Press Release April 23, 2026 SHWETA INFRASTRUCTURE AND HOUSING (INDIA) PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	380.00	ACUITE BBB | Stable | Assigned	-	RBI
Total Outstanding	0.00	380.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

­Acuité has assigned the Long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs.380.00 crore bank facilities of Shweta Infrastructure and Housing (India) Private Limited (SIHPL). The Outlook is 'Stable'. Rationale for Rating assigned The rating reflects SIHPL’s established operational track record and its management’s extensive experience of over two decades, with successful delivery of more than 5 million sq. ft. of projects till date. Additional comfort is derived from the company’s long-term franchise agreements with the Marriott Group for both its operational and upcoming hotel, which enjoy locational advantages due to their proximity to key business hubs. The rating also incorporates year-on-year improvement in the operating performance of the Courtyard by Marriott hotel, on account increase in average room rates (ARR) and decrease in power cost. Furthermore, funding risk for ongoing real estate projects remains moderate, supported by a balanced mix of promoter contribution, debt, and customer advances. However, the rating is constrained by the need for timely debt sanction and execution of the upcoming Westin hotel project with no cost overrun and in a timely manner. Moreover, company is geographically concentrated in Nashik and remains exposed to inherent cyclicality of the Indian real estate industry.

About the Company

Founded in 2005, SIHPL is the flagship company of the Nashik-based Samraat Group, promoted by Mr. Sujoy Jayant Gupta. In addition to the real estate portfolio, SIHPL also owns the a luxury 5-star property Courtyard by Marriott in Nashik, which is managed and operated by Marriott Hotels India Private Limited. The company is currently expanding its hospitality footprint with the construction of another premium project, the Westin Spa & Golf Resort (Westin), alongside several ongoing real estate developments across the same region. The current directors of the company are Mr. Sujoy J Gupta, Mr. Sudhir C Metkar, Mr. Samraat Sujoy Gupta and Mr. Kunal D Sonawan.

Unsupported Rating

­Not Applicable

Analytical Approach

­­Acuite has considered the standalone business and financial risk profiles of SIHPL for arriving at the rating

Key Rating Drivers

Strengths

Proven industry experience with strong regional footprint The Samraat Group, promoted by Mr. Sujoy Gupta, has over two decades of industry experience and a proven track record of operations. The group has successfully delivered both affordable and premium housing projects across Nashik, Maharashtra, with a cumulative developed and sold area exceeding 5 msf. SIHPL is presently undertaking its flagship residential development, Samraat Apna Ghar Series, which is designed in multiple phases and wings, several of which have already been completed. In addition to its real estate ventures, the company owns the mid-sized premium property Courtyard by Marriott – Nashik, having a total of 113 keys and which commenced operations in December 2020. Overall, the company benefits from its well-established presence in Nashik’s growing real estate market, which is expected to enhance the saleability of its ongoing and upcoming projects. Locational advantage and strategic association with Marriott  SIHPL’s hospitality portfolio enjoys strong locational benefits supported by its long-term partnership with Marriott International. Courtyard by Marriott being located at Mumbai Naka on the Mumbai–Agra National Highway, offers seamless connectivity to the city’s center, wine tourism destinations, and major business hubs. The property is strategically positioned just 12 kilometers from Sula Vineyards and 30 kilometers from Trimbakeshwar Temple, while also being close to Nashik’s industrial and commercial districts making it an attractive choice for both corporate and leisure travellers. Complementing this, the upcoming Westin Spa & Golf Resort near Gangapur Waterfront will provide 5-star luxury in an equally prime location, situated 40 kilometers from Nashik Airport, 35 kilometers from Nashik Railway Station, and within a 3–4 hour drive from Mumbai. Together, these properties leverage Nashik’s growing appeal as a business and leisure destination. Further strengthening this advantage, SIHPL’s 30-year initial franchise agreement with Marriott International ensures enduring brand strength, global marketing reach, and operational expertise, reinforcing revenue visibility and long-term stability. Improving operating performance in the hotel division The hotel division is estimated to report operating income exceeding Rs.40 crore in FY26, compared to Rs.34.51 crore in FY25. This growth is supported by stable occupancy levels of around 75% and a year-on-year increase of approximately 11% in average room rates (ARR). Additional contributions from banquet and food service revenues have further enhanced overall performance. Operating margins are also expected to improve, driven by operating leverage and a significant reduction in power costs following the signing of a new power purchase agreement (PPA) at a substantially lower tariff of Rs.5.5/unit, compared to Rs.22/ unit earlier. Moderate project risk for real estate business Among SIHPL’s ongoing real estate developments, Samraat Apna Ghar Phases 1 and 2, along with Project Amozon, have been completed and received Occupancy Certificates (OC). Phase 3 has achieved 88% completion, while the remaining phases—4, 5, 6, 7 and the Villa Project are still at early stages of construction. On a consolidated basis, the company has sold approximately 58% of its inventory while incurring 68% of the total project cost, indicating a moderate level of project risk. Funding for these projects is also balanced, with contributions structured as ~30% from promoters, ~33% through debt financing, and the remainder from customer advances. This diversified funding mix helps mitigate overall financial risk while supporting steady project execution     Acuite believes that timely receipt of customer advances along with timely sale of unsold inventory of the projects will be a key rating sensitivity.

Weaknesses

Timely completion of upcoming hotel SIHPL is currently developing the Westin Spa & Golf Resort, a premium hospitality project strategically located in Garudeshwar, Nashik. The property will feature 206 rooms, multiple restaurants, and two banquet halls, catering to both leisure and business segments. As of March 20, 2026, the company has secured all necessary approvals, and construction is underway with approximately 38% of the total project cost of Rs.288.23 crore already incurred. The funding plan comprises Rs.73.23 crore from promoter contribution (Rs.57.04 crore infused till date), with the remaining Rs.215 crore to be financed through bank debt, for which in-principle sanction has been received. Management targets the operations of hotel to start by October 2027. Acuite believes that the timely final sanctioning of the proposed debt facility, along with successful execution of the project within the approved budget and without cost overruns, will remain a key rating sensitivity for the company. Geographical concentration and industry cyclicality risk SIHPL’s business profile remains vulnerable to geographical concentration, with majority of its completed and ongoing projects located in and around Nashik, Maharashtra. Until the company diversifies into other regions, this concentration exposes it to localized demand fluctuations and competitive pressures from established developers in the area. Additionally, the Indian real estate industry is inherently cyclical, characterized by volatile property prices, fragmented market structures, and sensitivity to interest rate movements. Regulatory changes and policy interventions further add to the uncertainty, directly impacting demand and operating growth. Consequently, SIHPL’s operations remain susceptible to both region-specific risks and broader industry cyclicality, which could affect sales velocity, pricing flexibility, and overall project execution.

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. •    Higher-than-expected ARR and occupancy levels in both hotels.

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

•    Delay in completion of the Westin project resulting in cost overruns. •    Company’s average DSCR falling below 2 times.

Liquidity Position

Adequate

Liquidity of SIHPL is marked adequate supported by promoter infusions, bank loan disbursements, and steady customer collections from its real estate projects. Liquidity is further expected to be strengthened upon the sanctioning of the Westin project loan. Further, over the medium term, the company is projected to maintain adequate liquidity, with an expected average debt service coverage ratio (DSCR) of 2.6 times across the debt tenure. This provides comfort in terms of debt servicing capacity and supports the company’s overall financial flexibility.

Outlook - Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	121.44	148.03
PAT	Rs. Cr.	3.35	5.59
PAT Margin	(%)	2.75	3.78
Total Debt/Tangible Net Worth	Times	2.80	2.76
PBDIT/Interest	Times	1.59	1.65

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

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

­

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

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