Press Release

Press Release

August 14, 2026

PRIMARC PROJECTS PRIVATE LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	150.32	ACUITE BBB- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	26.00	ACUITE BBB- \| Stable \| Reaffirmed	-	RBI
Total Outstanding	0.00	176.32	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 reaffirmed the long-term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 26.00 crore bank facilities of Primarc Projects Private Limited. The outlook is 'Stable'.
Acuite has assigned the long-term rating of 'ACUITE BBB-' (read as ACUITE triple B minus) on the Rs. 150.32 crore bank facilities of Primarc Projects Private Limited. The outlook is 'Stable'.

Rationale for Rating
The rating reaffirmation factors the company's demonstrated execution capabilities, as reflected in the successful completion of projects - Primarc Chambers and Primarc Ramdulari, both of which have achieved 100% inventory sales along with healthy collection efficiency as on July 31, 2026.
Acuite notes that the company has launched 2 new projects- Primarc Aadvika and Primarc Aahana at a cumulative cost of Rs. 330.01cr, which, despite being at early stages of execution, have witnessed moderate sales velocity and collections up to July 31, 2026. Acuite also takes cognizance of the proposed launch of Primarc Aaranya, with an estimated project cost of Rs. 337.89 crore (including land cost). Except Aahana, which is to be funded by customer advances, other two projects would be funded in a mix of external debt, promoter contribution, and customer advances, and is expected to provide revenue visibility over the medium term. The debt funding has already been tied up for Primarc Aaranya and Primarc Aadvika. The rating remains constrained by the high implementation risks associated with the timely completion and stabilization of the ongoing and upcoming projects. While sales traction has improved post-March 2026, the sustainability of demand for the under-construction, timely customer collections will remain a key monitorable.
The company's moderate financial risk profile, adequate liquidity position supported by the presence of a DSRA and escrow mechanism, as well as its diversified presence across the residential and commercial real estate segments. The rating continues to draw comfort from the established market position of the company coupled with experienced management in the real estate business and the willingness of the group to support the business through regular infusion of funds largely in the form of unsecured loans as and when required.

About the Company

Kolkata Based Primarc Projects Private Limited (main flagship company of Primarc group) was incorporated in 2006. It is engaged in the business of development and construction of residential and commercial properties around West Bengal. The operations of the company are managed by Mr. Mahesh Pansari, Mr. Sidharth Pansari and Mr. Narendra Dhanuka.

About the Group

Shrimarc Mall LLP
Incorporated in 2013, Shrimarc Mall LLP (SML) is a Limited Liability Partnership (LLP) between Calcutta Beacon Engineering Co LLP (CBECL; part of Shrachi group) and Sky Vinimay Private Limited (SVPL; part of Primarc group) in an equal profit-sharing ratio. SML operates a commercial mall at Durgapur (West Bengal) named ‘Junction Mall’ which is a multi-storeyed shopping mall with various brand outlets, and restaurants. The mall was inaugurated in March, 2011 and Primarc Group entered into partnership with Shrachi Group in 2013. The property has a leasable area of 2.85 lakh sq. ft. It is located in the heart of the Durgapur town and was inaugurated in 2011. The business is managed by Mr. Siddharth Pansari and Mr Ravi Todi.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered standalone business and financial risk profile of Primarc Projects Private Limited to arrive at the rating.

Key Rating Drivers

Strengths

Established presence in real estate industry
The company has a long operational track record in the real estate industry of more than two decades. In addition to this, the promoter is highly experienced and actively involved in the operations of the company. Acuite believes that the long operational track record of the group and promoters’ extensive understanding and expertise will support the company’s growth plans going forward.

Moderate Financial risk profile
The financial risk profile is moderate marked by an increase in the net worth to Rs. 61.33 Cr. as on March 31,2026 (Prov.) as compared to Rs. 48.33 Cr. as on March 31,2025 due to accretion to reserves and issued optionally convertible debentures of Rs.17.68 Cr. Gearing stood at 1.37 times as on March 31, 2026 (Prov.) as against 1.60 times as on March 31,2025. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 1.87 times as on March 31, 2026 (Prov.) as compared to 2.23 times as on March 31,2025. The debt protection metrics is marked by Interest Coverage Ratio at 3.80 times and Debt Service Coverage Ratio at 2.79 times as on March 31, 2026 (Prov.). Acuite believes that going forward the financial risk profile will remain moderate over the medium term with steady cash accruals in the absence of any major debt funded capex plans.

Presence of DSRA and Escrow Account
The company has taken a term loan of Rs. 26 Cr. to repay unsecured loans availed by the company from third or unrelated parties. The same would be repaid by 50% of surplus of its group entity, Shrimarc Mall LLP (SML) which is expected to be received in Escrow account in Sky Vinimay Private Limited (part of Primarc Group) and in turn transferred to PPPL. The company also maintains a DSRA of Rs. 1 Cr. as on 31st March 2026 which provides comfort on the liquidity profile.
The company has also availed project term loans of Rs. 152.84 crores. As per the covenant in sanction letter, the company is required to maintain DSRA equivalent to three months' interest obligations which will provide additional liquidity comfort. Acuite notes that the servicing of these debt obligations remains linked to the timely customer collections from PPPL's ongoing and upcoming projects which remains monitorable.

Weaknesses

Moderate project risk
PPPL has completed two projects Primarc Chambers and Primarc Ramdulari where 100% of the total area has been sold. The ongoing project includes Primarc Aadvika and Primarc Aahana. The cost of project is Rs.330.00 Cr. PPPL has incurred around 13.97% of the total cost and sold approximately 14.41% of the total saleable area up to July 2026.
The ongoing projects commenced construction in September 2025 and February 2026 respectively and are scheduled for completion by FY31. The ongoing projects have generated sales worth Rs.95.17 Cr and received customer advances of Rs. 14.06 crore against the same as of 31st July 2026 (including developer and landowner share).
The company is also planning to undertake construction of an upcoming project, Primarc Aaranya (Kasba) at a cost of Rs. 337.89 Cr. (inclusive of land cost) to be funded by a mix of external debt, promoters’ contribution and customer advances expected to be completed by December 2031. At present, this project is at approval stage for the official launch.
As such, the company remains exposed to project execution risks. This risk is partially mitigated by the company’s established track record of timely completion of several past projects. Any delay in project completion beyond the scheduled timeline could lead to cost overruns, which could adversely impact profitability and cash flows which will remain a key rating sensitivity going forward. Additionally, the remaining construction is largely dependent on timely receipt of customer advances and sales velocity of new and ongoing projects. Acuite believes that timely infusion of funds from the group, timely debt servicing and receipt of customer advances will be a key monitorable.

Risk of timely cash flow and servicing of debt
Since the repayment of the Rs.26 Cr loan is linked to cash flow of its group entity, Shrimarc Mall LLP and timely inflow of funds in the escrow account, the same remains a key monitorable. Any adverse change in tenancies of Shrimarc Mall LLP or exit by tenants, might have a direct impact on the credit risk profile of the loan in PPPL.

Inherent cyclicality in the sector
The real estate industry is highly fragmented with most of the real estate developers, having a city-specific or region-specific presence. The risks associated with the real estate industry - cyclical nature of business (drop in property prices), interest rate risk can affect the operations of the company.

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)

PPPL maintains a Debt Service Reserve Account (DSRA) equivalent to 3 times of average 120 month's debt servicing obligation along with the ESCROW mechanism.

Stress Case scenario

Acuite believes that, given the presence of DSRA mechanism equivalent to 3 times of average 120 month's debt servicing obligation PPPL will be able to service its debt on time, even in a stress scenario

Rating Sensitivities

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

Higher-than-expected sales of inventory along with timely receipt of customer advances ranging above 60% of sales

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

Delay in completion of the ongoing real estate projects resulting in cost overruns

Liquidity Position

Adequate

The liquidity position is adequate marked by net cash accruals of Rs.12.94 Cr. as on March 31, 2026 (Prov.) as against Rs.1.68 Cr long-term debt repayment over the same period. The cash and bank balances stood at Rs. 1.85 Cr. as on March 31, 2026 (Prov.). The current ratio stood at 4.29 times as on March 31, 2026 (Prov.). The average bank limit utilization stood at 11.92 percent for the last 6 months ended March 26 against the working capital limits of Rs.35 Cr. The company maintains DSRA that is equivalent to 3 times average 120 month’s debt servicing obligation and stood at Rs.1.00 Cr as on 31^st March 2026. The cash flow cover is expected to be comfortable during the tenure of the loan and its average debt service coverage ratio (DSCR) of 5 years expected to remain comfortable to be about 1.70 times (including FY26 Prov.), owing to the expectation of healthy sales collection and well- structured debt repayment obligation. Acuite believes that going forward the liquidity position of the company will remain adequate in the near to medium term supported by steady customer collections and promoter’s contributions.

Outlook

Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	73.60	62.17
PAT	Rs. Cr.	12.68	5.03
PAT Margin	(%)	17.23	8.10
Total Debt/Tangible Net Worth	Times	1.37	1.60
PBDIT/Interest	Times	3.80	1.85

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
16 May 2025	Proposed Long Term Loan	Long Term	0.68	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	21.43	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	3.89	ACUITE BBB- \| Stable (Assigned)

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
ICICI BANK LIMITED	Not avl. / Not appl.	Dropline Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.52	Simple	ACUITE BBB- \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Dropline Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.32	Simple	ACUITE BBB- \| Stable \| Assigned
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Nov 2034	19.87	Simple	ACUITE BBB- \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Nov 2034	3.61	Simple	ACUITE BBB- \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	15 Aug 2030	6.00	Simple	ACUITE BBB- \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	15 Aug 2030	29.00	Simple	ACUITE BBB- \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	80.00	Simple	ACUITE BBB- \| Stable \| Assigned
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	22 Jul 2039	25.00	Simple	ACUITE BBB- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Manvi Khaitan
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 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.