NDR Auto Components' ICRA ratings reaffirmed at A+ (Stable) for ₹100 crore

Credit rating
Automotive components

Blacklitt Research26 October 20262 min read

NDR Auto Components (NSE: NDRAUTO) had its credit ratings reaffirmed by ICRA Limited on ₹100 crore of rated facilities, with the long-term rating at [ICRA]A+ (Stable), it said in a filing on 26 Oct 2026. The working capital and unallocated facilities were revised in amount, with the total unchanged.

Key highlights

,
Total rated amount: ₹100 crore, unchanged
Rating: [ICRA]A+ (Stable), reaffirmed
Working capital facilities: ₹30 crore, up from ₹15 crore
Unallocated facilities: ₹50 crore, down from ₹65 crore

The rating action in numbers

Item	Detail
Agency	ICRA Limited
Action	Reaffirmed on 26 Oct 2026
Dropline overdraft	₹20 crore, [ICRA]A+ (Stable)
Working capital facilities	₹30 crore, [ICRA]A+ (Stable)/[ICRA]A1+, up from ₹15 crore
Unallocated facilities	₹50 crore, [ICRA]A+ (Stable)/[ICRA]A1+, down from ₹65 crore
Total rated amount	₹100 crore, unchanged
Outlook	Stable

Facilities and rating levels

ICRA reaffirmed all three instruments at the same levels. The ₹20 crore dropline overdraft carries [ICRA]A+ (Stable). The ₹30 crore working capital facilities and the ₹50 crore unallocated facilities carry [ICRA]A+ (Stable) for the long term and [ICRA]A1+ for the short term.

The total stays at ₹100 crore. Within it, the working capital amount rose from ₹15 crore and the unallocated amount fell from ₹65 crore. The filing does not say why the split changed.

The ratings were last assigned on 07 Jul 2025 at the same levels, according to the rating history in the rationale.

Scale, debt and the customer base

ICRA puts FY2026 operating income at ₹822.5 crore, up 15.4%, and an operating margin of 11%. ICRA expects 0.5-0.6 times in FY2027.

ICRA says the rating is constrained by dependence on Maruti Suzuki India Limited, with around 70% of revenues linked to that customer. It says the company's order book is around ₹650 crore, to be executed by FY2030. Against a market value of ₹1,502 crore, the order book is about 43% of market value, and the company's latest quarter had net profit of ₹16.40 crore.

What the rating reaffirmation means for NDR Auto Components' shareholders

The reaffirmation leaves the rated amount at ₹100 crore and the rating level unchanged. ICRA says it could upgrade the rating on sustained growth with healthy profitability and debt metrics, and could downgrade it if total debt to OPBDITA stays above 1.5 times. The filing does not say how the company will respond, what it costs to carry the facilities, or whether any of them have been drawn. The next rating review date is not stated.

Reference: Original filing (PDF)

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