CARE Ratings completes April 2026 annual surveillance on Nambiar Builders Private Limited

Annual Surveillance Assessment Completed

CARE Ratings' April 2026 surveillance on Nambiar Builders Private Limited examined the company's operational and financial risk profile, considering strong booking growth, healthy sales traction in new project launches, improved collections and a robust launch pipeline.

Context of Previous Rating Action

This annual surveillance follows a revision in long-term rating for bank facilities issued in March 2025, which had upgraded the company's standing. The April assessment represents the rating agency's periodic monitoring of the developer's credit profile and debt obligations.

About Nambiar Builders

Nambiar Builders Private Limited was established in 2009 by Ramesh Nambiar and Ratheesh Nambiar, and is primarily engaged in the construction and development of premium and luxury villas and property development. As of January 2025, the Nambiar Group owns a substantial land bank of over 300 acres, with these land parcels strategically located near the company's ongoing projects in Bengaluru.

The group launched the District-25 project and additional phases of Ellegenza, aggregating over 20 lakh sq-ft of saleable area. In the ten-month period to January 2025, the group sold over 18 lakh sq-ft of inventory, compared to 2 lakh sq-ft in FY24, generating inventory sales of over ₹2,000 crore against approximately ₹200 crore in FY23.

Project Portfolio and Growth

The group's collections have been gradually increasing with execution progress and new launches, improving to close to ₹550 crore in FY24 from over ₹380 crore in FY23.

The key promoters—Ratheesh Nambiar (Managing Director), Rajesh Nambiar (Director), and Ramesh Nambiar (Director)—have over 15 years of experience and track record in executing residential real estate projects in Bengaluru. The group has successfully developed approximately 25 lakh sq-ft of residential space to date.

About CARE Ratings Surveillance

Annual surveillance forms part of ongoing credit rating monitoring. Rating agencies periodically review the financial and operational performance of entities with rated instruments, typically conducting at least one surveillance assessment per year. This process ensures that ratings remain aligned with the company's current creditworthiness and ability to service debt obligations.