Press Release

Press Release

August 28, 2026

BALPHARMA LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	170.00	ACUITE BBB- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	11.00	-	ACUITE A3 \| Assigned	RBI
Bank Loan Ratings	0.00	19.00	-	ACUITE A3 \| Reaffirmed	RBI
Total Outstanding	0.00	200.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) and the short-term rating of ‘ACUITE A3’ (read as ACUITE A three) on the Rs. 189 Cr bank facilities of BalPharma Limited (BPL). The outlook remains ‘Stable’
Further, Acuite has assigned the short-term rating of ‘ACUITE A3’ (read as ACUITE A three) on the Rs. 11.00 Cr bank facilities of BalPharma Limited (BPL). The outlook is ‘Stable’

Rationale for reaffirmation
The rating reaffirmation considers the steady scale of operations and healthy operating profitability of BalPharma Limited. The reaffirmation also considers the expected improvement in operating performance in the near to medium term, driven by capacity enhancement and improved realization prices. Further, the rating also draws comfort from the long track record and established presence of the company along with its diversified revenue profile. However, the rating is constrained on account of the highly leveraged financial risk profile and intensive working capital cycle, which will remain key monitorables going forward.

About the Company

Incorporated in 1987, BalPharma Limited (BPL) is a Bangalore based pharma company engaged in manufacturing of bulk drugs, APIs, generic formulations and ayurvedic products. The company has five manufacturing units spread across Bangalore, Sangli, Rudrapur and Udaipur. Presently the company is managed by Mr. Shailesh Siroya, Managing Director.

About the Group

Bal Pharma group consist of Bal Pharma Limited and its subsidiaries namely- Lifezen Healthcare Private Limited, Bal Research Foundation, Balance Clinic LLP and Aurum Research and Analytical Solutions Private Limited. The group is primarily engaged in the manufacturing and selling of pharmaceutical products and related services.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has considered the consolidated the business and financial risk profiles of BalPharma Limited (BPL) and its subsidiaries namely, Lifezen Healthcare Private Limited (LHPL), Bal Research Foundation (BRF), Balance Clinic LLP(BCL), and Aurum Research and Analytical Solutions Private Limited (ARASPL) together referred to as the BPL group to arrive at the rating. The consolidation is in view of the similarities in the lines of business and common management.

Key Rating Drivers

Strengths

Established track record of operations
The group has an established track record of around 34 years in the business of manufacturing bulk drugs and formulations. Further, the group has a diversified product profile that includes 200 generic formulations in 20 different therapeutic segments and 22+ APIs. BPL generates 65 - 70 percent of its revenue from overseas markets and remaining from domestic market. The APIs are being sold at domestic level and exported to Europe, Far East, Latin America, Africa, Japan, Australia, etc. and formulations being exported to other semi-regulated and non-regulated markets across the globe. The company plans to set up a green field bulk drug manufacturing unit in Yadgir, Karnataka. The total cost of the project is estimated at Rs. 40.00 Cr, to be partly funded by debt of Rs. 27 Cr and balance Rs. 13 Cr through equity infusion and internal accruals. The capex is expected to be completed by September 2028.

Steady operating performance with expected improvement going forward

The group maintained a steady operating performance in FY2026, with operating revenue growing marginally by around 2 percent to Rs. 311.72 Cr from Rs. 303.48 Cr in FY2025, although it remained below Rs. 339.84 Cr reported in FY2024. Revenue growth was constrained by continued pressure on API realizations and one-month shutdown of one of its largest manufacturing unit for scheduled maintenance works. Further, operating margins remained steady, with EBITDA margin improving marginally to 10.46 percent in FY2026 from 10.03 percent in FY2025. The operating performance is expected to improve in FY2027, supported by recovering API prices, higher capacity utilization, new contract manufacturing operations, expanded API capacity, increased tablet production. The group has an outstanding order book of around Rs. 110 Cr as on July 31, 2026. Further, the revenue of the group stood at Rs. 88.62 Cr in Q1 FY2027 as against Rs. 65.87 Cr in the corresponding quarter in the previous year.

Weaknesses

Moderate financial risk profile
The financial risk profile of the group is characterized by moderate networth, high gearing and adequate debt protection metrics. The tangible networth of the company stood at Rs. 65.00 Cr on March 31, 2026 post profit accretion and distribution of dividends. Further, the gearing levels continue to remain high at 2.56 times in FY2026 (2.47 times in FY2025) due to elevated debt levels on account of ongoing capex and for working capital requirements. These high debt levels have also kept the TOL/TNW levels and Debt-EBITDA levels elevated at 4.50 times and 4.89 times respectively in FY2026. The coverage indicators stood adequate with interest coverage ratio at 2.00 times and debt service coverage ratio at 1.17 times in FY2026.
Going forward, financial risk profile is expected to remain on similar levels over the medium term, as the group plans to undertake a greenfield manufacturing capex, which will be funded through long term debt of Rs. 27 Cr. Additionally, the group has availed bank limits under the ECGLS 5.0 scheme in FY2027 to support its working capital requirements.
Any significant increase in debt levels, leading to further deterioration in the financial risk profile will be a key monitorable.

Intensive working capital operations
The operations of the group are working capital intensive as evident from high gross current assets (GCA) of 298 days in FY2026 (270 days in PY). The GCA days are driven by inventory days of 152 and debtor days of 110 days in FY2026 which stretched in FY26 due to war crisis. On the other hand the creditor days stood at 205 days in FY2026. The average bank limit utilization stood at ~88 percent for the last twelve months ended June 2026.

Highly competitive, fragmented and regulated industry
The pharmaceutical formulations industry is highly fragmented and intensely competitive due to the presence of a large number of players. As a moderate-sized participant, BPL has limited bargaining power and is more susceptible to pricing pressures compared to larger and well-established players. However, its presence in the industry for over three decades has enabled it to partially mitigate competitive pressures, supported by continuous investment in research and development to enhance its product offerings. Additionally, the industry is highly regulated, with significant government intervention, and the group’s manufacturing facilities must undergo regular monitoring and approval from various global regulatory authorities. Consequently, any prohibitions or restrictions imposed by these authorities on the group’s facilities can significantly impact its operations.

Rating Sensitivities

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

Improvement in operating performance leading to generation of net cash accruals higher than Rs. 22 – 25 Cr.
Improvement in working capital cycle

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

Significant increase in debt levels, leading to increase in in Debt-EBITDA above 5 times
Further elongation in working capital cycle, leading to stretch in liquidity position

Liquidity Position

Adequate

The group generated sufficient net cash accruals (NCAs) of Rs. 15.49 Cr against maturing repayment obligations of Rs. 12.31 Cr in FY2026. Going forward, the NCAs are expected to remain in the range of Rs. 17 – 20 Cr against repayment obligations of Rs. 16 – 17 Cr in FY2027 and FY2028. The current ratio further stood adequate at 1.03 times in FY2026. The average fund based utilization stood at ~88 percent and non-fund based utilization stood at ~76 percent for the last twelve months ended June 2026. The group had an unencumbered cash and bank balance of Rs. 1.44 Cr on March 31, 2026. Additionally, the group also had liquid investments and deposits worth Rs. ~7.54 Cr on March 31, 2026, which provides liquidity cushion.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	311.72	303.48
PAT	Rs. Cr.	6.32	7.24
PAT Margin	(%)	2.03	2.38
Total Debt/Tangible Net Worth	Times	2.56	2.47
PBDIT/Interest	Times	2.00	1.87

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
09 Jun 2025	Letter of Credit	Short Term	14.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	2.50	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A3 (Reaffirmed)
	Term Loan	Long Term	3.41	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.62	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.73	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.11	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.33	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	21.30	ACUITE BBB- \| Stable (Reaffirmed)
	Packing Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	75.00	ACUITE BBB- \| Stable (Reaffirmed)
30 Dec 2024	Letter of Credit	Short Term	14.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	2.50	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	10.00	ACUITE A3 (Reaffirmed)
	Packing Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.11	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.19	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.14	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	72.44	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.56	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	20.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.41	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.62	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.73	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	19.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.30	ACUITE BBB- \| Stable (Assigned)
22 May 2024	Letter of Credit	Short Term	14.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	2.50	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A3 (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.38	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.29	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	60.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.36	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.64	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	19.00	ACUITE BBB- \| Stable (Reaffirmed)
	Packing Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.19	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.63	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.14	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.73	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.14	ACUITE BBB- \| Stable (Reaffirmed)
21 Apr 2023	Letter of Credit	Short Term	12.50	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	2.50	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.50	ACUITE A3 (Assigned)
	Letter of Credit	Short Term	12.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	8.00	ACUITE A3 (Assigned)
	Cash Credit	Long Term	9.28	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.26	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.36	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	13.50	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.50	ACUITE BBB- \| Stable (Assigned)
	Packing Credit	Long Term	5.00	ACUITE BBB- \| Stable (Reaffirmed)
	Packing Credit	Long Term	2.00	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.16	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.33	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	3.00	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.39	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	50.72	ACUITE BBB- \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Federal Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.50	Simple	ACUITE A3 \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	75.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.50	Simple	ACUITE A3 \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A3 \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.00	Simple	ACUITE A3 \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.33	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	19 Aug 2031	3.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 May 2018	Not avl. / Not appl.	01 Dec 2030	2.76	Simple	ACUITE BBB- \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Apr 2018	Not avl. / Not appl.	01 Oct 2033	2.27	Simple	ACUITE BBB- \| Stable \| Reaffirmed
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Apr 2024	Not avl. / Not appl.	01 Sep 2028	2.28	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2033	27.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Aug 2025	Not avl. / Not appl.	05 Oct 2029	2.53	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2031	4.26	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Jul 2025	Not avl. / Not appl.	25 Mar 2030	14.52	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Jul 2025	Not avl. / Not appl.	29 Dec 2030	4.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Feb 2028	0.68	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Oct 2028	1.37	Simple	ACUITE BBB- \| Stable \| Reaffirmed

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

Sr. No	Company Name
1	Balance Clinic LLP
2	Bal Research Foundation
3	Lifezen Healthcare Private Limited
4	Aurum Research and Analytical Solutions Private Limited
5	Bal Pharma Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kruti Patel
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.