Key Metrics of Merlin Projects Ltd
About Merlin Projects Ltd
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
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 02 Jun 2026 | ICRA | Reaffirmed | A | A1 | Stable | ₹436 Cr | View |
| 12 Jul 2019 | CARE | Other | — | — | — | — | View |
| 24 Dec 2018 | CARE | Other | — | — | — | — | View |
| 28 Aug 2017 | CARE | Other | — | — | — | — | View |
| 03 Mar 2014 | CARE | Assigned | — | — | — | — | View |
Credit strengths (ICRA, Jun 2026)
+ Adequate sales velocity; comfortable cash flow adequacy
The Group’s ongoing projects have seen adequate sales velocity with 71% of the area sold out as of January 2026 of the total saleable area of around 7.3 msf.
+ Estimated increase in collections; comfortable debt protections metrics
The Group’s collections are estimated to improve by 9-11% in FY2026 (PY: Rs. 1,052 crore) and further by 5-7% in FY2027, supported by adequate sales velocity for its ongoing as well as newly launched projects, healthy launch pipeline, along with adequate construction progress.
+ Established real estate player with long track record and strong market position in eastern India
The Merlin Group has an established track record of over four decades in the real estate industry, particularly in and around Kolkata.
Credit challenges
− Exposure to geographical concentration risk
The Group is exposed to high geographical concentration risk with most of the projects located in and around the Kolkata region, thereby exposing it to fluctuations in a single market’s performance.
− Exposure to execution and market risks
The Group is exposed to execution and market risks for the ongoing and upcoming projects.
− Vulnerability to cyclicality in real estate sector
The residential real estate sector, being cyclical in nature, is highly dependent on macro-economic factors.
Could lead to an upgrade
The ratings may be upgraded if there is a significant increase in scale and collections, along with improved geographical diversification, resulting in an improvement in cash flows, while maintaining low leverage on a sustained basis.
Could lead to a downgrade
Negative pressure on the ratings could arise in case of moderation in scale, and/or slowdown in project execution or collections resulting in deterioration in the Group's financial risk profile, leading to increased debt levels. Further, any large debt-funded investments in land bank or other capital expenditure may also impact the ratings.
Agency-reported financials (ICRA, 02 Jun 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income (OI) | ₹408 Cr | ₹436 Cr |
| PAT | ₹45.90 Cr | ₹54.90 Cr |
| OPBDIT/OI | 13.4% | 14.7% |
| PAT/OI | 11.2% | 12.6% |
| Total outside liabilities/Tangible net worth (times) | 2.90× | 3.60× |
| Total debt/OPBDITA (times) | 8.80× | 8.30× |
| Interest coverage (times) | 1.50× | 2.00× |
| Revenue growth (YoY) | — | 6.9% |
| EBITDA (margin × income) | ₹54.67 Cr | ₹64.09 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹481 Cr | ₹532 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹36.45 Cr | ₹32.05 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Working capital facilities | Working capital & bank lines | ₹12.0 Cr | ₹42.0 Cr | 250.0% | A (Stable) | Reaffirmed | ICRA |
| Long-term – Fund-based – Term loans | Term loans | ₹219 Cr | ₹390 Cr | 77.6% | A (Stable) | Reaffirmed | ICRA |
| Long-term/Short-term – Unallocated limits | Working capital & bank lines | ₹84.6 Cr | ₹4.40 Cr | −94.8% | A / A1 (Stable) | Reaffirmed | ICRA |
CARE ratings on record (checked 29 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
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) | 54% |
| 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: 55% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 2×
- ₹4.4 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
June 02, 2026 Merlin Projects Limited: Ratings reaffirmed and assigned for enhanced amount Summary of rating action Previous rated Current rated Instrument* amount amount Rating action (Rs. crore) (Rs. crore) Long-term – Fund-based – Working capital [ICRA]A (Stable); reaffirmed and 12.00 42.00 facilities assigned for enhanced amount [ICRA]A (Stable); reaffirmed and Long-term – Fund-based – Term loans 219.42 389.60 assigned for enhanced amount Long-term/Short-term – Unallocated limits 84.58 4.40 [ICRA]A (Stable)/ [ICRA]A1; reaffirmed Total 316.00 436.00 *Instrument details are provided in Annex
From the report
Liquidity position: Adequate The Group’s liquidity is expected to remain adequate with free cash and liquid balances of around Rs. 395 crore, undrawn construction finance limits of around Rs. 147 crore towards the ongoing projects and healthy committed receivables of around Rs. 2,191 crore from the area sold as of January 2026.
From the report
Liquidity The company has a cash credit limit of Rs.27 crore which remains utilized between 20% to 40%.
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.