Winsol Engineers Limited

Brickwork Ratings assigns the long-term ratings of BWR BBB-/Stable aggregating to Rs. 74.95 Crs. of Winsol Engineers Limited.

Particulars

Facilities**	Amount(Rs.Crs.)	Tenure	Rating#
Fund Based	66.95	Long Term	BWR BBB - /Stable Assignment
Non Fund Based	8.00	Long Term	BWR BBB - /Stable Assignment
Grand Total	74.95	(Rupees Seventy Four Crores and Ninety 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 assigns the long-term ratings of BWR BBB-/Stable aggregating to Rs. 74.95 Crs. of Winsol Engineers Limited.

The assignment of the ratings takes into account the extensive experience of the promoters in the renewable energy, a strong and credible clientele base, strategic venture into the IPP segment, moderate financial risk profile, and an adequate liquidity position. However, the ratings are constrained by the elongated working capital cycle in EPC business, susceptibility to risks inherent in tender based business & exposure to execution risks including project delays, regulatory changes, and labour availability.

The Stable outlook reflects Brickwork Ratings’ expectation that the business risk profile of Winsol Engineers Limited will be maintained over the medium term. The Stable outlook indicates a low likelihood of a rating change during this period. The outlook may be revised to Positive in the event of sustained improvement in revenues and profitability margins, while it may be revised to Negative if there is deterioration in the company’s financial risk profile.

For assigning the rating, BWR has relied upon the last 3 years of audited financials till FY23, FY24 & FY25, 9 Months Provisional financials till Dec 2025, and publicly available information and clarification provided by management.

KEY RATING DRIVERS

Credit Strengths:

• Experienced promoters with demonstrated track record of operations in renewable energy EPC segment :

  With over three decades of promoter experience and a management team with expertise in designing, supplying, installing, testing and commissioning of renewable energy power plants. The company has consistently grown under the leadership of Ramesh and Kishor Pindariya, helping the business grow by formulating business strategies and effective implementation.

  Timely execution of repeat orders along with the onboarding of new clients, as well as government clients, has helped the company achieve an operating income of Rs. 110.57 Cr in FY25. The promoters' healthy relationships with customers and suppliers will ultimately help the company to get various orders, with current orders already in the pipeline and expected to be completed before the current fiscal year 2026.

• Moderate financial risk profile :

  The financial risk profile was comfortable with adjusted net worth of Rs. 48.64 Cr as on 31 March 2025. Capital structure was healthy, as indicated by gearing and total outside liabilities to tangible net worth (TOL/TNW) ratio of 0.33 times and 0.74 times, respectively, as on March 31, 2025, projected at levels of 1.24 times and 1.61 times in year 2026, supported by limited reliance on external debt and healthy accretion to reserve. Debt protection metrics were strong, as reflected in interest coverage and net cash accrual to total debt (NCA/AD) ratios of 17.53 times and 0.72 times, respectively, in fiscal year 2025 and current ratio was 2.54 times (consistently maintained above 1.33x) as on 31 March 2025.

• Improvement in profitability :

  WEL's TOI grew with a compound annual growth rate (CAGR) of ~32% in the last 3 years. On a Y-o-Y basis, WEL's total operating income (TOI) surged by 47% to Rs. 110.57 Cr in FY25 (FY24: Rs. 75.16 Cr) backed by a healthy order book value of Rs. 245 Cr due for completion as on 31 March 2025 and with this momentum it is expected to achieve the projected TOI of ~Rs. 155.39 Cr in fiscal 2026 considering two new Independent Power Producers (IPPs) projects currently under capital work in progress and in 10MFY25, Winsol had already booked the sales of Rs. 109.83 Cr which is at par with the TOI of Rs. 110.57 Cr (FY24). 
   

Credit Risks:

• Susceptibility to risks inherent in tender-based business amid intense competition :

  WEL undertakes EPC projects by submitting bids for tenders floated by government or private entities. Hence, revenue and profitability depend on the ability to bid successfully for tenders. Intense competition may continue to constrain scalability, pricing power and profitability. Expenditure of government agencies and public sector undertakings is directly linked to the economy. Any delay or deferment of capex in end-user industries could limit scalability. 

• Dependency on EPC business and increased competition in renewable energy sector :

  Company's majority business is mainly on EPC projects; any reduction in sales and increased competition or decline in feasibility or alternative options of renewable energy could impact the overall profitability of the company. Though the company has come up with a new IPP business, however, the charges of the monthly power consumption are fixed and totally depend on the use case of the client.

  The renewable sector has become fragmented ever since the push from the government sector and large supply from solar panel and wind turbine producing countries. With the national mission of net-zero emission, large and small players are coming into the market due to less barriers to entry, making the industry fragmented and harder for companies to play on price advantage.

ANALYTICAL APPROACH - Standalone

Standalone - For arriving at its ratings, BWR has considered the standalone performance of Winsol Engineers Limited. 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.

Positive:

• A rating upgrade could be driven by achieving sustained growth in revenues (revenue above Rs. 200 Cr) as per the projections, along with sustaining net margins of over 10.40%, with the operating margin rising above 18.75% on a sustained basis. 
• Timely execution of orders with no time and cost overrun, along with a consistent increase in the order book.

Negative:

• A rating downgrade may be triggered by an inability to achieve the projected revenue and profit growth, with the net margin dropping below 8%. 
• An increase in Total Debt/TNW above 1.50x would indicate higher leverage risk.

LIQUIDITY INDICATORS - Adequate

Firms' adequate liquidity is marked by sufficient cash accruals of ~ Rs. 11.73 Cr against no CPLTD in FY25, with working capital for DSCR standing at Rs. 60.79 Cr, ensuring sufficient cash to serve debt obligations. Comfortable debt protection metric with ISCR and DSCR at 17.53x and 6.49x, respectively, in FY25. The current ratio was healthy at 2.54x as on 31 March 2025 against 1.83x in FY25. The tangible networth stood at Rs. 48.64 Cr in FY25. The company is further expected to generate net cash accruals of Rs. 17.62 Cr with the annual repayment marked by CPLTD of Rs. 8.29 Cr in FY26. The company have a moderate conversion cycle of 111 days in FY25. Capital structure (Debt/Equity) remained at 0.33, reflecting low reliance on debt as a source of funds. Cash and Bank Balance stood at Rs. 0.36 Cr in FY25. 

ABOUT THE ENTITY

Led by promoters Mr Ramesh Jivabhai Pindariya and Mr Kishor Jivabhai Pindariya, Incorporated in 2015 and headquartered in Jamnagar, Gujarat, Winsol Engineers Limited is an integrated Engineering, Procurement, Construction, and Commissioning (EPCC) enterprise specialising in EPC/Operation/Consultancy solutions for wind and solar power generation projects. Originally established as a private limited company, it transitioned to a public limited company in May 2024. The Company’s core offerings include foundation works, substation civil and electrical works, Right of Way (RoW) services, and cabling from plants to the grid. Additionally, the organisation provides comprehensive Operations and Maintenance (O&M) solutions, such as SCADA-based remote monitoring and preventive maintenance, while also generating revenue by developing grid-connected solar projects and supplying power to business houses through Power Purchase Agreements (PPA) and dedicated 66 KV and 11 KV transmission lines near Jamjodhpur, Jamnagar District.

Company is a registered vendor in GETCO/ GSPC/ Siemens Gamesa/ Suzlon Energy/ Inox Wind/ Brook Field/ Enel Power/ ReNew Power/ Sembcorp Green Infra/ Nayara Energy/ Powerica/ Adani Green Energy Itd/ Aditya Birla/ EDF/ Juniper Green Energy/ JSW / Reliance / NTPC/ Torrent Power etc.

ESG Profile

Environment

• Structured approach to waste management, biodiversity conservation, and climate change risk management.
• Active transition towards renewable energy with clear capacity expansion targets.
• Capital expenditure and R&D significantly directed towards sustainable solutions.

Social

• Strong commitment to employee health, safety, and overall wellbeing.
• CSR initiatives covering healthcare, education, skill development, and women's empowerment.
• Focus on community development benefiting marginalised sections of society.

Governance

• Board-level ESG Committee with dedicated management-level sustainability oversight.
• Sustainability considerations embedded across operational and strategic decision-making.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 22 - 23 (Audited - Annual)	FY 23 - 24 (Audited - Annual)	FY 24 - 25 (Audited - Annual)
Operating Revenue	Rs.Crs.	65.39	75.16	110.57
EBITDA	Rs.Crs.	7.79	12.78	16.88
PAT	Rs.Crs.	5.17	8.68	11.34
Tangible Net Worth	Rs.Crs.	8.79	17.18	48.64
Total Debt / Tangible Net Worth	Times	1.33	0.55	0.33
Current Ratio	Times	1.55	1.83	2.54

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include standard covenants normally stipulated for such 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	66.95	BWR BBB-/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Non Fund Based	LT	8.00	BWR BBB-/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		74.95	(Rupees Seventy Four Crores and Ninety Five lakhs Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Power Generation Projects
• Engineering Procurement and Construction (EPC) Companies

Analytical Contacts
Tushar Ratings Analyst tushar.n@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@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	Bank of Baroda	Term Loan - Sanctioned	12.50	_	12.50	Simple##
2	HDFC Bank	Term Loan - Sanctioned	12.50	_	12.50	Simple##
3	HDFC Bank	Cash Credit - Sanctioned	13.50	_	13.50	Simple##
4	HDFC Bank	Working Capital Demand Loan - Sanctioned	7.50	_	7.50	Simple##
5	ICICI Bank	Cash Credit - Sanctioned	13.45	_	13.45	Simple##
6	ICICI Bank	Bank Guarantee - Sanctioned	8.00	_	8.00	Simple##
7	ICICI Bank	Term Loan - Sanctioned	1.00	_	1.00	Simple##
8	Kotak Mahindra Bank	Term Loan - Sanctioned	1.50	_	1.50	Simple##
9	SIDBI	Term Loan - Sanctioned	5.00	_	5.00	Simple##
Total			74.95	0.00	74.95
TOTAL (Rupees Seventy Four Crores and Ninety 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.