We attach herewith press release of Company Credit Rating.
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Infomerics has reaffirmed Him Teknoforge's long-term rating at IVR BBB+/Stable and short-term rating at IVR A2, with no change from previous ratings. The company also received a new short-term facility rating of IVR A2 for a Rs 15 crore EVFS line from SBI. Total rated bank facilities increased to Rs 272.72 crore (from ~Rs 228 crore earlier), reflecting enhanced limits with existing lenders like SBI, Union Bank and Yes Bank. In FY25, revenue grew ~7.9% YoY to Rs 402.97 crore with EBITDA margin at 9.43% and PAT of Rs 9.78 crore. H1FY26 showed healthy PAT growth of ~35% YoY to Rs 5.78 crore. The agency cited strengths like experienced promoters, established clientele (M&M, Ashok Leyland) and comfortable debt metrics, while flagging high customer concentration (~58.9% from top 5), heavy dependence on the weak tractor segment (~85-90% of revenue), and an ongoing legal dispute between promoters and IFCI Venture Fund over pledged shares.
For shareholders, this is a neutral-to-mildly-positive signal — the rating was held steady with a stable outlook, indicating the agency sees no near-term deterioration, while the enhanced credit lines suggest continued lender confidence. However, the unresolved IFCI pledge dispute and weak tractor-segment exposure remain key watchpoints that could pressure the stock if conditions worsen.