Intimation of Credit Rating under Reg 30 of SEBI LODR assigned by India Ratings & Research Private Limited
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Desco Infratech Ltd has been assigned a long-term rating of IND BBB-/Stable and short-term rating of IND A3 by India Ratings & Research for its bank loan facilities worth INR 110 million with Yes Bank (fund-based working capital limit of INR 80 million and non-fund-based limit of INR 30 million). The rating was assigned under SEBI LODR regulations on June 10, 2026. This is a fresh rating action, not an upgrade or downgrade. The rationale notes the company's strong FY26 revenue growth of nearly 100% to INR 1,186 million, comfortable credit metrics with net leverage at 0.57x, and a robust order book of INR 3,397 million (about 2.86x FY26 revenue), though liquidity is described as stretched with 89% utilization of fund-based limits and moderating EBITDA margins.
The investment-grade rating (BBB-) provides initial credibility for the recently listed company (listed April 2025) and signals reasonable creditworthiness to lenders. However, the stretched liquidity and high segment/customer concentration risks (top 5 clients at 71% of order book) are monitorables that could affect future rating actions.