ICRA Reaffirms [ICRA]BBB+ (Stable) Rating for Experion Developers, Cites Healthy Launch Pipeline and Improving Leverage
ICRA Reaffirms BBB+ Rating for Experion Developers
Credit rating agency ICRA reaffirmed its long-term rating on Experion Developers Private Limited (EDPL) on the basis of expected improvement in the company's sales, aided by healthy sales velocity in its ongoing projects, as well as healthy launch pipeline while maintaining comfortable leverage.
Growth and Collections Outlook
The company's sales are estimated to grow by 23-25% in FY2026 on account of the sustained momentum in liquidation of unsold completed inventory, along with sales progress for its ongoing and upcoming projects. The company's collections are expected to be in the range of Rs. 930-950 crore in FY2026 (PY: Rs. 1,200 crore).
Project Portfolio and Pipeline
The company has three ongoing projects with a saleable area of ~1.9 msf at favourable locations, and healthy launch pipeline of ~6.3 msf in the medium term, providing cash flow visibility. The company has launched projects like Windchants and Heartsong in 2012, Westerlies in 2013, Experion Capital in Lucknow in 2017 and Milestone Experion Centre in 2019. The company has newly launched Experion Trillion in Sector 48 Gurgaon and Experion Elements in Sector 45 Noida, along with the launch of a new phase of Winchants Nova on Dwarka.
Leverage and Cash Flow Metrics
Debt protection metrics are likely to remain adequate, with leverage as measured by external debt/cash from operations (CFO) estimated to be in the range of 1.0-1.1 times as of March 2026 (PY: 0.49 times). The rating notes the healthy cashflow adequacy ratio, wherein the committed receivables of ~Rs. 2,174 crore covers around 119% of the outstanding debt and pending cost of Rs. 1,821 crore as of June 2025.
About Experion Developers
Experion Developers is a wholly-owned subsidiary of Experion Holdings Pte. Ltd., Singapore. The company develops townships, group housing, commercial premises and recreational facilities. The company started its India journey in 2006 and has a track record of successfully undertaking 10 landmark projects across Gurugram, Lucknow, Noida and Amritsar covering a total of 1.02 million square meter (10.96 million square feet) built-up area. Experion Group has presence across Haryana, Punjab, Uttar Pradesh, Telangana, Goa and Maharashtra.