Key Metrics of Omaxe Limited
About Omaxe Limited
Company details
- Registered office
- Shop No-19-b, First Floor Omaxe Celebration Mall, Sohna Road, Gurugram, In-hr, 122001
- Listed
- NSE: OMAXE · ₹103.84
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 |
|---|---|---|---|---|---|---|---|
| 12 Oct 2026 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹80.8 Cr | View |
| 13 Oct 2025 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹111 Cr | View |
| 24 Sep 2024 | CARE | Downgraded | BB+ | — | Stable | ₹282 Cr | View |
| 27 Aug 2024 | CARE | Other | — | — | — | — | View |
| 08 Aug 2024 | CARE | Revised | BBB- | — | Negative | ₹282 Cr | View |
| 05 Jul 2024 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹282 Cr | View |
| 21 Aug 2023 | CARE | Reaffirmed | BBB- | — | Stable | ₹290 Cr | View |
| 12 Aug 2022 | CARE | Revised (from BB) | BBB- | A3 | Stable | ₹947 Cr | View |
| 22 Jun 2022 | CARE | Other | — | — | — | — | View |
| 07 Jan 2022 | CARE | Reaffirmed | BB | A4 | Stable | ₹598 Cr | View |
| 18 Nov 2021 | CARE | Revised (from D) | BB | A4 | Stable | ₹21.0 Cr | View |
| 05 Mar 2021 | CARE | Revised | D | — | Stable | ₹1,292 Cr | View |
| 03 Apr 2020 | CARE | Revised (from BBB) | BB+ | — | Stable | ₹1,315 Cr | View |
| 07 Jan 2019 | CARE | Revised | BBB- | — | Negative | ₹1,500 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Experienced promoters with long track record in real estate sector
The group benefits from the strong industry experience of its promoters, led by Mr. Rohtas Goel and Mr. Mohit Goel, who have been associated with the real estate sector for over three decades. The promoter group held approximately 74.14% stake in Omaxe Limited as on March 31, 2026. Over the years, the group has established a sizeable presence across residential, township and commercial real estate segments and has executed over 145 million square feet of development projects, providing substanti
+ Healthy sales and collection momentum
The group continues to report healthy operating performance, supported by sustained demand across its residential and commercial portfolio. As on June 30, 2026, the group had sold ~280 lakh square feet area, representing a healthy booking ratio of ~80% of the launched inventory. The strong sales performance is reflected in cumulative booking value of ₹14,115 crore. Against this, the group has achieved collections of ₹9,248 crore, translating into realization of nearly 65% of booked sales value.
+ Advanced Stage of Execution of Ongoing Portfolios
The group's project portfolio is at a relatively advanced stage of execution, providing strong visibility on timely completion and revenue recognition. As on June 30, 2026, of the total project cost of ₹11,316 crore, ₹6,384 crore (56%) had already been incurred. Further, seven projects are at an advanced stage with over 70% cost already incurred, while most of the remaining projects have crossed the midway execution stage. Execution risk is further moderated by the group's large township and plo
+ Assumptions/Covenants: Not applicable
Environment, social, and governance (ESG) risks: Not applicable Applicable criteria Consolidation Definition of Default Liquidity Analysis of Non-financial sector entities Rating Outlook and Rating Watch Financial Ratios – Non financial Sector
+ Consolidated
Brief Financials (₹ crore) March 31, 2025 (A) March 31, 2026 (A) Q1FY27 (UA) Total operating income 1560.99 1253.40 406.17 PBILDT* -341.38 -85.51 7.32 Profit after tax (PAT) -685.40 -696.80 1.30 Overall gearing (x) -2.04 -1.42 NA Interest coverage (x) -0.74 -0.10 0.27 A: Audited; UA: Unaudited; NA: Not Available; Note: These are latest available financial results.
+ Total operating income 1560.99 1253.40 406.17
PBILDT* -341.38 -85.51 7.32 Profit after tax (PAT) -685.40 -696.80 1.30 Overall gearing (x) -2.04 -1.42 NA Interest coverage (x) -0.74 -0.10 0.27 A: Audited; UA: Unaudited; NA: Not Available; Note: These are latest available financial results. *PBILDT: Profit before interest, lease rentals, depreciation, and tax Status of non-cooperation with previous CRA: Not applicable
Credit challenges
− Adverse orders against the company
Recent SEBI order on Minimum Public Shareholding (MPS) compliance: SEBI vide order dated September 24, 2026, held Omaxe Limited and certain promoter-linked entities liable for routing ₹46.50 crore through group entities/ group individuals to acquire Omaxe shares in the 2013 offer-for-sale (OFS), resulting in misrepresentation of compliance with MPS norms. SEBI has restrained the company from accessing the securities market for three months and Rohtas Goel, Sunil Goel, Jai Bhagwan Goel, Dream Hom
− High dependence on customer advances for projects funding
The group continues to rely substantially on customer advances to fund project construction and development activities.Of the total estimated project cost of ~₹11,316 crore, nearly 84% is proposedto be funded through customer collections. 2 CARE Ratings Ltd. Press Release Consequently, the group's cash flow profile remains highly dependent on sustained sales momentum and timely realisation of receivables. Any slowdown in bookings, weakening customer demand, or delays in collections could increas
− High cost of borrowing and continued losses at Group level
The group's project debt carries a relatively high cost of borrowing, averaging ~13% per annum, which places pressure on project-level profitability and cash flow generation. OL has posted net losses in previous five fiscals. The group recognises revenue upon transfer of possessions. The revenue recognition in previous fiscals has been lower compared to the cost incurred in respective years. Currently, the group has been recognising revenue of projects that were launched prior to pandemic and ow
− Inherent cyclical nature of real estate industry
The group is exposed to cyclicality associated with the real estate sector, which has direct linkage with the general macroeconomic scenario, interest rates and level of disposable income available with individuals. In case of real estate companies, profitability highly depends on property markets. A high-interest rate scenario could discourage consumers from borrowing to finance real estate purchases and might depress the real estate market. OL group’s portfolio is across tier-I and tier-II cit
− Key strengths
Experienced promoters with long track record in real estate sector The group benefits from the strong industry experience of its promoters, led by Mr. Rohtas Goel and Mr. Mohit Goel, who have been associated with the real estate sector for over three decades. The promoter group held approximately 74.14% stake in Omaxe Limited as on March 31, 2026. Over the years, the group has established a sizeable presence across residential, township
− Healthy sales and collection momentum
The group continues to report healthy operating performance, supported by sustained demand across its residential and commercial portfolio. As on June 30, 2026, the group had sold ~280 lakh square feet area, representing a healthy booking ratio of ~80% of the launched inventory. The strong sales performance is reflected in cumulative booking value of ₹14,115 crore. Against this, the group has achieved collections of ₹9,248 crore, translating into realization of nearly 65% of booked sales value.
Could lead to an upgrade
• Significant increase in the size of project portfolio with maintenance of committed receivable coverage ratio over 80% while maintaining unsold inventory levels below 18 months, on a sustained basis. • Favourable outcome of different adverse orders, with out any material impact on the company’s reputation,
Could lead to a downgrade
• Deterioration in the committed receivable coverage ratio below 50%, on a sustained basis. • Significant decline in collections and resultant increase in funding from debt to total project cost over 40%. • Crystallisation of major tax liabilities or penalties, or any reputational event resulting in deterioration in the group’s financial risk profile and
Agency-reported financials (CARE, 12 Oct 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹1,561 Cr | ₹1,253 Cr | ₹406 Cr |
| PBILDT* | ₹-,341.38 Cr | ₹-85.51 Cr | ₹7.32 Cr |
| Profit after tax (PAT) | ₹-,685.40 Cr | ₹-,696.80 Cr | ₹1.30 Cr |
| Overall gearing (x) | -2.04× | -1.42× | — |
| Interest coverage (x) | -0.74× | -0.10× | 0.27× |
| Revenue growth (YoY) | — | −19.7% | — |
| PAT margin | −43.9% | −55.6% | 0.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank | Working capital & bank lines | — | ₹28.6 Cr | — | BB+ (Stable) | Other | CARE |
| facilities | Other | — | ₹52.3 Cr | — | A4+ | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹35.6 Cr | CARE BB+; Stable |
| BG/LC | ₹28.6 Cr | CARE BB+; Stable / CARE A4+ |
| Cash Credit | — | Withdrawn |
| Fixed Deposit | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹16.6 Cr | CARE BB+; Stable |
Lenders
| Fund-based - LT | Term Loan | Piramal Finance Ltd. |
| Non-fund-based - LT | Bank Guarantee | Indian Bank |
| Non-fund-based - LT | Bank Guarantee | Punjab National Bank |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
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 | Last default 05 Mar 2021, cured 18 Nov 2021 (1802 days; investment grade needs 365) |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 48% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 48% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- Interest coverage 0.27×
What happened, step by step
- Aug 2023 — ₹192 cr raised from Swamih Investment Fund
- Aug 2023 — Full repayment of debt
“Further, the group has also raised debt of Rs.192 cr during Q4FY23 from Swamih Investment Fund for the residential project in New Chandigarh “The Resort” out of which Rs.30 crores has already been disbursed as on June 30, 2023.”
- Aug 2023 — ₹542 cr raised
- Aug 2023 — Full repayment of debt
“High debt repayment in FY24 and H1FY25 offset by adequate liquidity buffer and committed receivable During FY23, Omaxe has repaid Rs. 500 Crores to lenders as principal payment and has raised debt of Rs.542 crores and has an outstanding debt of Rs.1333.16 crores as on March 31, 2023 as compared to debt of Rs.1357.16 cr...”
- Aug 2023 — ₹440 cr raised through NCDs / bonds
- Aug 2023 — Full repayment of debt
“Of the debt being raised major one is the NCD of Rs.440cr due for repayment in Jul’25 along with the redemption premium at IRR of 18%.”
- Aug 2022 — ₹340 cr raised through NCDs / bonds from Varde Partners
- Aug 2023 — Full repayment of debt
“However, in Q1FY23 the debt level has increased due to issuance of NCDs of Rs. 440 crore (out of which Rs.340cr is raised till Jun 30, 2022) taken from Varde Partners.”
- Oct 2025 — Term debt tied up
- Oct 2026 — Project / plant of ₹11,316 cr
“High dependence on customer advances for projects funding The group continues to rely substantially on customer advances to fund project construction and development activities.Of the total estimated project cost of ~₹11,316 crore, nearly 84% is proposedto be funded through customer collections. 2 CARE Ratings Ltd.”
Rated limits by facility
Timeline
From the report
High dependence on customer advances for projects funding The group continues to rely substantially on customer advances to fund project construction and development activities.Of the total estimated project cost of ~₹11,316 crore, nearly 84% is proposedto be funded through customer collections. 2 CARE Ratings Ltd.
From the report
Press Release Liquidity: Adequate The group's liquidity profile remains adequate, supported by free cash and liquid investments of ₹587.40 crore and ₹585 crore as on March 31, 2026, and June 30, 2026, respectively.
From the report
CARE Ratings Limited (CareEdge Ratings)has withdrawn the rating assigned tothe proposed bank facilities of OL with immediate effect, as the company has not availed this facility and requested for withdrawal.
From the report
Against these receivables, the company has balance project cost of ~₹4913 crore and outstanding debt of ₹560 crore.
From the report
As on August 31, 2025, the company’s total outstanding debt has risen to ₹1,128.57 crore, primarily due to the infusion of ₹450 crore through non-convertible debentures (NCDs) raised from funds managed by Oaktree Capital Management.
From the report
Liquidity: Adequate As on March 31, 2025, the group maintained free liquid investments of close to ₹443.72 crore against scheduled debt commitments (including interest) of close to ₹320 crore in next four quarters.
From the report
Sizeable future expansion plans to elevate execution risk Over next two years, the group has plans to launch new projects with overall project cost of ₹8,000 crore.
From the report
Liquidity: Adequate As on June 30, 2024, OL had maintained free liquid investments of close to ₹550 crore against scheduled debt commitments (including interest) of close to ₹337 crore in next four quarters.
From the report
The compensation awarded in favour of PDA is likely to result in cash outflow of over ₹100 crore.Additionally, cash outflow of another ₹100 crore is likely, when the company appeals against the land seizure by the Noida Authority.
From the report
Key weaknesses Sizeable future expansion plans to elevate the execution risk Over the next two years, the group has plans to launch new projects with overall project cost of ₹8000 crore.
From the report
As on March 31, 2024, OL ha d maintained free liquid investments of close to ₹540 crore against scheduled debt commitments (including interest) of close to ₹337 crore in next four quarters .
From the report
Although, the compensation awarded in favour of PDA i s likely to result in cash outflow of over ₹100 crore, which will deteriorate the liquidity position of the company Assumptions/Covenants: Not applicable Environment, social, and governance (ESG) risks CARE Ratings believes that OL’s ESG profile supports its credit risk profile.
From the report
Key weaknesses Sizeable future expansion plans to elevate the execution risk Over the next two years, the group has plans to launch new projects with overall project cost of ₹8000 crore.
From the report
Although there is stable demand currently, adverse impact in these micro -markets will remain monitorable Liquidity: Adequate As on March 31, 2024, OL has maintained free liquid investments of close to ₹540 crore against scheduled debt commitments of close to ₹337 crore in next four quarters, which provides adequate liquidity cushion.
From the report
Also during FY23, Omaxe has repaid debt of Rs. 500 Crores to lenders as principal payment.
From the report
The major portion of the cash flow is due on offer of possession and with the completion of the project and major portion of inventory being sold, the group is expecting large collection during the period of Nov 23 to Jun 24, of which partially it will be used for repayment of NCD of Rs.440cr and remaining will support the liquidity in the company..
From the report
Further, the group has also raised debt of Rs.192 cr during Q4FY23 from Swamih Investment Fund for the residential project in New Chandigarh “The Resort” out of which Rs.30 crores has already been disbursed as on June 30, 2023.
From the report
High debt repayment in FY24 and H1FY25 offset by adequate liquidity buffer and committed receivable During FY23, Omaxe has repaid Rs. 500 Crores to lenders as principal payment and has raised debt of Rs.542 crores and has an outstanding debt of Rs.1333.16 crores as on March 31, 2023 as compared to debt of Rs.1357.16 crores as on March 31, 2022.
From the report
Of the debt being raised major one is the NCD of Rs.440cr due for repayment in Jul’25 along with the redemption premium at IRR of 18%.
From the report
The group has already repaid debt of Rs.63 crores during Q1FY24 funded through the customer collections.
From the report
Also, the group has unencumbered cash and bank balance of Rs.191.74 crores as on March 31, 2023 High cost of borrowing The debt taken by the group to fund the ongoing projects constitutes high cost of borrowing ranging ~14%-18%.
From the report
However, in Q1FY23 the debt level has increased due to issuance of NCDs of Rs. 440 crore (out of which Rs.340cr is raised till Jun 30, 2022) taken from Varde Partners.
From the report
Healthy collections leading to prepayment of term loans The company had collections of Rs.1912 crores in FY22 as against Rs.1295 crores in FY21.
From the report
Apart from this the company has raised debt of Rs.340cr during Q1FY23 (out of sanctioned debt of Rs.440cr) against its Chandni Chowk project specifically.
From the report
Also, the funding from Varde partners i.e NCDs of Rs.440 crores constitutes IRR of ~18% which was partially used in the prepayment of debt and partially for the completion of its Chandni Chowk project in Delhi, scheduled for delivery in FY23.
From the report
The group has already repaid debt of Rs.220 crores during Q1FY23 partially funded through the customer collection and partially through refinancing.
From the report
Also, the group has unencumbered cash and bank balance of Rs.126.55 crores as on March 31, 2022 and ~Rs.150 crores as on June 30, 2022 along with the undisbursed amount of ~Rs.100 crores as on June 30, 2022.
From the report
Further the future cash flow are supported by the receivable of Rs.4106 crores as on April 30, 2022 from confirmed sales along with the unsold inventory of Rs.6549 crores.
From the report
Since then there has no delay or default in the repayment of debt and also there is no auditor comment on delay and default in the annual report for FY21 and the same is confirmed by the bankers.
From the report
Thirty -Six Crore and Forty-Seven Lakhs Only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The rating has been revised on account of delays in servicing of its debt obligations due to stressed liquidity position resulting from the slowdown in real estate market due to covid-19 Key Rating Sensitivity Positive Factors Timely repayment of its debt on timely basis. Timely completion of the project within the estimated timelines Detailed description of the key rating drivers Key Rating Weaknesses Delays in servicing of debt obligations There have been
From the report
Free cash balance was Rs. 91 cr as on December 31, 2019.
From the report
Large land bank, majority of which is paid for As on Dec 31, 2019, Omaxe had approximately 901 acres of land (excluding land on which ongoing projects are being executed) acquired at total cost of Rs. 1,296 crore.
From the report
Liquidity The liquidity of the company was moderate with unencumbered cash and cash equivalents stood at Rs.90.54 crore as on March 31, 2018 and Rs.79 crore as on September 30, 2018.
From the report
The company has significant repayment obligations in the medium term, however stable cash collections of around Rs.745 cr in H1 FY19 have supported the operations.
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.