Key Metrics of Regency Nirman Limited
About Regency Nirman Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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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
NoteLatest action: rating withdrawn (ICRA, 29 Sep 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 29 Sep 2026 | ICRA | Withdrawn | B+ | — | Stable | ₹32.0 Cr | View |
| 25 Sep 2026 | CARE | Reaffirmed | A- | A2+ | Stable | ₹100 Cr | View |
| 18 Mar 2026 | ICRA | Non-cooperating | B+ | — | Stable | ₹32.0 Cr | View |
| 27 Jun 2025 | CARE | Assigned | A- | A2+ | Stable | ₹100 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Experienced promoters and established track record in industry
RNL is promoted by Mahesh Khairari and his brothers, Ramkishore Khairari and Subhash Khairari. Promoters have over two decades of experience in constructing and developing residential buildings. They are supported by a team of qualified professionals with significant expertise in their respective fields. In the last two decades, the group successfully completed over 20 real estate projects across Thane, Pune, and other regions, admeasuring over 100 lakh square feet (lsf) of saleable area. Promot
+ Favourable location of ongoing projects
RNL’s ongoing projects, having saleable area of ~14.49 lsf are at Dombivli and Ulhasnagar and majority projects are part of existing townships already developed by the Regency group. The projects are at varying stages of completion - ranging from initial to intermediate stage. These areas are primarily residential, with some commercial spaces and retail shops. These locations 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Ins
+ Comfortable solvency position
RNL operates at a moderate scale of operations and follows policy of sales booking at time of occupancy certificate (OC), however, the company has started launching under-construction projects as well. RNL has had total bookings of ₹523 crore and collections of ₹211 crore for FY26 (Provisional) for a total ongoing project Gross Development Value (GDV) of ~₹1,600 crore against total bookings of ₹426 crore and collections of ₹203 crore for FY25 for a total ongoing project GDV of ~₹1,900 crore. The
+ Availability of land bank
RNL has a sizeable land bank of ~120 acres in MMR, Panvel, and Khopoli, coupled with land holdings in other group entities, which provides scope for future real estate development. Availability of land bank provides the company with flexibility in p lanning and executing upcoming projects, catering to evolving market demands and supporting long -term business growth. It also supports its healthy profitability due to lower land costs.
Credit challenges
− Exposure to subsidiary and group companies and some portion of net worth being deployed in non -core activities
As on March 31, 2026, the aggregate exposure in the form of investments, loans and advances to group companies and special purpose vehicles ( SPVs) stood at ~₹1,338 crore . The exposure includes investments towards the core real estate business , and non-core lending, securities and solar power business undertaken on an arm’s-length basis. Of the total loans and advances exposure, ~17% was towards the lending business and ~30% towards the recently entered solar power business as on March
− Project execution and marketing risk
RNL is currently executing five residential projects, admeasuring a total saleable area of 14.49 lsf. Projects are between in itial to intermediate stages of execution as on March 31, 2026. Aggregate estimated cost of these projects is ₹971 crore, of which ₹422 crore (~43%) has been incurred as on June 30, 2026. With ~56% of the cost yet-to-be incurred, projects remain exposed to execution risk. However, the company has adequate liquidity available in the form of committed receivables and unutil
− Cyclical nature of real estate industry and exposure to regulatory risks
The company remains exposed to the inherent cyclicality of the real estate sector, which is influenced by the overall macroeconomic environment, interest rates, and levels of disposable income. Demand and profitability of real estate developers are sensitive to prevailing property market conditions. A sustained increase in interest rates could adversely impact homebuyers’ borrowing capacity and affordability, moderating property demand and sales velocity. The sector is also exposed to changes in
Could lead to an upgrade
• Significant traction in project execution with over 70% of aggregate cost incurred, accompanied with healthy bookings and collections leading to improved cash flows and debt coverage indicators.
Could lead to a downgrade
• Considerable decline in the operating cash flows of the company considering lower -than-envisaged sales momentum and collection efficiency. • Net debt (debt position less
Agency-reported financials (CARE, 25 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹584 Cr | ₹1,041 Cr |
| PBILDT* | ₹284 Cr | ₹495 Cr |
| Profit after tax (PAT) | ₹184 Cr | ₹475 Cr |
| Overall gearing (x) | 0.12× | 0.10× |
| Interest coverage (x) | 16.61× | 33.24× |
| Revenue growth (YoY) | — | 78.4% |
| PAT margin | 31.6% | 45.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹100 Cr | — | A- / A2+ (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 02 Nov 2026)
| Instrument | Amount | Rating |
|---|---|---|
| LT/ST | ₹100 Cr | CARE A-; Stable / CARE A2+ |
Lenders
| Fund-based/Non-fund-based | LT/ST | Proposed |
Credit assessment · Construction (EPC contractors)
ICRA Rating Methodology – Construction (Oct 2024) · Standalone accounts
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 |
| Withdrawal | ICRA · 29 Sep 2026 · Withdrawn at company request with lender NOCs |
| Information on file | 22% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, 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: 76% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 33.24×
- ICRA withdrew its ratings on 29 Sep 2026 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
From the report
However, the loan availed by Regency Power Infra Private Limited is ₹511 crore, of which ₹41 crore has been repaid as on June 30, 2026.
From the report
Liquidity: Strong The company’s liquidity position is strong, characterised by minimal dependence on external borrowings for project execution,nil debt repayment obligations in medium term and liquid investments of ~₹500 crore as on June 30, 2026 (OD outstanding as on June 30, 2026, is ₹53.94 crore against FD of ₹ 410 crore).
From the report
Average utilisation of OD facilities stood at ~51% for 12 months ending March 31, 2026, providing sufficient cushion to liquidity.
From the report
Average utilisation of OD facilities stood at ~56% for 12 months ending March 31, 2025, providing sufficient cushion to liquidity.
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.