Hartek Power’s Credit Rating Upgraded to ‘A-/Stable’ by Crisil

Hartek Power Pvt. Ltd., the flagship EPC business of Hartek Group, has received an upgrade in its long term credit rating from ‘Crisil BBB+/Stable’ to ‘Crisil A-/Stable’, while its short term rating has been upgraded from ‘Crisil A2’ to ‘Crisil A2+’.

The upgrade by Crisil Ratings, a subsidiary of S&P Global, reflects Hartek’s stronger operating performance, improved profitability, healthy order visibility and comfortable financial risk profile. The improved rating is expected to strengthen the company’s ability to participate in larger and more complex opportunities across transmission infrastructure, substations, renewable energy integration and grid modernisation.

According to the rating assessment, Hartek benefits from a diversified order book, prudent financial management and an established execution track record in the power EPC sector. More than half of the company’s order book comes from private sector customers, with projects spread across Gujarat, Haryana, Maharashtra, Rajasthan and Telangana.

Commenting on the development, Hartek Singh, CMD, Hartek Power, said the upgrade reflects the company’s operating discipline, financial prudence and execution capabilities developed over more than three decades in the power infrastructure sector. He added that the enhanced rating and banking limits would enable Hartek to pursue larger and more complex projects while maintaining disciplined capital allocation and balance sheet management.

The rating upgrade comes amid increasing investment in India’s electricity infrastructure, driven by renewable energy integration, transmission expansion and rising power demand.

Hartek has 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. The company said that its execution experience is increasingly supported by the financial capacity required to participate in larger infrastructure programmes.

Hartek operates across the energy value chain through its Power Systems, Renewables and Power Distribution Products businesses. Its Power Distribution Products division manufactures electrical smart switchboard panels for industries, buildings and data centres.