Key Metrics of Karnataka Housing Board
About Karnataka Housing Board
Sectors
Company details
Operational Areas of Karnataka Housing Board
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
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 27 Aug 2026 | ICRA | Reaffirmed | A- | — | Stable | ₹1,000 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Strategic importance and strong linkages with the state government
KHB benefits from strong legal, operational, and financial linkages with the GoK, as reflected in its governance structure, with the Board of Directors and senior management comprising officials appointed by the state government.
+ Limited borrowing levels and adequate liquidity position
KHB’s liquidity profile remains comfortable, supported by healthy cash and bank balances and regular inflow of advance payments received against contractual civil works executed for various departments of GoK.
+ Diversified revenue profile including contractual works from state government
In addition to the sale of residential units, plots, and commercial sites, KHB undertakes civil construction projects for various departments and entities of the GoK, currently serving more than 20 departments, including the education, revenue, minority welfare, and social welfare departments.
Credit challenges
− Volatility in revenues and profitability over the years
KHB’s revenue primarily depends on real estate demand, which is reliant on macro-economic factors.
− High and increasing unsold inventory levels of housing units
The inventory levels of unsold housing stocks has been on rise over the last five years.
− High contingent liabilities
A large number of pending litigations (1,187 cases as on January 31, 2026 vs 1,031 cases as on March 31, 2025), especially in land acquisition cases (700 cases as on January 31, 2026 vs 583 cases as on March 31, 2025), results in delays in meeting the project timelines and increases the risks of contingent liabilities.
Could lead to an upgrade
The rating can be upgraded if there is a significant improvement in KHB’s revenue and cash accruals, on a sustained basis, strengthening its overall financial risk profile.
Could lead to a downgrade
The rating can be downgraded if there is a significant decline in KHB’s revenues from its core operations, resulting in lower-than-expected cash accruals leading to a deterioration in its financial risk profile on a sustained basis. Further, any significant debt-funded capital expenditure that would impact KHB’s capital structure,
Agency-reported financials (ICRA, 27 Aug 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹414 Cr | ₹291 Cr |
| PAT | ₹4.10 Cr | ₹2.80 Cr |
| OPBDIT/OI | -7.1% | -15.9% |
| PAT/OI | 1.0% | 1.0% |
| Total outside liabilities/Tangible net worth (times) | 0.80× | 1.20× |
| Total debt/OPBDIT (times) | 2.40× | -3.60× |
| Interest coverage (times) | -118.00× | -3.90× |
| Revenue growth (YoY) | — | −29.6% |
| EBITDA (margin × income) | ₹-29.41 Cr | ₹-46.33 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 |
|---|---|---|---|---|---|---|---|
| Long-term – Unallocated | Working capital & bank lines | ₹1,000 Cr | ₹1,000 Cr | 0.0% | A- (Stable) | Reaffirmed | ICRA |
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 | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 53% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), 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: 53% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage -3.9×
- ₹1,000 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
The board remained debt-free from 2017 until FY2024, with its operations and project expenditure mainly funded through internal accruals and available cash balances.
From the report
In FY2025, KHB availed a term loan of Rs. 132 crore to finance land acquisition costs in the initial stages of various housing schemes.
From the report
Liquidity position: Adequate The board had a substantial cash and equivalents amounting to Rs. 1,466 crore as on March 31, 2025, out of which around Rs. 1,411 crore were in fixed deposits (most of which is earmarked towards civil projects of various GoK departments).
From the report
The board has total sanctioned FD -backed OD limits of Rs. 106 crore, out of which it has utilised Rs. 85 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.
Competitors of Karnataka Housing Board
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.