Press Release

Press Release

February 18, 2026

TRUE LIVING TECH PARK PRIVATE LIMITED
Rating Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	300.00	ACUITE B \| Stable \| Upgraded	-
Total Outstanding	300.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has upgraded its long-term rating to 'ACUITE B' (read as ACUITE B) from 'ACUITE D' (read as ACUITE D) on Rs.300.00 Cr. bank facilities of True Living Tech Park Private Limited (TLTPPL). The outlook is 'Stable'.

Rationale for rating upgrade:
The rating upgrade considers the timely debt repayment during the past five months, supported by the timely infusion of funds from promoters. The upgrade also factors in the renewal of lease agreements with existing tenants, providing stability to a portion of rental inflows and continued financial support from the group. However, the rating remains constrained by the weak financial risk profile, high vacancy levels and poor liquidity position couple with exposure to cyclicality in the real estate sector.

About the Company

True Living Tech Park Private Limited (TTPPL), incorporated in the year 2021, is based in Bangalore, Karnataka. The company is engaged in real estate activities and leasing of commercial properties and is currently managed by Mr. Yerram Vikranthreddy and Mr. Apoorva Reddy Yerram as its directors.

Unsupported Rating

Not applicable

Analytical Approach

Acuite has considered the standalone business and financial risk profile of True Living Tech Park Private Limited for arriving at the rating.

Key Rating Drivers

Strengths

Experienced management and strategic location of the property
True living tech park private limited (TLTPPL), is incorporated in 2021 as a subsidiary of Ozone tech park private limited. It was subsequently was acquired by Viko Infra Projects LLP in April 2023. The company is promoted and managed by Mr. Vikranth Reddy Yerram and Ms. Apoorva Reddy Yerram, who have a demonstrated track record across real estate development and commercial asset management. The promoters are associated with multiple entities engaged in infrastructure and real-estate projects, which provides the company with strong sectoral understanding, execution capability and brand advantages. TLTPPL owns and operates commercial property in Bangalore named as 'Ozone manay tech park' located on Hosur main road, Begur Hobli Bangalore. The property consists of two building, block A and block B with total leasable area of 4,09,302 Sq fts. The property is currently occupied by two tenants Flow P&E India and SPX Flow for around ~30,000 sq.ft. Acuite believes, the promoter group's experience and demonstrated ability to manage commercial real-estate assets benefits the business risk profile of TLTPPL.

Ozone Maney Tech Park is located at major IT office destination Hosur road on a key technology corridor adjacent to Electronic city. The location is well connected with highway and metro rail network. It is in close proximity to electronic city with a concentration of large number of employees engaged in IT and allied services, conducive eco system with schools, hospitals and retail outlets. Building is equipped with modern amenities and ‘Grade A’ infrastructure meeting the criteria requirement for Blue Chip companies.

Weaknesses

Weak financial risk profile:
The financial risk profile of TLTPPL remained weak marked by negative networth of Rs.190.10 Cr. as on March 31, 2025 as against negative networth of Rs.194.16 Cr. as on March 31, 2024. The negative networth is due to exclusion of good will and accumulated losses. The total debt (comprising Rs.296.41 Cr. long-term debt, Rs.24.52 Cr. of unsecured loans and Rs.2.52 Cr.) stood at Rs.323.45 Cr. as on March 31, 2025. The gearing level stood negative at 1.70 times as on March 31, 2025. The debt protection metrics have deteriorated with insufficient cash flows from lease rentals to meet the repayment obligations. The average debt service coverage ratio (DSCR) during the tenure of the loan stood at 1.06 times. Acuite believes the financial risk profile of the company is expected to improve in the near to medium term on account expected improvement in rental income and no major debt funded capital expenditure over the medium term.

Risk associated with cash flow mismatches given high vacancy levels:
TLTPPL has high vacancy levels, with nearly 90 percent of the total leasable area is lying vacant as on December, 2025. The exit of erstwhile tenant Robert Bosch in May 2025 substantially weakened occupancy levels, directly impacting rental cash flows and leading to repayment delays. Block A is fully vacant and Block B has only two tenants occupying limited floors, leaving a large portion of space unleased. Although the property is located in a prime commercial corridor and management is in discussion to lease out the remaining area, the timing and certainty of closure remain uncertain. Until a substantial portion of the vacant area is leased out and rental inflows stabilize, the company’s revenue visibility and debt servicing ability will remain under stress, requiring continued promoter support.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

The projected cash flows remain adequate to meet the debt obligations, supported by expected improvement in occupancy levels and timely rental inflows. The presence of DSRA equivalent to the three months of debt servicing further provides liquidity comfort.

Stress scenario:
Even under the stress scenario of lower than expected occupancy and delayed collection, the DSRA provides critical liquidity buffer, providing temporary cover during cash flows volatility.

Rating Sensitivities

Timely increase in occupancy levels.
Improvement in financial risk profile.
Improvement in liquidity position
Any delays in loan repayment.

Liquidity position: Poor

TLTPPL’s liquidity position continues to remain weak, as the cash flows generated from lease rentals are currently inadequate to meet ongoing interest and principal repayment obligations. The company had earlier defaulted on loan repayments in June and July 2025 due to a cash flow mismatch. However, repayments have since been regular, supported by timely promoter fund infusion. Liquidity is expected to remain stretched in the near term, given that nearly 90 percent of the leasable area is yet to be occupied. The average debt service coverage ratio (DSCR) over the loan tenure is estimated at around 1.06 times. Any shortfall in cash flows is anticipated to be met through promoter support over the medium term, as reflected in their commitment over the past six months. Furthermore, the presence of a Rs. 7.5 crore DSRA, along with corporate and personal guarantees, provides comfort towards debt servicing.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	40.21	37.89
PAT	Rs. Cr.	(8.94)	(11.98)
PAT Margin	(%)	(22.24)	(31.63)
Total Debt/Tangible Net Worth	Times	(1.70)	(1.67)
PBDIT/Interest	Times	1.31	1.15

Status of non-cooperation with previous CRA (if applicable)

Not applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Lease Rental Discounting : https://www.acuite.in/view-rating-criteria-106.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
28 Jul 2025	Term Loan	Long Term	300.00	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
12 Aug 2024	Term Loan	Long Term	300.00	ACUITE BBB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Karnataka Bank Ltd	Not avl. / Not appl.	Lease Rental Discounting	23 Jan 2024	Not avl. / Not appl.	22 Jan 2039	300.00	Simple	ACUITE B \| Stable \| Upgraded ( from ACUITE D )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Katta Akhil
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

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Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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