Hartek Power Rating Upgraded to ‘A-/Stable’ as Financial Profile Strengthens

Hartek Power Private Limited, the flagship EPC business of Hartek Group, today announced that Crisil Ratings, a subsidiary of S&P Global, has upgraded the company’s long-term credit rating to ‘Crisil A-/Stable’ from ‘Crisil BBB+/Stable’ and short-term rating to ‘Crisil A2+’ from ‘Crisil A2’.

The rating action reflects strengthening operating performance, improved profitability, healthy order visibility and a comfortable financial risk profile. It also enhances Hartek’s institutional capacity to participate in larger and more complex opportunities emerging across transmission infrastructure, substations, renewable integration and grid modernisation. The agency also highlighted the company’s diversified order book, prudent financial management and established execution track record in the power EPC sector.

Commenting on the development, Hartek Singh, CMD, HartekPower, said, “The upgrade reflects the operating discipline, financial prudence and execution capabilities that Hartek has built over more than three decades in the power infrastructure sector. As investments in grid expansion, renewable integration and network modernisation accelerate, the ability to combine engineering expertise with financial strength and execution certainty will become increasingly important. The enhanced rating and banking limits strengthen our ability to participate in larger and more complex projects while maintaining the disciplined approach to capital allocation and balance sheet management that has defined our business.”

The rating action comes at a time when India’s electricity system is entering one of its largest investment cycles, driven by renewable energy integration, transmission expansion and rising electricity demand.

Having connected more than 10 GW of solar generation capacity to the national grid and delivered more than 400 EHV and HV substations up to 765 kV, Hartek’s execution experience is increasingly complemented by the financial capacity required to participate in larger infrastructure programmes.

Over a half of the order book is derived from private-sector customers, with projects spread across Gujarat, Haryana, Maharashtra, Rajasthan and Telangana. It strengthens the company’s standing with lenders, customers and institutional counterparties at a time when project scale, financial capacity and execution capability are becoming increasingly important differentiators within the power EPC sector.

Key Highlights

• Long-term rating: Upgraded to CRISIL A-/Stable from CRISIL BBB+/Stable
• Short-term rating: Upgraded to CRISIL A2+ from CRISIL A2
• 10+ GW: Solar generation capacity connected to the national grid
• 400+: EHV and HV substations delivered
• Up to 765 kV: Substation project execution capability
• 50%+: Order book contribution from private-sector customers
• Focus areas: Transmission, substations, renewable integration and grid modernisation