Press Release September 21, 2026 HINDUJA REALTY VENTURES LIMITED Rating Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	800.00	ACUITE A+ | Stable | Upgraded	-	RBI
Total Outstanding	0.00	800.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 upgraded its long-term rating to ‘ACUITE A+’ (read as ACUITE A plus) from ‘ACUITE A’ (read as ACUITE A) on the Rs. 800.00 Cr. bank facilities of Hinduja Realty Ventures Limited (HRVL). The outlook is ‘Stable’. Rationale for rating The rating upgrade factors the partial denotification of 10.23 hectares out of the total 12.14 hectares of the Ecopolis project, pursuant to the memorandum dated July 31, 2026, issued by the Ministry of Commerce and Industry, Department of Commerce (SEZ Section). Consequently, approximately 33 acres out of the total 38 acres of project land has been converted into Non-Special Economic Zone (Non-SEZ) area. The upgrade also factors the execution of agreement to sale of the Ecopolis project to Infopark Real Estate Developers Limited and Saltbox Infrastructure Private Limited (entities belonging to the Tata Realty and Infrastructure Limited (TRIS) group), for the total sales consideration of Rs 2,260.78 Cr. This is in lieu of the earlier plan of leasing out the project post denotification. Out of the total expected sale consideration, the company has received the first tranche of approximately Rs.464.68 Cr, utilised towards debt prepayment of Rs 227.55 Cr. and balance towards repayment of group borrowings and extended inter corporate deposits to group company. However, timely completion of denotification of the balance project area which is a condition precent for receipt of the remaining sale proceeds to be utilised towards servicing of the bullet repayment obligation due in February-March 2027 shall remain key monitorable factors. The rating continues to derive strength from the strong parentage and financial flexibility available to the company as part of the Hinduja Group. HRVL serves as the flagship real estate entity of the group and benefits from large land parcels with significant value-unlocking potential, along with a diversified revenue profile. The rating also factors significant liquidity buffers available with the company in the form of inter group loans & advances and liquid listed investments. Further comfort is drawn from presence of an unconditional and irrevocable corporate guarantee from Hinduja Group Limited (HGL  Acuite AA-|Stable) thereby strengthening the credit profile of the company. The rating, however, remains constrained by the inherent cyclicality of the real estate industry, susceptibility to regulatory changes, and intense competition from both organized and unorganized market participants.

About the Company

Incorporated in 1968, Hinduja Realty Ventures Limited (HRVL), based in Mumbai, is the flagship real estate company of the Hinduja group for the real estate development activities. It also has investment in subsidiaries, associates, partnership firms, through which it has undertaken real estate project, investments and develops various land properties in India. The current directors of the company are Mr. Ashok Parmanand Hinduja, Mr. Vishin Gurnani, Mr. Jeet Prakash Chugani, Mrs Kanchana Chitale and Ms. Vandana Deepak Jaisingh.

About the Group

Incorporated in 1995 , Hinduja Group Limited (HGL- Acuite AA-|Stable) ,based in Mumbai, is the holding company of Hinduja group. The group entities include several corporates, viz. Hinduja Realty Ventures Limited, Hinduja Global Solutions Limited, Hinduja Ventures Limited etc. It derives its income in the form of consultancy income, dividends, interest income and share of profits from its subsidiaries. HGL borrows money from the group companies as well as advances loans to the group companies.

Unsupported Rating

­Not applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has considered consolidated business and financial risk profile of HRVL with its subsidiaries and associates to arrive at the rating. The consolidation is on account of common line of business, financial flexibility and common management. Further the rating is notched on account of presence of Hinduja Group Limited and financial support received from HGL on account of the corporate guarantee.

Key Rating Drivers

Strengths

­Part of reputed and diversified Hinduja Group HRVL is a Hinduja group entity and is the holding company for the real estate vertical of the group. Hinduja Group is a diversified conglomerate established in 1914 by Late Mr. Parmanand Deepchand Hinduja and is currently headquartered in London, UK. It currently has footprint in 38 countries. In India, the group has presence in various sectors viz. automotive, oil & lubricants, power, banking & finance, information technology & business process outsourcing, media, foundry, real estate, hospitals & healthcare etc. The companies of the Hinduja group have demonstrated an ability to mobilize funds and refinance their existing debt from various banks and large non-banking finance companies at competitive rates. Acuité believes that HRVL’s credit profile will continue to be supported by strong financial flexibility of Hinduja Group of companies. Strong financial flexibility and strategic importance of Hinduja Group HRVL derives strong financial flexibility from being part of the Hinduja group. The company has significant borrowings outstanding from group companies (Rs 661.19 Cr. as on March 31,2026) extended to support the development of real estate projects. Moreover, HRVL plays a strategic role in heading the real estate arm of the group and has a healthy net worth of Rs 500.45 Cr. as on March 31, 2026 (Prov.).Furthermore, HRVL has invested into various group and other companies including Limited liability partnership (LLP) and partnership firm  aggerating to the total value of   Rs 735.36 Cr. as on March 31, 2026(Prov.)(Rs 596.24 Cr. as on March 31, 2025). Also, it has extended ICDs to group and other companies worth Rs. 318.75 Cr. as on March 31, 2026  (Prov.)(Rs 584.95 Cr. as on March 31, 2025) which are repayable on demand. Diversified revenue base  HRVL has a diversified revenue base with income from real estate development and investment income. The revenues from real estate development comprises of property development and management. The company has invested in various group companies including listed and unlisted, through which it earns dividend income and interest income. The group's total income stood at Rs. 308.98 Cr in FY2025, supported by income from the sale of a land parcel and fixed assets. However, total income declined to Rs. 140.22 Cr. in FY2026 (Prov.). However, with the expected receipt of entire sales proceeds of Ecopolis project in FY27, the cashflows are expected to improve significantly.

Weaknesses

Partial denotification of Ecopolis project from 'Special Economic Zone(SEZ)' to 'Non Special Economic Zone'(N -SEZ) and timely receipt of balance Ecopolis sales proceeds Earlier the company was in the process of denotification of its SEZ status to attract tenants which was expected to complete by end of September 2025. However, due to lack of availability of no objection certificate from the existing tenant the overall exercise was delayed. Therefore, partial denotification was applied in Nov 25 and denotification for 10.23 hectare out of 12.14 hectare was obtained in July 2026, and for balance area it is expected to be received by the Nov-Dec 2026. The complete denotification of the land is also one of condition precedents for releasing of the tranche II payment against the sale deed of Ecopolis project. HRVL is expected to receive its share from the second tranche of balance consideration of Rs. 1,796.10 Cr. , which shall be majorly used for its repayment of debt obligations due in Feb-March 2027 of Rs 522.45 Cr. Therefore, the timely receipt of these funds will also remain a key monitorable. Susceptibility to cyclicality and regulatory risks impacting real estate industry HRVL is exposed to the risk of volatile prices on account of frequent demand supply mismatches in the industry. The real estate sector is currently witnessing moderation in demand 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 had a cascading effect on the overall financing costs. Given the high degree of financial leverage, the high cost of borrowing inhibits the real estate developers' ability to reduce prices. Further, the industry is exposed to regulatory risk, which is likely to impact players such as HRVL, thereby impacting its operating capabilities.

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)

Corporate guarantee for Term Loan facilities: Hinduja Group Limited (HGL) has extended a corporate guarantee for the term loan facilities availed by HRVL. This being the part of Hinduja Group helps to strengthen the credit profile of the HRVL. Stress case Scenario Acuite believes that, given the adequacy of the strategic and financial support by HGL in the form of corporate guarantee, HRVL will be able to service its debt on time, even in a stress scenario.

ESG Factors Relevant for Rating

Hinduja Group Limited, the holding company of Hinduja Realty Ventures Ltd, is committed to driving long term value through sustainable, socially responsible, and ethically governed business practices. With a diversified global portfolio spanning banking & finance, IT, energy, healthcare, infrastructure, and media, the Group is progressively integrating Environmental, Social, and Governance (ESG) principles across all levels of its operations. The group has ventures and investments in clean energy, including solar and wind, under its energy verticals, and has made sustainability a priority in its power and infrastructure projects. Through the Hinduja Foundation, the group is active in healthcare, education, and rural development, serving millions of beneficiaries across India and other countries. The Group emphasizes diversity, equity, inclusion, and safety across its global workforce, and has numerous training and upskilling programs. The Group maintains robust compliance mechanisms, transparent business practices, and zero-tolerance policies toward corruption. Board-level ESG oversight is increasingly being integrated across its key businesses, reflecting modern corporate governance standards. Regular engagement with regulators, investors, and communities ensures alignment with evolving ESG expectations.

Rating Sensitivities

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

­ Improvement in the financial risk profile Improvement in the credit profile of HGL by one or more notches

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

­ Significant increase in debt levels impacting the financial risk profile Change in stance of support by the group or weakening of the company’s strategic importance for the group Weakening of credit profile of HGL by one or more notches

Liquidity Position

Adequate

HRVL's liquidity position is supported by its association with the Hinduja Group and the group's demonstrated commitment towards supporting its real estate business in the event of any financial exigency. The servicing and repayment of HRVL's borrowings are supported by timely fund infusions from Hinduja Group Limited (HGL), thereby ensuring the timely repayment of debt obligations. In FY26, while business inflows were insufficient for the debt servicing obligations (interest and principal) of Rs 228.46 Cr, the same was managed through recall of Inter corporate deposits (ICDs) given to group entities. However, in April 2026 company executed sales agreement for Ecopolis project against which it received tranche I proceeds of Rs 464.68 Cr, utilised towards the prepayment of debt of Rs 227.55 Cr. and balance towards repayment of group borrowings and extended inter corporate deposits to group company.  Moreover, for the balance bullet repayment of ~Rs 522.45 Cr. due in Feb-Mar 2027, the management is proposing to pay from the receipt of share of tranche II proceeds (expected by Dec 2026), timely receipt of which remains a monitorable. However, in case of delay in receipt of proceeds, liquidity remains adequately supported by repayable on demand ICDs of Rs 318.75 Cr. (outstanding as on March 31, 2026 Prov.) from group companies, monetisation of liquid listed investments worth ~Rs 391 Cr. (as on March 31, 2026 Prov.) and monetisation of real estate assets which shall be sufficient to pay the due debt obligations. Further, the average bank limit utilization remained moderate at 53% for the trailing twelve-month period ended July 2026, reflecting adequate liquidity buffer.

Outlook-Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	139.58	178.35
PAT	Rs. Cr.	(116.99)	10.59
PAT Margin	(%)	(83.82)	5.94
Total Debt/Tangible Net Worth	Times	3.06	3.80
PBDIT/Interest	Times	0.56	1.33

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

­Not applicable

Any Other Information

­None

Applicable Criteria

• 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 • Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.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 26 Jun 2025 Secured Overdraft Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 250.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 150.00 ACUITE A | Stable (Reaffirmed) 30 Mar 2024 Secured Overdraft Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 250.00 ACUITE A | Stable (Assigned) Term Loan Long Term 150.00 ACUITE A | Stable (Assigned) Proposed Term Loan Long Term 350.00 ACUITE A | Stable (Assigned) 30 Nov 2023 Secured Overdraft Long Term 50.00 ACUITE A | Stable (Assigned)

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr no Name of the company 1 Hinduja Realty Ventures Limited 2 Hinduja Group Limited 3 Aasia Exports 4 Ashok Plywood Trading Co LLP 5 Hinduja Estate Developers 6 Hinduja Properties Limited 7 Juhu Beach Resorts Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Divya Bagmar Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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