Press Release

Press Release

October 16, 2026

JAKSONS DEVELOPERS PRIVATE LIMITED
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	35.89	ACUITE BBB \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	39.84	Not Applicable \| Withdrawn	-	RBI
Total Outstanding	0.00	35.89	-	-	-
Total Withdrawn	0.00	39.84	-	-	-

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

Acuité has reaffirmed the long-term rating of "ACUITE BBB" (read as ACUITE triple B) on the Rs. 35.89 Cr. bank loan facilities of Jaksons Developers Private Limited. The outlook is "Stable".

Further, Acuite has withdrawn the long-term rating on the bank loan facilities of Rs. 39.84 Cr. bank facilities of Jaksons Developers Private Limited (JDPL) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

Rationale for rating
The rating takes into account the company’s stable scale of operations, with operating income improving marginally to Rs. 92.07 Cr. in FY2026 (Prov.) from Rs. 89.58 Cr. in FY2025 supported by the steady revenue generated from the hotel, driven by improved occupancy levels, average room rent (ARR), revenue per room (RevPAR). Further, the company has reported net revenue of Rs. 47.16 Cr. till 31st August 2026 (5M FY2027). The rating also draws comfort from the company’s comfortable financial risk profile as demonstrated by healthy net worth, gearing below unity, and moderate debt protection metrics. The liquidity position remains adequate marked by sufficient net cash accruals against repayment obligations, and the absence of debt-funded capex plans in the near to medium term. However, the abovementioned strengths are partly offset by the moderated operating profitability, with EBITDA margin at 23.42% in FY2026 (Prov.) as against 30.57% in FY2025 owing to higher expenses incurred during the year. The ability of the company to improve its profitability margins in the near to medium term while sustaining its revenue growth will remain a key rating monitorable factor. Additionally, the rating remains constrained by the intensive working capital operations marked by high inventory holding and intense competition in the hospitality industry.

About the Company

Incorporated in 2006, Jaksons Developers Private Limited is based in Delhi. The company is engaged in real estate development and developed a mall, City Centre, and later the company entered into maiden hospitality venture wherein it developed and currently operates a hotel-cum-commercial project in the Northern part of Delhi (Rohini). The hotel is under the name of ‘Crowne Plaza’ (brand owned by InterContinental Group) and has a total of 183 rooms. It commenced its operations in May 2011. Currently the company is managed by Mr. Arun Kumar Gupta and Mr. Virender Gupta.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of Jaksons Developers Private Limited (JDPL) to arrive at the rating.

Key Rating Drivers

Strengths

Established track record of operations and Experienced Management
JDPL is engaged in hospitality and commercial real estate businesses. The company initially undertook real estate development activities and developed City Centre, a mall located in Rohini, Delhi. Currently, the company continues to hold unsold commercial inventory in its City Centre Mall project. Subsequently, the company diversified into the hospitality sector through the development of 'Crowne Plaza', a hotel-cum-commercial project in Rohini, Delhi, which currently comprises 183 rooms. In addition to accommodation services, the hotel offers amenities including in-house restaurants, ballrooms, and an executive lounge, among others. The company is promoted by Mr. Arun Gupta and Mr. Virender Gupta, who have over two decades of experience in the real estate and the hospitality industries. Acuité derives comfort from the promoters' industry experience and expects the company to continue benefiting from their management expertise and established track record over the medium term.

Steady revenue profile albeit moderated profitability margins
The operating revenue of the company improved marginally to Rs. 92.07 Cr. in FY2026 (Prov.) as against Rs. 89.58 Cr. in FY2025, supported by the steady revenue from the hotel. The operating performance remained healthy, with occupancy levels increasing to 76.91% in FY2026 (Prov.) as against 73.21% in FY2025. Further, key operating indicators witnessed improvement with average room rate (ARR) and revenue per available room (RevPAR) increasing by 2.07% and 7.59%, respectively, during FY2026 (Prov.). However, the company’s operating profitability moderated during the year with EBITDA Margin at 23.42% in FY2026 (Prov.) against 30.57% in FY2025 on account of higher expenses incurred during the year. Consequently, the PAT Margin stood at11.66% in FY2026 (Prov.) against 16.46% in FY2025. The company has reported net revenue of Rs. 47.16 Cr. till 31st August 2026 (5M FY2027). Acuite expects the company's revenue profile to remain supported by the established operations of the ‘Crowne Plaza’ hotel and the gradual improvement in occupancy levels and room rates over the near to medium term. However, the ability of the company to improve its profitability margins in the near to medium term while sustaining its revenue growth will remain a key rating monitorable factor.

Comfortable Financial Risk Profile
The financial risk profile of the company is comfortable, marked by healthy net worth, gearing below unity and moderate debt protection metrics. The tangible net worth of the company stood at Rs. 281.69 Cr. as on 31^st March 2026 (Prov.) as against Rs. 270.78 Cr. as on 31^st March 2025 on account of accretion profits into reserves. The capital structure marked by gearing ratio at 0.23 times as on 31^st March 2026 (Prov.) as against 0.29 times as on 31^st March 2025. Moreover, the coverage indicators marked by interest coverage ratio and debt service coverage ratio stood at 5.80 times and 1.04 times, respectively, as on 31^st March 2026 (Prov.). Further, Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 0.34 times as on 31^st March 2026 (Prov.) as against 0.42 times as on 31^st March 2025, while the Debt/EBITDA remained largely stable at 2.56 times as on 31^st March 2026 (Prov.) against 2.53 times as on 31^st March 2025. Acuite expects the financial risk profile of the company to remain in similar range with no debt funded capex plans in near to medium term.

Weaknesses

Intensive Working Capital Operations
The working capital operations of the company improved yet remained intensive marked by GCA days which stood at 199 days as on 31^st March 2026 (Prov.) as against 216 days as on 31^st March 2025. The high GCA days are primarily on account of high inventory holding with inventory days at 127 days as on 31^st March 2026 (Prov.) against 142 days as on 31^st March 2024. The total outstanding inventory primarily comprises of unsold inventory of the company's commercial project (City Centre Mall, Rohini) along with food and beverage inventory maintained for hotel operations. Further, the debtor days stood at 9 days as on 31^st March 2026 (Prov.) against 14 days as on 31^st March 2025. Acuite expects that the working capital operations of the company to remain in similar range in near to medium term, given the continued holding of commercial inventory and the nature of hospitality operations.

Highly competitive nature of industry
The hospitality sector is vulnerable to high competition and cyclicality due to the expansion of domestic players and the growing presence of overseas competitors. Several chains have been established and others have their plans to establish hotels to take advantage of the opportunities in the market. These entrants are expected to intensify the competitive environment. Acuité believes the success of the company will be dependent upon its ability to compete in areas such as room rates, quality of accommodation, service level and convenience of location and also the quality and scope of other amenities, including food and beverage facilities.

Rating Sensitivities

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

Consistent growth in operating income by more than 25%.
Significant improvement in the operating profitability position.
Sustenance of capital structure and debt protection metrics.

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

Decline in revenue y-o-y and/or operating profitability margins below 20%.
Stretch in working capital cycle.
Lower-than-expected cash accruals generation, leading to pressure on debt servicing ability.

Liquidity Position

Adequate

The liquidity position of the company is adequate, marked by net cash accruals of Rs. 16.60 Cr in FY2026 (Prov.) as against debt repayment obligations of Rs. 15.75 Cr. during the same period. The cash and bank balance of the company stood at Rs. 0.55 Cr. in FY2026 (Prov.). Further, the current ratio improved marginally to 0.72 times in FY2026 (Prov.) as against 0.68 times in FY2025. The fund based working capital limits stood utilized at 76.03% for the last six months ended August 2026. Going forward, Acuite expects the company to maintain adequate liquidity position supported by sufficient accruals against debt repayment obligations, and the absence of any debt-funded capex plans in the near to medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	92.07	89.58
PAT	Rs. Cr.	10.74	14.75
PAT Margin	(%)	11.66	16.46
Total Debt/Tangible Net Worth	Times	0.23	0.29
PBDIT/Interest	Times	5.80	5.05

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

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
18 Jul 2025	Term Loan	Long Term	11.11	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	21.29	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	19.21	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.61	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	6.51	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Secured Overdraft	Long Term	15.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
19 Apr 2024	Term Loan	Long Term	6.25	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.52	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.16	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.51	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	15.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.23	ACUITE BBB- (Reaffirmed & Withdrawn)
	Term Loan	Long Term	8.43	ACUITE BBB- (Reaffirmed & Withdrawn)
	Term Loan	Long Term	5.54	ACUITE BBB- (Reaffirmed & Withdrawn)
	Term Loan	Long Term	3.12	ACUITE BBB- (Reaffirmed & Withdrawn)
	Term Loan	Long Term	3.95	ACUITE BBB- (Reaffirmed & Withdrawn)
20 Jan 2023	Term Loan	Long Term	35.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
	Secured Overdraft	Long Term	15.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)
	Term Loan	Long Term	50.00	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+ \| Stable)

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.	39.84	Simple	ACUITE Not Applicable \| Withdrawn
Karnataka Bank Ltd	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Jan 2019	Not avl. / Not appl.	22 Feb 2029	10.22	Simple	ACUITE BBB \| Stable \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	05 Jul 2021	Not avl. / Not appl.	05 Jul 2027	2.61	Simple	ACUITE BBB \| Stable \| Reaffirmed
Karnataka Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	06 Mar 2020	Not avl. / Not appl.	06 Mar 2030	8.06	Simple	ACUITE BBB \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
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 ⁶	RBI
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 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
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 ⁶	RBI
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) ⁷	+
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.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

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 ⁸	Not applicable

⁸ 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.