Ratnabhumi Developers Ltd

AGM Details

• AGM held on 14 August 2026 at 11:00 IST via VC/OAVM.
• Voting cut-off date: 7 August 2026; remote e-voting Aug 11–13, 2026.

Key Resolutions

• Resolution 1: Adoption of audited standalone and consolidated financial statements (ordinary).
• Resolution 2: Re-appointment of director retiring by rotation (ordinary).
• Resolution 3: Approval of related party transactions (related-party approvals; ordinary).
• Resolution 4: Re-appointment of independent director (special).

Voting results

• Resolution 1 passed with unanimous support.
• Resolution 2 passed with unanimous support.
• Resolution 3 passed with unanimous support.
• Resolution 4 passed with unanimous support.

Director changes

• Director retiring by rotation re-appointed.
• Independent director appointed to board.

Related party transactions

• Approval of related party transactions; specific counterparties not disclosed.

Key AGM actions

• Agm convening approved: 20th AGM on 14 Aug 2026 at 11:00 IST via VC/OAVM.
• Board approved Board's Report for FY ended 31 Mar 2026 with all disclosures.
• Register of Members and Share Transfer Books to close Aug 1–14, 2026.
• Cut-off for sending AGM notice and annual report: 18 July 2026.
• Voting eligibility cut-off: 7 Aug 2026.
• Remote e-voting scheduled: Aug 11, 2026, 9:00 AM to Aug 13, 2026, 5:00 PM.
• Scrutinizer appointed: M/s Insiya Nalawala Associates for e-voting.
• Executive Director Mrs. Rinni Shah to retire by rotation and re-appoint.
• Secretarial Audit Report for FY ended 31 Mar 2026 approved; no qualifications.
• Other business agendas noted; meeting duration 3:30 PM–4:30 PM.

Meeting Details

• Meeting Date: 18 July 2026; time and venue not disclosed.

Key Agenda Items

• Consider and discuss all matters relating to the 20th AGM for FY 2025-26.
• Consider and discuss any other items as may be decided by the Board.

Other Notes

• Trading window closure details are not specified.

Dematerialisation status

• Securities received for dematerialisation were confirmed as accepted/rejected to depositories.
• Dematerialised securities have been listed on the stock exchanges.
• Physical certificates were mutilated, cancelled, and the depository name substituted as registered owner within timelines.

Credit Rating Action

• Infomerics assigned IVR BBB-; Stable rating to Rs.151 crore long-term bank facilities
• Rating assigned on February 10, 2026, valid till February 8, 2027
• Previous rating was IVR BB; Negative with issuer not cooperating status

Instruments/Facilities Rated

• Long Term Bank Facilities: Rs.151 crore rated IVR BBB-; Stable
• Facilities include three term loans maturing in March 2030

Rating Agency

• Rating assigned by Infomerics Valuation and Rating Ltd.

Rationale

• Strong project execution capabilities with ~13.33 lakh sq. ft delivered
• Healthy business performance with TOI of Rs.213.47 crore in FY25
• Satisfactory sales with 50.33% bookings of ongoing projects
• Experienced promoters with large low-cost land bank of ~18.40 lakh sq. ft
• Execution risk due to ongoing projects at ~40% completion and high debt reliance
• Leveraged capital structure with overall gearing of 5.50x as of March 2025
• Moderate debt protection metrics; interest coverage improved to 1.33x in FY25
• Geographical concentration risk as all projects are in Ahmedabad
• Exposure to cyclicality risks inherent in real estate sector

Rating Sensitivities

• Upgrade: Significant scale increase and improved geographical diversification
• Upgrade: Bookings and collections increase with cash flow adequacy >60%
• Downgrade: Project delays with time and cost overruns
• Downgrade: Subdued sales, collections, or increased debt-funded land acquisitions

Outlook

• Stable outlook reflecting expected stable business performance and cash flow coverage

Financial Highlights (Consolidated FY25)

• Total Operating Income: Rs.213.47 crore
• EBITDA margin: 9.34%, PAT margin: 2.67%
• Total debt reduced to Rs.119.95 crore from Rs.193.53 crore in FY24
• Overall gearing improved to 5.50x from 9.66x
• Interest coverage improved to 1.33x from 1.00x

Financial Highlights (Standalone FY25)

• Total Operating Income: Rs.214.20 crore
• EBITDA margin: 10.07%, PAT margin: 2.65%
• Total debt reduced to Rs.119.37 crore from Rs.193.18 crore in FY24
• Overall gearing improved to 5.47x from 9.63x
• Interest coverage improved to 1.45x from 1.02x

Liquidity

• Adequate liquidity with sufficient cash flow cover for near to medium term
• Promoters provide financial flexibility via unsecured loans
• Debt service reserve account created covering one month interest and installment
• Moratorium period of 46 months with repayments starting April 2029

Material Changes Since Last Rating

• Rating upgraded from IVR BB; Negative to IVR BBB-; Stable
• Improved financials and business performance led to rating upgrade