Ramsons Projects Limited is currently executing a fundamental strategic pivot, transitioning from a legacy **Non-Banking Financial Company (NBFC)** to a diversified entity focused on **Real Estate Development** and **Infrastructure**. This shift is driven by a decision to exit the increasingly competitive financial services space in favor of high-growth property and construction opportunities. --- ### **Strategic Transformation & Regulatory Status** The company has formally concluded its tenure as a financial services provider to pursue a new mandate in the real estate sector. This transition involved significant regulatory milestones and structural changes. * **NBFC License Surrender:** On **September 17, 2025**, the **Reserve Bank of India (RBI)** approved the voluntary surrender of the company’s Certificate of Registration (**CoR No. 14.00774**). * **Regulatory Reclassification:** The company has shifted from a **Base Layer NBFC** (Investment and Credit Company) to a dedicated real estate entity governed by **SEBI** and the **Companies Act**. * **Reserve Reallocation:** Statutory reserves previously maintained under **Section 45-IC** of the **RBI Act** have been transferred to **General/Free Reserves** to support operational flexibility. * **Constitutional Amendments:** The company adopted a new **Memorandum of Association (MoA)** and **Articles of Association (AoA)** to reflect its expanded business objects, which now include construction, consultancy, and infrastructure. --- ### **Core Business Verticals & Service Portfolio** Under its revised MoA, Ramsons Projects Limited operates across several high-value segments within the built environment: * **Real Estate Development:** The construction, promotion, sale, and leasing of residential complexes, commercial malls, industrial parks, and **Special Economic Zones (SEZs)**. * **Infrastructure Projects:** Acting as civil contractors and engineers for large-scale public and private works, including roads, bridges, dams, airports, and power infrastructure. * **Consultancy & Property Management:** Providing specialized real estate consultancy, interior decoration services, and long-term property maintenance. * **Building Materials Trading:** The import, export, and domestic trading of essential construction materials such as cement, steel, and prefabricated structures. * **Ancillary Interests:** The MoA also permits diversified activities in medical research, hospital management, and the distribution of nutritional supplements. --- ### **Asset Monetization & Real Estate Strategy** The company is actively leveraging its existing land bank to generate liquidity and fund its new development projects. * **Gurugram Land Bank:** The company holds strategic land inventory in **Sector 95, Gurugram, Haryana**. * **Transferable Development Rights (TDR):** A primary revenue strategy involves the monetization of land through the **Department of Town and Country Planning (DTCP), Haryana**. The Board has approved the sale of **TDR Certificates** to investors in multiple tranches. * **Government Partnerships:** A **Gift Deed** was executed in favor of the **Governor of Haryana** for specific land parcels in Gurugram to facilitate the broader development framework and secure necessary development rights. * **Strategic Investments:** In **June 2025**, the Board approved a capital contribution of **₹5.00 Crore** to join **S A S Fininvest LLP** as a Body Corporate Partner, signaling a move toward collaborative investment structures. --- ### **Financial Performance & Capital Structure** While in transition, the company demonstrated a significant recovery in profitability, largely driven by the final cycles of its lending business. **Key Financial Metrics** | Metric (INR in Lakhs) | FY 2024-25 (Est.) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Interest Income** | **₹106.00** | **₹50.27** | **₹48.75** | | **Total Comprehensive Income** | **₹275.00** | **₹87.95** | **₹5.22** | | **Profit After Tax (PAT)** | - | **₹322.00** | **(₹5.30)** | | **Cash & Cash Equivalents** | **₹1,099.40** | **₹568.87** | - | **Liquidity and Capital Position** * **Cash Position:** As of **March 31, 2025**, liquidity reached **₹1,099.40 Lakhs**, comprising **₹731.82 Lakhs** in current accounts and **₹363.72 Lakhs** in fixed deposits. * **Share Capital:** The **Authorised Share Capital** is **₹4.00 Crore**. The **Paid-up Share Capital** remains stable at **₹3.01 Crore** (**30,06,500 shares** at **₹10** each). * **Inter-Corporate Deposits (ICD):** In **April 2026**, the Board approved an ICD of **₹2.70 Crore** to **JSPL Estates Private Limited**. * **Remuneration:** For the **2024-25** fiscal year, **no remuneration** was paid to Executive or Non-Executive Directors. --- ### **Shareholding Pattern** The company maintains a concentrated shareholding structure among its promoters and associated entities (as of **March 31, 2025**): * **Sunil Sachdeva:** **22.97%** (**6,90,500 shares**) * **S.A.S. Infotech Pvt. Ltd.:** **16.98%** (**5,10,600 shares**) * **Pankaj Mani Sachdeva:** **6.53%** (**1,96,400 shares**) * **Compliance Note:** The **dematerialisation** of the entire **Promoter Group shareholding** is currently in progress to comply with **Regulation 31(2)** of **SEBI (LODR) Regulations, 2015**. --- ### **Risk Profile & Governance** The transition from a regulated financial entity to a real estate developer introduces a specific set of legacy and market-driven risks. **Regulatory & Administrative Risks** * **RBI Approval Oversight:** The company failed to obtain prior approval from the RBI for the appointment of **Mr. Yogesh Sachdeva** as **Managing Director** (effective **Nov 15, 2024**). A **post-facto approval** application was filed on **February 28, 2025**, to rectify this administrative lapse. * **Filing Delays:** The company experienced delays in filing **Form MR-1** regarding leadership appointments, though these have since been regularized. **Operational & Market Risks** * **Legacy NPAs:** The company remains exposed to **Non-Performing Assets (NPAs)** originating from its prior lending business. Management is pursuing legal remedies to realize dues from legacy customers. * **Asset Quality & Provisioning:** The company maintains a conservative provisioning policy: * **Standard Assets:** **0.40%** * **Sub-standard Assets (90-120 days):** **50.00%** * **Doubtful/Loss Assets (≥ 120 days):** **100.00%** * **Sector Sensitivity:** Future growth is now tied to the **Real Estate Industry** cycle, interest rate fluctuations, and changes in government land and infrastructure policies. * **Legal Contingencies:** Pending litigations exist which may impact the financial position; details are disclosed under **Note 19.6** of the **Ind AS financial statements**.