CareEdge downgrades Goswami Infratech NCDs to B+ from BB- citing fundraising delays

Rating Downgrade for SP Group Financing Unit

Goswami Infratech's non-convertible debentures were downgraded to B+ from BB- by CareEdge on May 6, 2026. The downgrade cites delays in group-level fundraising versus earlier timelines and highlights mounting refinancing risks.

Fundraising Delays and Hedging Costs

Goswami Infratech's plan to raise between $2.8 billion and $3.1 billion over the past few months has been delayed, with the surge in rupee hedging costs playing a major role. The company has now planned to split its fresh fundraising between dollar and rupee bond issues, and would target the issues before the end of June.

Repayment Extension Agreed

The downgrade takes into account the extension sought to repay high-yield debt to June 30 from April 30, according to the rating agency, which investors have agreed to. Goswami Infratech had earlier raised INR 143 billion through a bond issuance in June 2023, attracting participation from several global investors.

Background on Goswami Infratech

Goswami Infratech is a real estate and civil engineering firm within the Shapoorji Pallonji Group, which for over 150 years has consistently delivered projects and solutions globally, having been committed to creating iconic structures since 1865. Shapoorji Pallonji Real Estate was the first Indian company to construct two 60 storey residential towers in Mumbai.

Broader Group Financial Pressures

An alternate funding line has been secured, though the downgrade reflects continued pressure on the group's financial strategy and execution timelines. ICRA maintains a 'Negative' outlook on Shapoorji Pallonji and Company Private Limited, citing delayed working capital funding and weaker operating performance, while CARE Ratings also assigns a 'Negative' outlook, highlighting high group exposure and leverage.