Press Release

June 29, 2026

BENGAL AMBUJA HOUSING DEVELOPMENT LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	100.00	ACUITE BBB \| Stable \| Reaffirmed	-	RBI
Total Outstanding	0.00	100.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has reaffirmed its long-term rating of 'ACUITÉ BBB' (read as ACUITÉ Triple B) on the Rs. 100.00 crore bank facilities of Bengal Ambuja Housing Development Limited (BAHDL). The outlook is 'Stable'.

Rationale for Rating
The rating reaffirmation continues to draw comfort from the established market position of Ambuja -Neotia group coupled with experienced management in the real estate business and the willingness of the group to support the business through regular infusion of funds largely in the form of unsecured loans as and when required. The rating further draws comfort from the near completion of the Ecospace Business Park project along with reduction in total cost, healthy sales traction and moderate collection cycle up to 31^st March 2026, albeit slight delay in completion of project which is now expected by December 26. Acuite further notes that the company is upcoming with a new project, Utsaang II (Ghuni) to be executed without any external debt and will provide further revenue visibility over the medium term at a project cost of Rs. 57.62 Cr. (inclusive of land cost). The financial risk profile is healthy marked by increase in networth, gearing below unity and healthy debt protection metrics along with adequate liquidity. These strengths are however, partly offset by the risks associated with the real estate industry.

About the Company

Incorporated in 1993, Bengal Ambuja Housing Development Limited (BAHDL) is a joint venture between West Bengal Housing Board (WBHB) and Ambuja Housing and Urban Infrastructure Company Limited (AHUICL) with an equal equity stake. The Directors of the company are Mr. Harshavardhan Neotia, Mr. Nabakumar Barman, Mr. Ramesh Chandra Sinha and others.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has taken a standalone view of the business and financial risk profile of BAHDL to arrive at the rating. While arriving at the rating of BAHDL, Acuite has taken into account a strong level of implicit financial support from the Ambuja-Neotia group.

Key Rating Drivers

Strengths

Established presence in real estate industry
The Ambuja-Neotia group has a long operational track record in the real estate industry of around four decades. In addition to this, the promoter is highly experienced and actively involved in the operations of the company. Acuité believes that the long operational track record of the group and promoters’ extensive understanding and expertise will support the company’s growth plans going forward.

Financial flexibility of the Ambuja-Neotia group
The Ambuja-Neotia Group has been promoted by the Neotia Family, which has been an integral part of the business community in Kolkata for nearly 125 years. The group through its various Joint Venture Companies and Special Purpose Vehicles (SPVs) has been engaged in development of Real Estate properties, both housing and commercial complexes and in the Hospitality business. The group has strong financial risk profile with a willingness to support their businesses, demonstrated from the continuous infusion of unsecured loans and equity funds into BAHDL as and when required. Acuite believes that BAHDL, being a strategically important entity for the group shall continue to benefit from the financial, operational and management support from the Ambuja-Neotia Group. The parent company Ambuja Neotia Holdings Private Limited (ANHPL) holds around 50 per cent indirectly in BAHDL through AHUICL, which imparts further comfort to the rating. Any changes in the ownership pattern of BAHDL or any event that impinges the group’s overall credit profile shall remain a key rating sensitivity.

Healthy Financial Risk Profile

The company’s financial profile is marked healthy by increase in networth, gearing below unity and healthy debt protection metrics. The tangible networth increased to Rs.106.37 Cr. in FY25 as against Rs.81.73 Cr. in FY24 due to accretion to reserves. The gearing of the company improved to 0.49 times in FY25 from 0.71 times in FY24. The debt protection metrics have improved marked by Interest Service Coverage Ratio (ICR) at 7.53 times and Debt Service Coverage Ratio at 3.48 times and as on March 31, 2025, compared to 3.94 times and 2.03 times respectively on March 31, 2024. Acuite believes that the financial risk profile will on similar levels supported by absence of debt funded capex plans.

Weaknesses

Moderate execution and demand risk in ongoing project
BAHDL has completed two projects Ecospace Residencia and Utsang (Ghuni) where 100% of the total area has been sold. The ongoing project includes Ecospace Business Towers. the cost of project has come down from Rs.268.00 Cr. to Rs.218.00 Cr. BAHDL has incurred around 86% of the revised cost and sold approximately 97% of the total saleable area up to March 2026.
The ongoing project commenced construction in April 2023 and was scheduled for completion by June 2026. However, there has been slight delay in the timeline and had been revised to December 2026. Ecospace Business Towers has generated sales worth Rs. 269.45 crore and received customer advances of Rs. 234.52 crore against the same as of 31st March 2026.
The company is also planning to undertake construction of 2 new towers in Ghuni at a cost of Rs. 57.62 Cr. (inclusive of land cost) to be funded by internal accruals and to be completed by September 2030. At present, this project is at planning stage.
As such, the company remains exposed to execution risks in the final stages of construction. This risk is partially mitigated by the group’s established track record of timely completion of several past projects. Any delay in project completion beyond the scheduled timeline could lead to cost overruns, which could adversely impact profitability and cash flows which will remain a key rating sensitivity going forward. Additionally, the remaining construction is largely dependent on the timely receipt of customer advances and sales velocity of new project. Furthermore, limited demand risk persists, with 3% of the inventory unsold as of 31st March 2026. Acuite believes that timely infusion of funds from the group, timely debt servicing and receipt of customer advances will be a key monitorable.

Exposure to the risks in the Real Estate Industry
The company is exposed to the risk of volatile prices on account of frequent demand supply mismatches in the industry. The Real Estate sector is under high stress on account of large amounts of unsold inventory and high borrowing costs. This is primarily attributable to the high residential property prices due to persistent rollover of bank debt which has a cascading effect on the overall finance costs. Given the high degree of financial leverage, the high cost of borrowing inhibits the real estate developers’ ability to reduce prices.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Timely completion of the ongoing project as per the revised timeline i.e. December 2026 without any cost or time overrun.
Timely sale of unsold inventory and realisation of its customer advances leading to improvement in DSCR above 2.50x
Support from the group in case of any exigencies

Potential triggers (individual or collective) for a downward rating action:

Any delay in project execution of Ecospace Business tower
Any debt funded capex plans impacting financial risk profile

Liquidity Position

Adequate

The liquidity of the company is adequate marked by sufficient net cash accruals stood at Rs. 30.62 Cr. in FY2025 against yearly debt obligation of Rs. 5.36 Cr., over the same term. The group has provided funds to the company from time to time as required; which provides financial flexibility to the company (USL fully repaid in FY24 and stood nil as of March 2026). The current ratio stood at 1.02 times as on 31st March 2025. Furthermore, the overdraft facility has been utilized at ~29% for 12 months ended March 26. The company maintains cash and bank balances of Rs.4.58 Cr. in FY25 as against Rs.10.96 Cr. in FY24. The company also have free fixed deposits of Rs.8.87 Cr. in FY25 as against Rs.26.33 Cr. in FY24. Acuite believes that going forward the liquidity position of the company is likely to remain at similar levels, and collection from customers will continue to remain a key monitorable over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	128.36	135.17
PAT	Rs. Cr.	28.74	18.74
PAT Margin	(%)	22.39	13.87
Total Debt/Tangible Net Worth	Times	0.49	0.71
PBDIT/Interest	Times	7.53	3.94

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
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.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
02 Apr 2025	Secured Overdraft	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	49.00	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	39.54	ACUITE BBB \| Stable (Reaffirmed)
30 May 2024	Proposed Long Term Bank Facility	Long Term	80.48	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.06	ACUITE BBB \| Stable (Reaffirmed)
02 Mar 2023	Secured Overdraft	Long Term	0.60	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	59.40	ACUITE BBB \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	43.19	Simple	ACUITE BBB \| Stable \| Reaffirmed
RBL Bank	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.29	Simple	ACUITE BBB \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
Bandhan Bank	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Aug 2036	45.52	Simple	ACUITE BBB \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Manvi Khaitan
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

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

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

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.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.