Responsive Industries' Credit Rating Reaffirmed at IVR A/Stable by Infomerics
Responsive Industries Limited's bank facilities totaling ₹430.27 crore have been reaffirmed with an IVR A/Stable rating by Infomerics. The rating reflects strong operational performance, experienced promoters, and a diversified product portfolio. Key strengths include a 30% increase in FY25 revenue to ₹1,417.91 crore and improved debt protection metrics.
A reaffirmed credit rating is generally positive but routine for companies. While it maintains confidence, it does not represent a significant new development or a major change in financial standing.
The credit rating has been reaffirmed at a stable and positive level, indicating the credit agency's confidence in the company's financial health and operational performance.
Responsive Industries Limited (RIL) has had its credit rating reaffirmed by Infomerics Valuation and Rating Pvt. Ltd. The long-term bank facilities, totaling ₹125.47 crore (reduced from ₹130.57 crore), maintain the IVR A/Stable rating. Short-term bank facilities of ₹64.80 crore are rated IVR A1, and combined long-term/short-term facilities of ₹240.00 crore are rated IVR A/Stable/IVR A1. The total rated amount stands at ₹430.27 crore.
The rating reaffirmation considers the experienced promoters, diversified product portfolio, strong market position, healthy scale of operations, comfortable leverage, and debt protection metrics. Key rating strengths include the promoters' extensive experience in the PVC flooring and shipping ropes industry, a diversified product portfolio encompassing Vinyl Flooring, Synthetic Leather, and Luxury Vinyl Tiles, and a strong market position as a leading Indian manufacturer. RIL's operations have shown healthy growth, with total operating income increasing by approximately 30% to ₹1,417.91 crore in FY25 from ₹1,086.97 crore in FY24, driven by strong export performance. EBITDA and PAT also improved in FY25.
The company's financial risk profile remains comfortable with a tangible net worth of ₹1,345.39 crore as of March 31, 2025. Despite a moderate increase in total debt to ₹256.24 crore, leverage indicators remained comfortable, with overall gearing stable at 0.19x. Debt protection metrics are strong, with interest coverage improving to 12.31x in FY25.
However, the rating is partially offset by an elongated operating cycle, susceptibility to volatility in raw material prices, and foreign exchange rates. The operating cycle, though improved, remained at 157 days in FY25, primarily due to high receivable days. Profitability is exposed to fluctuations in key raw material prices and currency exchange rates, with unhedged foreign currency exposure at ₹35.77 crore as of December 31, 2025.
Infomerics stated that the stable outlook reflects expectations of sustained operating performance supported by the promoters’ track record, diversified product portfolio, and healthy financial risk profile. The press release from Infomerics was dated February 05, 2026.
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