Infrastructure: EPC companies benefit from NHAI ordering momentum; working capital cycle improving — PreRatings
Infrastructure Developer — Long Term AA−
Pharma Manufacturer — Long Term AA+
Regional NBFC — NCD Rating BBB+
Steel Producer — Bank Loan A
Textile Exporter — Long Term BB+
Auto Component Mfr — Short Term A1+
Cement Producer — Long Term AA
Chemical Exporter — IPO Grading A−
Infrastructure Developer — Long Term AA−
Pharma Manufacturer — Long Term AA+
Regional NBFC — NCD Rating BBB+
Steel Producer — Bank Loan A
Textile Exporter — Long Term BB+
Auto Component Mfr — Short Term A1+
Cement Producer — Long Term AA
Chemical Exporter — IPO Grading A−
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Insight · Sector

Infrastructure: EPC companies benefit from NHAI ordering momentum; working capital cycle improving

25 Jul 2026 Insight PreRatings Research
Q1 FY27 NHAI awards up 32% YoY. Median receivable days improved from 145 to 118. Hybrid annuity model reducing leverage pressure on developers.
Infrastructure EPC