RATING RATIONALE
09Apr2026
Saisanket Industries Pvt. Ltd.
Brickwork Ratings assigns the long-term and short-term ratings for the Bank Loan Facilities of Rs. 25.00 Crs. of Saisanket Industries Pvt. Ltd.
Particulars| Facilities** | Amount(Rs.Crs.) | Tenure | Rating# | |
|---|---|---|---|---|
| Fund Based | 10.00 | Long Term |
BWR BBB -
/Stable Assignment |
|
| Non Fund Based | 15.00 | Short Term |
BWR A3
Assignment |
|
| Grand Total | 25.00 | (Rupees Twenty Five Crores Only) | ||
**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 at "BWR BBB-/Stable" and "BWR A3" for the bank loan facilities of Rs. 25.00 Crores of Saisanket Industries Pvt. Ltd.
The ratings assigned for the bank loan facilities of Saisanket Industries Pvt. Ltd. continue to drive strength from experienced promoters and management, achievable profitability, adequate liquidity and moderate financial risk profile of the company and BWR has relied upon the FY 23, FY 24 and FY 25 Audited.
The rating outlook has been assigned as "Stable" as BWR believes that Saisanket Industries Pvt. Ltd business risk profile will be maintained over the medium term.
The 'Stable'' outlook indicates a low likelihood of rating change over the medium term.
The rating outlook may be revised to 'Positive' in case the revenue and profitability margins show sustained improvement.
The rating outlook may be revised to 'Negative' if the financial risk profile goes down.
KEY RATING DRIVERSCredit Strengths:
-
Strong Financial Profile :
:
Saisanket Industries Pvt Ltd booked an operating income of Rs. 88.95 Crores in FY25, other profitability and solvency ratios are at healthy position. Current ratio has been consistently maintained above 1.33x levels over the period. The firm reported comfortable credit profile over the years as it reported Interest Coverage Ratio of above 2.00x during FYs 23-25, while Total Debt/TNW also remained comfortable at 0.45 times in FY25.
-
YOY increasing Tangible Net Worth : :
The TNW of the company has been significantly increasing on a Y-O-Y basis and stood at Rs.26.69 Crores in FY25 as compared to Rs. 23.32 Crores in FY24.TNW increased significantly from Rs. 7.96 Crores in FY23 to Rs. 23.32 Crores in FY24, that's approx 193 % growth , proprietors had infused capital and loans into the business over the year. The spike in TNW was a result of capitalizing those unsecured loans and converting that quasi-equity into formal share capital.
-
Long track record of directors and experienced management team of the company :
:
Saisanket Industries Pvt Ltd was established as a private limited company in 1999 and it is based in Mumbai Maharashtra and managed by Mr. Milind Murudkar who is a mechanical engineer and have experience of more than two decades. Moreover, he has executed several projects, as a contractor and a sub-contractor for various government departments over the years.The company is into smart solution projects like Surge Protection System, Outlet Management System and Air Management System. Saisanket is not merely into the supply of products but also provides turnkey solutions for the projects. Saisanket Provides Smart Water Management Systems for enhancing water used efficiency and irrigation productivity. Moreover, the entity provides after sale service as per the requirements.
-
High Capital Intensive Business :
The closed pressurized pipeline irrigation systems are highly capital-intensive compared to traditional open canal systems. The high initial investment is primarily driven by the cost of pipes, pumps, filtration units, and installation. Pipes represent a large portion of the capital cost, particularly when designing to withstand high working pressures, Unlike open channels, these systems require pumps, filtration
-
Project Execution Risk : :
A company involved in the trading and installation of irrigation projects through closed pipeline systems is heavily exposed to project execution risk. The construction involves significant, hazardous, and complex civil engineering work, including excavation and installation of pressurized rigid pipes.Trenching collapses, heavy equipment accidents, and environmental challenges are among the most significant hazards
For arriving at its ratings, BWR has considered the standalone performance of Saisanket Industries Pvt Ltd, BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale)
RATING SENSITIVITIES
Going forward, the company's ability to manage the working capital efficiently, improve the scale of operations, and improve and maintain profitability, along with the debt servicing capability and liquidity, will be key rating sensitive.
Positives: A positive rating could be driven by achieving sustained growth in revenues as per the projections, along with consistent improvement in profitability margins, with the operating margin rising above 8% on a sustained basis.
Negatives: A negative rating may be triggered by an inability to achieve the projected revenue and profit growth, with the operating margin dropping below 6%. An increase in Total Debt/TNW above 1.0x would indicate higher leverage risk.
LIQUIDITY INDICATORS - Adequate
Adequate liquidity characterized by sufficient cushion in accruals vis-a-vis repayment obligations and moderate cash balance of Rs. 8.03 Crores. No Capex is envisaged in the near future. Its bank limits are utilized to the extent of 82% and has sought enhancement in bank lines, supported by the above unity current ratio.
The company has net cash accruals of Rs. 3.62 Crores in FY25. The Net Cash Accruals are expected to increase to Rs. 5.53 Crores in FY26.The cash and Bank balance of the company is at Rs. 8.03 Crores in FY-25, out of which Rs. 4.75 Crores is encumbered and Rs. 3.26 Crores is Unencumbered. The Current Ratio of the company stood moderate at 1.79 times in FY25. Debt protection metrics remained comfortable — ISCR at 3.42 times and DSCR at 2.97 times in FY25. The firm’s EBITDA stood at Rs. 6.07 Crores in FY25 (audited financials) against interest and finance charges of Rs. 1.77 Crores. The EBITDA level remained more than adequate to service the interest obligations year on year. The company has no long term loans at present, which further indicates an adequate liquidity position. The tangible net worth of the firm stood at Rs. 26.69 Crores in FY25.Hence, the liquidity position of the company is adequate.
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Industrials | Construction | Construction | Civil Construction |
Saisanket Industries Pvt Ltd was established in 1999 as a private limited company and is headquartered in Mumbai. The company is promoted and managed by Mr. Milind Murudkar, a Mechanical Engineer with over two decades of experience in the field of water management and irrigation systems.
The company is engaged in providing water management solutions to improve water-use efficiency and irrigation productivity. It specializes in supplying technology for irrigation projects and water distribution networks, mainly through closed pressurized pipeline systems instead of traditional open canals. This system helps in saving water, increasing irrigation coverage, and reducing energy usage.
They are diversified EPC contractor with a strong presence in irrigation and water resource projects across India, their scope of work extends beyond providing services; they also assemble and supply products for their projects and undertake installation, testing, and commissioning activities as part of their turnkey smart solutions for irrigation and water distribution. Accordingly, their activities encompass the full spectrum of Engineering, Procurement, and Construction responsibilities.
It undertakes projects as both a main contractor and sub-contractor for various government departments.
- Surge Protection Systems – Complete solutions from design to commissioning to protect pipelines from pressure surges.
- Air Management Systems – Systems with burst detection and regular pressure monitoring sent to a central server.
- Outlet Management Systems (OMS) – Systems with wireless communication, vandalism alerts, and remote isolation features.
The company demonstrates a Adequate 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.
Social: Social factors hinge on adherence to labor 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.
KEY FINANCIAL INDICATORS (Standalone)| Key Parameters | Units |
FY 22 - 23 (Audited) |
FY 23 - 24 (Audited) |
FY 24 - 25 (Audited) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | 47.87 | 59.30 | 88.95 |
| EBITDA | Rs.Crs. | 3.14 | 4.84 | 6.07 |
| PAT | Rs.Crs. | 1.47 | 2.59 | 3.35 |
| Tangible Net Worth | Rs.Crs. | 7.96 | 23.32 | 26.69 |
| Total Debt / Tangible Net Worth | Times | 2.58 | 0.45 | 0.45 |
| Current Ratio | Times | 1.20 | 1.39 | 1.79 |
The terms of sanction include standard covenants normally stipulated for such facilities.
STATUS OF NON-COOPERATION WITH PREVIOUS CRA
Not Applicable
ANY OTHER INFORMATIONNo Other Information.
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 | 10.00 |
BWR BBB-/Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| Non Fund Based | ST | 15.00 |
BWR A3
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| Grand Total | 25.00 | (Rupees Twenty Five Crores Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Short Term Debt
- Engineering Procurement and Construction (EPC) Companies
| Analytical Contacts | |
|---|---|
|
R Sriranjani Rating Analyst sriranjani.r@brickworkratings.com |
Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | Customer Support | CustSupport@brickwrokratings.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 | Cash CreditSanctioned | 10.00 | _ | 10.00 | Simple## |
| 2 | Union Bank of India | Bank GuaranteeSanctioned | _ | 15.00 | 15.00 | Simple## |
| Total | 10.00 | 15.00 | 25.00 | |||
| TOTAL (Rupees Twenty Five 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.
| 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 |
The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.
About Brickwork RatingsBrickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.
Disclaimer
Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. [ hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.
BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR's best judgment are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in Europe and also the USA).
BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR.
The ratings assigned by BWR are only an expression of BWR's opinion on the entity / instrument and should not in any manner be construed as being a recommendation to either, purchase, hold or sell the instrument.
BWR also wishes to abundantly clarify that these ratings are not to be considered as an investment advice in any jurisdiction nor are they to be used as a basis for or as an alternative to independent financial advice and judgment obtained from the user's financial advisors. BWR shall not be liable to any losses incurred by the users of these Rating Rationales, Rating Reports or its contents. BWR reserves the right to vary, modify, suspend or withdraw the ratings at any time without assigning reasons for the same.
BWR's ratings reflect BWR's opinion on the day the ratings are published and are not reflective of factual circumstances that may have arisen on a later date. BWR is not obliged to update its opinion based on any public notification, in any form or format although BWR may disseminate its opinion and analysis when deemed fit.
Neither BWR nor its affiliates, third party providers, as well as the directors, officers, shareholders, employees or agents (collectively, "BWR Party") guarantee the accuracy, completeness or adequacy of the Ratings, and no BWR Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Rating Rationales or Rating Reports. Each BWR Party disclaims all express or implied warranties, including, but not limited to, any warranties of merchantability, suitability or fitness for a particular purpose or use. In no event shall any BWR Party be liable to any one for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Rating Rationales and/or Rating Reports even if advised of the possibility of such damages. However, BWR or its associates may have other commercial transactions with the company/entity. BWR and its affiliates do not act as a fiduciary.
BWR keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of BWR may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
BWR clarifies that it may have been paid a fee by the issuers or underwriters of the instruments, facilities, securities etc., or from obligors. BWR's public ratings and analysis are made available on its web site, www.brickworkratings.com. More detailed information may be provided for a fee. BWR's rating criteria are also generally made available without charge on BWR's website.
This disclaimer forms an integral part of the Ratings Rationales / Rating Reports or other press releases, advisories, communications issued by BWR and circulation of the ratings without this disclaimer is prohibited.
BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India as amended from time to time.