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Latest filing: 2026-10-06 10:51
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CARE Upgrades HP Telecom's Bank Facilities to 'CARE BBB+; Stable' from 'BBB-' on Strong Growth
CARE Ratings has upgraded HP Telecom India Limited's bank facilities totaling ₹175 crore to 'CARE BBB+; Stable' and 'CARE A2' from 'CARE BBB-; Positive' and 'CARE A3'. The upgrade reflects substantial scaling in operations, with FY26 total operating income jumping 61% YoY to ₹2,395.17 crore and gross cash accruals doubling to ₹25.56 crore. Gearing improved slightly to 1.70x from 1.76x, while interest coverage strengthened to 3.28x from 2.49x. The rating rationale highlighted strong volume growth in Apple products, with iPhone sales rising 46% to 300,000 units in FY26.
Confidence: HIGH
What changedCARE Ratings upgraded the company's credit ratings by two notches on ₹175.00 crore of bank facilities from CARE BBB- to CARE BBB+ (outlook Stable).
Why it mattersThe multi-notch upgrade reflects an expanding scale of operations, improved debt-coverage ratios, and lower credit risk, potentially reducing the company's working capital financing costs.
Total rated bank facilities: ₹175.00 croreFY26 Total Operating Income: ₹2,395.17 croreFY26 PAT: ₹25.49 croreiPhone sales volume (FY26): 300,000 unitsInterest coverage ratio (FY26): 3.28x
📅 Short termPositive sentiment from the multi-notch credit upgrade, confirming strong operational delivery and improved cash generation for FY26.
📈 Long termEnhances financial flexibility to support high working capital needs as the company scales distribution networks, though margins remain structurally thin at under 2%.
⚠ Risk flags
- High principal concentration and vendor dependency on Apple
- Inherently thin profitability margins (PBILDT margin at 1.86% in FY26)
- Limited bargaining power and exposure to technology obsolescence
Key Highlights
CARE upgraded long-term bank facilities (₹99.50 crore) to CARE BBB+; Stable from CARE BBB-; Positive
Short-term/long-term facilities (₹75.50 crore) upgraded to CARE BBB+; Stable / CARE A2 from CARE BBB-; Positive / CARE A3
FY26 total operating income grew 61% YoY to ₹2,395.17 crore, with iPhone volume increasing 46% to 300,000 units
PAT more than doubled to ₹25.49 crore in FY26 from ₹12.58 crore in FY25; interest coverage improved to 3.28x from 2.49x
Working capital cycle remained lean at 17 days in FY26 compared to 16 days in FY25
👀 What to Watch
Track whether lower borrowing costs follow the multi-notch credit rating upgrade and monitor sustaining of working capital efficiency amid targets to reach ₹3,600-4,000 crore in revenue.
