RATING RATIONALE
20May2026
Lansum Enpoint Developers LLP
Brickwork Ratings reaffirms the long-term ratings at BWR BBB-/Stable for the Bank Loan Facilities of Rs. 250.00 Crs. of Lansum Enpoint Developers LLP.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (01 Apr 2025) |
Present | ||
| Fund Based | 250.00 | 250.00 | Long Term |
BWR BBB- /Stable
Assignment |
BWR BBB -
/Stable Reaffirmation |
| (30.00) | (30.00) | ||||
| Grand Total | 250.00 | 250.00 | (Rupees Two Hundred Fifty Crores Only) | ||
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
RATING ACTION / OUTLOOK
Brickwork Ratings has reaffirms the long-term ratings at "BWR BBB-/Stable" for the bank loan facilities of Lansum Enpoint Developers LLP.
The rating has factored, inter alia, the partner's vast experience in the real estate industry, favorable location, improved financial performance and maintenance of DSRA and escrow accounts. However, the rating is constrained by the project execution risk, partnership nature of the firm and the risk associated with cyclicality in the real estate industry. However, Going forward, the ability of the firm to improve its financial risk profile, timely completion of project and timely receipt of customer advances would be the key rating sensitivities.
The rating outlook has been assigned as "Stable" as BWR believes that the Lansum Enpoint Developers LLP business risk profile will be maintained over the medium term. The 'Stable'' outlook indicates a low likelihood of rating change over the medium term. The rating outlook may be revised to 'Positive' in case of timely completion of the project and increase in advance bookings and the rating outlook may be revised to 'Negative' if any delay in the completion and less than expected bookings.
KEY RATING DRIVERSCredit Strengths:
-
Location Advantage :
The proposed residential development, Lansum Elena, enjoys a prime location in Kokapet, West Hyderabad, within the Golden Mile Layout Extension. The area is emerging as one of the city’s most prominent residential and commercial hubs, benefiting from proximity to leading educational institutions (ISB, IIIT Hyderabad) and major corporate campuses (Microsoft, Google, Infosys, Amazon, Wipro). The micro-market has seen strong real estate growth due to spillover demand from the IT Corridor, supported by limited land availability in core IT zones and expanding commercial activity in the extended corridor.
-
Experienced management and established track record of the promoters :
The Lansum Enpoint Developers LLP promoted by Mr. Umesh Kunapareddy, M/s. Lakshmi Kunapareddy, Mr. Ujjwala Kumbhajadla, Mr. Tarun Janardhan Siripurapu representative from Enpoint Realty LLP and Lansum Cyberabad Developers India LLP who are in the firm positioned as partners with over a decade of experience showcasing expertise in managing day to day operations of the firm. The group has a project portfolio of completed projects of about 4.96 million sft and ongoing projects of around 8.90 million sft across all projects in the apartment, villa, gated community and commercial formats.
-
Maintenance of DSRA and Escrow Account :
The project's revenue will be directed through an escrow account maintained with the bank. Withdrawals from this account will follow a predefined waterfall mechanism, prioritizing debt obligations over operational expenses. Additionally, the firm is required to maintain a Debt Service Reserve Account (DSRA) equivalent to three months of interest and principal repayments which provides additional comforts.
-
Project execution risk :
Any delays in execution of a real estate project will results in increasing operating expenses and it will effect the advance bookings and revenue of the firm.
-
Exposure to inherent cyclicality in real-estate industry :
The real estate sector is marked by volatile prices and a highly fragmented market structure because of many regional players. In addition, being a cyclical industry, the real estate sector is highly dependent on macro-economic factors that render the firms sales vulnerable to any downturn in demand. Any new specific approvals on environment, social, regulatory is expected to hit the project as the project duration is four years. However the real estate industry is already covered under RERA act and the act in on place from 2016 onwards. firm has already obtained RERA approvals for the project and does not see major regulatory challenges.
-
Partnership Constitution :
Given Lansum Enpoint Developers LLP constitution as a partnership firm, it is inherently subject to specific risks associated with the potential risk of capital withdrawal by its partners, which could adversely impact its financial stability and operational capabilities. Furthermore, the partnership structure exposes to the risk of dissolution in the event of significant changes in the partnership composition, such as the death, retirement, or insolvency of one or more partners.
BWR has taken a standalone approach for the bank loan rating review of the firm. BWR has applied its rating methodology as detailed in the rating criteria.
RATING SENSITIVITIES
Positive :
- Timely collection of customer advances of Rs.180.00cr and above for the period 1st Apr 2026 to 31st Mar 2027.
- Timely disbursement of term loan of Rs. 65.00cr as per schedule for the period 1st Apr 2026 to 31st Mar 2027
- Improvement in financial risk profile.
- Completion of RCC and civil works by Nov2027.
Negative :
- Collection of customer advances below Rs.150.00crs
- Significant delay in disbursement of committed line of funding.
- Any significant delay in project completion by Dec2028.
Adequate liquidity characterized by sufficient cushion in accruals vis-a-vis repayment obligations and moderate cash balance of Rs. 60.92cr in Prov FY26. The firm reported net cash accruals of Rs.17.17cr in Prov FY26 compared to Rs. 0.47cr in FY25 against the CPLTD of zero in FY25 and Prov FY26. Going forward, the firm projected net cash accruals of Rs.12.75 in FY27 against term loan repayments of Rs. 12.5crs in FY27 ensuring sufficient coverage for debt servicing. Further, the scheduled repayment obligations are expected to be met through projected internal cash accruals. The current ratio of the firm stood at 2.66x in Prov FY26 and 1.48x in FY25. Further, the firm is projected to maintain sufficient level of inflow and it is expected to grow steadily with an increase in bookings. Additionally, availability of escrow mechanism along with DSRA account will ensure the smooth repayments and the firm is to benefit from the resourcefulness of the partner group. Hence, The overall liquidity position is expected to be at adequate level.
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Consumer Discretionary | Realty | Realty | Residential, Commercial Projects |
The Lansum Eldorado LLP was founded on Sept2018. Subsequently the the firm name changed from Lansum Eldorado LLP to Lansum Endpoint Developers LLP vide fresh incorporation certificate dated 07Aug2023. Mr. Umesh Kunapareddy, Mrs. Lakshmi Kunapareddy, Mr. Ujjwala Kumbhajadla and Mr. Tarun Janardhan Siripurapu representative from Enpoint Realty LLP, are the partners. The firm mainly engaged in Construction, Construction of residential and commercial buildings, real estate, development of lands, etc.
Lansum Enpoint is a joint venture between Lansum Group and Enpoint Realty, which combines Lansum's expertise in high-quality construction with Enpoint's innovative approach to customer-centric developments. the firm mainly engaged in The objective of this partnership is to establish new standards in the real estate sector by delivering projects that seamlessly integrate functional excellence with aesthetic elegance.
ESG ProfileNA
KEY FINANCIAL INDICATORS (Standalone)| Key Parameters | Units |
FY 23 - 24 (Audited - Annual) |
FY 24 - 25 (Audited - Annual) |
FY 25 - 26 (Provisional - Annual) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | Not Available | 0.11 | 242.95 |
| EBITDA | Rs.Crs. | -0.14 | -0.76 | 24.79 |
| PAT | Rs.Crs. | -0.17 | 0.27 | 17.17 |
| Tangible Net Worth | Rs.Crs. | -0.08 | 0.19 | 17.36 |
| Total Debt / Tangible Net Worth | Times | -1456.27 | 849.69 | 14.18 |
| Current Ratio | Times | 1.97 | 1.48 | 2.66 |
The terms of the sanction include standard covenants normally stipulated for such facilities. It also includes a financial covenant stating that the firm should maintain a minimum security and receivable cover of 1.5x throughout the tenure of the facility.
STATUS OF NON-COOPERATION WITH PREVIOUS CRA
Not Applicable
ANY OTHER INFORMATIONNil
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2026) | 2025 | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 250.00 |
BWR BBB-/Stable
(Reaffirmation) |
01Apr2025 |
BWR BBB- Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
| FB SubLimit | LT | (30.00) |
BWR BBB-/Stable
(Reaffirmation) |
01Apr2025 |
BWR BBB- Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
| Grand Total | 250.00 | (Rupees Two Hundred Fifty Crores Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Commercial Real Estate Rating Methodology
- Real Estate-Residential
| Analytical Contacts | |
|---|---|
|
Harish R Ratings Analyst harish.r@brickworkratings.com |
Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com |
| Media Contact | media@brickworkratings.com | Client Support | clientsupport@brickworkratings.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 | IndusInd Bank | Term LoanSanctioned | 250.00 | _ | 250.00 | Simple## |
| Sub-Limit (Dropline Overdraft) Sanctioned | (30.00) | |||||
| Total | 250.00 | 0.00 | 250.00 | |||
| TOTAL (Rupees Two Hundred Fifty Crores 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 |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
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