Key Metrics of Ig3 Infra Limited
About Ig3 Infra 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 history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 12 Jun 2026 | ICRA | Reaffirmed | A- | — | Stable | ₹2,750 Cr | View |
| 16 Mar 2026 | CARE | Reaffirmed | A- | — | Stable | — | View |
| 09 Jan 2025 | CARE | Assigned | A- | — | Stable | — | View |
| 20 Mar 2020 | CARE | Reaffirmed | BBB- | — | Stable | — | View |
| 14 Sep 2019 | CARE | Other | — | — | — | — | View |
| 05 Oct 2018 | CARE | Revised (from BB+) | BBB-(SO) | — | Stable | ₹2,690 Cr | View |
| 12 Feb 2018 | CARE | Other | — | — | — | — | View |
| 25 Apr 2017 | CARE | Other | — | — | — | — | View |
| 11 Apr 2016 | CARE | Reaffirmed | D | — | — | ₹3.60 Cr | View |
Credit strengths (ICRA, Jun 2026)
+ Healthy occupancy levels; comfortable debt coverage metrics
The company reported healthy occupancy of around 95% as of March 2026 on a leasable area of 4.0 msf (98% as of December 2025 on a leasable area of 3.8 msf), supporting stable rental income.
+ Reputed tenant profile and favourable location of property
The project, ‘Chennai One IT SEZ’, owned and operated by IG3, benefits from a reputed tenant profile and a strategic location close to the established IT corridor of Old Mahabalipuram Roa d (OMR), Chennai.
Credit challenges
− High tenant concentration and lease renewalrisk
The company is vulnerable to tenant concentration risk, wherein the top five tenants accounts for 75% of the leased area as on March 31, 2026 .
Could lead to an upgrade
ICRA could upgrade IG3’s rating if the company demonstrates a sustained high occupancy level, along with an improvement in debt protection metrics on a sustained basis. Specific credit metrics for a rating upgrade include five -year average DSCR greater than 1.5 times and total debt/below 6 times on a sustained basis.
Could lead to a downgrade
The rating may be downgraded if there is a material decline in occupancy levels or delay in ramp -up of DC operations or significant increase in indebtedness resulting in weakening of debt coverage and leverage metrics. Further, any material incremental investments or loans and advances to group companies will be a credit negative. Specific credit metric for a rating downgrade includes the five-year average DSCR declining below 1.3 times and total debt/CFO above 6.5 times on a sustained basis. www.icra.in Sensitivity Label : Public Page |2
Agency-reported financials (ICRA, 12 Jun 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹400 Cr | ₹399 Cr |
| PAT | ₹84.00 Cr | ₹104 Cr |
| OPBDIT/OI | 72.8% | 77.0% |
| PAT/OI | 21.0% | 26.2% |
| Total outside liabilities/Tangible net worth (times) | 3.40× | 3.30× |
| Total debt/OPBDIT (times) | 6.80× | 7.20× |
| Interest coverage (times) | 1.40× | 1.60× |
| Revenue growth (YoY) | — | −0.2% |
| EBITDA (margin × income) | ₹291 Cr | ₹307 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,978 Cr | ₹2,211 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹208 Cr | ₹192 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loans limits | Term loans | ₹2,265 Cr | ₹2,700 Cr | 19.2% | A- (Stable) | Reaffirmed | ICRA |
| Long-term – Non-fund based limits limits | Non-fund based limits | ₹47.7 Cr | ₹50.0 Cr | 4.8% | A- (Stable) | Reaffirmed | ICRA |
CARE ratings on record (checked 29 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Issuer Ratings | — | Withdrawn |
| Lease rental discounting/ Rent Receivables Financial | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | Last default 11 Apr 2016, cured 05 Oct 2018 (2947 days; investment grade needs 365) |
| Issuer cooperation | Cooperating |
| Credit enhancement | BBB-(SO) · Structured obligation (internal) (CARE, Oct 2018) |
| Next action stable or better (model) | 52% |
| Information on file | 56% · missing: 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: 54% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 1.6×
Rated limits by facility
Timeline
From the report
June 12, 2026 IG3 Infra Limited: Rating reaffirmed and assigned for enhanced amount Summary of rating action Previous rated amount Current rated amount Instrument* Rating action (Rs. crore) (Rs. crore) Long-term – Fund-based – Term [ICRA]A- (Stable); reaffirmed and 2,265.0 2,700.0 loans assigned for enhanced limits Long-term – Non-fund based [ICRA]A- (Stable); reaffirmed and 47.7 50.0 limits assigned for enhanced limits Total 2,312.7 2,750.0 *Instrument details are provided in Annexure II Rationale 1 The rating reaffirmation factors in the healthy occupancy of IG3 Infra Limited’s (IG3) office
From the report
Liquidity position: Adequate The company’s liquidity position is adequate with free cash and liquid investments of Rs. 356.1 crore as on March 31, 2026.
From the report
The company has free cash and bank balance of ₹35.81 crore and unutilised sanctioned overdraft limit of ~₹29.52 crore as on November 30, 2024.
From the report
The company has free cash and bank balance of ₹35.81 crore and unutilised sanctioned overdraft limit of ~₹29.52 crore as on November 30, 2024.
From the report
Structured payment mechanism with escrow account: IG3 has refinanced its entire outstanding bank facilities sanctioned by a consortium [PNB Housing Finance Limited (PNBHFL) and Canara Bank (CB)] led by PNBHFL in Q1FY19 (refers to the period April 1 to June 30).
From the report
Further, for the loans availed from PNBHFL a Debt Service Reserve Account (DSRA) equivalent to 1.5 months’ interest payments is maintained as fixed deposit.
From the report
For the loan availed from CB, a DSRA of 1 months’ interest payments is maintained in the current account with applicable amount under lien.
From the report
Key Rating Strengths Refinancing of loans during FY18 and presence of structured payment mechanism for new LRD loans IG3 has refinanced its entire outstanding bank facilities using LRD loans sanctioned by a consortium of banks.
From the report
Further, for the loans availed from PNBHFL a Debt Service Reserve Account (DSRA) equivalent to three months interest payments is maintained as fixed deposit under lien.
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.