Key Metrics of Aqua Space Developers Private Limited
About Aqua Space Developers Private Limited
Company details
- Registered office
- H No. 1- 123, 8th Floor, 3rd Block, My Home Hub Madhapur, Hyderabad, In-ts, 500081
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 21 Sep 2026 | ICRA | Assigned | AA- | — | Stable | ₹700 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Sustained healthy occupancy for commercial office and favourable location of asset
ASDPL benefits from a stable commercial rental income from its operational office asset, Twitza (1.2 msf), situated in Hitech City, which has maintained 100% occupancy and generates annual rental income of around Rs. 80-85 crore.
+ Healthy unsold inventory in recently completed project
ASDPL has recently completed residential project, My Home Nishada, and received OC in August 2026.
+ Long track record of operations and strong brand presence of My Home Group in Hyderabad
My Home Group has an established track record and demonstrated execution capabilities of developing around 31 msf of residential area and 6 msf of commercial area across 26 projects in the last three decades, in Hyderabad, with good reputation for quality and timely completion.
Credit challenges
− High asset and geographical concentration risks
The company is exposed to high geographical and asset concentration risks, as the recently completed project is in Kokapet, Hyderabad.
− Susceptibility to inherent risks in the real estate sector
The company remains exposed to inherent risks in the real estate sector, which is cyclical in nature and highly sensitive to macro-economic conditions, thereby making its sales vulnerable to demand downturns.
Could lead to an upgrade
The rating can be upgraded if there is an increase in diversification of business risk profile and improvement in debt protection metrics, on a sustained basis, along with improvement in the credit profile of parent company, MHCPL.
Could lead to a downgrade
Pressure on the rating will arise if there is material decline in occupancy of office asset or significant increase in indebtedness resulting in weakening of debt protection metrics on a sustained basis. Any material deterioration in the credit profile of the parent company will result in a rating downgrade.
Agency-reported financials (ICRA, 21 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹1,298 Cr | ₹1,435 Cr |
| PAT | ₹385 Cr | ₹438 Cr |
| OPBDITA/OI | 45.1% | 45.1% |
| PAT/OI | 29.7% | 30.5% |
| Total outside liabilities/Tangible net worth (times) | 0.70× | 0.50× |
| Total debt/OPBDITA (times) | 0.80× | 1.00× |
| Interest coverage (times) | 13.30× | 16.50× |
| Revenue growth (YoY) | — | 10.6% |
| EBITDA (margin × income) | ₹585 Cr | ₹647 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹468 Cr | ₹647 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹44.01 Cr | ₹39.22 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Lease rental discounting (LRD) | Working capital & bank lines | — | ₹687 Cr | — | AA- (Stable) | Assigned | ICRA |
| Long-term – Unallocated | Working capital & bank lines | — | ₹13.5 Cr | — | AA- (Stable) | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | FY FY | Working capital & bank lines | — | 31 Mar 2024 | 31 Mar 2041 | ₹687 Cr | AA- | Outstanding |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 71% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 67% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 16.5×
- ₹13.47 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
While leverage for the commercial asset remains adequate, the company’s overall leverage profile remains comfortable, supported by the debt-free residential project and is expected to sustain over the medium term.
From the report
Liquidity position: Adequate ASDPL’s liquidity is adequate with undrawn debt of Rs. 20 crore and cash and cash equivalents of Rs. 179.5 crore as of March 31, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.