RATING RATIONALE

09Feb2026

Aaman Public Charitable Trust

Brickwork Ratings assigns the ratings for the long-term and short-term Bank Loan Facilities of Rs. 68.85 Crs. of Aaman Public Charitable Trust

Particulars

Facilities**	Amount(Rs.Crs.)	Tenure	Rating#
Fund Based	66.85	Long Term	BWR BB + /Positive Assignment
Non Fund Based	2.00	Short Term	BWR A4 + Assignment
Grand Total	68.85	(Rupees Sixty Eight Crores and Eighty Five lakhs Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure RATING ACTION / OUTLOOK

Brickwork Ratings has assigned the long-term and short-term ratings of BWR BB+/Positive and BWR A4+ for the bank loan facilities of Rs. 68.85 Crores of Aaman Public Charitable Trust

The ratings assigned to the bank facilities of Aaman Public Charitable Trust continue to derive strength from its improving track record of operations and the extensive experience of the trustees, who have been managing the trust for more than a decade. The rating also factors in the growing scale of operations and profitability, a healthy financial risk profile, and an adequate liquidity position. The assessment is based on the audited financial statements of FY 2023, FY 2024, and FY 2025.

The Positive outlook reflects BWR’s expectation that the trust will continue to benefit from the promoter’s experience, sustain revenue growth, and maintain its improved capital structure and debt servicing capability over the near to medium term.

KEY RATING DRIVERS

Credit Strengths:

Locational Advantage :
The Firm is located in Lucknow cluster and thus has a competitive advantage in terms of skilled labor, logistics, production knowledge and vendors making the company more efficient and cost effective.
Debt Protection Metrics :
DSCR and ISCR of the company stand at 2.75 and 5.14 respectively in FY indicating company’s adequacy to meet its debt obligations

Credit Risks:

Regulatory Risk :
The industry is highly regulated by the government. Any changes in existing regulatory framework/ environment may adversely affect the profitability of the company.
Competition in the Industry :
Entry barriers in the industry are low on account of limited capital and technology requirement and also low differentiation in the end product leading to intense competition and limiting the pricing power resulting in low profitability

ANALYTICAL APPROACH - Standalone

For arriving at its ratings, BWR has considered the standalone performance of Aaman Public Charitable Trust. BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale)

RATING SENSITIVITIES

Positive :

Growth in Total Operating Income by 45%–50% or more year-on-year, driven by stable occupancy levels and additional income from diagnostic and educational units.
Operating Surplus Margin maintained above 55% and Net Surplus Margin above 35% consistently, reflecting healthy operational efficiency and strong cash accruals.
Debt protection metrics and gearing ratio remains at comfortable level.

Negative :

Decline in Total Operating Income by more than 40% due to delays in operational ramp-up or lower patient inflow, impacting revenue stability.
Fall in Operating Surplus Margin below 40% or Net Surplus Margin below 10%, resulting in weak cash accruals and reduced financial flexibility.
Decline in debt protection metrics by around 1.0x and any further delay in the gearing ratio .

LIQUIDITY INDICATORS - Adequate

Adequate liquidity characterized by sufficient cushion in accruals vis-a-vis repayment obligations and moderate cash balance of Rs. 0.46 Crore. Its capex requirements are modular and expected to be funded using debt of Rs. 38.50 Crore for which it has sufficient headroom. Its bank limits are utilized to the extent of around 90% and has sought enhancement in bank lines, supported by the above unity current ratio.

The company’s liquidity position is adequate, and its debt-servicing capability remains comfortable, supported by an ISCR of 4.40x and a revised DSCR of 2.77x in FY 2024–25, indicating sufficient earnings to meet interest and repayment obligations. The company reported steady improvement in net cash accruals at Rs. 10.03 crore in FY 2024–25, Rs. 12.65 crore in FY 2025–26, and Rs. 18.27 crore in FY 2026–27, against revised CPLTD of Rs. 1.92 crore, Rs. 3.25 crore, and Rs. 4.69 crore, respectively. The utilisation of the Bank of India OD facility remained high at around 94% of sanctioned limits. The Current Ratio stood at 0.20x in FY 2024–25; however, as per the trust-certified half-yearly results, it improved significantly to 2.29x and is projected to further rise to 3.05x in FY 2025–26. The trust’s tangible net worth, though modest at Rs. 31.70 crore in FY 2025, is expected to strengthen to Rs. 52.44 crore in FY 2025–26 and Rs. 65.35 crore in FY 2026–27. Additionally, the directors’ combined net worth of Rs. 18.35 crore and Rs. 2.94 crore provides further comfort to the trust’s liquidity profile.

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Healthcare	Healthcare	Healthcare Services	Hospital

Aman Public Charitable Trust (APCT), established in 2012 and headquartered in Lucknow, Uttar Pradesh, operates two hospitals and one diagnostic centre in the city. The trust is managed by Mr. Mohammad Irfan, Chairman Trustee, with active participation from his wife, Ms. Noor Afshan. The management has demonstrated a strong commitment to providing healthcare services and overseeing the operational functioning of its facilities, reflecting hands-on governance and centralized decision-making. This approach ensures timely implementation of policies and coordinated management of the trust’s activities.

APCT is engaged in the healthcare and allied education sector, operating multi-specialty hospitals, diagnostic facilities, and upcoming nursing and paramedical institutions. The trust’s initiatives are aimed at enhancing medical infrastructure and improving healthcare accessibility in Eastern Uttar Pradesh. The major facilities under the trust include:

150-Bed Multi-Specialty Hospital, Khalilabad
50-Bed Hospital, Barhni (Siddharth Nagar)
Diagnostic Centre, Khalilabad
Nursing and Paramedical Institutions (Upcoming), Khalilabad Campus
The Trust is in the process of setting up nursing and paramedical colleges within the Khalilabad hospital campus, with academic sessions scheduled to commence in FY 2025–26 and FY 2026–27

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 22 - 23 (Audited)	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)
Operating Revenue	Rs.Crs.	6.27	14.13	19.04
EBITDA	Rs.Crs.	3.07	8.47	11.76
PAT	Rs.Crs.	2.45	4.25	6.64
Tangible Net Worth	Rs.Crs.	20.81	25.06	31.70
Total Debt / Tangible Net Worth	Times	0.48	1.23	1.09
Current Ratio	Times	0.55	0.19	0.20

KEY COVENANTS OF THE FACILITY RATED

Undertaking from the Trust regarding non-withdrawals of Unsecured Loans without obtaining bank permission since in writing.Trust to ensure the maintenance of unsecured loans and to submit the CA certificates in the regards.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

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

Facilities	Current Rating (2025)			2024		2023		2022
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	66.85	BWR BB+/Positive (Assignment)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	2.00	BWR A4+ (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		68.85	(Rupees Sixty Eight Crores and Eighty Five lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Gokul D Rating Analyst gokul.d@brickworkratings.com	Sabitha M Nayak Associate Director-Ratings sabitha.nayak@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com	Customer Support \| CustSupport@brickwrokratings.com

Aaman Public Charitable Trust

ANNEXURE-I

Details of Bank Facilities rated by BWR

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 India	Term Loan - Sanctioned	16.50	_	16.50	Simple##
2	Bank of India	Term Loan - Sanctioned	7.15	_	7.15	Simple##
3	Bank of India	Term Loan - Sanctioned	38.50	_	38.50	Simple##
4	Bank of India	Over Draft - Sanctioned	0.75	_	0.75	Simple##
5	Bank of India	Over Draft - Sanctioned	2.25	_	2.25	Simple##
6	Bank of India	Bank Guarantee - Sanctioned	_	2.00	2.00	Simple##
7	SIDBI	Term Loan - Sanctioned	1.70	_	1.70	Simple##
Total			66.85	2.00	68.85
TOTAL (Rupees Sixty Eight Crores and Eighty Five 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.

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

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