Ravi Renewables Pvt. Ltd.

Brickwork Ratings reaffirms the long-term and short-term ratings and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs 50.00 Crs. of Ravi Renewables Pvt. Ltd.

Particulars

Facilities/Instruments	Amount (Rs.Crs.)		Tenure	Rating		Regulator
	Previous	Present		Previous (30 Sep 2026)	Present
Fund Based	25.00	25.00	Long Term	BWR BB+ /Stable Assignment	BWR BB + /Stable Reaffirmation/Withdrawal	RBI
Non Fund Based	25.00	25.00	Short Term	BWR A4+ Assignment	BWR A4 + Reaffirmation/Withdrawal	RBI
	(5.00)	(5.00)
Grand Total	50.00	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 / WITHDRAWAL

Brickwork Ratings (BWR) reaffirmes the long term & short term ratings at BWR BB+/Stable/ BWR A4+ and simultaneously withdraws the rating with immediate effect for the bank loan facilities of Ravi Renewables Pvt. Ltd.

The company requested the withdrawal of the rating and provided the necessary documents, including a withdrawal request letter, No Objection Certificate from Axis bank along with No Default Statement (NDS) are held on record. The rating withdrawal aligns with BWR Rating Withdrawal Policy. 

KEY COVENANTS OF THE INSTRUMENT / FACILITY RATED

The terms of sanction include standard covenants normally stipulated for such facilities.

KEY RATING DRIVERS

Credit Strengths:

• Experienced promoter :

  The company is supported by an experienced management team with diversified expertise across steel trading, solar energy, finance, real estate and project execution. Mr. Ravindra Kumar Garg, Chairman, has over 55 years of experience in steel trading and administration. Mr. Manu Garg, Managing Director, has over 31 years of experience and has been involved in the solar energy business since 2018, including execution of government-backed solar projects. Mr. Love Agarwal, Whole Time Director, has over 17 years of experience in land acquisition, project closures, financial and accounting matters and government liaison. The board is also supported by Mr. Sandeep Malhotra, a non-executive director with over 35 years of experience across financial and corporate sectors.

• Improved Profitability and Moderate Financial Risk Profile :

  The company witnessed a significant improvement in profitability in FY26, with EBITDA increasing to Rs. 5.26 crore from Rs. 1.91 crore in FY25, while EBITDA margin improved to 4.64% from 1.64%. PAT increased to Rs. 5.16 crore from Rs. 1.30 crore, with PAT margin improving to 4.55% from 1.12%. The financial risk profile remained moderate, supported by comfortable leverage and debt protection metrics, with Total Debt/TNW at 0.20x, ISCR at 4.99x and DSCR at 4.92x in FY26.

• Healthy Orderbook Position :

  The company has a healthy order book position of Rs. 431.97 crore as on April 1, 2026, providing strong revenue visibility over the medium term. The order book is diversified across projects for GAIL-NVPN, ITC Limited, Prabhat Sharma, KUSUM projects, Sunglaze Power Pvt. Ltd. and Ravi Solar Generation Pvt. Ltd. Of the total order book, Rs. 292.47 crore is expected to be executed during FY27 and Rs. 126.00 crore during FY28, supporting business growth and revenue visibility.

Credit Risks:

• Susceptibility of Profitability to Price Volatility and Timely Project Execution :

  The company's profitability remains susceptible to volatility in solar module and other project-related input prices, particularly under EPC contracts where cost escalation may affect project margins. Further, the execution of solar projects is dependent on timely availability of approvals, procurement of equipment and completion within the stipulated timelines. Any delay in project execution or adverse movement in input prices could lead to cost overruns, delayed revenue recognition and pressure on operating profitability.

• Intense Competition :

  The company operates in the solar power project/renewable energy segment, which is characterised by intense competition from established as well as emerging players. Competitive bidding and pricing pressure could constrain the company's ability to maintain margins. The company would need to continuously secure new orders at viable margins to sustain its growth trajectory.

• Working Capital Intensity :

  The company's working capital requirements are expected to increase with the scaling up of operations. The working capital cycle is projected to increase from 3 days in FY26 to 27 days in FY27 and 40 days in FY28, while short-term borrowings are projected to rise from Rs. 6.85 crore in FY26 to Rs. 30.00 crore in FY27 and Rs. 35.00 crore in FY28. The increasing working capital intensity could lead to greater reliance on external funding and expose the company to liquidity and funding risks.

ANALYTICAL APPROACH AND APPLICABLE RATING CRITERIA - Standalone

For arriving at its ratings, BWR has applied standalone rating methodology.

RATING SENSITIVITIES

Not applicable, as the rating mandate is being withdrawn with immediate effect at the request of the client.

LIQUIDITY INDICATORS - Adequate

The company’s liquidity profile remains adequate, supported by moderate internal cash accruals. The net cash accrual for FY26 stood at about Rs.5.69 crore against CPLTD of around Rs.0.25 crore, indicating adequate coverage of scheduled repayments. The company is expected to generate cash accruals of around Rs.13.41 crore in FY27, against the projected CPLTD of about Rs.0.30 crore, reflecting satisfactory debt servicing capability. The current ratio remained moderate at 2.44 times in FY26 and is projected at 1.69 times in FY27. Further comfort is derived from the Cash and Bank Balance of Rs.8.72 Crs, which provides financial flexibility. The average working capital utilisation is around 50-60%.

COMPANY's / FIRM's PROFILE

Ravi Renewables Private Limited (formerly Ravi Steel and Renewables Private Limited) [RRPL], incorporated in 1997 and promoted by Mr. Ravindra Kumar Garg, is a New Delhi-based company engaged in solar EPC projects. The company was primarily engaged in iron & steel trading until FY2017-18, thereafter, gradually increasing its focus on solar EPC and executing initial small-scale orders from FY2023-24. The company has since scaled up its solar EPC operations significantly, with the segment contributing 69.7% of revenue in FY26. The solar EPC business has grown nearly 7x over the last three years, with the company executing turnkey projects for government and private-sector clients, including Himachal Pradesh Power Corporation Limited, Punjab Genco Limited, PEDA, Chhatrapati Shahu Ji Maharaj University and KIET Engineering College, among others.

ESG Profile

NA

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY(IF ANY)

Not Applicable

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS(including withdrawal and suspended)

Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.)	Current Rating  (2026)			2026 (History)		2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	25.00	BWR BB+/Stable (Reaffirmation/Withdrawal)	30Sep2026	BWR BB+ Stable (Assignment)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	25.00	BWR A4+ (Reaffirmation/Withdrawal)	30Sep2026	BWR A4+ (Assignment)	NA	NA	NA	NA	NA	NA
NFB SubLimit	ST	(5.00)	BWR A4+ (Reaffirmation/Withdrawal)	30Sep2026	BWR A4+ (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		50.00	(Rupees Fifty Crores Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Short Term Debt
• BWR Withdrawal Policy
• Approach to Financial Ratios
• Engineering Procurement and Construction

Analytical Contacts
Deepak Ahuja Rating Analyst deepakahuja@brickworkratings.com	Shyam Sunder Narang shyam.n@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	Axis Bank Ltd.	Cash Credit - Sanctioned	15.00	_	15.00	Simple##
	Sub-Limit (Bank Guarantee (Short Term)) - Sanctioned		(5.00)
2	Axis Bank Ltd.	Bank Guarantee - Sanctioned	_	10.00	10.00	Simple##
3	Un tied portion	BG/LC/ILC - Proposed	_	15.00	15.00	Simple##
4	Un tied portion	Cash Credit - Proposed	10.00	_	10.00	Simple##
Total			25.00	25.00	50.00
TOTAL (Rupees Fifty Crores Only)

## The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural,transactional or legal aspects. Details on the complexity levels of the instruments are available on BWR's website Complexity Levels.

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