Mumbai, Sept. 11 -- Crisil Ratings stated that the downgrade reflects the slower-than-anticipated improvement in the company's financial risk profile driven by delayed scaling up of collections and cash accrual, which will result in continued elevated debt to cash flow from operations (CFO) levels over the medium term.

While sales bookings and collections for fiscal 2026 increased by 17% and 34%, respectively, year-on-year, to Rs 5,280 crore and Rs 4,960 crore basis 100% economic interest, they remained below the estimated levels.

The shortfall was primarily due to delays in environmental approvals for key projects, delays in receipt of previously expected milestones in few projects and weaker demand in certain developments, resulting i...