Sandhar Technologies Limited — Credit Ratings, 23-05-2025: Credit Rating- Revision

India Ratings has reaffirmed Sandhar Technologies Limited’s credit ratings at ‘IND AA-’ with a stable outlook and ‘IND A1+’ for its short-term commercial paper programme. This reflects Sandhar’s strong business profile, steady revenue growth of INR287 Cr in 9MFY25, stable EBITDA margins near 9.7%, and improving credit metrics despite gross consolidated debt rising to INR847 Cr from capex and an acquisition. Net adjusted leverage stands at a manageable 2.13x with robust interest coverage of 6.65x. Although revenue concentration and overseas subsidiary profitability remain concerns, stable cash flows and ongoing capex plans underpin credit quality. The affirmation supports stable borrowing costs and bolsters investor confidence.