Key Metrics of Mandana Property Developers Private Limited
About Mandana Property Developers Private Limited
Sectors
Company details
- Registered office
- 1-123,8th Floor,3rd Block, My Home Hub, Hi-tech City, Madhapur, Shaikpet,, Hyderabad, In-ts, 500081
Operational Areas of Mandana Property Developers Private 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 |
|---|---|---|---|---|---|---|---|
| 22 Sep 2026 | ICRA | Assigned | A | — | Stable | ₹1,466 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Sustained healthy occupancy and adequate debt protection metrics
The company has a sustained healthy occupancy of 100% levels.
+ Favourable asset location
The asset is favourably located in Hitec City, which is the hub of IT/ITeS establishments in Hyderabad.
+ Strong promoter profile with established track record in the commercial and real estate business
MPDPL is a wholly-owned subsidiary of DCPPL, which is a 50:50 joint venture (JV) between Zola Real Estate Private Limited (part of the My Homes Group) and RMZ Infotechpark (India) Pvt Ltd (part of the RMZ Group).
Credit challenges
− Single asset concentration and moderate tenant concentration risks
MPDPL owns a single asset, viz, the Skyview, tower 10.
− Exposure to cyclicality in commercial real estate
The company remains exposed to the inherent cyclicality in the real estate industry and is susceptible to external factors.
Could lead to an upgrade
The rating can be upgraded if the company is able to sustain high occupancies and there is material improvement in debt protection metrics. Specific credit metrics that could lead to a rating upgrade include total external debt/annualised NOI less than 6 times of pooled assets on a sustained basis.
Could lead to a downgrade
Downward pressure on the rating could arise if there is any material decline in occupancy levels, or significant increase in indebtedness resulting in deterioration of debt protection metrics. Specific credit metrics for a rating downgrade include five-year average DSCR lower than 1.2 times of pooled assets on a sustained basis. www.icra.in Sensitivity Label : Public Page |2
Agency-reported financials (ICRA, 22 Sep 2026)
| Metric | FY2026 |
|---|---|
| Operating income | ₹231 Cr |
| PAT | ₹87.00 Cr |
| OPBDITA/OI | 86.0% |
| PAT/OI | 38.0% |
| Total outside liabilities/Tangible net worth (times) | 1.80× |
| Total debt/OPBDITA (times) | 3.30× |
| Interest coverage (times) | 3.50× |
| EBITDA (margin × income) | ₹199 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹656 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹56.76 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan | Term loans | — | ₹1,466 Cr | — | A (Stable) | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan FY FY | Term loans | — | 31 Mar 2027 | 31 Mar 2040 | ₹1,466 Cr | A | Outstanding |
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) | 55% |
| Information on file | 56% · missing: Annual results history (3+ years), 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: 55% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 3.5×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The company’s liquidity profile is adequate, corroborated by free cash and cash balances of Rs. 18.9 crore as of July 2026.
From the report
It has principal repayment obligations of Rs. 17 crore FY2027 and Rs. 26 crore in FY2028, which can be comfortably serviced through the estimated cash flow from operations.
From the report
Specific credit metrics for a rating downgrade include five-year average DSCR lower than 1.2 times of pooled assets on a sustained basis. www.icra.in Sensitivity Label : Public Page |2 Analytical approach Analytical approach Comments Corporate Credit Rating Methodology Applicable rating methodologies Realty – Leasing Parent: Pool of Mandana Property Developers Private Limited (MPDPL) and Mahanga Commercial Properties Private Limited (MCPPL) Both the entities have common promoters, common lenders, and debt availed by them has cross- collateralisation of cash flows.
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 Mandana Property Developers Private 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 | — | — | 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.