Key Metrics of Ds-Max Properties Private Limited
About Ds-Max Properties 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
WatchDowngraded by ICRA on 19 Jun 2026 (from BB+)
WatchIssuer not cooperating with ICRA (rating based on limited information)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 19 Jun 2026 | ICRA | Downgraded (from BB+) | B+ | — | Stable | ₹150 Cr | View |
| 25 May 2026 | CARE | Assigned | BBB+ | — | Stable | ₹300 Cr | View |
Credit strengths (CARE, May 2026)
+ Long track record of operations
DSM has been in the residential real estate business for almost two decades in the affordable segment. As of March 31, 2026, the company has completed 94 residential projects, spread across 123 lsf of saleable area. The company has established a bran d presence in Bengaluru, with projects spread across the city. Satisfactory construction progress As of March 31, 2026, the company incurred ~47% of the aggregate construction cost across its 12 ongoing projects involving
+ Satisfactory construction progress
As of March 31, 2026, the company incurred ~47% of the aggregate construction cost across its 12 ongoing projects involving total saleable area of 89.26 lsf. It is noteworthy that for 18 months ending March 31, 2026, the company launched six projects with total saleable area of 54.59 lsf , which is ~61% of total area under construction. The recent strategic expansion to execute 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publicat
Credit challenges
− Sales velocity and receivables collection risk
As of March 31, 2026, the company has collected ~47% of the total sales value from sold inventory, with a committed receivables coverage ratio of 55%. However, sales velocity in certain large projects remains weak, as reflected in an elevated inventory overhang of over four years for all on-going projects taken together. The company’s execution profile has shifted materially, with only three completed projects historically exceeding eight lsf., compared to six ongoing projects above this scale,
− High concentration in Bengaluru residential market and exposure to inherent cyclicality in the real-estate industry
DSM’s business significantly depends on the performance of real-estate market, primarily in Bengaluru, where its entire ongoing and upcoming projects are located. Being a cyclical industry, real estate depends on macroeconomic factors and the group’s dependence on a particular geography further heightens such risk.
Could lead to an upgrade
• Unsold inventory level of less than 24 months and improving yearly collections above ₹800 crore p.a.
Could lead to a downgrade
• Net debt to collection above 60%. • Decline in sales velocity or collection efficiency , causing deterioration of
Agency-reported financials (ICRA, 19 Jun 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹433 Cr | ₹409 Cr |
| PAT | ₹8.90 Cr | ₹19.10 Cr |
| OPBDITA/OI | 8.7% | 11.1% |
| PAT/OI | 2.1% | 4.7% |
| Total debt/OPBDITA (times) | 3.70× | 4.10× |
| Interest coverage (times) | 2.20× | 1.90× |
| Revenue growth (YoY) | — | −5.6% |
| EBITDA (margin × income) | ₹37.68 Cr | ₹45.39 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹139 Cr | ₹186 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹17.13 Cr | ₹23.89 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹300 Cr | — | BBB+ (Stable) | Assigned | CARE |
CARE ratings on record (checked 03 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Term Loan | ₹300 Cr | CARE BBB+; Stable |
Lenders
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT | Term Loan | State Bank of India |
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 | Not cooperating since 19 Jun 2026 (4 months) |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 75% |
| Information on file | 22% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, 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: 37% chance the next rating action is stable or better
- Current rating B+ (below investment grade)
- Interest coverage 1.9×
- Issuer not cooperating with the rating agency
Rated limits by facility
Timeline
From the report
Free cash and bank balances was ₹105 crore as on March 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.