Key Metrics of Boulevard Projects Private Limited
About Boulevard Projects 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
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 14 Aug 2026 | ICRA | Assigned | — | — | Stable | ₹750 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Favourable location of the project
BPPL is developing a mixed-use project named “Max One” with four towers comprising residential (service residency) and commercial build-to-sell and one tower under a build-to-lease model.
+ Estimated healthy sales velocity and adequate collections and cash flow adequacy
The company acquired the project through NCLT in April 2025 and relaunched the project in March 2026.
+ Strong parentage with Max Group lends financial flexibility
BPPL is a subsidiary of Max Estates Limited (MEL, rated [ICRA]A+ (Stable)), part of the Max Group, lending strong financial flexibility.
Credit challenges
− Exposure to geographical concentration risk
Th company is exposed to geographical concentration risk inherent in single project SPV, as the company has only an under-construction mixed-use project in development at Sector 16B, Noida Vulnerability to cyclicality in real estate and change in interest rate - The company is vulnerable to the inherent risks in the real estate sector.
Could lead to an upgrade
The rating could be upgraded if the company is able to report significant increase in sales and collections , along with significant progress in leasing at adequate rental rates, resulting in an improvement in the cash flow from operations and debt protection metrics on a consistent basis. The rating might also be upgraded if there is an improvement in the credit profile of MEL.
Could lead to a downgrade
Negative pressure on the rating could arise in case of weak sales momentum and slow collections or significant delay in project execution or material increase in indebtedness, which puts pressure on the debt protection metrics and
Agency-reported financials (ICRA, 14 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | — | — |
| PAT | — | ₹141 Cr |
| OPBDIT/OI | — | — |
| PAT/OI | — | — |
| Total outside liabilities/Tangible net worth (times) | -8.90× | 5.40× |
| Total debt/OPBDIT (times) | — | -27.00× |
| Interest coverage (times) | — | -3.30× |
| EBITDA (margin × income) | — | — |
| Implied total debt (debt/EBITDA × EBITDA) | — | — |
| Implied interest cost (EBITDA ÷ coverage) | — | — |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term-Fund based Term loan [ICRA] A- () | Term loans | — | ₹505 Cr | — | — | Assigned | ICRA |
| Long-term-Fund based-Overdraft [ICRA] A- () | Working capital & bank lines | — | ₹245 Cr | — | — | Assigned | ICRA |
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) | 38% |
| 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: 32% chance the next rating action is stable or better
- Interest coverage -3.3×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The company’s liquidity position is adequate, marked by undrawn bank lines of around Rs. 580 crore (including an overdraft facility) as of June 2026, along with cash and liquid investments of Rs. 65 crore as of June 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.