Key Metrics of Devas Global Services LLP
About Devas Global Services LLP
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
WatchNegative outlook (ICRA)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 10 Sep 2026 | ICRA | Reaffirmed | BBB | — | Negative | ₹680 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Part of the Puravankara Group
The Puravankara Group has a demonstrated track record of over three and a half decades in real estate development and has developed 59 msf of saleable area as of June 2026.
+ Completion of Phase I and favourable project location
DGSL has completed Phase I of Purva Aerocity, a Grade A commercial office development comprising ~1.35 msf of leasable area on Bengaluru’s International Airport Road.
Credit challenges
− Exposure to high market risk and refinancing risk with no pre-leasing tie up in place
Although the project is completed in March 2026, there is no lease tie-ups till date, exposing the firm to significant market risk and refinancing risk, pertaining to bullet repayment of the Rs. 614-crore CF facility in September 2027.
− Geographical and asset concentration risks
DGSL’s cash flows entirely depend on a single asset, Purva Aerocity, Bengaluru.
Could lead to an upgrade
The outlook could be revised to Stable if DGSL achieves healthy leasing tie-ups at adequate rental rates mitigating the refinancing risk.
Could lead to a downgrade
Inability to tie-up leases at adequate rental rates impacting the firm ’s debt protection metrics and/or delay in conversion of the CF loan into LRD loan could put pressure on the rating. Additionally, deterioration in the credit profil e of its parent, Puravankara Limited, or weakening of business linkages or strategic importanc e of the firm with the parent could exert pressure on the rating.
Agency-reported financials (ICRA, 10 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | — | — |
| PAT | ₹-0.20 Cr | ₹1.60 Cr |
| OPBDITA/OI | — | — |
| PAT/OI | — | — |
| Total outside liabilities/tangible net worth (times) | 1.30× | 1.70× |
| Total debt/OPBDITA (times) | 16.30× | 12.60× |
| Interest coverage (times) | 1.00× | 1.00× |
| 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 to Loans Long-term – Non-fund based – (20.00) (20.00) to Overdraft | Non-fund based limits | ₹680 Cr | ₹680 Cr | 0.0% | BBB (Negative) | Revised | 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) | 25% |
| 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: 25% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 1×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate DGSL’s liquidity is adequate with unencumbered cash and liquid investments of ~Rs. 0.18 crore, along with unutilised overdraft (OD) limits of Rs 19.76 crore, as on July 31, 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.