CRISIL Assigns BBB+/Stable Rating to Nambiar Ensemble Residential Projects LLP
CRISIL Assigns BBB+/Stable Rating to Nambiar Ensemble Residential Projects
CRISIL Ratings has assigned a 'CRISIL BBB+/Stable' rating to the long-term bank facilities of Nambiar Ensemble Residential Projects LLP (NEPLLP), a group entity of Nambiar Builders.
Rating Rationale
The rating reflects the extensive experience of the promoters in the real estate industry, healthy booking progress for the group's projects and its strong debt to asset ratio. These strengths are partially offset by exposure to project implementation risks and susceptibility to cyclicality inherent in the real estate sector.
The NEPLLP rating follows a series of credit assessments across the Nambiar group. In late April 2025, CRISIL upgraded the parent entity, Nambiar Builders Pvt Ltd, to A-/Stable, reflecting a stronger business profile and cash-flow visibility.
About NEPLLP and the Nambiar Group
Nambiar Group is a real estate company in Bangalore established in 2009, with its head office located on Sarjapur Main Road. The group's developments are in key areas like Sarjapur, Whitefield, Yeshwanthpur, Devanahalli, Yelahanka, Marathahalli, and Electronic City.
As of January 31, 2025, the Nambiar Group owns a substantial land bank of over 300 acres, strategically located near the company's ongoing projects in Bengaluru, positioning the group to sustain growth in its bookings and collections.
Recent Financial Performance
The group has incurred a total project cost of over ₹1,500 crore as of January 31, 2025, representing approximately 53% of the total budgeted cost. External debt has decreased significantly, reducing from ₹443 crore as of March 31, 2023, to ₹266 crore as of January 2025, with the group's debt-to-collection ratio improving from 1.15x in FY23 to 0.56x in 10MFY25.
The group achieved strong sales traction in its newly launched project—Nambiar District 25—selling substantial inventory swiftly after its launch in January 2025. Collections improved to close to ₹550 crore in FY24 against over ₹380 crore in FY23, and in 10MFY25, the group collected ₹478 crore and is expected to collect over ₹600 crore in the entire fiscal.
Developer Footprint and Scale
In just over 14 years, Nambiar Builders has developed more than 12 million square feet of land across the city, creating luxury apartments, villas, and townships. In June 2025, the group won the Times Business Awards Trusted Premium Builder of the Year, strengthening buyer confidence.
The BBB+/Stable rating underscores the group's stable operational execution and improving credit profile as it scales into larger township-format developments while maintaining its regional focus on East Bangalore.