Premium-quality offerings strategically located across prime markets, including in-city locations with fully integrated platform.
Well positioned to benefit from industry tailwinds - Our business is derivative of India's manufacturing, consumption and e-commerce tailwinds.
Strong customer relationship - A testament to our ability to lease and actively manage our assets with an ability to provide a comprehensive business ecosystem to our customers, not just real estate solutions.
Proven engineering and technical capabilities enabling execution of complex industrial projects.
Proven expertise in development and acquisitions, backed by a track record of executing joint ventures and maintaining government partnerships.
Proven track record of active asset management.
Commitment to enhanced sustainability practices with high sustainability standards.
Highly skilled and professional leadership team backed by a experienced promoter with extensive industry experience and execution expertise.
A significant portion of its assets in the company's network has been acquired by the Company from its Promoters and other sellers recently (in Fiscals 2025 and 2026) and the company may undertake such acquisitions to expand its network in the future. Further, the Proforma Financial Information included in this Red Herring Prospectus is presented for illustrative purposes only, to demonstrate the impact of the Acquisition Transactions as if such acquisitions has been consummated on April 1, 2023 or from the date of incorporation of such acquired entities, whichever is later, and may not accurately reflect the company's financial condition or results of operations.
The company incurred losses of Rs.2,036.49 million, Rs.1,787.81 million and Rs.1,622.10 million, on a restated consolidated basis in Fiscals 2026, 2025, 2024, respectively and Rs.1,908.20 million, Rs.2,394.27 million and Rs.2,750.70 million, on a proforma basis, in Fiscals 2026, 2025 and 2024, respectively and some of its Material Subsidiaries incurred losses in the past, based on their respective standalone financial information primarily due to high finance costs and depreciation and amortization expenses. There can be no assurance that its will achieve or maintain profitability in the future.
The company's Development Network of 30.03 msf (which constituted 51.26% of its Total Network) included 7.22 msf of Near Term Deliveries (24.04% of Development Network) and 22.81 msf of Planned Projects (75.96% of Development Network) as of May 31, 2026, is subject to various risks and uncertainties, including construction delays and increasing construction costs, which could lead to time and cost overruns, and adversely affect the company's business, financial condition, operations and cash flows.
A substantial portion of the Net Proceeds, up to Rs.22,500.00 million, will be utilized for the repayment/prepayment of certain outstanding borrowings availed of by the Company and the Identified Subsidiaries. Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval. Its total borrowings were Rs.68,843.41 million as of March 31, 2026, on a restated basis, which will reduce to Rs.46,343.41 million, subsequent to the repayment/prepayment from Net Proceeds and its debt-equity ratio as of March 31, 2026 will accordingly reduce from 1.18 times to 0.55 times.
The company requires substantial funds for meeting its capital expenditure requirements. The company may not be able to secure funding for such capital expenditure in a timely manner or at all which may adversely impact its growth prospects and overall financial performance.
The company's revenue is significantly dependent on its top 10 customers (identified based on their proforma revenue contribution in Fiscal 2026). These customers accounted for 42.60%, 43.12% and 54.04% of the company's proforma revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of these customers or a significant reduction in their lease commitments could adversely affect its business, results of operations, financial condition and prospects.
A significant portion of the company's revenue is derived from its assets situated in the cities of Delhi-NCR, Chennai, Bangalore and Pune, which collectively contributed 79.00%, 79.79% and 87.67% of the company's proforma revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any adverse developments affecting the locations of its assets in these cities could have an adverse effect on the company's business, results of operations, financial condition and prospects.
The title and development rights or other interests over land where the company's assets are located, may be subject to legal uncertainties and defects, which may interfere with its ownership of the company's assets and result in it incurring additional costs to remedy and cure such defects.
The company is exposed to the risks pertaining to land scarcity and the limited supply of land, increasing competition and applicable regulations, which may adversely affect its business, results of operations and financial condition.
The company relies on independent contractors for the construction of its assets and any failures on their part to perform their obligations could adversely affect the company's business, results of operations, financial condition and prospects.
