Key Metrics of Cse Development (India) Private Limited
About Cse Development (India) 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 18 Jun 2026 (from BBB)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 18 Jun 2026 | ICRA | Upgraded (from BBB) | A-(CE) | A2+ | Stable | ₹355 Cr | View |
Credit strengths (ICRA, Jun 2026)
+ Improvement in c redit profile of CSA 2 supported by increase in operational portfolio
The improvement in the credit profile of the parent entity, Cleantech Solar Asia 2 Pte.
+ Corporate guarantee from CSA 2 towards CDIPL’s bank facilities
The ratings derive comfort from the irrevocable and unconditional corporate guarantee extended by CSA 2.
+ Strengths of being part of Cleantech Solar Group
CDIPL is a part of the Cleantech Solar Group, which in turn is promoted by the Keppel consortium.
Credit challenges
− CDIPL’s weak profitability indicators
CDIPL is estimated to report operating losses in FY2026 owing to lower execution activity during the transition phase following the restructuring-related changes.
− Credit profile of CSA 2 exposed to execution risks and generation performance of renewable power projects
The cash flow of renewable power projects is sensitive to the plant load factor (PLF), which depends entirely on wind and solar patterns that are inherently unpredictable.
− Vulnerable to delays in achieving financial closure for under-construction projects
The Group has achieved financial closure for most of the under-construction capacity under CSA 2 with requisite equity funding already deployed and the funding risk is mitigated to a large extent.
Could lead to an upgrade
The ratings would remain sensitive to any favourable impact on the credit profile of the guarantor, CSA 2 .
Could lead to a downgrade
CDIPL’s ratings remain sensitive to any adverse impact on the credit profile of the guarantor, CSA 2. Further, the ratings could be revised downwards in case of delays in securing debt funding or delays in the commissioning of the under - construction projec ts of the SPVs under CSA 2, thereby impacting the payment of dues to CDIPL by these SPVs. Further, the inability of the company to improve its profitability, resulting in weak debt coverage metrics, could result in a downgrade .
Agency-reported financials (ICRA, 18 Jun 2026)
| Metric | 15MFY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹568 Cr | ₹550 Cr | ₹350 Cr |
| PAT | ₹-56.40 Cr | ₹-84.30 Cr | ₹-,115.50 Cr |
| OPBDIT/OI | -0.2% | -3.5% | -11.2% |
| PAT/OI | -9.9% | -15.3% | -33.0% |
| Total outside liabilities/Tangible net worth (times) | -13.10× | -8.40× | -4.40× |
| Total debt/OPBDIT (times) | -398.80× | -34.90× | -18.50× |
| Interest coverage (times) | 0.00× | -0.30× | -0.80× |
| Revenue growth (YoY) | — | — | −36.4% |
| EBITDA (margin × income) | ₹-1.14 Cr | ₹-19.26 Cr | ₹-39.22 Cr |
| 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 |
|---|---|---|---|---|---|---|---|
| Short term—Fund based | Working capital & bank lines | ₹155 Cr | ₹155 Cr | 0.0% | A2+ | Upgraded | ICRA |
| Letter of credit | Non-fund based limits | ₹180 Cr | ₹180 Cr | 0.0% | A3+ | Other | ICRA |
| Unallocated limits | Other | ₹20.0 Cr | ₹20.0 Cr | 0.0% | — | Upgraded | 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 | A-(CE) · Credit enhancement (external support) (ICRA, Jun 2026) |
| Next action stable or better (model) | 17% |
| 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: 47% chance the next rating action is stable or better
- Current rating A-(CE) (investment grade)
- Interest coverage -0.8×
- ₹20 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Any debt support from the promoter and/or any entities of the promoter group to be subordinated to the facility ● Total limits enjoyed by borrower at any time not to exceed Rs. 400 crore ● Guarantor shall ensure that the borrower complies with all terms and conditions forming part of the lender’s sanction at all times during the currency of the facility. www.icra .in Sensitivity Label : Public Page |2 For the [ICRA]BBB (Stable)/[ICRA]A3+ ratings The ratings of CDIPL factors in the strengths arising from the company’s parentage, being a part of the Cleantech Solar Group, which has a reputed spo
From the report
The projects under the SPVs of CSA 2 have tied up long-term PPAs with C&I customers under the captive mode at a fixed tariff, thereby limiting the demand and pricing risks.
From the report
CSA2 had cash and liquid investments of ~Rs. 99.1 crore as on April 30, 2026.
From the report
The company had cash and liquid investments of Rs. 95.8 crore as on April 30, 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.