Press Release

Press Release

May 06, 2026

RDB PRIMARC TECHNO PARK LLP
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	74.50	ACUITE A- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	507.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	6.00	-	ACUITE A1 \| Assigned	RBI
Total Outstanding	0.00	587.50	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 A-' (read as ACUITE A minus) on the Rs. 507 Cr. bank facilities of RDB Primarc Techno Park LLP. The outlook remains 'Stable'.
Further Acuite has assigned the long term rating of 'ACUITE A-' (read as ACUITE A minus) and short term rating of 'ACUITE A1' (read as ACUITE A one) on the Rs. 80.50 Cr. bank facilities of RDB Primarc Techno Park LLP. The outlook is 'Stable'.

Rationale for Rating:
The rating derives comfort from experienced management in real estate operations, favourable locational advantage, and a stabilized operating profile, with the LLP has already generated total revenue of approx. Rs. 107 crores in FY26. The tenant profile largely comprises large corporates and multinational companies (MNCs), providing healthy visibility of cash flows and significantly mitigating counterparty credit risk. Supported by its strategic location, the firm continues to benefit from strong tenant traction and the ability to command relatively higher rental rates, underpinning revenue stability and growth. The liquidity position remains adequate, providing comfort in meeting ongoing debt-servicing obligations, supported by steady cash flow generation, an escrow-controlled rental mechanism, and maintenance of the debt service reserve account (DSRA). The rating also remains sensitive to timely rent collections, potential cost escalations, and inherent lease renewal risks.

About the Company

Kolkata – Based, RDB Primarc Techno Park LLP was incorporated in 2023 by two real estate groups of Kolkata- RDB group and Primarc group. The firm had been formed to acquire IT park 1 from DLF Info City Developers (Kolkata) Limited by way of slump sale. which is situated at 8 M.A.R, Block AF, New Town, Kolkata- 700156, West Bengal and spread across 14.69 lakh sq ft area of leasable area (Constructed in 2012). The Partners of the firm are Mr. Mahesh Pansari (Primarc Group) and Mr. Anil Kumar Apat (RDB Group).

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has taken the standalone business and financial risk profile of RDB Primarc Techno Park LLP to arrive at the rating.

Key Rating Drivers

Strengths

Locational Advantage and reputed lessee profile
The property, spanning approximately 14.85 lakh sq. ft., is located in one of Kolkata’s prime central business districts (CBD) in West Bengal. It enjoys excellent connectivity, with close proximity to a metro station and the airport, ensuring ease of access and convenience. The tenant profile includes several MNCs and corporates such as IBM India Private Limited, Concentrix Daksh Services India Private Limited, Hyland Software Solutions India LLP, Bharti Airtel Ltd. Nestle India Limited, Khadim India Limited, Linde India Limited , Lexmark International Private Limited etc, Also, they are planning to open a food court in their premises with reputed food brands . The property is being managed by CBRE. Acuite believes that the strategic location of the asset, coupled with its strong and reputed tenant base, will continue to support the firm’s prospects going forward.

Scale of Operation:
Since the acquisition of the building by the LLP in December 2024, RDB generated revenue of Rs. 33.97 crore in FY25 from rental, CAM, and parking income, followed by a healthy scale-up to Rs. 107 crore in FY26, reflecting stabilised operations. Revenue growth during FY25–26 was supported by rent commencement for five new tenants, including Linde India Ltd. and GreenWave Technologies (the balance being kiosk counters) at higher per-square-foot rental levels, along with additional space taken up by existing tenants and general escalation in rental rates. Their lease agreements include an escalation clause of 15% every three years. Owing to strong demand and locational advantage, any vacated space is expected to be re-leased at higher rentals, supporting medium-term revenue growth.
The firm plans to develop a 12,500 sq ft food court, for which an LOI has been signed with KFC, including a minimum guarantee and revenue-sharing arrangement. KFC will relocate to the food court, vacating its current space. The firm is also in advanced discussions with Domino’s and Subway. The estimated project cost is Rs. 1.30 crore, to be funded through internal accruals, and the facility is expected to be operational from the last quarter of FY26–27.Additionally, the firm has a 90,000 sq ft garden podium area that will be developed into a sports zone (box football, box cricket, pickleball, paddle court), along with a café, lounge, kiosks, and a dedicated space/lawn for corporate events. For operating the sports zone, they are in the process of signing an LOI with “Sportsplex,” with a revenue-sharing arrangement of 75% (firm) : 25% (operator). This facility is expected to be operational by the end of the current year. The estimated cost for developing the sports courts is approximately Rs. 60 lakh. Acuite believes that the sustained revenue growth, strong tenant profile, locational advantage and contractual rental escalations provide good medium-term cash-flow visibility. The planned food court and sports zone developments are expected to further support revenue diversification.

Weaknesses

Average Financial Risk profile:
The financial risk profile remains average, characterized by a modest net worth, very high gearing, and average coverage indicators. Total tangible net worth stood at Rs.37.87 crore as on FY25. Total borrowings amounted to Rs.623.40 crore, comprising LRD loans of Rs.491 crore, unsecured loans from directors and promoters of Rs.118.95 crore, and CPLTD of Rs.13.45 crore. Consequently, the gearing level remained elevated at 16.46 times as on FY25.The LLP is paying interest on USL @12% as well as on partners current capital account. However, the LLP is expected to pay of USL of Rs.90 crores in FY 27 though this Axis bank enhancement and post FY 27 it is expected to Rs.2.5 crores each. Interest coverage remained modest, with the ICR at 1.04 times in FY25. However, the company has received sanction for an enhancement of Rs.90 crore, of which Rs.45 crore has already been disbursed in April 2026 and utilised towards repayment of unsecured loans from promoters and directors. The balance Rs.45 crore is expected to be disbursed by Q1 FY27, which will also be utilized to further reduce the unsecured loan component. Acuite believes that the financial risk profile is expected to improve over the medium term, supported by reduction in promoter unsecured loans and an increase in cash accruals, which should result in gradual improvement in leverage and coverage metrics.

Moderate Customer Concentration Risk
Since IBM India Private Limited and Concentrix Daksh services India private limited holds 42% of the total property area and 44% as a share of revenue, leading to customer moderate concentration risk. Acuité believes that any change in the business plan of the lessee along with their non-renewal or early exit might impact the revenues and margins of the firm. This risk is partially mitigated by the fact that the has renewed their contract and tenancy in the property in the past.

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 LLP maintains a Debt Service Reserve Account (DSRA) equivalent to 2 months of interest and instalment repayment obligation for both Axis Bank and Bank of Maharashtra along with the ESCROW mechanism.

Stress Case scenario :
Acuite believes that, given the presence of DSRA mechanism, The LLP will be able to service its debt on time, even in a stress scenario.

ESG Factors Relevant for Rating

The Tech Park fosters a sustainable and inclusive ecosystem by integrating technology with environmental and social responsibility. It emphasizes green infrastructure, renewable energy, and efficient resource management. Through community outreach, employee engagement, and wellness programs, it promotes social impact and well-being. Recognized with global certifications such as LEED and ISO, it exemplifies excellence in sustainability and safety. Overall, it serves as a model for balancing innovation with ecological preservation.

Rating Sensitivities

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

Sustainability in the financial risk profile with avg DSCR more than 2 times and maintaining adequate liquidity

Timely collection of rental and timely renewal of agreements

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

The average 5-year DSCR has declined to 1.05 times, indicating tighter debt servicing capacity.

Any significant loss of rental income on account of non-renewal of agreements on times, delay in securing new lessees when space are vacated

Liquidity Position

Adequate

Liquidity is expected to remain adequate in FY26 against long-term debt repayment obligations of Rs.13.45 crore during the same period. The firm maintains escrow mechanisms, ensuring that all cash flows—including, but not limited to, lease rentals, other charges received from lessees, insurance proceeds, and proceeds from the disposal of assets—are deposited into the escrow account. The firm has created a two-month DSRA (interest and principal) with both Bank of Maharashtra (BOM) and Axis Bank. As on date, a Debt Service Reserve Account (DSRA) of Rs. 10.45 crore is maintained with Axis Bank., which covers debt servicing requirements for both Axis Bank and BOM facilities. Acuite believes that the firm’s liquidity will remain adequate over the near to medium term, supported by a comfortable average DSCR of 1.31 times over FY27–FY31 and overall DSCR of 1.54 times during the overall tenure of LRD facility.

Outlook: Stable

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	33.97	0.00
PAT	Rs. Cr.	(11.15)	0.00
PAT Margin	(%)	(32.81)	0.00
Total Debt/Tangible Net Worth	Times	16.46	0.00
PBDIT/Interest	Times	1.04	0.00

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
• 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

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
03 Mar 2025	Term Loan	Long Term	507.00	ACUITE A- \| 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
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE A1 \| Assigned
AXIS BANK LIMITED	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Mar 2041	265.02	Simple	ACUITE A- \| Stable \| Reaffirmed
BANK OF MAHARASHTRA	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2039	241.98	Simple	ACUITE A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Mar 2041	74.49	Simple	ACUITE A- \| Stable \| Assigned
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.	0.01	Simple	ACUITE A- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Shreya Banerjee
Analyst-Analytical 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.
³There 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.
⁴ The 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.
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.

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.