For arriving at this rating, Acuité has consolidated the business and financial risk profiles of Adarsh Heights Private Limited (AHPL), Chalice Real Estate LLP (CREL) and Arrowline Realestate Private Limited (ARPL) together referred as the ‘Beekay Group’. The consolidation is in view of common management, similar line of business and strong financial linkages between the entities in the form cash flow fungibility and operate under the common brand name, Nucleus.
 

Experienced management in real-estate business

The group is promoted by Mr. B.K. Agrawala who possess an experience of more than two decades. Further, supported by Mrs. Anushri Agrawala, who have around two decades of experience in the real estate business. The extensive experience of the promoters is reflected through the long-term lease agreements with its reputed tenants. The long-term lease agreements ensure stable and timely rental income during the lease period. Acuite believes that the experienced management and long-term lease agreements with the reputed clientele will continue to benefit the group going forward.

Strategic location of the assets coupled with stable revenue profile

The group derives significant comfort from the well-established location of its assets in Ranchi, which supports demand visibility. Nucleus Mall, located on Circular Road in the heart of the city and surrounded by affluent residential neighbourhoods, enjoys strong connectivity with the railway station (~4 km) and airport (~8 km), aiding steady inflow from both local consumers and business travellers. Similarly, the upcoming Nucleus City project at Gymkhana Road is situated in a well-developed market with easy access to key infrastructure facilities and availability of skilled and unskilled labour, enhancing project execution and long-term commercial viability.
The group has achieved revenues of Rs. 57.89 Cr. in FY2025 as compared to Rs.54.42 Cr. in FY2024. Nucleus Mall is fully occupied with a diversified reputed tenant brands, long lease agreements and in-built rental escalations, which shows stability of inflows over the medium term. Further, the sales velocity in the residential project (Nucleus City) in CREL will remain a monitorable since the project is completed but the property is sold to the extent of 54%. Additionally, the commencement of operations of Courtyard by Marriott hotel in April 2025 adds to the asset portfolio, while the project is in the stabilisation phase, its performance remains a key monitorable. Acuite believes the revenue profile will remain stable based on locational advantage, confirmed lease agreements, customer advances and hotel inflows over the medium term.

Moderate financial risk profile

The group’s moderate financial risk profile is marked by improving networth, high gearing and moderate debt protection metrics. The net worth of the group increased to Rs.98.38 Cr. as on March 31, 2025, as against Rs.85.97 Cr. as on March 31, 2024. The gearing of the group stood high at 6.06 times as on March 31, 2025, as against 6.55 times as on March 31, 2024. The Interest Coverage Ratio stood at 1.86 times in FY2025 as against 1.85 times in FY2024. Acuite believes the steady lease rentals from the commercial portfolio, hotel inflows and good saleability in residential projects shall help in improving the financial risk profile over the medium term.

Risks related to execution of the ongoing project

The group is exposed to execution and completion risks pertaining to its ongoing commercial project, Nucleus City Mall, being developed under CREL. The project has witnessed multiple revisions in the Commercial Operation Date (COD), primarily on account of litigation regarding the height, which resulted in a temporary halt in construction. Although the litigation has now been resolved, the cumulative delays have led to a revised project timeline, with the balance construction now expected to be completed by March 2027, as against the earlier schedule of August 2025. As of FY26, ~72% of the work has been completed. Additionally, the project cost has been revised to Rs.212.96 crore from Rs.195 crore.
Acuite believes that the timely completion of the project without further time or cost overruns, along with the ability to arrange the remaining funding in a timely manner, will remain a key rating sensitivity going forward.

Decline in Rental inflow from Nucleus Heights
The cash flow profile has witnessed moderation under ARPL due to declining rental income from Nucleus Heights primarily on account of planned monetisation of commercial space and tenant exits. During FY26, commercial space of 32196 sq. ft was sold to third parties, at a sale consideration of Rs.35.54 crore, which was utilised to prepay one of the outstanding term loans during November–December 2025.
Further, some of the tenants have vacated the premises, which led to the decline in rental income. The promoter is planning to sell the remaining commercial space of 26364 sq. ft. with discussions underway. Acuite believes that sustained reduction in rental income due to further exit of tenants may weaken the cash flow visibility which will remain a key monitorable factor.

• Sustainability in the financial risk profile with average DSCR more than 2.00 times and maintaining adequate liquidity
• Timely collection of rentals, sale of residential property and timely renewal of agreements

• Any significant loss of rental income on account of non-renewal of agreements on times, delay in securing new lessees when spaces are vacated
• Sustained slowdown in sales velocity in Nucleus City under CREL
• New Large debt funded projects