Superhouse Limited — Credit Ratings, 01-05-2025: Credit Rating

Acuite has reaffirmed Superhouse Limited’s long-term rating at ‘ACUITE A-’ and short-term rating at ‘ACUITE A2+’, while revising the outlook to negative. This reflects weakening business performance as revenue declined to Rs.666 Cr in FY24 from Rs.768 Cr in FY23, along with compressing EBITDA margins at 5.67% versus 7.68% previously, due to sluggish export demand amid recessionary trends. However, the company’s financial risk profile remains solid with a net worth of Rs.461 Cr, gearing below 1x, and an interest coverage ratio of 3.16x. Liquidity is adequate with steady cash flows against debt. The negative outlook highlights potential pressure on margins and scale, which could moderate borrowing costs and investor sentiment going forward.