Key Metrics of Sandhya Infocity Limited
About Sandhya Infocity Limited
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.
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
WatchDowngraded by CARE on 06 May 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 May 2026 | CARE | Downgraded | B | — | Stable | ₹310 Cr | View |
| 28 Apr 2026 | ICRA | Downgraded | B+ | — | Stable | ₹240 Cr | View |
| 13 May 2025 | CARE | Downgraded (from BB) | BB- | — | Stable | ₹310 Cr | View |
| 24 Apr 2024 | CARE | Assigned | BB | — | Stable | ₹310 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Favourable location of the park with reputed tenant profile
The project benefits from a favourable location in Navalur, Chennai, along the Old Mahabalipuram Road (OMR) corridor, which is one of the key IT hubs in the city.
+ Comfortable leverage
The company’s total debt is expected to reduce to around Rs. 210.0-215.0 crore as on March 31, 2027 from the estimated level of Rs. 253.0-258.0 crore as on March 31, 2026 on account of scheduled repayment of debt, coupled with absence of debt-funded capex in the medium term.
Credit challenges
− Decline in occupancy resulting in moderate debt coverage metrics
The occupancy levels at the asset moderated to around 71% as of March 2026 from about 76% as of March 2025, following the exit of a tenant in August 2025.
− Exposed to tenant concentration and market risks
SIL is exposed to high tenant concentration risk in the asset, with its top tenant, HCL Technology, occupying around 79% of the leased area and the top five tenants constituting around 99% of the total leased area as of March 2026.
− Exposure to asset concentration risk and vulnerability of debt coverage metrics to external factors
The rating considers the single asset nature of the company, with revenues entirely dependent on one property, thereby exposing it to high asset concentration risk.
Could lead to an upgrade
The rating could be upgraded in case of significant improvement in occupancy levels of the project at adequate rental rates resulting in improvement in debt protection metrics, on a sustained basis, along with improvement in internal controls of the company.
Could lead to a downgrade
Pressure on the rating could emerge if there is any material decline in occupancy or significant increase in indebtedness resulting in deterioration of debt protection metrics and
Agency-reported financials (CARE, 06 May 2026)
| Metric | March 31, 2023 | March 31, 2024 |
|---|---|---|
| Total operating income | ₹112 Cr | ₹106 Cr |
| PBILDT | ₹76.80 Cr | ₹75.83 Cr |
| PAT | ₹28.43 Cr | ₹33.87 Cr |
| Overall gearing (times) | 1.59× | 1.27× |
| Interest coverage (times) | 2.57× | 2.88× |
| Revenue growth (YoY) | — | −5.7% |
| EBITDA margin | 68.6% | 71.8% |
| Implied interest cost (EBITDA ÷ coverage) | ₹29.88 Cr | ₹26.33 Cr |
| PAT margin | 25.4% | 32.1% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) continues to remain under ISSUER NOT Long Term Bank ISSUER Facilities NOT | Working capital & bank lines | — | ₹310 Cr | — | B (Stable) | Downgraded | CARE |
CARE ratings on record (checked 31 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Lease rental discounting/ Rent Receivables Financial | ₹310 Cr | CARE B; Stable; ISSUER NOT COOPERATING* |
Lenders
| Fund-based - LT | Lease rental discounting/ Rent Receivables Financial | Indian Bank |
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) | 73% |
| 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: 48% chance the next rating action is stable or better
- Current rating B (below investment grade)
- Interest coverage 2.88×
Rated limits by facility
Timeline
From the report
The micromarket is supported by good infrastructure and connectivity, while the upcoming metro connectivity is expected to further enhance the marketability of the asset.The rating favourably considers the company’s comfortable leverage, wherein the Total Debt/NOI is projected to remain below 3.0 times in the medium term (compared to estimated level of 3.05 times as on March 31, 2026), driven by scheduled repayment of debt as well as the absence of debt-funded capex.
From the report
Comfortable leverage – The company’s total debt is expected to reduce to around Rs. 210.0-215.0 crore as on March 31, 2027 from the estimated level of Rs. 253.0-258.0 crore as on March 31, 2026 on account of scheduled repayment of debt, coupled with absence of debt-funded capex in the medium term.
From the report
Liquidity position: Stretched SIL’s liquidity is stretched with free cash and liquid investments of Rs. 4.6 crore as of February 2026.
From the report
The company’s unencumbered cash and cash equivalents stood low at Rs.0.21 crores as on 31.03.2023.
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.