Press Release January 07, 2026 RUPA INFOTECH AND INFRASTRUCTURE PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	255.00	ACUITE BBB+ | Stable | Assigned	-
Total Outstanding	255.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has assigned its long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.255.00 Cr. bank facilities of Rupa Infotech and Infrastructure Private Limited (RIIPL). The outlook is 'Stable'. Rationale for rating The assigned rating reflects the Rupa Group’s established track record in the real estate industry and the strength of its experienced promoters. It also factors in the company’s improved operating income, supported by healthy occupancy levels having rental escalations and lock in periods. In addition, the presence of a debt service reserve account (DSRA), escrow mechanism, and waterfall structure provides comfort regarding the timely servicing of debt obligations. However, the rating is constrained on account of the funding risk related to the ongoing project – Rupa Crystal and susceptibility of the lessee’s performance along with occupancy and renewal risk.??????

About the Company

Incorporated in 2005, RIIPL specializes in constructing commercial buildings, IT parks, and other specialized projects generating rental income from these developments. It is a part of the Navi Mumbai based Rupa Group, involved in real estate development majorly across Navi Mumbai. The company owns properties in two major office parks—The Platinum Techno Park in Vashi and The Rupa Solitaire Park in Mahape. In addition, it is currently undertaking the construction of a new project, Rupa Crystal, also located in Mahape.

Unsupported Rating

­Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of RIIPL to arrive at the rating

Key Rating Drivers

Strengths

Experienced promoters with established track record of operations in the industry The Rupa Group, promoted by Mr. Bimal Desai, Chairman and Managing Director, has a proven operational track record spanning nearly three decades in the real estate industry, supported by experienced management. The company currently owns 369,059 sq. ft. of leasable area across The Platinum Techno Park in Vashi and The Rupa Solitaire Park in Mahape, Navi Mumbai. Both properties enjoy a locational advantage, being well connected to major business districts and residential suburbs of Navi Mumbai, thereby enhancing their attractiveness to tenants. Reputed clientele and healthy occupancy levels The lessee’s include reputed clients across sectors such as banks & financial services, IT services, business process outsourcing, media services. The agreement includes y-o-y rental escalations (generally 5 percent every year, other 15 percent every three years) with an average lease tenure of five years. Hence, on account of healthy occupancy levels of more than ~95% and periodic rental escalations, the operating revenue of the entity has reflected steady growth which stood at Rs. 31.92 Cr. in FY25 compared to Rs. 28.46 Cr. in FY24. Acuite believes that RIIPL will continue to benefit from its established track record of operations, stable relationships with reputed clients leading to consistent high occupancy rates Presence of DSRA, Escrow Account with Waterfall mechanism The company is required to maintain DSRA equivalent to one quarter of debt servicing (principal & interest) to be created upfront before disbursement and to be maintained throughout the tenor of the facilities. In addition to that, all the lease rentals are route through the escrow account and payment is utilized as per the waterfall mechanism. Acuite believes that such structured mechanism allows a company to have better control over its cash flows and debt servicing abilities.

Weaknesses

Risk related to ongoing under construction project RIIPL is currently developing a new project, Rupa Crystal, which comprise of commercial office park spanning approximately 1 million sq. ft. along with a hotel of ~150 keys. The overall project cost is projected at around Rs.505 crores, structured with a debt-to-equity ratio of 30:70. As of November 2025, the project is at its mid-stage, with ~47% of the total estimated cost already incurred. By November 2025, the promoters have infused ~80% of their committed contribution, primarily through unsecured loans from group company. However, the debt tie-up for the remaining project cost is yet to be finalized, exposing the company to funding risk. Susceptibility to lessee’ performance along with occupancy and renewal risk RIIPL primarily generates cash flows from lease rentals. The group's ability to meet its repayment obligations will be dependent on the continued and timely flow of rentals as per the agreed terms under arrangement. The occurrence of events such as increase in interest rates, delays in receipt of rentals, or early exits/negotiation by lessee due to the latter's lower than expected business performance may result in disruption of cash flow streams thereby affecting RIIPL's debt servicing ability. Moreover, the occupancy levels for the entity is highly dependent on timely renewal of lease agreements which shall remain a key rating monitorable.

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 entity maintains a Debt Service Reserve Account (DSRA) equivalent to one quarter of principal and interest payments along with escrow mechanism. Stress case Scenario Acuité believes that, given the presence of one quarter of DSRA and waterfall payment in escrow mechanism, the entity will be able to service its debt on time, even in a stress scenario.

Rating Sensitivities

Adequate rental receipts along with continued level of occupancy Improvement in DSCR over the medium term Significant addition of external debt leading to further deterioration in financial risk profile

Liquidity Position

Adequate

The liquidity of the company is adequate supported by routing of cashflows through escrow mechanism with a well-defined waterfall structure. Further, on an average the DSCR is expected to remain around ~1.3x over the debt tenure, which shall be a key rating monitorable. Also, the company is also maintaining a DSRA of Rs. 6.57 Cr. as of March 31, 2025, providing additional cushion to liquidity. The cash and bank balance (including liquid investments) of the company stood at Rs.4.24 Cr. as on March 31st 2025.

Outlook : Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	35.87	28.44
PAT	Rs. Cr.	2.15	(110.34)
PAT Margin	(%)	5.98	(387.96)
Total Debt/Tangible Net Worth	Times	(23.13)	(15.97)
PBDIT/Interest	Times	1.12	(3.88)

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 State Bank of India Not avl. / Not appl. Lease Rental Discounting 01 Apr 2024 Not avl. / Not appl. 30 Apr 2039 255.00 Simple ACUITE BBB+ | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Parth Patel 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.