RATING RATIONALE
02Apr2026
Rajas Aerosports and Adventures Pvt. Ltd.
Brickwork Ratings assigns the ratings for the Bank Loan Facilities of Rs. 165.74 Crs. of Rajas Aerosports and Adventures Pvt. Ltd.
Particulars| Facilities** | Amount(Rs.Crs.) | Tenure | Rating# | |
|---|---|---|---|---|
| Fund Based | 165.74 | Long Term |
BWR BB +
/Stable Assignment |
|
| Grand Total | 165.74 | (Rupees One Hundred Sixty Five Crores and Seventy Four lakhs Only) | ||
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*** The term loan outstanding as of 17 March, 2026. RATING ACTION / OUTLOOK
Brickwork Ratings (BWR) assigned a long-term rating of BWR BB+/Stable for a total debt size of Rs. 165.74 Crore to Rajas Aerosports and Adventures Pvt. Ltd. (hereinafter referred to as ‘RAAPL’ or the ‘Company’)
The rating reflects improved operating performance on the back of Increased asset utilisation and transitioned from a B2C model to a higher-margin B2B approach. Further, the rating is supported by the experienced promoters in the line of aviation, aero adventure, and the tourism industry, and financial support by the Patanjali group companies. These strengths are partially offset by the induction phase of new fleets and the expansion risk of tourism projects. The business is exposed to regulatory requirements with prescribed safety standards with DGCA compliance (Directorate General of Civil Aviation), hence any changes in regulations and RAAPL’s ability to adapt to the same remain to be seen.
The stable outlook reflects the expectation that the company will continue to benefit from financial support by promoters and the streamlining of operations.
KEY RATING DRIVERS
Credit Strengths:
-
Experienced Promoters & Group companies' financial support: :
The company is managed by Mr. Manish Saini, who possesses over a decade of experience in the tourism, aviation, and aero adventure Industry. A robust team of experienced & licensed pilots and technicians effectively supports the senior management. The Patanjali group demonstrated support by offering interest-free unsecured loans.
-
Increased asset utilisation:
:
The topline reported a significant growth from Rs. 9.82 crore in FY 2023–24 to Rs. 56.73 crore in FY 2024–25, driven by the commissioning of two helicopters and better realisation per flying hour. This growth demonstrates the scalability of the asset-backed model as serviceability and deployment stabilise. The company transitioned from a B2C model to a higher-margin B2B approach with minimum guaranteed hours, which provides safety from the volatility of the B2C market and industry impacts like early monsoons or operational restrictions. Also, it enhances pricing power, improves margins, and diversifies revenue streams across customer segments and geographies.
For FY 2025–26, revenue for the period ended 31 December 2025 stands at Rs. 43.79 crore, with anticipated revenue of approximately ?57 crore. Furthermore, one more fleet will be operational in a couple of months, providing revenue visibility.
-
Average financial risk profile due to the induction phase and expansion risk: :
The company’s financial risk profile is average, with initial operational losses during the induction of booked aircraft, followed by hiring crew and establishing operational readiness to meet DGCA requirements before the aircraft can be officially inducted. Secondly, the five cottages and two cafés will be operational soon at the George Everest Peak, Mussoorie, Uttarakhand, and further expansion will be in a phased manner to ensure financial discipline is maintained.
The company reported a net loss of Rs. 18.23 Crs in FY25 (FY24: Rs. -2.35) and Rs. -11.52 Crs in 9MFY26. The first helicopter and jet were received in 2023, with more helicopters becoming operational in late 2024 & September 2025, and one more fleet under process. The group companies financially supported RAAPL by infusing interest-free unsecured loans of Rs. 217.93 Crore in FY25 (FY24: Rs. 176.94 Crore) and Rs. 198.99 Crore as on 31st December, 2025. Considering the same, the adjusted gearing ratio remained at 0.73x in FY25 (FY24: 0.69x), and 0.97x in 9MFY26.
Going forward, RAAPL’s reliance on group companies for debt repayment and its ability to generate profits while timely expansion of the projects remain key sensitivities for ratings.
-
Regulatory Compliance, Competition and external factors: :
RAAPL is DGCA compliant (Directorate General of Civil Aviation ), and the business is exposed to regulatory requirements with prescribed safety standards and mandatory training requirements for flight operators. Any changes in regulations and RAAPL’s ability to adapt to the same remain to be seen. The company has partially mitigated the risk by implementing safety measures, including acquiring new fleet models, employing experienced veteran pilots, and conducting timely training. These steps also contribute to the company's ability to maintain its positive competitive market.
The ongoing global war between the USA and Iran and geopolitical tensions have a severe and direct impact on the skyrocketing costs of Aviation Turbine Fuel (ATF). Going further, the company’s improved margins will be monitorable.
BWR has relied upon the standalone audited financials up to FY25, the unaudited management certified financials of 9MFY26 of Rajas Aerosports and Adventures Pvt. Ltd., publicly available information, and clarification/information provided by the Company. Further, to arrive at its ratings, BWR has applied its rating methodology, as detailed in the Rating Criteria, as linked.
RATING SENSITIVITIES
Positive:
A sustained improvement in operating income above Rs. 80-100 Crores and improvement in the overall financial risk profile with ISCR & DSCR above 1.50x.
Negative:
Deterioration in revenue from the present level, deterioration of adjusted TOL/TNW more than 1.50x, and delay in the project implementation, or any large debt-funded capital expenditure impacting its liquidity and financial risk profile.
LIQUIDITY INDICATORS - Stretched
The net cash accruals are inadequate currently; however, it's expected to improve in the coming years to repay the debt obligations of Rs. 13.16 Crores in FY27 & Rs. 17.54 Crores in FY28. The cash and bank are Rs. 21.47 Crores, including a lien FDRs of Rs. 8.03 Crores as on 31st December, 2025. The group companies and promoters have a history of extending significant interest-free unsecured loans and are expected to continue providing such loans as needed in the medium term.
ABOUT THE ENTITY
| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Consumer Discretionary | Consumer Services | Leisure Services | Tour, Travel Related Services |
Incorporated on May 30, 2013, Rajas Aerosports and Adventures Pvt. Ltd. (RAAPL) was established to provide scheduled and non-scheduled air transport services, as well as to engage in a wide range of commercial activities within the Adventure Sports and Aero-sports sectors. The services are operated from New Delhi, Madhya Pradesh & Uttrakhand. RAAPL currently possesses an aircraft 6344 and 3 helicopters, and one is in the process. The majority stake in the company is held by Mr. Manish Saini (20.68%) and Mr. Balkrishna Acharya (18.75%). The other key promoters are Mr. Mayank Saini, and Mr. Som Suvedi.
RAAPL holds long-term lease agreements for 15 years with Uttarakhand Tourism Development Board (UTDB) for George Everest peak and with the Department of Aviation, Government of Madhya Pradesh, for (Umaria & Birwa) to conduct aero sports and air tourism activities.
ESG ProfileEnvironmental:
Fleet Modernization: The company has invested in the latest models, which are fuel-efficient aircraft (which reduce emissions by 15-25%) and penalize those operating aging fleets.
Social :
Safety and Security: Prioritizing passenger safety and adhering to strict international standards.
Workforce Development: Investing in employee training and addressing staff shortages.
Governance:
ESG Reporting: Aligning with standards such as those mandated by the Directorate General of Civil Aviation (DGCA) to ensure transparency.
Sustainable Finance: All the fleets are insured, and the company is financially supported by the Patanjali group and is able to get further support for the adoption of new technologies.
KEY FINANCIAL INDICATORS (Standalone)| Key Parameters | Units |
FY 23 - 24 (Audited - Annual) |
FY 24 - 25 (Audited - Annual) |
FY 25 - 26 (Unaudited - Others(31 Dec 2025)) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | 9.82 | 56.73 | 43.79 |
| EBITDA | Rs.Crs. | -2.19 | 6.13 | 6.72 |
| PAT | Rs.Crs. | -2.35 | -18.23 | -11.52 |
| Tangible Net Worth | Rs.Crs. | 3.24 | -14.99 | -26.52 |
| Total Debt / Tangible Net Worth | Times | 92.92 | -24.47 | -13.80 |
| Current Ratio | Times | 18.88 | 3.06 | 1.94 |
The normal terms and conditions as stipulated in the sanction letter.
STATUS OF NON-COOPERATION WITH PREVIOUS CRA
| Creadit Rating Agency | Status and Reason for Non-Cooparation | Date of Press Release |
|---|---|---|
| CRISIL | Crisil BB- /Stable (ISSUER NOT COOPERATING*; Rating Migrated), as the company did not provide the requisite information needed to conduct the rating exercise. | 23Dec2025 |
| Facilities | Current Rating (2026) | 2025 | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 165.74 |
BWR BB+/Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| Grand Total | 165.74 | (Rupees One Hundred Sixty Five Crores and Seventy Four lakhs Only) | |||||||
| Analytical Contacts | |
|---|---|
|
KunjalDabhi Ratings Analyst kunjal.d@brickworkratings.com |
Niraj Kumar Rathi Senior Director Ratings niraj.r@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | Customer Support | CustSupport@brickwrokratings.com |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| 1 | Punjab National Bank | Term LoanOut-standing | 165.74 | _ | 165.74 | Simple## |
| Total | 165.74 | 0.00 | 165.74 | |||
| TOTAL (Rupees One Hundred Sixty Five Crores and Seventy Four lakhs Only) | ||||||
## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
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