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Latest filing: 2026-09-25 19:26
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Acuité Assigns 'ACUITE BBB/Stable' Rating to ANB Metal Cast's ₹59.00 Cr Bank Facilities
Acuité Ratings & Research has assigned a long-term credit rating of 'ACUITE BBB' with a 'Stable' outlook to ANB Metal Cast Limited's ₹59.00 crore bank loan facilities. The rationale highlights the company's revenue growth to ₹225.19 crore in FY26 from ₹162.57 crore in FY25 (a 2-year CAGR of 41.70%) and net worth expansion to ₹98.34 crore. The rating is supported by a conservative gearing ratio of 0.50x and interest coverage of 11.12x, though constrained by working capital intensity with GCA days at 263 days.
Confidence: HIGH
What changedANB Metal Cast has secured a formal investment-grade credit rating of 'ACUITE BBB/Stable' from Acuité for its ₹59.00 crore bank facilities.
Why it mattersAn investment-grade rating validates the company's financial risk profile post-IPO and aids access to competitive bank credit for ongoing and future expansions.
Rated Bank Facilities: ₹59.00 CrFY26 Operating Income: ₹225.19 CrFY26 Operating Margin: 14.41%FY26 Gearing Ratio: 0.50xProposed Capex: ~₹15 Cr
📅 Short termNeutral to slightly positive sentiment driven by validation of an investment-grade rating from a registered rating agency.
📈 Long termComfortable leverage (0.50x D/E) provides headroom for funding the ongoing extrusion capacity doubling to 18,000 MTPA, but working capital intensity remains a structural drag.
⚠ Risk flags
- High working capital intensity with GCA at 263 days and debtor days at 110 days in FY26
- Exposure to volatility in aluminium raw material prices and cyclicality in end-user industries
- Debt portion of ~₹5 Cr for the upcoming ₹15 Cr capex is yet to be tied up
Key Highlights
Assigned new credit rating of 'ACUITE BBB' with 'Stable' outlook for ₹59.00 Cr bank loan facilities
Operating income rose to ₹225.19 Cr in FY26 compared to ₹162.57 Cr in FY25, reflecting a 41.70% 2-year CAGR
Operating margin expanded to 14.41% in FY26 (up from 10.71% in FY25), with PAT margin at 9.53%
Gearing stood low at 0.50x in FY26 with interest coverage ratio at 11.12x, against total debt of ₹48.74 Cr
Proposed ₹15 Cr capex to expand extrusion press capacity from 9,800 MTPA to 18,000 MTPA by January 2027
👀 What to Watch
Track the execution and debt tie-up of the ₹15 crore extrusion capacity expansion targeted for January 2027, alongside working capital efficiency as GCA days stretch to 263 days.
