Lucina Land Development Limited is a wholly owned subsidiary of Embassy Developments Limited, engaged in real estate development with projects in Panvel, Gurugram, Bengaluru, and Chennai.
Debenture Trusteeafds
IDBI Trusteeship Services Limited
Issuance date
01 Feb 2026
Key termsss
Irrevocable Corporate Guarantee from Embassy Group.
Minimum security cover of 2.00x maintained.
DSRA equivalent to one quarter principal.
ISRA funded for two months of interest payments.
Returns & Cashflow
Units
3
Monthly Interest PayoutPrincipal Paid at Maturity
₹28,761.93Principal Invested
₹12,626.52Interest earned
₹42,626.52Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
30 Nov 2026
₹318.48
--
30 Dec 2026
₹308.22
--
30 Jan 2027
₹318.48
--
28 Feb 2027
₹297.96
--
30 Mar 2027
₹308.22
--
30 Apr 2027
₹318.48
--
30 May 2027
₹308.22
--
30 Jun 2027
₹318.48
--
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-1.19xDebt/Equity
Panvel, Gurugram, Bengaluru, ChennaiGeographic
₹-1,073.89 CrNet worth
₹-24.87 CrPAT
100%Promoter holding
Financial trend
YoY -2.1% ↓
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Issuer and structure highlights
Corporate Guarantee
Irrevocable and unconditional corporate guarantee from Embassy Developments Limited.
Large Land Bank
Availability of 3,125 acres of land bank spread across Maharashtra, NCR, and Chennai for future development.
Strong Parent Cash Flows
Parent company EDL has healthy cash flow coverage driven by steady execution of ongoing projects.
Key Riskss
Sector Cyclicality
Real estate sector is highly cyclical, leading to volatility in cash flows during economic slowdowns.
Regulatory Risks
Highly regulated nature of the real estate industry with strict adherence required to RERA and local municipal rules.
Dependence on Advances
High reliance on customer advances to fund operations, making unexpected deviations a liquidity risk.
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Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
The Credit risk-o-meter is based on evaluation of the credit risk of the issuer and does not constitute investment advice or a recommendation to invest. Investments in debt securities are also subject to market and liquidity risks.
Rating rationale summary
Infomerics reaffirms IVR A- (CE)/Stable rating based on an irrevocable corporate guarantee from Embassy Developments Ltd, backed by its strong cash flows and large land bank.
Summary points
Unconditional Corporate Guarantee from Embassy
Robust Escrow, DSRA, and ISRA structures
Healthy cash flow coverage at parent level
Rating history timeline
Dec 2024
Provisional rating assigned
Mar 2025
Final rating assigned
Dec 2025
Rating reaffirmed with stable
Outlook implications
The Stable outlook reflects strong revenue visibility for FY26 supported by Panvel Park and planned launches in Chennai, Bangalore, and Gurgaon.
Implications for investors
Investors benefit from an irrevocable corporate guarantee by Embassy Developments Limited, mitigating standalone credit risks.
Escrow sweep mechanisms and upfront DSRA/ISRA funding ensure a dedicated buffer for timely debt servicing.
A minimum security cover of 2.00x provides a significant asset cushion against potential value depreciation.
Watch for: Timely sale of flats, adequate cash flow generation, and adherence to escrow mechanisms.
Rating Drivers
Corporate Guarantee
Positive
Irrevocable guarantee by parent
DSRA & ISRA
Positive
Ensures timely debt servicing
Land Bank
Supportive
Sizeable 3125 acres land bank
Sector Cyclicality
Negative
Vulnerable to economic slowdowns
How this issuer compares to peers
Benchmark yield, balance-sheet strength, and risk indicators against similar issuers to make the credit case easier to validate.
Where it stands out
Backed by Embassy Group Group
Real Estate Embassy Group Corporate GuaranteeStrong parentage with unconditional corporate guarantee from Embassy Developments Limited, covering the entire debt obligation.
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Invest
Selected investment units: 3
Trade & Settlement
Settlement date
03 Nov 2026
Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.
Totals (For Selected Units)
Price per Unit
₹9,587.31
Investment amount
₹28,761.93
Total Interest
₹12,626.52
Total Receivable
₹42,626.52
Regulatory Assurance Panel
Debenture Trustee Appointment Agreemendft
General Information Document
Issuer Financials
Key Information Document
Rating Rationale and Letter
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