Key Metrics of Emami Realty Limited
About Emami Realty Limited
Sectors
Company details
- Registered office
- Acropolis, 13th Floor, 1858/1 Rajdanga, Main Road, Kasba, Kolkata, In-wb, 700107
- Listed
- NSE: EMAMIREAL · ₹67.52
Operational Areas of Emami Realty Limited
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 history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 Apr 2022 | CARE | Other | — | — | — | ₹0 | View |
| 24 Dec 2021 | CARE | Revised (from BBB-) | BBB | — | Stable | ₹200 Cr | View |
| 21 Dec 2020 | CARE | Other | — | — | — | — | View |
| 02 Jul 2019 | CARE | Other | — | — | — | — | View |
| 27 Nov 2018 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Dec 2021)
+ Experienced promoters with established brand image of the Emami Group
ERL belongs to the Emami group. Emami Group is a leading industrial group with major interest in cosmetics, healthcare, edible oil, paper, retail, and real estate sectors. The flagship company of the group, Emami Ltd., has presence in personal and healthcare products. The promoters of the group, Mr. R. S. Agarwal and Mr. R. S. Goenka, are qualified professionals with business experience of over four decades. The financial flexibility available to the group improved over the last year with sales
+ Association with renowned architects & consultants
The group is associated with renowned architects, contractors and consultants who have proved their mettle in the field. These architects and consultants have sound track record and execution capabilities and have been associated with the Emami group from many years and have done the architecture and other work for many of its completed residential as well as commercial projects. Further, the company also has a dedicated in- house marketing team constituting of qualified professionals to target
+ Major regulatory approvals already in place for the Ongoing Projects
Land has already been acquired/ available and building permit has been obtained for all the ongoing projects. The company has received most of its major approvals from the appropriate authority(s) which includes police department, airport authority, urban land ceiling, height clearance, microwave, water, electricity, fire & emergency, environmental clearance. 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications
+ Availability of substantial land bank with the group
The group has substantial land bank with estimated market value of ~Rs.1695 crores (other than for ongoing and completed projects), held by various entities within the group, providing fu rther comfort in relation to security of the debt outstanding.
Credit challenges
− Project construction risk
Currently, the company has three on -going projects namely Emami Nature, Jhansi, Emami Business Bay and Emami Aastha. Emami Nature Jhansi is a township wherein the company plans to sell 453 plots. The company has already spent 67% of the total estimated cost till Sep 30, 2021 and expects the project to be completed by Dec 2023. The two new projects Business Bay and Aastha were launched in Octob er 2021 and ~27% of the estimated cost (including land
− Regulatory risks
Real estate projects are prone to varying degrees of uncertainty, both at the macro-level, which affects the economy as a whole and at the. sector level. The projects are prone to local, state, and national laws and regulations (governingacquisition, construction and development of land, etc.). Failure to comply with such rules and regulations often lead to delays or in the worst case, complete closure of the project; all of which may lead to a complete or partial loss of capital invested .
− Susceptibility of the real estate market to economic cycles
Real estate sector is highly susceptible to economic cycles. Health of an economy in terms of GDP, employment data, manufacturing activity, prices of goods, etc. affects the value of real est ate in such a way th at when economy is sluggish real estate sector is affected in a similar way.
Could lead to an upgrade
• Significant improvement in capital structure with overall gearing below 3.0x on sustained basis. • Significant increase in velocity of sales and collection over Rs.650 cr from own projects during H2FY22 and FY23 from the projects.
Could lead to a downgrade
• Slower than expected bookings and construction progress leading to slower collection from own projects. • Significant increase in projected cost leading to deterioration in cash coverage. • Any significant increase in exposure in group companies.
Agency-reported financials (CARE, 06 Apr 2022)
| Metric | 9MFY22 |
|---|---|
| Total operating income | ₹173 Cr |
| PBILDT | ₹137 Cr |
| PAT | ₹10.78 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 1.12× |
| EBITDA margin | 79.4% |
| Implied interest cost (EBITDA ÷ coverage) | ₹122 Cr |
| PAT margin | 6.2% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Rating1 Long Term Bank | Working capital & bank lines | — | ₹100 Cr | — | BBB (Stable) | Revised | CARE |
| Facilities Total Bank Facilities | Working capital & bank lines | — | ₹100 Cr | — | — | Other | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Long Term | — | Withdrawn |
| Term Loan | — | Withdrawn |
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) | 39% |
| Information on file | 78% · missing: Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 33% chance the next rating action is stable or better
- Interest coverage 1.12×
What happened, step by step
- Dec 2021 — ₹100 cr raised
- Dec 2021 — Full repayment of debt
“The company has further raised Rs.100 crores in October 2021 as loans against shares to fundgroup companies.”
- Dec 2020 — ₹422 cr raised through equity from promoters
- Dec 2021 — Full repayment of debt
“However, given the divestment of equity stake in Emami Cement Limited by the promoters during the year, and the eventual reduction of debt by promoters in the group companies, the company has reduced its external debts substantially to Rs.422 crores as on Sep 30, 2020 by way of infusion of funds from the promoters duri...”
- Jul 2019 — Project / plant of ₹2,365 cr
- Jul 2019 — Term debt tied up
“(lsf), being developed at a total project cost of Rs.2,365 crore (ERL’s share being Rs.1,905 crore).”
Rated limits by facility
Timeline
From the report
Around 27% of the projected cost of the project (Total cost of Rs.130 crore)are expected to be financed from customer advances.
From the report
The company has further raised Rs.100 crores in October 2021 as loans against shares to fundgroup companies.
From the report
Escrow and sweep in arrangement have been made with the lenders for the loan taken by the company against the respective projects which provides comfort for repayment of debt obligations.
From the report
Liquidity - Adequate As on Sep 30, 2021 , the company has repayment obligation of Rs.136 crore in H2FY22 (including repayment obligation of Rs.16.7 crore for loan against shares taken to fund group companies).
From the report
The company also has free cash and liquid investments of Rs.44 crore as on Sep 30, 2021.
From the report
Also, all the major debts have sweep-in mechanism attached to them, which allow s the company to repay its debt systematically along with collections made.
From the report
However, given the divestment of equity stake in Emami Cement Limited by the promoters during the year, and the eventual reduction of debt by promoters in the group companies, the company has reduced its external debts substantially to Rs.422 crores as on Sep 30, 2020 by way of infusion of funds from the promoters during H1FY21 in the form of additional unsecured loans (total debt from related parties stood at Rs.2328 crores as on Sep 30, 2020).
From the report
Further, the company plans to prepay the debt against its completed project Emami City (Rs.98.41 crore outstanding as on Sep 30, 2020) by Dec 2020 and raise inventory funding against the project.
From the report
The external debts are planned to be repaid through project cash flow s (except for Rs.55 crores loan against shares which will be repaid through promoters funds).
From the report
The same provides comfort for repayment of debt obligations.
From the report
Liquidity - Adequate The company had repayment obligation of Rs.271.22 crore (in relation to external debts of Rs.1064 crore as on March 31, 2020) for FY21.
From the report
The same would be funded through additional debt of Rs.160 crores as inventory funding towards Emami City project and the remaining through project cash flows (Rs.81 crores projected to be collected in H2FY21).
From the report
Also, all the major debts have sweep-in mechanism attached to them, which allows the company to repay its debt systematically along with collections made.
From the report
(lsf) which are being developed at a total project cost of Rs.1,713.0 crore.
From the report
Press Release Emami Realty Limited July 02, 2019 Rating 1 Facilities Amount (Rs. crore) Rating Rating Action Proposed Long term Bank Facilities - - Withdrawn Details of instruments/facilities in Annexure-1 Detailed Rationale, Key Rating Drivers and Detailed description of the key rating drivers CARE has withdrawn the rating assigned to the Proposed Long-term Bank Facilities of Emami Realty Limited with immediate effect, at the request of the company as the company has neither availed the bank facility nor intends to avail the same in the near future.
From the report
(lsf), being developed at a total project cost of Rs.2,365 crore (ERL’s share being Rs.1,905 crore).
From the report
(lsf), being developed at a total project cost of Rs.2,365 crore (ERL’s share being Rs.1,905 crore).
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.
Competitors of Emami Realty Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
 NCC Limited |
Discovered Companies · Other Industries | ncc.se | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
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.