Key Metrics of Arpit Projects Limited
About Arpit Projects Limited
Company details
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
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | ICRA | Reaffirmed | BBB- | — | Stable | ₹151 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Favourable location of the hotel with strong catchment of office space as well as proximity to the airport
APL’s hotel property is located in Udyog Vihar, Gurugram, and has easy access to the Indira Gandhi International Airport.
+ Healthy operating metrics supported by robust demand in hospitality industry
The hotel has been reporting strong operating performance since the start of FY2023, driven by healthy occupancy levels and increasing average room rates (ARR).
Credit challenges
− Modest scale of operations with high geographical concentration
The rating remains constrained by the geographical concentration risk.
− Competition from other hotels in the vicinity and cyclical nature of business
Like other players in the industry, APL is exposed to competition from other similar properties in the vicinity.
− High leverage levels, with recent history of debt restructuring
APL underwent debt restructuring over FY2022 and FY2023 owing to decline in corporate guests’ inflow and MICE events following the onset of Covid-19 pandemic in early FY2021.
Could lead to an upgrade
The rating could be upgraded in case of a significant scale-up in revenues and earnings of the company while improving leverage and coverage metrics on a sustained basis. Conversion of unsecured loans from the promoters and related parties into equity as per the terms of the resolution plan, will also be one of the rating upgrade factors.
Could lead to a downgrade
Any significant deterioration in the operating metrics or any major debt-funded capital expenditure, resulting in a deterioration of debt coverage indicators on a sustained basis, could trigger a rating downgrade. Debt service coverage ratio of less than 1.40 times on a sustained basis could trigger a downgrade. www.icra.in Sensitivity Label : Restricted Page |2
Agency-reported financials (ICRA, 31 Mar 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹75.70 Cr | ₹84.00 Cr |
| PAT | ₹12.50 Cr | ₹18.60 Cr |
| OPBDIT/OI | 38.6% | 38.9% |
| PAT/OI | 16.5% | 22.1% |
| Total outside liabilities/Tangible net worth (times) | 5.70× | 3.70× |
| Total debt/OPBDIT (times) | 6.90× | 5.90× |
| Interest coverage (times) | 2.40× | 3.30× |
| Revenue growth (YoY) | — | 11.0% |
| EBITDA (margin × income) | ₹29.22 Cr | ₹32.68 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹202 Cr | ₹193 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹12.18 Cr | ₹9.90 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Fund-based Term Loans | Term loans | ₹101 Cr | ₹101 Cr | 0.0% | BBB- (Stable) | Reaffirmed | ICRA |
| Non-Convertible Debenture | Debentures & bonds | ₹50.0 Cr | ₹50.0 Cr | 0.0% | BBB- (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE0EYP07017 | NCD | Debentures & bonds | 0.01% | 27 Mar 2023 | 27 Mar 2036 | ₹50.0 Cr | BBB- | Outstanding |
| — | Term loans FY FY | Debentures & bonds | 9.25% | 31 Mar 2023 | 31 Mar 2036 | ₹101 Cr | BBB- | Outstanding |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
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) | 52% |
| Information on file | 44% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), 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: 50% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 3.3×
Rated limits by facility
Timeline
From the report
ICRA also notes that the company is yet to comply with the conditions specified in the Resolution Plan with respect to equity infusion of Rs. 20 crore and conversion of unsecured loans of Rs. 21.7 crore into equity.
From the report
Liquidity position: Adequate APL’s liquidity position remains Adequate with cash flow from operations of Rs. 18-24 crore estimated for FY2026 and FY2027 each and free cash and bank balances of around Rs. 32 crore as on March 18, 2026.
From the report
Against these, the company has repayment obligation of Rs. 8 crore in FY2027 and capex plan of Rs. 10 crore in FY2027 to refurbish around 100 hotel rooms, which will be funded by internal accruals and available cash balance.
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.