IRM Energy Limited — Credit Ratings, 31-07-2025: Credit Rating

India Ratings has affirmed IRM Energy's bank loan facilities at 'IND AA-/Stable'. This reflects the company's healthy financial profile and expected business growth driven by infrastructure expansion and rising sales volumes. While FY25 saw an EBITDA dip to INR 96.33 Cr due to gas allocation and higher operating costs, an improvement to INR 110-120 Cr is anticipated in FY26. The company maintains strong liquidity with INR 260.38 Cr from unutilized IPO proceeds, supporting its large capex plans of INR 250 Cr annually for FY26-27. This affirmation signals stable credit quality, enhancing investor confidence and suggesting limited reliance on external debt, which could help manage borrowing costs effectively.