Globe Civil Projects Limited has announced that Infomerics Valuation and Ratings Private Limited has withdrawn the credit ratings assigned to the company's bank facilities at the company's request. The withdrawal follows an upgrade in ratings and was executed with 'No Objection Certificates' from lenders including Canara Bank, ICICI Bank, and Kotak Mahindra Bank.

Rating Upgrade and Withdrawal Details

Prior to withdrawal, Infomerics upgraded the company's credit ratings, reflecting improved financial performance and strengthened capital structure. The rating action covered total bank facilities worth Rs 110.00 crore.

Financial Performance and Business Strengths

The rating upgrade was supported by several positive developments in the company's financial profile. In 9MFY26, Globe Civil Projects reported moderate revenue growth of 8% to Rs 246.01 crore compared to Rs 226.89 crore in 9MFY25. However, operating performance faced some challenges with EBITDA margin declining by 164 basis points to 16.53% and PAT margin decreasing by 71 basis points to 7.14%, primarily due to execution disruptions in the Delhi-NCR region.

The company's financial metrics for recent years demonstrate overall improvement:

Capital Structure Enhancement Post-IPO

A significant factor in the rating upgrade was the substantial improvement in the company's capital structure following its successful Initial Public Offering in July 2025. The IPO proceeds of Rs 110 crore significantly strengthened the company's financial position.

Strong Order Book and Market Position

Globe Civil Projects maintains a healthy order book of approximately Rs 870 crore as of December 31, 2025, providing adequate medium-term revenue visibility with execution timelines of 18-30 months. The order book comprises largely Central Government-funded institutional projects (approximately 90%), which provides comfort regarding counterparty credit risk.

The company operates under the experienced leadership of promoter Mr. Ved Prakash Khurana, who brings nearly four decades of construction sector experience. Globe Civil Projects has successfully executed projects for prominent clients including Delhi Metro Rail Corporation, AIIMS, IITs, DPS Society, and Indian Railways.

Operational Challenges and Risk Factors

Despite the positive developments, the company faces certain operational challenges. The business remains working capital intensive, with high utilization of working capital limits at approximately 92% and an elongated operating cycle of 131 days. Additionally, the company exhibits high geographical concentration with approximately 90% of the order book in North India, exposing it to region-specific regulatory risks including pollution-related construction bans in the NCR region.

The rating withdrawal, while initiated at the company's request, removes an external assessment tool but reflects the company's improved financial standing and strategic positioning in the civil construction sector.

Globe Civil Projects Limited has fulfilled its quarterly regulatory compliance by submitting the mandatory Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018 for the quarter ended March 31, 2026. The submission was made to both the National Stock Exchange of India Limited and BSE Limited on April 08, 2026.

Regulatory Compliance Details

The certificate was issued by KFIN Technologies Limited, which serves as the Registrar and Share Transfer Agent for Globe Civil Projects Limited. The compliance documentation confirms that all required details regarding securities dematerialized and rematerialized during the quarter have been properly furnished to the stock exchanges.

Certificate Submission Process

Vineet Rattan, Company Secretary and Compliance Officer (Membership Number: F 11724), digitally signed and submitted the compliance certificate on behalf of Globe Civil Projects Limited. The submission was made simultaneously to both major Indian stock exchanges where the company's shares are listed.

Depository Services Confirmation

KFIN Technologies Limited issued separate certificates to both Central Depository Services (India) Limited (CDSL) and National Securities Depository Limited (NSDL) on April 01, 2026. These certificates were signed by Ganesh Chandra Patro, Deputy Vice President at KFIN Technologies Limited.

About the Regulation

Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018 mandates that registrars and transfer agents must provide quarterly certificates confirming the proper reporting of dematerialization and rematerialization activities. This ensures transparency and compliance in the securities transfer process for listed companies.

The timely submission of this certificate demonstrates Globe Civil Projects Limited's commitment to maintaining regulatory compliance and transparency in its securities operations. The company continues to work with KFIN Technologies Limited to ensure all depositories and stock exchanges receive the required documentation as per SEBI guidelines.