Ramky Infrastructure Limited has received a significant credit rating upgrade from Infomerics Valuation and Rating Limited, marking a positive development in the company's financial standing. The infrastructure company announced the upgrade in a regulatory filing dated March 18, 2026.

Rating Upgrade Details

Infomerics has upgraded Ramky Infrastructure's credit rating from IVR BBB- with Stable Outlook to IVR BBB with Stable Outlook across its bank facilities portfolio. The upgrade encompasses the company's entire banking facility structure:

The rating committee's decision, finalized on March 17, 2026, reflects the company's improved operational and financial performance for FY25 (Audited) and 9M-FY26 (Unaudited).

CRISIL Rating Migration and Withdrawal

Simultaneously, CRISIL Ratings has migrated Ramky Infrastructure's rating from 'CRISIL C Issuer Not Cooperating' to 'CRISIL BBB-/Stable' before subsequently withdrawing the rating. This action was taken at the request of both the company and its lenders, following the company's resumption of cooperation with the rating agency.

Business Strengths and Performance

The rating upgrade is supported by several key business strengths that demonstrate Ramky Infrastructure's robust market position. The company maintains an established track record spanning over three decades in the engineering, procurement, and construction (EPC) business, with particular expertise in water/wastewater projects and urban infrastructure segments.

Strong Order Book Position: The company has secured significant new contracts, including a water supply scheme project awarded to subsidiary Mallannasagar Water Supply Limited (MWSL) and a ₹1,401 crores contract from Maharashtra Industrial Township Limited (MITL) for the Dighi Port Industrial Area Project. The outstanding order book position of ₹8,500 crores as of December 31, 2026, ensures strong revenue visibility in the medium term.

Improved Financial Risk Profile: The company's financial position has strengthened significantly, driven by full repayment of term loans. The current debt profile consists only of working capital facilities and unsecured loans from related parties, resulting in a robust capital structure with a gearing ratio of less than 0.30 times as of March 31, 2025.

Key Financial Metrics

Ramky Infrastructure's financial performance demonstrates healthy operational metrics:

For the 9 months ended December 31, 2025, the company reported total income of ₹1,380.80 crores and net profit of ₹180.40 crores.

Facility-wise Breakdown

The upgraded facilities are distributed across multiple banking partners:

Long Term Bank Facilities (₹242.73 crores):

• State Bank of India: ₹175.00 crores (Cash Credit)
• Punjab National Bank: ₹51.41 crores (Cash Credit)
• IDBI Bank: ₹16.32 crores (Cash Credit/WCDL)

Long Term/Short Term Facilities (₹463.74 crores):

• State Bank of India: ₹270.00 crores (Bank Guarantee/Letter of Credit)
• Punjab National Bank: ₹74.57 crores (Bank Guarantee/Letter of Credit)
• ICICI Bank: ₹73.53 crores (Bank Guarantee)
• IDBI Bank: ₹36.70 crores (Bank Guarantee)
• Axis Bank: ₹8.94 crores (Bank Guarantee)

The rating upgrade reflects Ramky Infrastructure's successful transformation from a company under financial restructuring to one with improved creditworthiness and stable business prospects. The formal exit from restructuring agreement with lenders was recorded on July 11, 2025, marking a significant milestone in the company's financial recovery journey.

Ramky Infrastructure Limited has officially executed a concession agreement with the Maharashtra Industrial Development Corporation (MIDC) through its wholly owned subsidiary, Maha Integrated Life Sciences City Limited (MILEs City), for developing a high-tech pharmaceutical park worth ₹3,000 crores in Maharashtra's Raigad district.

Project Agreement Details

The concession agreement was signed for the development of a pharmaceutical park in Dighi Port Industrial Area, covering parts of Mangaon and Roha talukas in Raigad district. The project will be implemented under a Public-Private Partnership (PPP) model following the Design, Build, Finance, Operate and Transfer (DBFOT) framework.

Development Scope and Infrastructure

The Life Sciences City will establish a world-class integrated manufacturing ecosystem across 1,000 hectares, providing comprehensive infrastructure for pharmaceutical, biotechnology, and life sciences companies. The development encompasses multiple specialized zones and advanced facilities.

Revenue Structure and Order Book Impact

The project incorporates multiple revenue streams including land lease premium and rental, development charges, maintenance charges for common infrastructure, and operational charges for utilities and shared facilities. Following this agreement execution, Ramky Infrastructure's order book position has reached approximately ₹13,500 crores.

Strategic Significance

Commenting on the development, Mr. Sunil S Nair, CEO of Ramky Infrastructure Limited, stated that the agreement marks a significant milestone for industrial development and wider community benefits. The project aims to support employment generation, strengthen regional infrastructure, encourage innovation, and attract long-term investment into Maharashtra while creating a globally competitive manufacturing environment for pharmaceutical and biotechnology companies.

The pharmaceutical park is expected to stimulate growth in ancillary industries, generate significant direct and indirect employment opportunities, and strengthen industrial infrastructure in the region while maintaining high standards of environmental safety and regulatory compliance.