Godrej Properties Credit Ratings Affirmed by ICRA and India Ratings; Commercial Paper Limit Boosted to ₹4,000 Crore

Dual Rating Affirmations Strengthen Godrej Properties' Financial Position

Godrej Properties Ltd announced credit rating actions on September 02, 2026, with ICRA Limited reaffirming its ratings for the company's debt instruments. India Ratings and Research Private Limited, in a letter dated August 26, 2026, also affirmed and assigned credit ratings, including IND A1+ for Commercial Paper with an enhanced amount of Rs. 4,000 crore.

ICRA Reaffirmation and Enhanced Limits

ICRA reaffirmed Non-Convertible Debentures at [ICRA]AA+ (Stable) for Rs. 5,250 crore, reaffirmed Commercial Paper at [ICRA]A1+ for an enhanced amount of Rs. 4,000 crore (previously Rs. 3,500 crore), and reaffirmed Long/Short Term Fund-based/Non-fund-based bank facilities at [ICRA]AA+ (Stable) and [ICRA]A1+ respectively, for an enhanced amount of Rs. 13,000 crore (previously Rs. 11,000 crore).

India Ratings Actions

India Ratings affirmed IND A1+ for Commercial Paper of Rs. 4,000 crore (enhanced from Rs. 3,500 crore) and affirmed IND AA+ (Stable) for Non-Convertible Debentures of Rs. 4,500 crore.

Rating Interpretation and Company Context

The AA+ rating reflects a high degree of safety regarding timely servicing of financial obligations. These reaffirmations and enhancements indicate ICRA's continued confidence in Godrej Properties' ability to meet its financial commitments, supported by its strong market position and operational performance.

Godrej Properties is present in 11 cities in India and focuses on residential real estate development, having delivered approximately 41 million square feet of projects since FY2018 and maintaining around 215 million square feet of total developable area as of February 2024.

Financial Flexibility and Debt Management

The company's leverage measured by net debt/CFO is estimated to be 1.1 – 1.2 times as of March 2026, and the company has free cash and liquid investments of Rs. 9,130 crore (including QIP funds of Rs. 3,484 crore) as of March 2025. While the company maintains a relatively high proportion of short-term debt, achieving a low cost of borrowing at 7.80% as of March 2025, this refinancing risk is mitigated by the company's healthy liquidity and financial flexibility as part of the Godrej Group.

Godrej Properties generated revenue of ₹6,970 crore for the financial year ending March 31, 2025, reflecting a one-year revenue compound annual growth rate of 61%.