DLF Cyber ​​City announces raising ₹1,100 crore

DLF Cyber ​​City announces raising ₹1,100 crore, prepares to work on debt reduction planAccording to Crisil, the company also has an annual interest payment burden of ₹1,500-2,000 crore and most scheduled repayments are likely to be made through refinancing.Abhijit Lele

DLF Cyber ​​City Developers (DCCDL), a joint venture between DLF and Singapore's sovereign wealth fund (SWF) GIC, is planning to raise up to ₹1,100 crore through non-convertible debentures (NCDs) to fund project construction and debt repayment.

The DLF Group holds a 66.67 percent stake in the real estate company and has projected annual capital expenditure of ₹3,500-4,000 crore in the current fiscal year 2026, which could decline to around ₹2,000 crore in the medium term.

According to rating agency Crisil, the company also has an annual interest payment burden of ₹1,500-2,000 crore, and most of the scheduled repayments are likely to be made through refinancing. Crisil has assigned a 'AAA' rating to the new debentures, reflecting a continued strong business risk profile, supported by high occupancy levels and the scale of its operating portfolio. DCCDL has approximately 40.4 million square feet and approximately 4 million square feet of operational commercial and retail space in Gurugram, Chennai, Noida, Delhi, Hyderabad, and Chandigarh, respectively.

The rating agency stated that real estate has strong credit security standards and refinancing potential. Consistent rental growth, coupled with a reduction in net debt from ₹17,583 crore as of June 30, 2024, to ₹17,287 crore as of June 30, 2025, have strengthened credit security standards. The net debt-to-EBITDA ratio, which was 5.6 times as of March 31, 2021, has improved to 3.2 times by June 30, 2025. This ratio is expected to decline over the medium term.

DLF Cyber ​​City Developers has set a target of maintaining its net debt level around or below ₹20,000 crore and has indicated a net debt-to-EBITDA ratio of around or below 3.5 times. Similarly, the company aims to keep the loan-to-value (LTV) ratio below 35-40%. The company reported operating income of ₹1,728 crore for the quarter ended June 2025, compared to ₹1,536 crore a year ago.