Press Release April 06, 2026 REGAL JEWELLERS PRIVATE LIMITED (ERSTWHILE REGAL JEWELLERS LLP) Rating Assigned and Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	172.00	ACUITE A- | Stable | Assigned	-
Bank Loan Ratings	82.00	ACUITE A- | Stable | Upgraded	-
Total Outstanding	254.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has upgraded long-term rating to ACUITE A- (read as ACUITE A minus) from  ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs.82.00 crore bank facilities of Regal Jewellers Private Limited. The outlook is 'Stable'. Further Acuité has assigned long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs.172.00 crore bank facilities of Regal Jewellers Private Limited. The outlook is 'Stable'. Rationale for rating: The rating upgrade takes into account, increase in revenues and operating profitability in FY 25 and further improvement in 11MFY 26. The group has registered revenues of about Rs. 3646.48 Cr. as of February 2026 as compared to Rs. 2103.63 Cr. in FY 25. The financial risk profile is moderate characterized by improving networth, low gearing and comfortable debt protection metrices. Further, the group has moderate working capital cycle and adequate liquidity albeit high bank limit utilization. The rating also takes into account the long track record of operations, benefits derived from the experienced promoters and geographical diversification in Karnataka. However, these strengths are partly offset by the volatility in the prices of gold, intense competition and exposure to regulatory risk.

About Company

­Thrissur based, Regal Jewellers Private Limited(RJPL) was incorporated in 2020. It has changed to a private limited company in November 2025. The company is engaged in the manufacturing of ornaments from gold, diamond and silver among others. It also runs 8 showrooms out of which four are based out of Kerala and 4 are based out of Karnataka. The directors of the company are Ms. Pallavi Govind Namdev, Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and Ms. Kshemavathy.

About the Group

­Optimum Jewellers LLP Kerala based, Optimum Jewellers LLP(OJLLP) was incorporated in 2015. It has 3 showrooms based out of Kerala. The firm is engaged in the business of retail trading in precious metals including ornaments made from gold, silver etc. and other precious, precious/ semi- precious stone jewellery. The directors of the firm are Ms. Pallavi Govind Namdev, Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and Ms. Kshemavathy. Regal Jewellers India Private Limited (Erstwhile Optimum Gold and Diamonds Private Limited) Kerala based, Regal Jewellers India Private Limited (RJIPL)was incorporated in 2017. It has one showroom based out of Kerala. The company is engaged in the business of retail trading in precious metals including ornaments made from gold, silver etc. and other precious, precious/ semi- precious stone jewellery. The directors of the company are Ms. Pallavi Govind Namdev, Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and Ms. Kshemavathy.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has taken a consolidated view of Regal Jewellers Private Limited, Optimum Jewellers LLP and Regal Jewellers India Private Limited as all the 3 entities are in the same line of business, share common management and have operational and financial linkages.

Key Rating Drivers

Strengths

­Experienced management  The promoters of the group namely Mr. Sivadasan Thamarassery Kuttappan, Mr. Vibin Das Thamarassery Sivadasan and others who have an experience of more than a decade in the jewellery business. Mr. Sivadasan Thamarassery Kuttappan has been managing the business operations and are ably supported by the second line of management. Out of the 12 showrooms, 2 showrooms are owned and 10 showrooms are on lease basis. It has presence in Kerala (4 showrooms) and in Bengaluru, Karnataka (4 showrooms). Acuite believes that their experience will leverage the business and will continue to benefit the company going forward. Healthy ­Revenues and operating profitability The revenues of the group have increased to Rs. 2103.63 Cr. as on March 31, 2025, as compared to Rs. 1203.21 Cr. as on March 31, 2024, on account of high realisation and volume sold. The group has achieved revenues of approximately Rs. 3646.48 Cr. as of February 2026. The operating profitability margins have increased to 5.35 percent as on March 31, 2025 as compared to 4.45 percent as on March 31, 2024. Acuite believes that the revenues and the operating profitability is expected to increase in the near term as the group has plans to open 3 more stores in Karnataka in the medium term.     Moderate financial risk profile The financial risk profile of the group is moderate marked by comfortable net worth, low gearing and comfortable debt protection metrics. The tangible net worth stood at Rs. 145.70 Cr. as on March 31, 2025 as compared to Rs. 68.44 Cr. as on March 31,2024 due to accretion of reserves. Gearing stood at 0.92 times as on March 31, 2025 compared to 1.40 times in FY2024. The debt protection metrices remain comfortable by interest coverage ratio at 7.25 times as on March 31, 2025 and debt service coverage ratio at 4.32 times as on March 31, 2025. The TOL/TNW stood at 3.87 times as on March 31, 2025 and March 31, 2024. Acuite believes that the group’s financial risk profile is expected to remain moderate in medium term backed by steady cash accruals. Moderate working capital cycle The operations of the group have moderate working capital requirement as reflected from Gross Current Assets of 104 days as on March 31, 2025 compared to 82 days as on March 31, 2024. The inventory days stood at 105  days as on March 31, 2025 as compared to 83 days as on March 31, 2024. The increase in inventory is because of the additions of the store in FY 25 and the variety of inventory holding by the group. The creditor days stood at 37 days as on March 31, 2025 compared to 18 days as on March 31,2024. The group enjoys a credit period of 4-5 months for diamonds and 2-3 months for precious stones, the group typically makes payment within two months. Acuite believes that working capital requirements are expected to remain moderate over the near to medium term

Weaknesses

­Intense competition and exposure to regulatory risk The country’s gems and jewellery sector is highly fragmented, the retail segment has high dominance of unorganized players, who enjoy around 70 per cent market share. While in case of the manufacturing segment, the dominance of unorganized players is even higher at around 90 per cent. Moreover, increased regulatory intervention such as gold hallmarking, requirement of PAN, etc. impact the demand-supply trend in the sector. Furthermore, the fluctuation in gold prices also impact the demand for gold. However, the group’s presence and strong brand value have enabled it to establish itself as a major player in Kerala over the years.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustained growth in the revenues in the medium term of over 25% Operating profitability to increase above 5 percent

Potential triggers (individual or collective) for a downward rating action:

­TOL/TNW to increase more than 3.75 times Elongation of working capital cycle

Liquidity Position

Adequate

The liquidity is adequate marked by steady net cash accruals of Rs. 66.03 Cr. as on March 31, 2025 as against long term debt repayment of Rs. 3.29 Cr. over the same period. The cash and bank balances stood at Rs. 9.37 Cr. as on March 31,2025 as compared to Rs. 7.51 Cr. as on March 31, 2023. The current ratio stood at 1.15 times as on March 31, 2025 as compared to 1.21 times as on March 31, 2024. The average bank limit utilization of the fund based limits ended seven months, December 25 is 86%. Acuité believes that going forward the liquidity position of the group is expected remain adequate with sufficient net cash accruals albeit high bank limit utilization in the medium term.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	2103.63	1203.21
PAT	Rs. Cr.	59.13	24.88
PAT Margin	(%)	2.81	2.07
Total Debt/Tangible Net Worth	Times	0.92	1.40
PBDIT/Interest	Times	7.25	4.45

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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 07 Jan 2025 Cash Credit Long Term 18.00 ACUITE BBB+ | Stable (Assigned) Cash Credit Long Term 9.00 ACUITE BBB+ | Stable (Assigned) Cash Credit Long Term 19.50 ACUITE BBB+ | Stable (Assigned) Cash Credit Long Term 0.25 ACUITE BBB+ | Stable (Assigned) Working Capital Demand Loan (WCDL) Long Term 0.96 ACUITE BBB+ | Stable (Assigned) Covid Emergency Line. Long Term 1.15 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 1.36 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 6.27 ACUITE BBB+ | Stable (Assigned) Proposed Long Term Bank Facility Long Term 25.51 ACUITE BBB+ | 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 State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 19.50 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.25 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) H D F C Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 60.17 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) H D F C Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.83 Simple ACUITE A- | Stable | Assigned AXIS BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A- | Stable | Assigned Dhanlaxmi Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A- | Stable | Assigned Federal Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 45.00 Simple ACUITE A- | Stable | Assigned KOTAK MAHINDRA BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE A- | Stable | Assigned South Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A- | Stable | Assigned H D F C Bank Limited Not avl. / Not appl. Covid Emergency Line. 07 Jun 2022 Not avl. / Not appl. 07 Jun 2027 0.68 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.53 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) H D F C Bank Limited Not avl. / Not appl. Term Loan 07 Dec 2022 Not avl. / Not appl. 07 Dec 2027 0.87 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Federal Bank Limited Not avl. / Not appl. Term Loan 30 Jun 2025 Not avl. / Not appl. 31 May 2030 3.21 Simple ACUITE A- | Stable | Assigned Federal Bank Limited Not avl. / Not appl. Term Loan 30 Jun 2025 Not avl. / Not appl. 31 May 2030 1.96 Simple ACUITE A- | Stable | Assigned H D F C Bank Limited Not avl. / Not appl. Term Loan 16 Dec 2025 Not avl. / Not appl. 15 Dec 2030 5.00 Simple ACUITE A- | Stable | Assigned

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr. No.  Company name 1 Regal Jewellers Private Limited 2 Regal Jewellers India Private Limited 3 Optimum Jewellers LLP

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Vedika Lahoti 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.