Teerth Gopicon Limited — Credit Ratings, 19-06-2025: Credit Rating

Teerth Gopicon Limited’s credit ratings of IVR BBB-/Stable (long term) and IVR A3 (short term) for bank facilities totaling Rs. 25.00 Cr have been reaffirmed and simultaneously withdrawn at the company’s request, supported by a No Objection Certificate from the lender. The ratings reflected strengths such as experienced promoters, proven project execution, a strong order book (~Rs. 2035 Cr), reputed clientele, growing scale of operations, improved profitability, and a comfortable capital structure with overall gearing improving to 0.49x. Despite modest scale, geographic concentration, and project execution risks from nascent contracts, liquidity remains adequate. Withdrawal does not impact the company’s financial position but removes the external validation that could affect borrowing costs and investor perception going forward.