Key Metrics of Bagmane Developers Private Limited
About Bagmane Developers Private 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
PositiveUpgraded by ICRA on 04 Aug 2026 (from AA+)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 04 Aug 2026 | ICRA | Upgraded (from AA+) | AAA | — | Stable | ₹5,000 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Sustained high occupancy in leased assets and strong tenant profile
BDPL, along with subsidiaries, Bagmane Rio Private Limited (BRPL) and Bagmane Green Power Pvt Ltd (BGPPL), houses the entire portfolio of REIT and consists of completed office space area of 16.6 msf and under-construction/future-development area of 3.0 msf.
+ Low leverage and comfortable debt coverage metrics
In FY2027, the company’s external debt levels are expected to significantly reduce in FY2027, driven by prepayment through available liquidity, IPO proceeds, and debt from Bagmane REIT.
+ Strength derived from parentage and status as a strategically important SPV of Bagmane Prime Office REIT
BDPL, a wholly- owned subsidiary of Bagmane REIT, currently houses Bagmane REIT’s entire portfolio and will contribute to the entire net operating income (NOI) of Bagmane REIT, thereby, remaining strategically important to the REIT, thereby lending exceptional financial flexibility.
Credit challenges
− Execution and market risks associated with ongoing developments
The company is exposed to execution risk towards its ongoing and planned commercial office space area, two hospitality projects, and solar projects wherein around 30% of the total cost is yet to be incurred as on December 31, 2025.
− Exposed to high geographical and moderate tenant concentration risks
At present, BDPL’s office portfolio is primarily concentrated in Bangalore.
− Vulnerable to cyclicality and changes in interest rates
The company remains exposed to the inherent cyclicality in the real estate industry and vulnerability to external factors.
Could lead to a downgrade
Negative pressure on BDPL’s rating could arise if there is a significant decline in the occupancy levels leading to lower NOI or material increase in indebtedness resulting in deterioration of debt protection metrics on a sustained basis. Further, any deterioration in the credit profile of the Bagmane Prime Office REIT might have a bearing on BDPL’s rating. www.icra.in Sensitivity Label : Public Page |3
Agency-reported financials (ICRA, 04 Aug 2026)
| Metric | FY2025 | 9M FY2026 |
|---|---|---|
| Operating income | ₹2,100 Cr | ₹1,725 Cr |
| PAT | ₹933 Cr | ₹747 Cr |
| OPBDIT/OI | 79.3% | 83.2% |
| PAT/OI | 44.4% | 43.3% |
| Total outside liabilities/Tangible net worth (times) | 3.20× | 1.90× |
| Total debt/OPBDIT (times) | 1.80× | 1.40× |
| Interest coverage (times) | 5.10× | 7.00× |
| EBITDA (margin × income) | ₹1,666 Cr | ₹1,435 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹2,998 Cr | ₹2,010 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹327 Cr | ₹205 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term Watch loans with | Working capital & bank lines | ₹2,962 Cr | ₹2,962 Cr | 0.0% | AAA (Stable) | Upgraded | ICRA |
| Watch Long-term – Unallocated limits | Working capital & bank lines | ₹2,038 Cr | ₹2,038 Cr | 0.0% | AAA (Stable) | Upgraded | ICRA |
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) | 36% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), 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: 71% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 7×
- ₹2,038 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Additionally, it has free cash and bank balance of Rs. 283.9 crore as on December 31, 2025.
From the report
Details on the complexity levels of the instruments are available on ICRA’s website: Click here Annexure I: Instrument details Amount Instrument Date of Current rating and Financial sector ISIN Coupon rate Maturity rated # name issuance outlook regulator (Rs. crore) FY2014 – NA Term loan - May 2036 & 2962.0 [ICRA]AAA (Stable) RBI FY2025@ NA Unallocated NA NA NA 2038.0 [ICRA]AAA (Stable) RBI Source: Company @ represents loan sanctioned between FY2014-FY2025 & represents the farthest maturity date among the various maturity dates for different term loans www.icra.in Sensitivity Label : Public Pa
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
company
Filings
No filings on record yet.