Press Release January 30, 2026 CASHPOR MICRO CREDIT Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	2660.00	ACUITE A | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	1.00	ACUITE A | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	39.00	Not Applicable | Withdrawn	-
Total Outstanding	2661.00	-	-
Total Withdrawn	39.00	-	-

Rating Rationale

­­Acuite has withdrawn the long-term rating on the Rs. 39.00 crore Non-Convertible Debentures without assigning any rating of Cashpor Micro Credit (CMC). The rating is being withdrawn on account of the redemption of NCDs and confirmation of the same received from trustee along with withdrawal request received from the company.    Acuite has reaffirmed its long-term rating of 'ACUITE A' (read as ACUITE A) on Rs. 1.00 crore proposed Non-Convertible Debentures of Cashpor Micro Credit (CMC). The outlook is ‘Stable’. ­Acuite has reaffirmed its long-term rating of 'ACUITE A' (read as ACUITE A) on Rs. 2660.00 crore bank loan facilities of Cashpor Micro Credit (CMC). The outlook is ‘Stable’. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.  Rationale for the rating The rating reaffirmation continues to factor in experienced management team, efficient operational structure, established business model and good governance framework. CMC has well established presence in microfinance lending of over two decades with a focus on financial inclusion via on and off book growth. As on March 31, 2025, CMCs portfolio has decreased by 17.83% from March 31, 2024 and is stable at Rs. 4,431.00 Crore. However, the AUM stood at Rs. 3971.77 crore as on September 30, 2025 on account of low disbursement levels and the on-going stress in the MFI industry. A strong social angle whereby CMC passes on benefit of lower cost of funds besides various social and developmental initiatives has helped the company in maintaining healthy collections. The average monthly collection efficiency stood at 98.66 percent as on September 30,2025. The rating also takes into account an CMC’s moderate profitability metrics as denoted by a PAT of Rs. 38.13 Cr. on September 30, 2025 as compared to Rs. 86.38 Cr. during FY2025. As on March 31, 2025, CMC reported CAR and gearing of 28.31 % and 2.74x. The capitalization levels have improved to 30.19 percent and gearing stood at 2.80 times as on September 30, 2025. Being a Section 8 company, Cashpor has inherent limitations in raising equity capital and which also constrains its balance sheet growth. The ratings are also constrained by geographical concentration in Uttar Pradesh and Bihar (~80.36 percent of the total portfolio as on September 30,2025) and the risks inherent to the nature of the business which renders the portfolios vulnerable to event risks such as natural calamities in the area of operations. Going forward, Company’s ability to maintain portfolio growth, ability to raise capital and curtailment of gearing levels will be key monitorable.

About the company

­CMC began its operations in 1997 as Cashpor Financial and Technical Services (CFTS) for providing microfinance services to the ‘below poverty line’ (BPL) women in Mirzapur District (Uttar Pradesh). In 2002, CFTS transferred all its microfinance activities to CMC, a not for profit institution presently under Section 8 of The Companies Act (now also registered with RBI as NBFC-MFI). CMC is promoted by Prof. David S. Gibbons who founded Amanah Ikhtiar Malaysia, the first successful international replication of the Grameen Bank of Bangladesh. CMC’s shares are held by its holding company Cashpor Financial & Technical Services Pvt. Ltd., whose major shareholders are Cashpor Trust 78 percent and has attracted funding from Yunus Social Business Fund Bengaluru Private Limited, Mr. Vinod Khosla amongst others. As on September 30 2025, CMC operates through a network of 781 branches in 107 districts across the states of Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh and Odissa.

Unsupported Rating

­Not applicable

Analytical Approach

­Acuité has considered the standalone financial and business risk profile of CMC to arrive at the rating.

Key Rating Drivers

Strength

Established presence in microfinance lending Established in 1996-97, CMC has an established presence of over two decades in the microfinance sector. CMC is promoted by Prof. Gibbons, Chairperson, having vast experience in this sector. He is a PHD holder in Politics and Economics from Princeton University and a professor in University Sains Malaysia in Penang. He founded Amanah Ikhtiar Malaysia, the first successful international replication of the Grameen Bank of Bangladesh. Prof. Gibbons chairs the Board of CMC and provides his strategic guidance and leadership to the Board. CMC’s Managing Director, Mr. Mukul Jaiswal, is a Chartered Accountant who has over a decade’s experience in the microfinance sector and has been associated with CMC for ~18 years. In addition, CMC has on its board Ms. Moumita Sen Sarma, Ex-head of Microfinance and Sustainable Development at ABN AMRO Bank (RBS Foundational Bank); Mr. Bahram Navroz Vakil, who is a Masters in law holder from Columbia University, and is an advocate of the Bar Council of Maharashtra and Goa; Mr. Abizer Shabbir Diwanji, who is a Fellow of ICAI and has a vast experience of over 30 years spanning audit, consulting and investment banking. The board is supported by a seasoned and experienced management team who have been associated with CMC for long tenures. Mr. Mithilesh Maurya, General Manager Finance and Planning, has been associated with CMC for over ~25 years. Together they lend their significant expertise in the field of microfinance, corporate law and finance to CMC. Since CMC is focused on providing financial assistance to the lower economic strata of society it operates in regions with high concentration of below poverty line (BPL) population. Its area of operations are spread across 107 districts in the states of Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh and Odissa. CMC operates with a network of 781 branches as on September 30, 2025. CMC’s Assets Under Management (AUM) declined to Rs.3971.77 Crore as on September 30, 2025, of which on balance sheet exposures stood at Rs. 2,379.28 Cr. and off- balance sheet exposures stood at Rs. 1592.48 Cr. Acuité believes that CMC’s established track record of operations in the field of microfinance over two decades, has enabled it to gain impeccable creditability amongst lenders and stakeholders. The presence of established and experienced professionals and demonstrated track record of over two decades will support and strengthen its business risk profile. Established business model with a focus on off balance sheet growth; Demonstrated ability to maintain healthy asset quality CMC commenced its operations in 1997 with primarily focus on lending to Joint Liability Group’s (JLG) of women, below poverty line. Presently the operations of CMC are spread across 781 branches in 107 districts (as on September 30, 2025) in Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh, Chhattisgarh and Odissa. The AUM was Rs. Rs.3,971.77 Crore as on September 30, 2025, of which on balance sheet exposures stood at Rs. 2,379.28 Cr. and off-balance sheet exposures stood at Rs. 1,592.48 Cr. The management of CMC has consciously adopted a strategy of focusing on off book growth through business correspondent relationships with both private sector and public sector banks. CMC has established business correspondent (BC) relationships with five leading public and private sector banks and a partnership arrangement with Small Industries Development Bank of India (SIDBI) as on September 2025. It has also been able to sell down its portfolio through the direct assignment route. The off-balance sheet focus has helped in maintaining the liquidity while keeping the capital requirements modest levels. CMC’s Return on Average Assets (RoAA) stood strong at 2.65% as on March 31, 2025 and 2.66% as on March 31, 2024. It is pertinent to mention here that since CMC has focus on financial inclusion towards the lower economic strata of the society, there is a very strong social angle to their lending activities and thus being a not-for-profit institution any reduction in cost of funds is passed on its borrowers over a period of time. Thus, the company has high customer retention ratio as ~87.74 percent of the borrowers are existing borrowers who have availed loan facilities from CMC in the past. CMC has managed to maintain a sound asset quality, reflected in low Gross Non-Performing Assets (GNPAs) and comfortable collection efficiency. CMC operates mainly in rural areas with ~56 percent borrowers in agriculture and allied activities as on September 30, 2025. The company has business model with a strong social angle whereby CMC passes on benefit of lower cost of funds besides various social and developmental initiatives. This has aided helped the company in maintaining healthy collection efficiency. CMC reported GNPA (on total AUM) of 1.44 percent as on March 31, 2025 which was 0.35 percent as on March 31, 2024. The GNPA stood at 1.88 percent as on September 30, 2025. Further, the company has no restructured assets. Acuité believes that CMC will benefit from the management’s strategy to augment its AUM through the capital light model and demonstrated ability to maintain a healthy asset quality across cycles and geographical regions.

Weakness

­­Moderate geographic concentration; susceptible to risks inherent in microfinance segment CMC’s operations are concentrated with Uttar Pradesh and Bihar accounting for ~80.36 percent (Uttar Pradesh accounting to 50.77 percent and Bihar 29.59 percent) of its total portfolio as on September 30,2025. While the geographical concentration of the portfolio continues, the company has expanded its branch network from 701 branches as on March 31, 2023 to 781 branches as on December 31, 2024 focusing in the state of Jharkhand and Orissa. Generally, the risk profile of a microfinance company with a geographically diversified portfolio is more resilient compared to that of an entity with a geographically concentrated portfolio. Additionally, any changes in the regulatory environment impeding the ability of entities like CMC to enforce collections, etc. will have an impact on its operational performance. Besides the regulatory risks, the inherent nature of the business renders the portfolios vulnerable to event risks such as natural calamities in the area of operations. Acuité believes that being exposed to socially sensitive factors given the moderate geographic concentration, regulatory and event risks will continue to weigh on its credit profile over the near to medium term.

ESG Factors Relevant for Rating

­Cashpor Micro Credit (CMC) is a micro finance lender registered as a not for profit institution (presently under Section 8 of The Companies Act 2013). Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, socially responsible investments and green products/services. The industry, by nature has a low exposure to environmental risks. CMC maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding its whistle blower policy, investment policy and risk management policy. The entity also has a functional audit committee that operates at the board level. The board consists of ten members out of which four are independent directors and one female director with significant experience in the financial services sector. CMC provides microfinance services to the ‘below poverty line’ (BPL) women primarily in Uttar Pradesh and Bihar thereby playing an important role in enhancing financial inclusion. To create a social impact, CMC provides health and educational services to the marginalised communities in six states namely – Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand, Chhattisgarh and Orissa. It has appointed Community Health Facilitators to spread awareness, among its clients on basic health practices; the education programme focuses on providing quality education to the children of the beneficiaries. CMC has also developed, ‘Green Micro Credit’, supported under Poorest States Inclusive Growth (PSIG) programme of SIDBI. The green micro finance loan product is developed to promote tree plantation amongst matured income generating loan borrowers and suitably incentivise them by way of interest subvention; this initiative creates a long-term economic investment for the client while mitigating carbon emissions.

Rating Sensitivity

­Changes in management & business model Movement in profitability and asset quality Changes in Capitalization levels Changes in liquidity buffer Changes in regulatory environment

All Covenants

No covenants available as the facility is proposed

Liquidity Position

Adequate

The ALM statement as on September 30, 2025 showed no cumulative mismatches in the near to medium term. CMC has enough liquid balance in form of unencumbered cash and bank balances and unutilised bank lines to fulfil its fixed monthly obligations (Debt servicing obligations and operating expense). Collection efficiency for CMC stood at ~ 98.66 percent for September 2025 which will support the liquidity.

Outlook:

­Stable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 2664.23 3864.89 Total Income* Rs. Cr. 434.52 425.09 PAT Rs. Cr. 86.38 95.80 Net Worth Rs. Cr. 685.08 600.72 Return on Average Assets (RoAA) (%) 2.65 2.66 Return on Average Net Worth (RoNW) (%) 13.44 17.30 Debt/Equity Times 2.74 5.21 Gross NPA (%) 1.44 0.35 Net NPA (%) 0.29 0.08 *Total income equals to Net Interest Income plus other income. **RoAA is as per Acuité calculations, and is on average Total Assets;

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

­Not applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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 Apr 2025 Term Loan Long Term 24.89 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 54.17 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 0.65 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 68.53 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 16.66 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.01 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 238.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.46 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 32.26 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 54.17 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 28.57 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 42.86 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.71 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.32 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 28.52 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 19.05 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.76 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 0.58 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 42.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 47.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.29 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 52.38 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.42 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.78 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 41.67 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 500.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 93.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 12.47 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 65.62 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 65.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.91 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 39.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 1.00 ACUITE A | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 325.38 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.29 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 1.19 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.81 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.91 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 2.92 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 18.02 ACUITE Not Applicable (Withdrawn) Proposed Long Term Bank Facility Long Term 219.63 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 0.60 ACUITE Not Applicable (Withdrawn) 01 Apr 2024 Term Loan Long Term 60.48 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.51 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 11.99 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 41.82 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.68 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 33.33 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 53.90 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 39.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.08 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 185.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 1.00 ACUITE A | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 3.36 ACUITE A | Stable (Assigned) Proposed Long Term Bank Facility Long Term 655.63 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.68 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.15 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 17.90 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.69 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Assigned) Term Loan Long Term 3.13 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.69 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 36.67 ACUITE A | Stable (Assigned) Term Loan Long Term 33.69 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 114.29 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 61.90 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 28.57 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 54.43 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 37.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.58 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 500.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 102.35 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.22 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 71.42 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.14 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 47.62 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 9.76 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 9.52 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 104.44 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 19.79 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 44.32 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 49.97 ACUITE A | Stable (Assigned) Term Loan Long Term 0.61 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.02 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 62.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 19.79 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.38 ACUITE A | Stable (Reaffirmed) 14 Nov 2023 Term Loan Long Term 235.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.29 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 149.97 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.40 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 85.71 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.99 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.99 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 1.39 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 37.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 13.53 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.42 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 57.14 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.19 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 24.24 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 90.81 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 65.62 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 17.79 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.10 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 69.62 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 500.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 60.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 87.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 43.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 125.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 92.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 9.99 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.13 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 14.37 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 44.40 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 21.43 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 150.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 27.18 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 16.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 14.29 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 21.43 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.31 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 49.06 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 13.55 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 60.00 ACUITE A | Stable (Reaffirmed) Proposed Term Loan Long Term 721.00 ACUITE Not Applicable (Withdrawn) 20 Oct 2023 Term Loan Long Term 21.43 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 150.00 ACUITE A | Stable (Assigned) Term Loan Long Term 27.18 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 1.39 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE A | Stable (Reaffirmed) Proposed Term Loan Long Term 721.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 13.53 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.42 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.19 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 24.24 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 90.81 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 65.62 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 17.79 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.10 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 500.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 60.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 87.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 43.75 ACUITE A | Stable (Assigned) Term Loan Long Term 125.00 ACUITE A | Stable (Assigned) Term Loan Long Term 75.00 ACUITE A | Stable (Assigned) Term Loan Long Term 92.50 ACUITE A | Stable (Assigned) Term Loan Long Term 9.99 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.13 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Assigned) Term Loan Long Term 14.37 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 44.40 ACUITE A | Stable (Assigned) Term Loan Long Term 16.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Assigned) Term Loan Long Term 6.82 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 14.29 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 21.43 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.31 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 49.06 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 13.55 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 60.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 37.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 235.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.29 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 149.97 ACUITE A | Stable (Assigned) Term Loan Long Term 22.40 ACUITE A | Stable (Assigned) Term Loan Long Term 85.71 ACUITE A | Stable (Assigned) Term Loan Long Term 50.00 ACUITE A | Stable (Assigned) Term Loan Long Term 50.00 ACUITE A | Stable (Assigned) Term Loan Long Term 15.99 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.99 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 57.14 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 69.62 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 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 INE094P07051 Non-Convertible Debentures (NCD) 29 Jun 2022 10.00 29 Dec 2025 39.00 Simple ACUITE Not Applicable | Withdrawn Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 468.37 Simple ACUITE A | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE A | Stable | Reaffirmed INDUSIND BANK LIMITED Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 29 Jul 2025 Not avl. / Not appl. 29 Sep 2027 87.50 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 16 Jun 2025 Not avl. / Not appl. 16 Nov 2027 23.48 Simple ACUITE A | Stable | Reaffirmed SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA Not avl. / Not appl. Term Loan 29 Sep 2025 Not avl. / Not appl. 10 Feb 2028 154.07 Simple ACUITE A | Stable | Reaffirmed ICICI BANK LIMITED Not avl. / Not appl. Term Loan 30 Sep 2025 Not avl. / Not appl. 10 Sep 2027 143.18 Simple ACUITE A | Stable | Reaffirmed Bank Of Baroda Not avl. / Not appl. Term Loan 07 Nov 2025 Not avl. / Not appl. 07 Feb 2028 99.97 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 01 Dec 2025 Not avl. / Not appl. 01 Dec 2027 100.00 Simple ACUITE A | Stable | Reaffirmed Bank Of Baroda Not avl. / Not appl. Term Loan 08 Dec 2025 Not avl. / Not appl. 08 Mar 2028 45.00 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 24 Dec 2025 Not avl. / Not appl. 23 Feb 2028 25.00 Simple ACUITE A | Stable | Reaffirmed CSB Bank Limited Not avl. / Not appl. Term Loan 31 Dec 2025 Not avl. / Not appl. 31 Dec 2027 60.00 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 31 Dec 2025 Not avl. / Not appl. 31 Dec 2027 100.00 Simple ACUITE A | Stable | Reaffirmed AXIS BANK LIMITED Not avl. / Not appl. Term Loan 31 Dec 2025 Not avl. / Not appl. 31 Dec 2027 25.00 Simple ACUITE A | Stable | Reaffirmed AXIS BANK LIMITED Not avl. / Not appl. Term Loan 01 Jan 2026 Not avl. / Not appl. 31 Dec 2027 25.00 Simple ACUITE A | Stable | Reaffirmed Bank Of Baroda Not avl. / Not appl. Term Loan 13 Dec 2023 Not avl. / Not appl. 13 Dec 2026 17.57 Simple ACUITE A | Stable | Reaffirmed Micro Units Development and Refinance Agency bank (MUDRA) Not avl. / Not appl. Term Loan 27 Mar 2023 Not avl. / Not appl. 10 Jan 2026 2.34 Simple ACUITE A | Stable | Reaffirmed ICICI BANK LIMITED Not avl. / Not appl. Term Loan 21 Feb 2024 Not avl. / Not appl. 21 Feb 2026 5.41 Simple ACUITE A | Stable | Reaffirmed H D F C Bank Limited Not avl. / Not appl. Term Loan 08 Jun 2023 Not avl. / Not appl. 07 Jun 2025 6.25 Simple ACUITE A | Stable | Reaffirmed H D F C Bank Limited Not avl. / Not appl. Term Loan 28 Sep 2023 Not avl. / Not appl. 28 Sep 2025 3.13 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 08 Jan 2024 Not avl. / Not appl. 08 Jan 2026 0.91 Simple ACUITE A | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 29 Feb 2024 Not avl. / Not appl. 20 Dec 2025 142.63 Simple ACUITE A | Stable | Reaffirmed Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 30 Jan 2024 Not avl. / Not appl. 30 Jan 2026 2.50 Simple ACUITE A | Stable | Reaffirmed Bandhan Bank Not avl. / Not appl. Term Loan 28 Jun 2024 Not avl. / Not appl. 27 Jun 2026 21.43 Simple ACUITE A | Stable | Reaffirmed H D F C Bank Limited Not avl. / Not appl. Term Loan 16 Feb 2024 Not avl. / Not appl. 15 Feb 2026 3.33 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 15 Mar 2024 Not avl. / Not appl. 15 May 2026 8.33 Simple ACUITE A | Stable | Reaffirmed H D F C Bank Limited Not avl. / Not appl. Term Loan 24 Jan 2024 Not avl. / Not appl. 23 Jan 2026 2.08 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 30 Mar 2024 Not avl. / Not appl. 30 Mar 2026 12.50 Simple ACUITE A | Stable | Reaffirmed DBS Bank Ltd Not avl. / Not appl. Term Loan 31 Jan 2024 Not avl. / Not appl. 31 Jan 2026 4.76 Simple ACUITE A | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 22 Mar 2024 Not avl. / Not appl. 31 Aug 2026 30.76 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 28 Jun 2024 Not avl. / Not appl. 28 Aug 2026 13.33 Simple ACUITE A | Stable | Reaffirmed UCO BANK Not avl. / Not appl. Term Loan 28 Feb 2024 Not avl. / Not appl. 27 Feb 2026 4.06 Simple ACUITE A | Stable | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 29 Feb 2024 Not avl. / Not appl. 31 May 2026 37.50 Simple ACUITE A | Stable | Reaffirmed Bandhan Bank Not avl. / Not appl. Term Loan 29 Mar 2024 Not avl. / Not appl. 27 Mar 2026 14.29 Simple ACUITE A | Stable | Reaffirmed H D F C Bank Limited Not avl. / Not appl. Term Loan 30 Jul 2024 Not avl. / Not appl. 30 Jul 2026 17.50 Simple ACUITE A | Stable | Reaffirmed HSBC Limited Not avl. / Not appl. Term Loan 15 Jul 2024 Not avl. / Not appl. 15 Jul 2026 14.58 Simple ACUITE A | Stable | Reaffirmed DBS Bank Ltd Not avl. / Not appl. Term Loan 06 Nov 2024 Not avl. / Not appl. 06 Nov 2026 26.19 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 30 Dec 2024 Not avl. / Not appl. 28 Feb 2027 23.33 Simple ACUITE A | Stable | Reaffirmed KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Term Loan 30 Dec 2024 Not avl. / Not appl. 28 Feb 2026 1.67 Simple ACUITE A | Stable | Reaffirmed Bank Of Baroda Not avl. / Not appl. Term Loan 28 Feb 2025 Not avl. / Not appl. 27 Feb 2027 26.64 Simple ACUITE A | Stable | Reaffirmed Bank Of Baroda Not avl. / Not appl. Term Loan 28 Feb 2025 Not avl. / Not appl. 27 Feb 2027 6.66 Simple ACUITE A | Stable | Reaffirmed Bank Of Baroda Not avl. / Not appl. Term Loan 03 Mar 2025 Not avl. / Not appl. 03 Mar 2027 10.71 Simple ACUITE A | Stable | Reaffirmed Bank Of Baroda Not avl. / Not appl. Term Loan 03 Mar 2025 Not avl. / Not appl. 03 Mar 2027 7.14 Simple ACUITE A | Stable | Reaffirmed CSB Bank Limited Not avl. / Not appl. Term Loan 29 Nov 2024 Not avl. / Not appl. 29 Nov 2026 37.44 Simple ACUITE A | Stable | Reaffirmed ESAF Small Finance Bank Not avl. / Not appl. Term Loan 26 Dec 2024 Not avl. / Not appl. 25 Mar 2027 32.24 Simple ACUITE A | Stable | Reaffirmed SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan 24 Feb 2025 Not avl. / Not appl. 30 Jan 2027 18.54 Simple ACUITE A | Stable | Reaffirmed SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan 31 Jan 2025 Not avl. / Not appl. 30 Jan 2027 18.55 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 28 Mar 2025 Not avl. / Not appl. 28 Mar 2027 34.09 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 30 Oct 2024 Not avl. / Not appl. 30 Oct 2026 20.83 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 16 Jan 2025 Not avl. / Not appl. 16 Jan 2027 27.08 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 07 Mar 2025 Not avl. / Not appl. 07 Mar 2027 34.09 Simple ACUITE A | Stable | Reaffirmed DBS Bank Ltd Not avl. / Not appl. Term Loan 27 Jan 2025 Not avl. / Not appl. 27 Jan 2027 30.95 Simple ACUITE A | Stable | Reaffirmed Standard Chartered Bank Not avl. / Not appl. Term Loan 19 Mar 2025 Not avl. / Not appl. 19 Mar 2027 25.00 Simple ACUITE A | Stable | Reaffirmed INDIAN OVERSEAS BANK Not avl. / Not appl. Term Loan 12 Mar 2025 Not avl. / Not appl. 12 Mar 2027 35.61 Simple ACUITE A | Stable | Reaffirmed YES BANK LIMITED Not avl. / Not appl. Term Loan 28 Apr 2025 Not avl. / Not appl. 28 Apr 2027 36.36 Simple ACUITE A | Stable | Reaffirmed Bandhan Bank Not avl. / Not appl. Term Loan 30 Jun 2025 Not avl. / Not appl. 29 Jun 2027 150.00 Simple ACUITE A | Stable | Reaffirmed Federal Bank Limited Not avl. / Not appl. Term Loan 30 Jun 2025 Not avl. / Not appl. 30 Jun 2027 42.83 Simple ACUITE A | Stable | Reaffirmed Federal Bank Limited Not avl. / Not appl. Term Loan 17 Jun 2025 Not avl. / Not appl. 17 Jun 2027 85.70 Simple ACUITE A | Stable | Reaffirmed HSBC Limited Not avl. / Not appl. Term Loan 06 Jun 2025 Not avl. / Not appl. 04 Jun 2027 15.00 Simple ACUITE A | Stable | Reaffirmed HSBC Limited Not avl. / Not appl. Term Loan 06 Jun 2025 Not avl. / Not appl. 04 Jun 2027 22.50 Simple ACUITE A | Stable | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 15 May 2025 Not avl. / Not appl. 15 Aug 2027 131.25 Simple ACUITE A | Stable | Reaffirmed SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan 15 May 2025 Not avl. / Not appl. 30 Apr 2027 22.84 Simple ACUITE A | Stable | Reaffirmed

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Contacts

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

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