Key Metrics of Veegaland Developers Limited
About Veegaland Developers Limited
Company details
- Listed
- NSE: VEEGALAND · ₹131.97
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
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Oct 2026 | ICRA | Assigned | — | — | Stable | ₹500 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Expected improvement in sales and collections
The company is currently undertaking 12 projects with total saleable area of around 1.9 million square feet (msf), of which approximately 64% had been sold, resulting in healthy committed receivables of Rs. 402 crore and a comfortable cash flow adequacy ratio of 53%.
+ Strong leverage and coverage metrics
In line with the improvement in sales and collections, the cashflow from operations are also expected to improve by around 42-45% in FY2027, this coupled with estimated low debt levels is expected to result in healthy debt protection metrics with Total External Debt/CFO in the range of 0.8-0.9 times as of March 2027.
+ Established experience in residential real estate market
The rating derives comfort from the established market presence of Veegaland Group with a track record of around two decades in the Kerala real estate industry, particularly in Trivandrum and Kochi with presence in Thrissur and Kozhikode as well, with company’s comfortable project execution and sales capabilities.
Credit challenges
− Moderate scale of operations
The company’s scale of operations remains moderate with an ongoing residential portfolio comprising of only 1.9 msf of saleable area as of June 2026.
− Exposed to project execution and market risk
The rating is exposed to project execution and market risk for the ongoing and upcoming launch pipeline and the company is yet to incur around 58% of the total project cost as of June 2026 exposing it to execution risk as majority of the cost is expected to be incurred through customer advances.
− Exposed to geographical concentration risk and cyclicality inherent in real estate business
The company remains exposed to the inherent cyclicality in the real estate industry, a slowdown in economy and reduction in housing demand.
Could lead to an upgrade
The rating may be upgraded if there is significant increase in sales and collections resulting in healthy cash flow from operations while maintaining strong leverage and coverage metrics on a sustained basis.
Could lead to a downgrade
Downward pressure on the rating could arise in case of subdued sales and/or collections, of if there is any significant delay in completion of ongoing projects resulting in weakening of the company’s
Agency-reported financials (ICRA, 07 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹192 Cr | ₹251 Cr |
| PAT | ₹20.40 Cr | ₹26.60 Cr |
| OPBDITA/OI | 15.6% | 15.7% |
| PAT/OI | 10.6% | 10.6% |
| Total outside liabilities/Tangible net worth (times) | 4.00× | 0.80× |
| Total debt/OPBDITA (times) | 5.90× | 2.20× |
| Interest coverage (times) | 6.00× | 6.90× |
| Revenue growth (YoY) | — | 30.5% |
| EBITDA (margin × income) | ₹30.01 Cr | ₹39.41 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹177 Cr | ₹86.70 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹5.00 Cr | ₹5.71 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term –Fund based- [ICRA] BBB+ () Term loan Long Term –Fund based | Term loans | — | ₹165 Cr | — | — | Assigned | ICRA |
| [ICRA] BBB+ () Overdraft Long Term -Unallocated | Working capital & bank lines | — | ₹93.5 Cr | — | — | Assigned | ICRA |
| [ICRA] BBB+ () limits | Other | — | ₹242 Cr | — | — | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | FY | Term loans | — | — | 31 Mar 2035 | ₹165 Cr | BBB+ | Outstanding |
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 | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 46% |
| Information on file | 67% · missing: Annual results history (3+ years), Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 36% chance the next rating action is stable or better
- Interest coverage 6.9×
- ₹93.5 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
The impact of changing environmental regulations on licenses take n for property development could create credit risks. www.icra.in Sensitivity Label : Public Page |2 Liquidity position: Adequate The company had free cash and bank balance is Rs. 33.2 crores as of March 31, 2026 (including RERA balance of Rs. 17.5 crore) along with undrawn OD limits of around Rs 55.5 crores as of June 30, 2026.
From the report
Further, the company has repayment obligations of Rs 40 crores in FY2027 and Rs 61 crores in FY2028, which are expected to be comfortably met through its cash flow from 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.