Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 8.53 ACUITE BBB- | Stable | Assigned -
Bank Loan Ratings 71.47 - ACUITE A3 | Assigned
Total Outstanding 80.00 - -
Total Withdrawn 0.00 - -
 

Rating Rationale

Acuite has assigned its long term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) and short term rating of 'ACUITE A3' (read as ACUITE A three) on the bank facilities of Rs. 80.00 crore of Omaxe Limited (OL). The outlook is 'Stable'.

Rationale for Rating


The assigned ratings factors the group’s long and established track record of over three decades in the real estate sector, evidenced by the successful completion of more than 275 projects since inception. The group has delivered over 9 crore sq. ft. of saleable area and has a presence across 30 cities in Northern India. The ratings also derive comfort from the stable operating performance, reflected in healthy collections, satisfactory coverage indicators, and lower reliance on external debt.

As on September 30, 2025, the Omaxe Group is developing more than 90 projects, wherein the expected total collections are projected to be more than twice the remaining project cost to be incurred, thereby providing a healthy financial buffer for ongoing and upcoming projects. Liquidity remains adequate, supported by a projected average DSCR above 2 times during FY26 to FY29.

However, the above strengths are constrained by ongoing litigations at the Group level, sustained losses reported over the past four financial years, and exposure to implementation and execution risks inherent to the real estate sector.­

Analytical Approach

Key Rating Drivers

Rating Sensitivities

Particulars Unit FY 25 (Actual) FY 24 (Actual)
Operating Income Rs. Cr. 1560.99 1614.32
PAT Rs. Cr. (685.40) (405.91)
PAT Margin (%) (43.91) (25.14)
Total Debt/Tangible Net Worth Times (2.89) 1.81
PBDIT/Interest Times (2.72) (2.47)