Hartek Power Private Limited, the flagship EPC business of Hartek Group, has received an upgrade in its credit ratings from CRISIL Ratings, a subsidiary of S&P Global. The company’s long-term rating has been raised to ‘CRISIL A-/Stable’ from ‘CRISIL BBB+/Stable’, while its short-term rating has been upgraded to ‘CRISIL A2+’ from ‘CRISIL A2’.
The upgrade reflects Hartek Power’s stronger operating performance, improved profitability, healthy order visibility and comfortable financial risk profile. The ratings action is also expected to strengthen the company’s ability to participate in larger and more complex projects across transmission infrastructure, substations, renewable energy integration and grid modernisation.
CRISIL Ratings also recognised Hartek’s diversified order book, prudent financial management and established track record in the power EPC sector. Hartek Singh, Chairman and Managing Director, Hartek Power, said the rating upgrade reflects the company’s focus on operational discipline, financial management and project execution over more than three decades in the power infrastructure industry.
He said growing investments in grid expansion, renewable integration and power network modernisation will create opportunities for EPC companies with strong engineering and execution capabilities. The improved rating and enhanced banking limits, he added, will allow Hartek to pursue larger projects while maintaining a disciplined approach to capital allocation and balance sheet management.
The upgrade comes as India enters a period of significant investment in electricity generation, transmission and distribution infrastructure. The rapid growth of renewable power, rising electricity demand and the need to strengthen transmission networks are driving demand for new substations and grid infrastructure.
Hartek has connected more than 10 GW of solar generation capacity to the national grid and delivered over 400 EHV and HV substations, including projects rated up to 765 kV. The company’s project portfolio spans multiple states, including Gujarat, Haryana, Maharashtra, Rajasthan and Telangana.
More than half of Hartek’s order book comes from private-sector customers, providing the company with a diversified customer base across different markets and project categories. The rating improvement is expected to support Hartek’s engagement with financial institutions, customers and other stakeholders as project sizes increase and financial strength becomes an important factor in infrastructure execution.
Established in 1991, Hartek is an Engineering, Procurement and Construction company operating across the power and energy value chain through three business segments: Power Systems, Renewables and Power Distribution Products. The Power Systems business has executed more than 400 EHV and HV substations up to 765 kV. Its Renewables business has connected more than 10 GW of solar capacity to the national grid, placing Hartek among India’s leading solar EPC companies.
The Power Distribution Products business manufactures smart electrical switchboard panels for industrial facilities, commercial buildings and data centres. Hartek has also been recognised as a Great Place to Work-certified organisation on seven occasions and continues to expand its role in developing India’s power infrastructure.
