Press Release September 30, 2025 OESPL PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	444.00	ACUITE BBB | Stable | Assigned	-
Total Outstanding	444.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned its long-term rating of 'ACUITE BBB' (read as ACUITE triple B) on Rs.444 Cr. bank facilities of OESPL Private Limited (OESPL). The Outlook is 'Stable'. Rationale for Rating The rating assigned factors the full occupancy and overall improvement in rental income of its total leasable area with reputed clientele such as Tata Projects Limited, Indus Towers Limited, Tata Teleservices Limited, Kalpataru Projects International Limited, UKG (Ultimate Kronos Group), among others. The rating provides additional comfort with the presence of DSRA for three months of debt obligation, routing of lease rentals through escrow account with structured waterfall mechanism. Acuite notes that as per waterfall mechanism, rentals received in the escrow account shall first be appropriated towards the interest and instalment of the loans and then the remaining amount if any shall be credited to operating / current account of the issuer.  Acuite notes that the company has availed additional top up LRD loan of Rs. 75 Cr. in FY 25-26. OESPL has given Rs. 338.50 cr. of loans & advances to group / subsidiary entities who are in same line of business as on 31st August 2025. Apart from lease rentals, the company is also receiving interest income from group / subsidiaries within the range of 8-10% annually. However, the rating is constrained by renewal risk which is in regard to tenure and lease rentals which will remain a key rating sensitivity factor.

About the Company

­Incorporated in 2005, OESPL Private Limited is registered in H-19, Udyog Nagar Main Rohtak Road, West Delhi, New Delhi, Delhi, India, 110041. The directors include Mr. Deepanshu Gupta and Mr. Mahesh Kumar. The company is engaged in business of owning, developing and leasing of commercial spaces. OESPL Private Limited (Earlier known as Okaya Energy Systems Private Limited) is a private limited Company. OESPL has been maintaining IT/ ITES hub and development of world class IT/ ITES infrastructure. In the year 2014, OESPL started its leasing operation from its owned 'Okaya Tower' in Sector 62, Noida.

Unsupported Rating

­Not Applicable.

Analytical Approach

­Acuite has considered standalone business and financial risk profile of OESPL Private Limited to arrive at this rating.

Key Rating Drivers

Strengths

­Experienced Promoters The key promoter and founder of OESPL, Mr. Rajesh Gupta have more than a decade of experience in same line of industry. Prior to this, he is associated with Microtek International Private Limited from 1986 and founded OKAYA Power Private Limited in 2012. He later constructed 'OKAYA Centre' having four towers in Sector 62, Noida, Uttar Pradesh with his own funds without availing any external debt. The towers have been fully leased out 31 different tenants with the lock in period of minimum three years and price escalation with 15% for every three years. Acuite believes that strong financial backbone and high experience of the promoters indicates comfort for OSEPL in longer term. Improving Operating performance with strong clientele The company has entered into medium term lease agreements with strong & reputed clientele i.e. Tata Projects, Indus Towers Limited, Tata Teleservices, Kalpataru Projects, UKG (Ultimate Kronos Group), etc. The company has received lease rentals including CAM revenue of Rs. 72.86 Cr. in FY25 (prov.) against Rs. 67.91 Cr. in FY24. The expected rentals to be received by the company is ~Rs. 73.47 Cr. for FY26. Acuite believes that the company will be able to achieve the projected rentals in medium term with price escalation clause inbuilt as a part of their contracts with all tenants of 15 % for three years.

Weaknesses

­Huge Exposure of Loans & Advances to Group Associates OESPL has given the loans & advances to group associates to the tune of Rs. 338.50 Cr. (including fresh sanction of LRD loan of Rs. 75 Cr.) as on 31st August 2025 on which the company enjoys interest income within the range of 8-10% annually. This interest income supports the OESPL to service the debt obligation (interest & Principal) of LRD loans. Acuite believes that any default from group entities may impact the liquidity to service the debt. Presence in highly competitive and fragmented nature of industry The real estate industry in India is highly fragmented, with most of the real estate developers having a city or region-specific presence. The risks associated with the real estate industry are cyclical and interest rate risk, among others, which could affect operations. The company is exposed to lease renewal risk, i.e., while renewing the lease agreements, any significant renegotiations by the lessees can adversely impact the cash flows.

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)

­The company is required to maintain DSRA for three months of debt obligation where lease rentals will route though escrow account along with the waterfall mechanism.

Rating Sensitivities

­Movement in lease rental and overall cash flows as envisaged by the company. Renewal of tenancy agreement Any additional top up LRD loan availed for funding in the group entities.

Liquidity Position

Adequate

­OESPL's liquidity profile is adequate marked by healthy lease rentals routed through escrow mechanism with structured waterfall mechanism and presence of DSRA for three months of interest & principal resulted into additional cushion. Further, the company expected to have a comfortable average cash flow coverage ratio of 1.22 times from FY 26 to FY 31. Going forward, Acuite believes that liquidity profile of the company is expected to improve in near to medium term following improving lease rentals.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Provisional)	FY 24 (Actual)
Operating Income	Rs. Cr.	72.86	67.91
PAT	Rs. Cr.	38.43	14.57
PAT Margin	(%)	52.75	21.45
Total Debt/Tangible Net Worth	Times	3.71	5.10
PBDIT/Interest	Times	2.71	1.57

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

­None

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 • Lease Rental Discounting : https://www.acuite.in/view-rating-criteria-106.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 :

­Not Applicable

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Bandhan Bank Not avl. / Not appl. Lease Rental Discounting 26 Sep 2023 Not avl. / Not appl. 31 May 2034 369.20 Simple ACUITE BBB | Stable | Assigned Bandhan Bank Not avl. / Not appl. Lease Rental Discounting 28 Mar 2025 Not avl. / Not appl. 31 Mar 2037 74.80 Simple ACUITE BBB | Stable | Assigned

Contacts

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

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.