Press Release

June 16, 2026

MAHAAVIR SUPERSTRUCTURES PRIVATE LIMITED
Rating Upgraded

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	70.00	ACUITE BBB+ \| Stable \| Upgraded	-	RBI
Total Outstanding	70.00	-	-	-
Total Withdrawn	0.00	-	-	-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

Acuité has upgraded the long-term rating to 'ACUITE BBB+' (read as ACUITE triple B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs.70.00 Cr. bank loan facilities of Mahaavir Superstructures Private Limited (MSPL). The outlook is ‘Stable’.

Rationale for rating

MSPL had appealed the rating assigned on the existing bank facilities to it on May 19th, 2026 and had provided incremental information based on which the rating is being upgraded. The rating upgrade takes into account the healthy cumulative surplus of Rs.146.16 Cr. generated by the company from its projects, Mahaavir Exotique – Phase I and II and Aikyam. The same has largely been reinvested into ongoing projects, supporting construction progress and operational continuity, thereby reducing dependence on external borrowings. Apart from project deployment, the company has also utilized surplus towards the acquisition of land parcels, providing long-term development visibility. As on 9th June 2026, the company has a total land bank of approximately 1,57,844 sq. mtrs., recorded at an estimated book value of Rs. 78.31 Cr.

The rating further factors that the construction of Mahaavir Exotique Phase I being fully completed ahead of schedule by February 2026 with close to full sales achievement as on 31st March 2026. Further, the project fundamentals across all ongoing projects - Mahaavir Exotique Phase II, Aikyam, and Mahaavir Amber are healthy, driven by higher sales momentum, improving receivables position, and enhanced financial flexibility. Additionally, the adequate customer advance inflows coupled with the absence of near term debt repayment obligations and steady construction progress are expected to support an average cash coverage ratio (CCR) of more than two times during FY2027 to FY2029. The rating further draws comfort from the experienced promoters, locational advantage, and strong brand presence in Navi Mumbai.

However, the rating remains constrained by the exposure of ongoing projects to execution, demand, and implementation risks. Additionally, the proposed launch of Mahaavir Exotique Phase III in FY2027 is expected to carry similar risk exposures. Acuité also notes the company’s susceptibility to real estate cyclicality and regulatory risks.

About the Company

Based in Belapur, Navi Mumbai, Mahaavir Superstructures Private Limited (MSPL) is a part of the Mahaavir Group and was incorporated in 2019. The company is a real estate developer that builds residential and commercial spaces primarily in Navi Mumbai. The current directors of the company are Mr. Omprakash Bhanwarlal Chhajer and Mr. Mohnish Omprakash Chhajer.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone view of the business and financial risk profile of Mahaavir Superstructures Private Limited (MSPL) to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and strong brand presence in Navi Mumbai
MSPL incorporated in the year 2019, is a part of Mahaavir Group, having an established operational track record of over three decades. MSPL is engaged in developing residential real estate development projects, primarily in Navi Mumbai, and is promoted by Mr. Omprakash Chhajer, who possesses more than three decades of varied experience across sectors like textile trading, manufacturing of edible oil, and real estate. He is supported by his son, Mr. Mohnish Chhajer, and a team of experienced professionals in managing day-to-day operations. The projects executed by the company are based in the Navi Mumbai region, which has witnessed steady residential and commercial real estate activities and demand supported by improving infrastructure connectivity, proximity to Mumbai, upcoming metro projects, Navi Mumbai International Airport, and planned urban development.

The company currently has three ongoing projects - Mahaavir Exotique Phase II, Aikyam (joint development with Today Royal Group), and Mahaavir Amber. The company also plans to launch Mahaavir Exotique Phase III in FY2027, for which RERA approval is yet to be received by the company. The extensive experience of the promoters has enabled MSPL to establish a healthy relationship with the contractors and the material suppliers. Acuité believes that, supported by its locational advantage, extensive experience of the promoters, and established execution capabilities, the company is well-placed to complete and deliver its ongoing projects in a timely manner.

Healthy sales momentum across projects
The construction of Mahaavir Exotique Phase I has been fully completed ahead of schedule by February 2026 (originally scheduled for completion by December 2026), with 96.78% of inventory sold as on 31st March, 2026. Moreover, the sales momentum across the ongoing projects - Mahaavir Exotique Phase II, Aikyam, and Mahaavir Amber remained healthy, supported by a steady inflow of customer advances. The combined inventory sold under Mahaavir Exotique Phase II and Aikyam stood at 83.53% as on 31st March, 2026, against 44.38% as on 31st December, 2024. In Mahaavir Amber, sales remained moderate, with 25.79% inventory sold vis-à-vis 38.98% cost incurred as on 31st March, 2026. Further, as on 31st March, 2026, the company has outstanding receivables estimated at Rs. 120 Cr. to Rs. 130 Cr. from sold inventory and an additional Rs. 80 Cr. to Rs. 90 Cr. from unsold units, which are expected to be realized in the near to medium term. Acuité expects MSPL’s established execution track record and market presence to continue supporting steady sales momentum and collections.

Weaknesses

Exposure to Project Execution, Demand and Implementation Risks
Project execution risks persist for Mahaavir Exotique Phase II and Mahaavir Amber, wherein around 45% and 61% of the costs are yet to be incurred in the near to medium term. Demand risk is also associated with all the ongoing projects - Exotique Phase II, Aikyam, and Amber, given the balanced inventory yet to be sold coupled with the fragmented, unorganized nature of the Navi Mumbai real estate market, which heightens competitive pressure. Additionally, all projects are exposed to implementation risk with scheduled completion by FY2028. The proposed launch of Mahaavir Exotique Phase III in FY2027 further adds exposure to execution, demand, and implementation risks. The funding structure also exhibits a relatively higher reliance on customer advances, increasing susceptibility to delays in collections and customer payment behaviour. The company’s ability to command favourable realizations remains crucial. Acuité believes that timely project execution and timely realization of receivables will remain a key rating sensitivity over the medium term.

Susceptibility to Real Estate Cyclicality and Regulatory Risks
The real estate industry in India is highly fragmented, with most of the real estate developers having a city-specific or region-specific presence. Further, the risks associated with the real estate industry are cyclical in nature and directly linked to drops in property prices and interest rate risks, which could affect the operations. Given the high level of financial leverage, the high cost of borrowing prevents the real estate developers from significantly reducing prices to boost sales growth. Moreover, the industry is also exposed to certain regulatory risks linked to stamp duty and registration tax, directly impacting the demand and thus the operating growth of real estate players.

Rating Sensitivities

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

Timely realization of customer advances pending from sold inventory.
More than expected overall collection from committed receivables and unsold inventory.
Timely completion of the ongoing projects.

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

Lower than expected sales traction leading to dependence on debt for the ongoing projects.
Sharp decline in cash flow by slackened saleability of the project or delays in project execution.
Company’s average cash coverage ratio falls below 1.3 times.

Liquidity Position

Adequate

The liquidity position of MSPL is adequate, supported by the healthy cash flows being generated and the absence of near-term debt repayment obligations, which are expected to translate into an average cash coverage ratio (CCR) of more than two times during FY2027 to FY2029. Further, the company has generated a healthy cumulative surplus of Rs.146.16 Cr. generated by the company from its projects, Mahaavir Exotique – Phase I and II and Aikyam. The same has largely been reinvested into ongoing projects, supporting steady construction progress and operational continuity, thereby reducing dependence on external borrowings. Apart from project deployment, the company has also utilized surplus towards the acquisition of land parcels, providing long-term development visibility. As on 9^th June 2026, the company has a total land bank of approximately 1,57,844 sq. mtrs., recorded at an estimated book value of Rs. 78.31 Cr. Additionally, the promoters are also financially backed to infuse funds, if required, to meet cost escalations, as witnessed in the past projects. Acuité expects the liquidity position of the company to remain adequate, backed by healthy collections against its project funding coupled with stable cash inflows.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	81.00	93.74
PAT	Rs. Cr.	39.03	8.17
PAT Margin	(%)	48.18	8.71
Total Debt/Tangible Net Worth	Times	0.80	2.37
PBDIT/Interest	Times	33.87	454.01

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
19 May 2026	Proposed Long Term Bank Facility	Long Term	70.00	ACUITE BBB \| Stable (Reaffirmed)
18 Feb 2025	Term Loan	Long Term	70.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
22 Nov 2023	Term Loan	Long Term	70.00	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.	70.00	Simple	ACUITE BBB+ \| Stable \| Upgraded ( from ACUITE BBB )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Archita Sharma
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.

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