Press Release April 02, 2026 DR G D POL FOUNDATION Rating Reaffirmed and Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	10.00	ACUITE BB | Stable | Upgraded	-
Bank Loan Ratings	10.00	-	ACUITE A4+ | Reaffirmed
Total Outstanding	20.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has upgraded the long-term rating to ‘ACUITE BB’ (read as ACUITE double B) from 'ACUITE BB-' (read as ACUITE double B minus) on the Rs.10.00 Cr. bank facilities and reaffirmed short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.10.00 Cr. bank facilities of Dr. G D Pol Foundation (DGDPF). The outlook is "Stable". Rationale for rating The rating upgrade and migration from issuer not cooperating status takes into account improved scale of operations in FY25 and recovery of losses backed by increased contribution from the tuition fees, increase in student intake and stable occupancy levels of the hospital. The rating also factors in the long track record of operations of the trust in the education sector. However, the strengths are partially offset by moderate financial risk profile, delayed receipts of the scholarship fees from the government which leads to moderately intensive working capital operations and stringent regulatory framework of the industry. Going ahead, the ability of the trust to maintain the scale of operations and sustain the profitability levels will remain a key rating monitorable.

About the Company

Incorporated in 1989 as a charitable trust, Mumbai based Dr. G D Pol Foundation was incorporated with an objective of imparting education in the field of medical, para-medical, technical, management studies, etc. through various educational institutions including free medical treatment to needy in general and poor mankind in particular. The trustees are Ms. Kalpana Gajanan Pol and Ms. Kavita Gajanan Pol.

Unsupported Rating

­Not applicable.

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of Dr. G D Pol Foundation to arrive at the rating.

Key Rating Drivers

Strengths

­Established track record of operations DGDPF has been in operations since 1989. The chairman of the trust, Mr. Gajanan Pol has experience of around three decades in the field of education. The trust currently has 5 institutions along with three training hospitals namely YMT Ayurvedic Medical College and Hospital, YMT Dental College and Hospital, YMT Homeopathy Medical College and Hospital, YMT College of Physiotherapy and Dr. G. D. Pol Foundation Institute of Nursing. The founders, along with a strong team of qualified faculty members and doctors have been imparting quality education to their students. Improved scale of operations The trust recorded improved top line in FY25 which stood at Rs.68.20 Cr. against Rs.57.48 Cr. in FY24. The improvement is driven by increased tuition fees from the courses offered having Y-oY growth in the range of ~15-25% in FY25 and FY24. Additionally, the total number of students stood nearly at 2600 in FY25 from all the institutes and courses (previously ~2500 in FY24). Also, the operating and profitability margins stood improved with EBITDA margin of 5.09% in FY25 (4.53% in FY24). The operating margin was significantly lower in FY24 as the trust reported overall loss on account of high cumulative property tax paid to the government authority. Moreover, the PAT margin stood at 0.08% in FY25 compared to (-8.13%) in FY24. Going ahead, the ability of the trust to sustain its scale of operations along with stable level of margins will remain a key rating monitorable.

Weaknesses

Moderate financial risk profile The financial risk profile of DGDPF stood moderate marked by moderate net worth, low gearing and moderate debt protection metrics. The tangible net worth stood modest at Rs.24.77 Cr. as on 31st March 2025 against Rs.28.62 Cr. as on 31st March 2024. The total debt of the trust for FY25 stood at Rs.11.73 Cr. (Rs.12.16 Cr. in FY24). Further, regular capex is undertaken for general purposes like building infrastructure, hospital machinery, repairs, etc; and the same is met though promoters funding. Moreover, the gearing (debt-equity) stood slightly high yet remained below unity historically at 0.47 times as on 31st March 2025 (0.43 times as on 31st March 2024). The debt protection metrics also stood moderate with interest coverage ratio of 3.62 times in FY25. However, the Total outside Liabilities/Total Net Worth (TOL/TNW) stood at 3.06 times as on 31st March 2025 and the Debt/EBITDA stood at 3.28 times as on 31st March 2025. ­Delays in receipt of scholarship fees of students from government Students at DGDPF get government scholarship, based on their merit around 30 percent of the fees is received from government which takes more than a year to realise leading to moderately intensive working capital operations. Hence, timely receipt of fees form government will remain a key rating sensitivity. Stringent regulatory framework and intense competition Various agencies such as AICTE, NBA, NAAC, MCI, and UCG, among others, under the State and Central government prescribe regulatory framework to DGDPF depending on the professional courses offered. Fees charged by the college is also regulated by Fee regulatory authority (FRA) and the fees revisions require approval of FRA. The compliance is highly regulated and marked with entry, operation and exit barriers at each level which can impact the revenues and profitability of the trust. Further, DGDPF is exposed to intense competition from various educational institutes located in surrounding areas.

Rating Sensitivities

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

Growth in the scale of operations with improving profitability leading to growth in net cash accruals above Rs.4.00 Cr. Improvement in financial risk profile.

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

Decline in the operating performance with net cash accruals falling below Rs.1.00 Cr. Any significant increase in debt profile affecting the financial risk profile. Any significant delays in trade receivables.

Liquidity Position

Adequate

Liquidity position of the trust is adequate as reflected from sufficient Net cash accruals (NCA) against no major maturing debt repayment obligations. The firm has registered NCA of Rs.2.59 Cr. in FY25. The trust has unencumbered cash and bank balances of Rs.2.15 Cr. as on 31st March 2025. Going forward, firm is expected to generate cash accruals in the range of Rs.2.50-3.00 Cr. over the medium term. Further, the reliance on working capital limits stood moderate with average utilization for the fund-based facilities at 81.89% for the last 6 months ended February 2026. Moreover, the current ratio stood low at 0.52 times as on 31st March 2025. Acuité believes that the liquidity position to remain adequate marked by the moderate cash accruals against negligible debt repayment obligations.

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.	68.20	57.58
PAT	Rs. Cr.	0.05	(4.68)
PAT Margin	(%)	0.08	(8.13)
Total Debt/Tangible Net Worth	Times	0.47	0.43
PBDIT/Interest	Times	3.62	(1.26)

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 • 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 09 Jun 2025 Bank Guarantee (BLR) Short Term 10.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB | Stable) 19 Mar 2024 Bank Guarantee (BLR) Short Term 10.00 ACUITE A4+ (Assigned) Cash Credit Long Term 10.00 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 Abhyudaya Cooperative Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A4+ | Reaffirmed Abhyudaya Cooperative Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE BB | Stable | Upgraded ( from ACUITE BB- )

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Dhruvi Chauhan 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.