Press Release December 22, 2025 AHMEDABAD RING ROAD INFRASTRUCTURE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	367.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	367.00	-	-

Rating Rationale

­Acuité has withdrawn its long-term rating on Rs. 334.00 Cr. Non-Convertible Debentures of Ahmedabad Ring Road Infrastructure Limited (ARRIL) without assigning any rating as the NCDs are fully repaid. The rating is being withdrawn on account of request received from the company and No objection Certificate (NOC) received from the debenture trustee. Also, Acuité has withdrawn its long-term rating on Rs. 33.00 Cr. bank facilities of Ahmedabad Ring Road Infrastructure Limited (ARRIL) without assigning any rating as it is a proposed facility. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the Company

­Ahmedabad Ring Road Infrastructure Limited (ARRIL) is a special purpose vehicle (SPV) promoted by Sadbhav Engineering Limited (SEL) through its step-down subsidiary, Sadbhav Infrastructure Projects Limited (SIPL), for implementing the ring road project around the municipal limits of Ahmedabad city. The project was awarded by Ahmedabad Urban Development Authority (AUDA) for broadening the then existing 76 km two-lane ring road around Ahmedabad to four lanes along with operation and maintenance of the same up to December 2026 on a build, operate and transfer (BOT) model. The directors of the company as on June 30, 2025 are Mr. Mahendrasinh Rajusinh Chavada, Mr. Jatin Thakkar, Mr. Purushottambhai Bhulabhai Patel, Mr. Jignasu Yogendrabhai Dixit and Mr. Tarang Madhukar Desai.

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

ESG Factors Relevant for Rating

­The infrastructure development industry has a significant social impact, as it is a labour-intensive business. Social issues significant for the industry are community support and development, employee safety and human rights. Governance issues that are relevant include board and management compensation, transparency in related party transactions, shareholder’s rights and board diversity. The extent of direct or indirect emissions and the efficiency of deployment of vehicle fleets and heavy machinery has a considerable impact in the environmental performance of this industry. Since material costs are relatively high, strategies should be in place to reduce wastages and recycle raw materials to the extent possible to minimize the environmental impact. SEL, the sponsor company, has policies in corporate governance category on board independence, key management retention and business conduct and ethics. The company has designated committees for corporate social responsibility (CSR), risk management, stakeholders’ relationship, nomination and remuneration amongst others. The company has a total of 5 number of board of directors out of which 2 are executive directors, 2 non-executive directors and 1 independent director. The company has CSR committee consisting of 3 members with major focus on promoting education, health care, sustainable livelihood, protection of the environment, infrastructure development, eradicating hunger and poverty amongst others.

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

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Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	266.67	235.42
PAT	Rs. Cr.	61.08	68.81
PAT Margin	(%)	22.90	29.23
Total Debt/Tangible Net Worth	Times	0.88	0.44
PBDIT/Interest	Times	2.68	5.39

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information

­None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 01 Sep 2025 Proposed Non Convertible Debentures Long Term 33.00 ACUITE BB (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 334.00 ACUITE BB (Reaffirmed) 04 Jun 2025 Proposed Non Convertible Debentures Long Term 33.00 ACUITE BB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 334.00 ACUITE BB | Stable (Reaffirmed) 04 Jun 2024 Proposed Non Convertible Debentures Long Term 367.00 ACUITE BB | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable INE091I07011 Non-Convertible Debentures (NCD) 23 Aug 2024 20.00 20 Oct 2025 334.00 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 33.00 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Akshit Agrawal Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.