RG I is currently well inside every disclosed financial trigger. The September 30, 2025 compliance certificate shows 2.28x DSCR against the 1.55x full-distribution threshold, 20.7% FFO / Net Debt against the 6.0% restriction trigger, 1.84x PLCR against the 1.60x debt-sizing floor, and 61.4% EBITDA from sovereign-equivalent counterparties against the 55.0% minimum.
Source route. The governing evidence here is the September 2025 RG I compliance certificate plus the February 2024 roadshow deck that spells out the lock-up mechanics and security package. The full Note Trust Deed is not in the current repo, so this page is explicitly scoped to what those two official source documents say.
Executive Summary
Distribution Status
FULLY OPEN
DSCR remains above the 1.55x no-restriction threshold.
Prudent Distribution Cash
INR 1,513 Mn
Compliance certificate says this is the cash that can be distributed acting prudently.
Transfer to Distribution Account
INR 1,694 Mn
Before management earmarks INR 181 Mn for prudent liquidity.
Portfolio Mix
61.4%
EBITDA from sovereign-equivalent counterparties, above the 55% covenant floor.
Financial Matrix
| Metric | Actual | Threshold | Status | What it means |
|---|---|---|---|---|
| Debt Service Coverage Ratio RG I compliance certificate p. 10 — "the Debt Service Cover Ratio for the Calculation Period ended on the relevant Calculation Date was 2.28:1." | 2.28x | >= 1.55x | OPEN | Maximum distribution level remains open; below 1.55x distributions step down to 60%. |
| FFO / Net Debt RG I compliance certificate p. 11 — "The Actual FFO/Net Debt of 20.7% is for 12 months ended on September30th, 2025" | 20.7% | >= 6.0% | OPEN | General distribution restriction stays off; below 6.0% distributions are restricted to 75% of cash otherwise available. |
| Project Life Cover Ratio RG I compliance certificate p. 11 — "Project Life Cover Ratio (PLCR) 1.60 ... 1.84" Support: RG I roadshow p. 23 — "Any breach will result in 100% lock up of distributions and excess cash flow being transferred to SDRA for repayment of loan" | 1.84x | >= 1.60x | OPEN | Debt sizing covenant is in compliance; below 1.60x distributions lock 100% and excess cash sweeps into the SDRA until two compliant periods. |
| EBITDA from Sovereign Equivalent Counterparty RG I compliance certificate p. 11 — "EBITDA from Sovereign Equivalent Counterparty ... 55.00% ... 61.40%" | 61.4% | >= 55.0% | OPEN | Sovereign-counterparty mix stays compliant; breach would weaken the debt-sizing covenant and the off-taker quality support package. |
Distribution Lock-Ups
| Trigger | Outcome | Source |
|---|---|---|
| DSCR > 1.55x | No restriction on distribution | RG I roadshow p. 24 |
| DSCR < 1.55x | Distributions restricted to 60% | RG I roadshow p. 24 |
| DSCR < 1.45x | Distributions restricted to 50% | RG I roadshow p. 24 |
| DSCR < 1.35x | No distribution | RG I roadshow p. 24 |
| DSCR < 1.10x | Event of default | RG I roadshow p. 24 |
| FFO / Net Debt < 6.0% | General distribution restricted to 75% | RG I roadshow p. 24 |
| PLCR < 1.60x | 100% lock-up plus mandatory cash sweep into the SDRA until two consecutive compliant periods | RG I roadshow p. 23 |
How to read this. RG I is not governed by the unsecured HY logic used on Aris, Sibanye, Braskem, or YPF.
Cash leakage is managed through a graded project-finance waterfall. DSCR controls the percentage of distributable cash that can leave the structure,
FFO / Net Debt adds a second restriction, and PLCR breach triggers a full lock-up plus mandatory sweep into the senior debt redemption account.
Cash Waterfall
| Line Item | Oct 1, 2024 to Sep 30, 2025 | Oct 1, 2023 to Sep 30, 2024 |
|---|---|---|
| Opening cash balance | INR 1,101 Mn | INR 3,197 Mn |
| Operating EBITDA | INR 10,552 Mn | INR 10,224 Mn |
| Working capital and other movements | -INR 977 Mn | INR 322 Mn |
| Capital expenditure | -INR 417 Mn | -INR 201 Mn |
| Cash Flow Available for Debt Servicing and Reserves | INR 10,259 Mn | INR 13,543 Mn |
| Interest service | -INR 3,671 Mn | -INR 4,466 Mn |
| Debt service (repayment) | -INR 1,039 Mn | -INR 868 Mn |
| Investment in Senior Debt Restricted Amortization Account | -INR 461 Mn | INR 1,069 Mn |
| Total debt servicing and other reserves | -INR 5,170 Mn | -INR 6,569 Mn |
| Cash available post debt servicing and reserves | INR 5,089 Mn | INR 6,975 Mn |
| Funds distributed during period | -INR 3,395 Mn | -INR 5,873 Mn |
| Cash available for transfer to Distribution Account | INR 1,694 Mn | INR 1,101 Mn |
| Total funds earmarked | -INR 181 Mn | -INR 181 Mn |
| Net cash available for transfer to Distribution Account | INR 1,513 Mn | INR 921 Mn |
Source: RG I compliance certificate p. 10. Quote: "acting prudently the cash balance which can be distributed as permitted under the relevant Transaction Documents is Rs 1,513 Mn."
Structure and Protections
Standard project finance covenant package
- Bankruptcy remote structure
- 100% amortizing debt over the PPA term with roughly one-year tail period
- Cashflow waterfall mechanism
- 6-month Debt Service Reserve and mandatory capex reserve
- 95% currency and 75% of interest-rate risk to be fully hedged
Source: RG I roadshow p. 22
Structured financial covenants
- Graded Debt Service Cover Ratio for distributions
- FFO / Net Debt > 6%
- CFADS from sovereign off-taker to cover 75% of bond principal plus 100% of interest
- Project Life Cover Ratio > 1.60x
- Forward 6-month capex covenant to maintain plant performance
Source: RG I roadshow p. 22
Security package
- 100% shares of the co-issuers pledged
- First-ranking charge over project accounts, escrow accounts, and project assets
- Assignment rights over contractual documents of each issuer
- Each issuer guarantees the primary obligations of the others at each waterfall level
Source: RG I roadshow p. 22
Analyst Notes
- This is a project-finance restricted-group compliance package, not an unsecured high-yield indenture analysis.
- Roadshow covenant descriptions are treated as explanatory support for the compliance certificate, not as substitutes for the full Note Trust Deed.
- The page is intentionally anchored on RG I only. RG II would need its own monitor page rather than being blended into one issuer-level covenant package.
Sources
RG I Compliance Certificate
Pages 8-11 establish the source basis, waterfall, and current covenant metrics. Key lines include the 2.28:1 DSCR, Rs 1,694 Mn available for transfer to the Distribution Account, Rs 1,513 Mn prudently distributable cash, and the trailing twelve month covenant table.
RG I Roadshow Deck
Pages 22-24 explain the structure: 100% amortizing debt, a 6-month DSRA, pledged shares and first-ranking charges, graded DSCR distribution bands, the FFO / Net Debt 6% restriction, and the PLCR lock-up plus mandatory sweep into the SDRA.