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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 518.00 | ACUITE BBB- | Stable | Assigned | - |
| Bank Loan Ratings | 1612.00 | ACUITE BBB- | Stable | Reaffirmed | - |
| Total Outstanding | 2130.00 | - | - |
| Total Withdrawn | 0.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed its long-term rating of ‘ACUITE BBB-' (read as ACUITE triple B minus) on the Rs.1,612.00 Cr. bank facilities of National Realty Private Limited (NRPL). The outlook is 'Stable'.
Further, Acuité has also assigned its long-term rating of ‘ACUITE BBB-' (read as ACUITE triple B minus) on the Rs.518.00 Cr. bank facilities of National Realty Private Limited (NRPL). The outlook is 'Stable'. Rationale for rating The rating reaffirmation reflects the group’s ability to consistently secure higher rental incomes through renewals of existing agreements, complemented by the addition of new tenants. The rating also factors in the established track record and experience of the promoters in the real estate industry over the last four decades. Further, the rating draws comfort from the portfolio of premium properties valuing ~Rs.4,126 Cr. as on January 31, 2026 , reputed tenant’s profile, consistently high occupancy rates and long relationship with its tenants. However, these strengths are partly offset by the high reliance on external debt which is impacting the debt ratios and susceptibility of the lessee’s performance along with occupancy and renewal risk. |
| About the Company |
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NRPL is a real estate investment company, started its operations in the year 1983. The company is engaged in the business of acquiring properties (mainly commercial) and leasing them to corporate bodies, multinational companies and banks. The current directors of the company are Mr. Kamal Kishore Jain, Mrs Beenu Jain and Mr. Sorabh Jain. The company is based in Mumbai.
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| About the Group |
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Dusk Properties Private Limited
Incorporated in 2018, Dusk Properties Private Limited was acquired by NRPL in FY25. Currently Dusk properties own 2 commercial properties of around of ~1.09 Lakh Sq.ft. in Mumbai. |
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Extent of Consolidation |
| •Full Consolidation |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Acuite has considered the consolidated financial and business risk profile of NRPL with its wholly owned subsidiary Dusk Properties Private Limited.
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| Key Rating Drivers |
| Strengths |
| Established track record of operation and dealings with reputed tenants
NRPL has an established track record of operations dating back to almost four decades, along with experienced management. The group is promoted by Mr. Kamal Kishore Jain who is supported by his son Mr. Sorabh Jain. The experience of promoters is also reflected in the growing scale of operations, with revenue of the group increasing to Rs.245.39 crores in FY25 as against Rs. 201.71 Cr. in FY24. Further, the group has marked Rs.231.69 Cr. of rental income for 10 months of FY26. This increase in rental income for the group in FY25 is marked by the addition of properties over the last year and the successful renewal of existing agreement at higher rates. In H2 FY26, the group successfully enhanced rental income through renewals of existing agreements and by onboarding new tenants at higher rates. Further, the group has maintained a stable relationship with clientele in different industries namely retail industry, financial services, banks, NBFCs, consulting, healthcare, managed offices and others. The clientele of the group includes reputed companies like Tablespace Technologies, Deloitte, Lintas India, Aditya Birla Sunlife Insurance Co. Limited, Mizuho bank, Investec, Simens and many more. Acuite believes that NRPL will continue to benefit from its established track record of operations, healthy relationships with reputed clients leading to consistent high occupancy rates. Portfolio of premium properties with high occupancy Over the years, group has significantly increased the number of properties in the portfolio backed by term loans from the various banks. The group has exponentially increased the portfolio of properties from 56 as on FY21 to a total of 88 properties till January 2026. These properties are located across major cities such as Mumbai, Pune and few properties in Nashik and Kolkata. The group has various commercial properties across the major business locations such as iThink Lodha - Kolshet, Technology centre IV - Powai, Crescenzo - BKC, Peninsula Business Park - Parel, Amar Tech Park - Pune and many others. As on January 31, 2026, the properties reflected a strong occupancy level of ~99.5 percent, with a market value of around Rs.4,126.5 crore and a loan-to-value ratio of ~56.75 percent. Further, the market outlook for the real estate sector is favouring the group with government initiatives aimed at infrastructural development are further propelling commercial growth, creating a favourable environment for investors and businesses. With this, the chance of any property remaining vacant is low for the group |
| Weaknesses |
| Significant reliance on external borrowings impacting debt ratios
The financial risk profile of the group remains below average marked by low net worth, high gearing, and poor debt protection metrics. The tangible net worth of the group stood at Rs.(75.63) Cr. as on March 31, 2025 as against Rs. (34) Cr. as on March 31, 2024 . The decrease in net worth in on account losses made by the group during the year due to higher interest expense and depreciation. The group had revalued their assets for the first time in FY21 which led to significant increase in asset’s value. Further, considering the revaluation reserves the net worth of the group stood at Rs.496.36 Cr. as on March 31, 2025. Further, with the addition of properties, group has also significantly increased its external debt through fresh borrowings, top ups and refinancing of existing loans in the last 3 years, leading to debt service coverage ratio (DSCR) below unity for last 3 yrs. The current debt of the group stands Rs.2,340.39 Cr. as on January 31, 2026 as against Rs.2065.72 Cr. as on March 31, 2025. Going forward, debt servicing is to be supported by adequate cashflows on leased properties routed through escrow mechanism and DSCR is expected to improve to unity or above over the medium term, which shall be a key rating sensitivity. Susceptibility to lessee’ performance along with occupancy and renewal risk NRPL primarily generates cash flows from lease rentals. The group's ability to meet its repayment obligations will be dependent on the continued and timely flow of rentals as per the agreed terms under arrangement. The occurrence of events such as delays in receipt of rentals, or early exits/negotiation by lessee due to the latter's lower than expected business performance may result in disruption of cash flow streams thereby affecting NRPL's debt servicing ability. Any significant renegotiations by the lessees can adversely impact the cash flows for the group. |
| ESG Factors Relevant for Rating |
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National Realty Group follows environmental, social, and governance (ESG) principles through several operational initiatives. It has initiated to obtain IGBC certifications for most of its properties and has installed solar panels in its buildings. The group is working closely with suppliers to maintain ethical practices. On the social front, the group offers insurance benefits and health and safety policies for employees. Its corporate programs support and promote gender equality and diversity.
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| Rating Sensitivities |
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| Liquidity Position |
| Adequate |
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The liquidity of the group is adequate supported by routing of cashflows through escrow mechanism with a well-defined waterfall structure. Further, the group is also maintaining a Debt Service Reserve Account (DSRA) of Rs. 19.19 Cr. with multiple banks as of February 25, 2026, providing additional cushion to liquidity. Also, the average utilizations for overdraft facility stood at low of 43.59 percent in last 12 months ended January 2026. The cash and bank balance of the group stood at Rs.4.72 Cr. as on 31st March 2025. Over the medium term, at the existing debt levels the DSCR is expected to remain at ~1.05 - 1.10 times. The group managed to service its debt obligations through refinancing and top-ups on existing facilities.
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| Outlook : Stable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 25 (Actual) | FY 24 (Actual) |
| Operating Income | Rs. Cr. | 245.39 | 201.71 |
| PAT | Rs. Cr. | (8.98) | (60.43) |
| PAT Margin | (%) | (3.66) | (29.96) |
| Total Debt/Tangible Net Worth | Times | (27.31) | (55.76) |
| PBDIT/Interest | Times | 1.15 | 1.16 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any Other Information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm |
| Note on complexity levels of the rated instrument |
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||
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