Service Coverage Ratio (DSCR) projected at 1.99x (FY27) and 3.04x (FY28). The Debt/Equity ratio is projected to improve from 2.88x in FY27 to 1.52x in FY28.
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Commodities | Chemicals | Fertilizers & Agrochemicals | Pesticides & Agrochemicals |
Bramha Chemicals Private Limited is an Indian agrochemical manufacturing enterprise based in Solapur, Maharashtra, specializing in crop protection active ingredients and selective herbicides such as Metribuzin, Tembotrione, and Topramezone. Operating within an integrated business ecosystem alongside group entities Dhekale Organics, Dhekale Enterprises, and Divya Enterprises, the company benefits from significant cross-business synergies across manufacturing, organic inputs, and commercial agricultural trading. This multi-entity setup allows Bramha Chemicals to seamlessly bridge specialized chemical manufacturing with direct distribution channels in fertilisers, pesticides, and seeds, providing the group with streamlined procurement, shared infrastructure, expanded market reach, and greater operational resilience across the agricultural value chain.
ESG ProfileThe company demonstrates an adequate ESG profile based on its environmental, social, and governance practices.
Environmental: Environmental risks are driven by high water usage, waste generation, and air pollution, waste-management practices, renewable energy share, and emissions levels are particularly important. The company has obtained enviornmental clearnace certificate on 21.04.2025 and a pollution control certificate dated 24.04.2024 and Licence to manufacture Insecticides on 25.06.2026 to run the factory.
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. The total number of employees is 48
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.
KEY FINANCIAL INDICATORS (Standalone)| Key Parameters | Units |
FY 23 - 24 (Audited) |
FY 24 - 25 (Audited) |
FY 25 - 26 (Provisional) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | Not Available | Not Available | Not Available |
| EBITDA | Rs.Crs. | -0.01 | -0.02 | -0.21 |
| PAT | Rs.Crs. | -0.01 | -0.02 | -0.38 |
| Tangible Net Worth | Rs.Crs. | -0.01 | 3.46 | 4.83 |
| Total Debt / Tangible Net Worth | Times | -132.32 | 2.24 | 10.12 |
| Current Ratio | Times | 2.51 | 92.06 | 8.56 |
As per the covenants stipulated in the sanction letter of the banks
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 | 45.42 |
BWR BB+/Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| Grand Total | 45.42 | (Rupees Forty Five Crores and Forty Two lakhs Only) | |||||||
| Analytical Contacts | |
|---|---|
|
Dhairya Haresh Rupreja Ratings Analyst dhairya.r@brickworkratings.com |
Mukesh Kumar Verma Associate Director mukesh.verma@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 Maharashtra | Term LoanSanctioned | 21.50 | _ | 21.50 | Simple## |
| 2 | Bank of Maharashtra | Working Capital Term LoanSanctioned | 3.92 | _ | 3.92 | Simple## |
| 3 | Bank of Maharashtra | Cash CreditSanctioned | 20.00 | _ | 20.00 | Simple## |
| Total | 45.42 | 0.00 | 45.42 | |||
| TOTAL (Rupees Forty Five Crores and Forty Two 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.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
| Sr.No. | Instrument / Activity | Regulator |
|---|---|---|
| 1 | Listed/Proposed to be listed bonds/debentures/preference share (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)* $ | RBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)* | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)* | 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^ | RBI |
| 9 | External Commercial Borrowings and other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFCs,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 ~ | - |
| 15 | Issuer Ratings # | - |
| 16 | Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs) | SEBI |
| 17 | Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 18 | Listed Security Receipts $ | RBI |
| 19 | Unlisted Security Receipts | RBI |
| 20 | Independent Credit Evaluation (ICE) | RBI |
| 21 | Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| 22 | Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
| 23 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * | Investor-side regulator such as IRDAI, PFRDA @ |
* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ 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 PRs subsequent to issuance(s), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum
details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# 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.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the
investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute
redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
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BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.
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