Key Metrics of Varishtha Property Developers Private Limited
About Varishtha Property Developers Private Limited
Sectors
Company details
Operational Areas of Varishtha 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.
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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 |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | ICRA | Reaffirmed | BBB | — | Stable | ₹55.0 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Part of the Puravankara Group
The Puravankara Group has a demonstrated track record of over three and a half decades in real estate development and has developed 59 msf of saleable area as of June 2026.
+ Favourable location of proposed project
VPDPL and PSLPL are jointly developing a residential project in Hennur, Bengaluru, with a total saleable area of ~4.44 lakh sf at a combined land parcel of 3.03 acres.
Credit challenges
− Exposure to significant execution and market risks
The company remains exposed to significant execution risk, given the nascent stage of the project, with key regulatory approvals pending with significant project cost yet to be incurred as of June 2026.
− Geographical and asset concentration risks along with vulnerability to external factors
VPDPL’s and PSLPL’s cash flows entirely depend on a single asset.
Could lead to an upgrade
The rating may be upgraded if the company is able to launch the project in a timely manner with healthy sales response resulting in strong cash flow visibility for debt repayment.
Could lead to a downgrade
The rating may be downgraded if continuous delays in project launch or weak sales results in sustained pressure on the future cash flows. Additionally, deterioration in the credit profile of its ultimate parent company, Puravankara Limited, could put pressure on the rating. www.icra.in Sensitivity Label : Public Page |2
Varishtha Property Developers Private Limited (VPDPL) and Purva Sapphire Land Private Limited (PSLPL) are involved in the business of real estate development and other related activities. Both PSLPL and VPDPL together are undertaking development of a residential project at Hennur, Bengaluru a combined land area of 3.03 acres. The land parcel will be developed as a single project, having a total saleable area of 4.44 lakh sft. The project is expected to be launched by December 2026. VPDPL and PSLPL has raised Rs 51 crore and Rs 52 crore respectively, by way of unsecured listed zero coupon redeemable NCD, for the purpose of land acquisition/rights.
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Rated facility | Other | ₹55.0 Cr | ₹55.0 Cr | 0.0% | BBB (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE0PO508018 | NCD Zero | Debentures & bonds | — | — | — | ₹51.0 Cr | BBB | Not stated |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · 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 |
| Next action stable or better (model) | 52% |
| 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: 51% chance the next rating action is stable or better
- Current rating BBB (investment grade)
Rated limits by facility
Timeline
From the report
As of June 2026, Rs. 103 crore of NCDs have been issued (Rs. 52 crore in PSLPL and Rs. 51 crore in VPDPL) utilised towards land acquisition/rights.
From the report
VPDPL and PSLPL has raised Rs 51 crore and Rs 52 crore respectively, by way of unsecured listed zero coupon redeemable NCD, for the purpose of land acquisition/rights.
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 Varishtha 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 | ncc.se | — | 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.