India Ratings downgrades Infra.Market; company plans to raise Rs 2,500 crore via IPO
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IPO-bound Infra.Market has been downgraded by India Ratings from A-/Negative Outlook to BBB+/Negative Outlook, citing concerns around debt refinancing, liquidity pressures, and negative cash flow from operations in FY25.The downgrade comes as the construction materials marketplace plans to file its draft red herring prospectus (DRHP) this month to raise Rs 2,500 crore via an initial public offering. The company has appointed merchant bankers and legal advisors and is targeting a listing in the third or fourth quarter of FY26, subject to regulatory approvals.In a note to investors and lenders in May, Infra.Market argued that its improving financials, recent equity infusions, and upcoming liquidity events including the IPO had not been fully factored in by the rating agency.'The company has focused on prudent growth over the years. Even though debt has increased in line with business ramp-up and expansion into manufacturing, leverage and gearing metrics have been improving,' it stated.Infra.Market did not respond to ET's query till press time Sunday.India Ratings flagged the company's reliance on refinancing to meet repayment obligations, including Rs 1,600 crore due in FY26. Infra.Market noted it has tied up Rs 1,153 crore through binding agreements, structured as 36-month bullet repayments to ease near-term pressure.The company reported available liquidity of Rs 1,810 crore, comprising Rs 971 crore in cash and equivalents and Rs 839 crore in undrawn credit lines. India Ratings also raised concerns over stretched receivables at Infra.Market's Singapore subsidiary, where receivable days rose to 215 in FY25 from 142 in FY24, while revenue declined amid global tariff uncertainties.Separately, Acuité Ratings assigned an A-/Stable rating, highlighting strong revenue growth, equity infusions, and refinancing progress, but flagged high debt and working capital intensity.In FY25, Infra.Market's Ebitda rose 45% to Rs 1,596 crore, with margins improving to 8.7% from 7.5% the previous year. Profit after tax increased to Rs 492 crore from Rs 378 crore. However, cash flow from operations turned negative at (-)Rs 140 crore in FY25, compared to Rs 467 crore in FY24, due to election-related labour shortages and weaker export collections.Founded in 2016 by Souvik Sengupta and Aditya Sharda, Accel-backed Infra.Market supplies construction and home improvement materials to large developers and contractors.It joins peers such as Zetwerk JSW One Platforms , and OfBusiness in preparing for public listings.
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