Key Metrics of Bip Developers Private Limited
About Bip 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.
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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 |
|---|---|---|---|---|---|---|---|
| 25 Aug 2026 | ICRA | Reaffirmed | BBB- | — | Stable | ₹183 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established track record of parent entity, TCGUIH, in commercial real estate sector
TCG was founded by Dr. Purnendu Chatterjee in 1989 and has diversified interests, mainly in petrochemicals (Haldia Petrochemicals Limited; rated [ICRA]A+ (Stable)/[ICRA]A1), life sciences and healthcare (TCG Lifesciences Pvt.
+ Favourable location of assets and reputed tenant profile
The assets, FTP, and ITP, are located in Whitefield, Bengaluru,one of Bengaluru’s prominent IT hubs.
+ Adequate leverage
The occupancy levels have improved on International technology park(ITP) to 100% in FY 2026 (PY: 74%), resulting in improvement in consolidated occupancy levels(FTP and ITP) to 60% as of March 2026 (PY:53%).While the leverage as measured by Total external Debt/ NOI is estimated to be adequate in the range of 5.7 - 5.9 times as of March 2027 (PY: 6.75 times), the coverage metrics are expected to be moderate with 5-year average Debt Service Coverage Ratio (DSCR) of 1.15 times during FY2027-2031.
Credit challenges
− Modest scale of operations and moderate occupancy levels; high tenant concentration risk
BIPD and AMAPL’s scale of operations are modest with a combined leasable area of 0.87 msf, along with continued moderate occupancy levels in First technology place.
− Exposure to variation in occupancy levels and interest rates
The assets are also exposed to geographical and asset concentration risks, inherent in project -specific SPVs.
Could lead to an upgrade
ICRA could upgrade the rating if there is a significant increase in occupancy at adequate rentals, resulting in an improvement in the debt coverage metrics and
Could lead to a downgrade
Inability to improve occupancy and/or tie -ups at inadequate rental rates on a sustained basis and/or an increase in debt level or significant support to Group companies, adversely impacting the
Agency-reported financials (ICRA, 25 Aug 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹28.10 Cr | ₹35.80 Cr |
| PAT | ₹18.00 Cr | ₹22.30 Cr |
| OPBDIT/OI | 75.8% | 69.3% |
| PAT/OI | 64.1% | 62.5% |
| Total outside liabilities/Tangible net worth (times) | 0.90× | 0.80× |
| Total debt/OPBDIT (times) | 9.70× | 7.60× |
| Interest coverage (times) | 1.00× | 1.20× |
| Revenue growth (YoY) | — | 27.4% |
| EBITDA (margin × income) | ₹21.30 Cr | ₹24.81 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹207 Cr | ₹189 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹21.30 Cr | ₹20.68 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 | ₹183 Cr | ₹183 Cr | 0.0% | BBB- (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan FY FY | Term loans | 8.30% | 31 Mar 2026 | 31 Mar 2040 | ₹183 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) | 49% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, 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: 49% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 1.2×
Rated limits by facility
Timeline
From the report
The Stable outlook on the rating reflects ICRA’s opinion that the consolidated leasing will improve supported by the favourable location of its assets while maintaining adequate leverage. 1 ICRA has taken a consolidated view of BIP Developers Pvt Ltd (BIPD), along with Altius Management Advisors Pvt Ltd (AMAPL), which have managerial linkages and debts availed by both these entities are cross guaranteed along with cross collateralization of lease rentals of these assets towards the loan facilities. www.icra.in Sensitivity Label : Public Page |1 Key rating drivers and their description Credit s
From the report
Liquidity position: Adequate At a consolidated level, BIPD and AMAPL has consolidated expected debt repayment obligations of Rs. 24.2 crore in FY202 7 which are expected to be comfortably met through its cash flow from operations.
From the report
For arriving at the rating, ICRA has taken a consolidated view of BIP Developers Pvt Ltd (BIPD), along with Altius Management Advisors Pvt Ltd (AMAPL), which have managerial Consolidation/Standalone linkages and debts availed by both these entities are cross guaranteed along with cross collateralization of lease rentals of these assets towards the loan facilities.
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.