CARE Edge upgrades Ashiana Housing's issuer rating to CARE A+

The rating action in numbers

Issuer and NCD ratings both raised to CARE A+

CARE Edge's rating committee raised Ashiana Housing's issuer rating to CARE A+; Stable from CARE A; Stable. The letter cites recent developments, including performance for FY26 (audited) and Q1 FY27 (unaudited).

The same move applies to six NCD issues listed on BSE. CARE says the issuer rating is an opinion on general creditworthiness and is not specific to any one debt instrument.

The NCD terms in CARE's Annexure 1

The ₹93.75 crore NCD on ISIN INE365D07085 carries a 9.95% coupon and is repayable by 11 May 2029 in annual installments of ₹31.25 crore. The other NCDs have a 20-year tenure and a 'payable when able' structure, with NCDs served based on the availability of project distributable surplus.

Annexure 1 gives sizes of ₹61.71 crore, ₹93.75 crore and ₹56.81 crore for three ISINs, against ₹97 crore, ₹125 crore and ₹100 crore in the exchange letter. The letter also says ₹26.75 crore of the proposed issuance under INE365D08083 was withdrawn at the company's request.

CARE can review the rating at any time

CARE says it will review the rating at least once a year and may revise, reaffirm or withdraw it, or change the outlook. Its ratings do not factor in rating-related trigger clauses; if such clauses are introduced and triggered, it says the ratings may see volatility and sharp downgrades.

What the rating upgrade means for Ashiana Housing's shareholders

The upgrade moves the issuer and NCD ratings from CARE A to CARE A+, with the outlook unchanged at Stable. The filing does not say what effect it will have on borrowing costs, NCD pricing or results.

For reference, Blacklitt's data shows consolidated Q1 FY27 total income of ₹119.75 crore, down 60.4% year on year, and net profit of ₹13.11 crore, up 3.0%. CARE says it will issue a press release on the rating shortly.

Reference: Original filing (PDF)