Press Release December 30, 2025 HINDUJA GROUP LIMITED Rating Assigned and Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	300.00	ACUITE AA- | Stable | Assigned	-
Bank Loan Ratings	600.00	ACUITE AA- | Stable | Upgraded	-
Total Outstanding	900.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has upgraded its long-term rating to ‘ACUITE AA-’ (read as ACUITE double A minus) from ‘ACUITE A+’ (read as ACUITE A Plus) on the Rs.600.00 Cr. bank facilities of Hinduja Group Limited (HGL). The outlook is ‘Stable’. Acuité has assigned its long-term rating to ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs.300.00 Cr. bank facilities of Hinduja Group Limited (HGL). The outlook is ‘Stable’. Rationale for rating  The rating upgrade reflects continued improvement in the business and financial risk profiles of key entities of the Hinduja Group namely Ashok Leyland Ltd, Gulf Oil Lubricants India Ltd, Hinduja Leyland Finance Ltd and Hinduja Housing Finance Ltd which provides strong financial flexibility to HGL. Further, it takes into the account healthy debt protection metrics on external debt and maintenance of better than required minimum security cover on the assets mortgaged against the external debt raised. The rating also derives comfort and liquidity support from the healthy market value of HGL’s investment in Hinduja Global Solutions Limited & Indusind Bank Limited amounting to Rs 1,049.01 Cr as on November 14, 2025. Further, significant land banks of the company and group companies ranging over 2,500 acres provide additional liquidity cushion. However, the performance of Hinduja Group’s companies, in which HGL has made investments and extended loans, will remain a key monitorable over the medium term.

About the Company

Headquartered in Mumbai and incorporated in 1995, Hinduja Group Limited (HGL), serves as one of the holding company of the Hinduja Group. It acts as a treasury management company of the group and its role is to borrow or extend financial aids to group companies in the form of investments or loans. HGL is in the process of constructing a corporate office at Worli, expected to be completed by the end of FY2028-29 at a total project cost of ~Rs 700.00 Cr. (including interior cost of Rs 250.00 Cr.).

Unsupported Rating

­Not applicable

Analytical Approach

A­cuité has taken a standalone view of the business and financial flexibility of HGL to arrive at the rating.

Key Rating Drivers

Strengths

Diversified business portfolio with healthy credit profiles and strong reputation of Hinduja Group Hinduja Group has a diversified investment portfolio with underlying entities operating in different sectors such as automotive, oil & lubricants, power, banking & finance, information technology & business process outsourcing, media, foundry, real estate, hospitals & healthcare etc. HGL benefits from the robust credit risk profiles of these key operating entities as well as from the strong reputation of the Hinduja group. HGL is likely to receive steady dividend and interest income from its significant investments in the Hinduja group companies. Robust financial flexibility from being part of Hinduja Group Hinduja Group Limited (HGL) acts as the holding company for Hinduja Group entities and primarily manages treasury operations for the group. The company facilitates liquidity within the group by issuing Inter-Corporate Deposits (ICDs) to entities facing temporary cash flow requirements and, conversely, avails loans from group companies with surplus funds, which are repayable on demand. As of March 31, 2025, HGL had advanced Rs.3,666.61 Cr to group companies and borrowed Rs 2,249.82 Cr. By September 30, 2025, advances increased to Rs.3,934.72 Cr, while borrowings remained at Rs.2,249.82 Cr.The aggregate promoter holding in Hinduja Group’s listed entities (includes Ashok Leyland limited,Indusind Bank,Gulf oil lubricants India Limited,Hinduja Global solutions Limited)on Indian exchanges stood at approximately Rs.60,015 Cr as on November 14, 2025. Of these HGL holdings of Hinduja Global Solutions Limited & Indusind Bank Limited amounted to Rs 1,049.01 Cr as on November 14,2025. Further, the promoter is ranked at 11th position in India’s richest list in 2025 by Forbes. Additionally, the group holds captive land banks across India, estimated at over 2,500 acres which provides additional financial flexibility. Healthy debt protection metrics HGL has maintained a healthy external debt/ investments ratio of 0.59 times as on FY25 (0.83 times as on H1FY26). Further, Acuite understands that management of HGL intends to maintain debt of not more than Rs 1,200 Cr over the medium term. The repayment obligations on debt is adequately supported through interest, dividend, commission and consultancy incomes. Therefore, the DSCR on external debt stood healthy at 11.68 times as on March 31, 2025. Further, loans extended to group companies are repayable on demand. Furthermore, while the minimum required security cover on external debt is 1.25 times, the actual security cover as on date is higher which provides additional cushion to the company.

Weaknesses

Exposure to market related risk and credit profiles of group companies The company remains susceptible to credit metrices of the group entities as well as market related risks. The company’s financial flexibility is significantly influenced by prevailing market sentiments and the share prices of underlying investments. A sharp decline in the market value of key holdings such as Hinduja Global Solutions Limited and IndusInd Bank Limited could erode debt cover below desired thresholds, therefore, remains a key rating sensitivity.

Rating Sensitivities

­Steep increase in debt or fall in the security cover thereby weakening the financial metrics Significant weakening of credit risk profile of the operating entities. Change in stance of support by the group or weakening of the company’s strategic importance for the group

Liquidity Position

Strong

The liquidity position of the company is strong marked by adequate net cash accruals and liquid investments. The company generated net cash accruals of Rs 25.31 Cr as on March 31,2025 as against the Rs 8.54 Cr debt obligations for the same period. The market value of key holdings of HGL listed on Indian exchanges had an aggregate value of Rs 1,049.01 Cr as on Nov 14,2025. Further the unsecured loans from related parties and others from Hinduja Group companies provide flexibility in terms of managing the repayments as they are on demand with no fixed repayment schedule. Along with this the company also recovers the loans and advances given to the group companies as and when required. The average utilization of the bank limits stood around 44.26 percent for last twelve months ended September 2025 giving additional liquidity cushion in the form of undrawn limits. Therefore, Acuité believes that the liquidity position of the company is expected to remain strong in the medium term.

Outlook-Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	444.41	299.96
PAT	Rs. Cr.	6.79	312.08
PAT Margin	(%)	1.53	104.04
Total Debt/Tangible Net Worth	Times	2.28	1.50
PBDIT/Interest	Times	1.10	2.80

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 • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.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 14 May 2025 Secured Overdraft Long Term 100.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 500.00 ACUITE A+ | Stable (Assigned) 15 Feb 2024 Cash Credit Long Term 100.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE Not Applicable (Withdrawn) 03 Jan 2023 Cash Credit Long Term 100.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 75.00 ACUITE A+ | 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 Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 60.00 Simple ACUITE AA- | Stable | Assigned Bank Of Baroda Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE AA- | Stable | Upgraded ( from ACUITE A+ ) BANK OF MAHARASHTRA Not avl. / Not appl. Term Loan 24 Mar 2025 Not avl. / Not appl. 31 Mar 2030 500.00 Simple ACUITE AA- | Stable | Upgraded ( from ACUITE A+ ) BANK OF MAHARASHTRA Not avl. / Not appl. Term Loan 29 Oct 2025 Not avl. / Not appl. 30 Jun 2030 240.00 Simple ACUITE AA- | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Divya Bagmar 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.