Press Release August 13, 2026 EPIMONEY PRIVATE LIMITED - HYPERION 2026 Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Pass Through Certificates (PTCs)	0.00	58.35	ACUITE A | SO | Assigned	-	RBI
Total Outstanding	0.00	58.35	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 assigned long-term rating of ‘ACUITE A  (SO)’ (read as  ACUITE A (Structured Obligation)) to the Rs. 58.35 Cr. Pass Through Certificate(PTC). issued by HYPERION 2026 (The Trust) under a securitisation transaction originated by EPIMONEY PRIVATE LIMITED (The Originator). The series A1 PTC is backed by a pool of loans consisting of unsecured Business loans which comprise a principal outstanding of Rs. 64.84Cr. The rating for the series A1 PTC addresses the timely payment of interest on monthly payment dates and the ultimate payment of principal by the final maturity date, in accordance with the transaction documentation. The rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement available to the PTCs in the form of: i. Equity Tranche of 10.00% of the pool principal ii. Excess Interest Spread of 18.02% of the pool principal iii. Cash Collateral of 5.00% of the pool principal The rating is assigned as Acuite has received the following final documents: 1. Trust Deed 2. Deed of Assignment 3. Servicing Agreement 4. Legal Opinion 5. Final Term Sheet 6.Power of Attorney ,Information Memorandum and Lien letter

About the Originator

­­Mumbai based, Epimoney Private Limited was incorporated in 1995. Mr. Rajiv Pankaj Mehta, Mr. David Arturo Paradiso, Mr. Deepak Surajmal Jain, Mr. Sanjay Omprakash Nayar, Mr. Ritesh Jain, Ms. Nethra Bhat, Ms. Ruchira Shukla, Mr. Mayank Kachhwaha, Mr. Sankarson Banerjee, Ms. Isabel Shi Ying Tay are directors of the company. The company is engaged in providing Micro Enterprise Loans, SME Loans, Other structured Business loans and in providing ancillary services related to the said business activities. About the Group Companies: Flexiloans Technologies Private Limited Mumbai based, Flexiloans Technologies Private Limited was incorporated in 2016. The company specializes in digital financial services and financial technology for small and medium-sized enterprises (SMEs). The company operates primarily as an online lending platform, focusing on providing quick and flexible collateral-free business loans to underserved MSMEs and startups across India. Present directors of the company are Mr. Manish Narpatsingh Lunia, Mr. Ritesh Jain and Mr. Deepak Surajmal Jain.

Standalone Rating of the Originator (if rated by Acuite)

­Acuite A-/Stable , Acuite A2+

Key Rating Drivers

Strengths

­Adequate Capitalisation levels with Strong Institutional Backing  The Company is supported by a strong and experienced Board, with most members having over two decades of expertise across banking, investments, consulting, and private equity. Since inception, EPL has raised Rs 824.31 Cr. from reputed investors including Maj Invest Financial Inclusion Fund, Accion Digital Transformation Fund, Nuveen Climate Inclusion Fund II, The Fundamentum Partnership Fund, and British International Investment PLC, along with support from directors and angel investors. EPL founded by Mr. Deepak Jain, CEO and Co-founder, brings over 21 years of experience in investment banking and consulting, having raised over USD 10 billion across 35 deals, including 10+ in the BFSI sector. Mr. Ritesh Jain, Co-founder, has over 23 years of experience across startups, finance, and technology. Mr Manish Lunia, Co-founder has over 23 years of experience across M&A, Strategy, and Corporate Finance, managing Credit, Collections, Co-lending, Compliance, and PR functions. Its net worth has grown significantly from Rs 293.88 Cr. in FY24 to Rs.793.54 Cr. in FY26 , supported by regular equity infusions, a healthy CAR of 50.38%, and moderate gearing of 1.79x for FY 26 , which collectively provide adequate headroom for growth. Acuité believes that the strong promoter background and continued investor support will enable the Company to scale its operations effectively. Improvement in Disbursement and AUM growth The company has disbursements of Rs 3,788.79 Cr. for FY 26 as compared to Rs 1,756.11 Cr. in FY23. The company's AUM has grown from Rs. 1,064.47 Cr. in FY23 to Rs. 2,926.12 Cr. in FY26 .The AUM as of FY26 has ~17 % of the portfolio coming from the SCF loans and remaining from Term loans (unsecured business loans) as of March 31, 2026, the portfolio has majority ticket size in the  Rs 5.00 lakhs -Rs 20.00 lakhs range with tenure majorly greater than 24 months. In terms of the geographical concentration, the portfolio is well distributed. The non SCF portfolio is covered by the two government schemes, which are CGTSME and CGFMU /Mudra scheme  and ~ 60% of the portfolio is covered under the two schemes as of March 31, 2026.

Weaknesses

­­Moderate asset quality metrics The on-book NPAs have shown a steady rise over the years, reaching 4.92% in FY26, which stood at 5.91% in FY 25. For Q1FY27 , the GNPA improved to 4.17 %. The company has ~60% of the book is insured under the two schemes as of March 31, 2026.The increase in slippages from this segment has contributed to the spike in both Gross and Net NPAs, particularly evident in FY25. Given the inherently unsecured nature of these exposures, the segment is sensitive to economic cycles, policy changes, and shifts in borrower cash flows. Going forward, asset quality trends, collection efficiency, and write-offs will remain key monitorable as EPL scales up its loan portfolio, particularly given the relatively higher risk profile of unsecured lending. Borrowing Profile; Scope for Further Diversification The Company’s total debt has increased significantly to Rs 1418.79 Cr. as of FY26, compared to Rs.370.88 Cr. in FY23. As of March 2026, the borrowing profile is moderately diversified across instruments such as term loans, pass-through certificates (PTCs), and non-convertible debentures (NCDs). Term loans and WCDL constitute the majority at ~71% of total borrowings, with 58% sourced from banks and 41% from NBFCs, while PTCs account for ~26.6% and NCDs form a relatively small share of ~1.58%. The Company’s debt-to-equity ratio stood at 1.79x as of FY26, indicating moderate leverage and providing headroom for further debt-funded growth. However, further diversification of the borrowing profile, particularly towards capital market instruments, remains a key credit monitorable going forward. Modest Profitability , albeit improving The company has demonstrated steady positive earnings growth over the last few years. Profit After Tax (PAT) increased from a loss of Rs 10.79 Cr. in FY 22 to a PAT of Rs 4.18 Cr. for FY 25 on the consolidated level. At the consolidated level for FY 26, the company earned a PAT of Rs 17.88 Cr. However, the operating expense to earning assets remain steady level for FY 25 and  FY 26 between ~13-14 % and credit costs stood at 5.17 %  for FY 25 which improved  to 4.41 % for FY 26.For Q1FY27 , the company reported a PAT of Rs 4.30 Cr.

Assessment of the Pool

­­EPL had Assets under management of Rs. 2926.12 Cr. as on March 31, 2026. The current pool being securitised comprises 2.21 percent of the total AUM. The underlying pool in the current Pass Through Certificate (PTC) transaction comprises of unsecured Business loans extended towards 690 borrowers, with an average ticket size of Rs. 11.08 lakhs, minimum ticket size of Rs. 5 lakhs and maximum of Rs. 20 lakhs. The current average outstanding per borrower stands at Rs. 9.39 lakhs. The weighted average original tenure for the pool is 36.27 months. The pool has weighted average seasoning of 7.25 months (minimum 4 months seasoning and maximum of 14 months seasoning).  All the loans under the pool are current as on pool cut-off date. The pool’s geographical concentration is low. About 12.65 percent of the borrowers are concentrated in Gujarat based on the principal outstanding followed by Tamil Nadu with a concentration of 12.29%. The top 10 borrowers of pool constitute 2.71 percent of the pool principal o/s.

Transaction Structure

­­The Provisional rating of Series A1 PTC addresses the timely payment of the interest on each payout dates and ultimate payment of principal on final maturity date to the series A1 PTC investors, in accordance with the transaction documentation. The PTC is a TIUP trigger based turbo PAR PTC.

Brief Methodology

­­Parameters considered are seasoning of the pool, pool vs portfolio, portfolio cuts, amortisation of the pool, internal cash flow modeling, pool characteristics, static pool, dynamic DPDs to assign the final rating.

Legal Assessment

The final rating is assigned based on the fulfilment of the structure, terms and covenants detailed in the executed trust deed, servicing agreement, legal opinion, accounts agreement, assignment agreement and other documents relevant to the transaction.

Key Risks

Counter Party Risks

­­The pool has average ticket size of Rs. 11.08 lakhs, minimum ticket size of Rs. 5 lakhs and maximum of Rs.20 lakhs. Considering the vulnerable credit profile of the borrowers, the risk of delinquencies/defaults are high. These risks of delinquencies are partly mitigated, considering the efficacy of the originator’s origination and monitoring procedures.

Concentration Risks

­­The underlying pool of Rs.64.84 Cr. in the current PTC transaction comprises of unsecured Business loans extended towards 690 individual borrowers.The top 10 borrowers constitute 2.71 percent of the pool principal O/s.

Servicing Risks

­­There is limited track record of servicing PTCs, since, this is one of the initial securitisation transactions for the originator rated by Acuite. Therefore, the servicing risk for the transaction remains high.

Regulatory Risks

­­In the event of a regulatory stipulation impacting the bankruptcy remoteness of the structure, the payouts to the PTC holders may be impacted.

Prepayment Risks

­­The pool is subject to prepayment risks since rate of interest is significantly high and borrowers may be inclined to shift to low cost options (based on availability). Further, the asset classes being business loans, the risk of prepayment remains high. In case of significant prepayments, the PTC holders will be exposed to interest rate risks, since the cash flows from prepayment will have to be deployed at lower interest rates.

Commingling Risk

­­The transaction is subject to commingling risk since there is a time gap between last collection date and transfer to payout account.

Credit Enhancements (CE)

­­The provisional rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement available to the PTCs in the form of: i. Equity Tranche of 10.00% of the pool principal ii. Excess Interest Spread of 18.02% of the pool principal iii. Cash Collateral of 5.00% of the pool principal

Rating Sensitivity

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

­­Sustained reduction in delinquencies and overdues in the underlying pool. Build-up of excess interest spread or improvement in cash collateral position that enhances protection for PTC payouts.

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

­­Deterioration in  pool collection efficiency less than 90 percent on a sustained basis Increase in Delinquencies or Weakening Pool Behaviour

All Covenants

­Obligations and Covenants of the Seller The Seller hereby covenants and undertakes the obligations set out below: (1) It will bear all the costs, levies and duties including stamp duty expenses, rating fees, legal fees, trusteeship fees, “know-your-customer” compliance related costs, any costs, fees and charges related to asset audit, due diligence, monitoring, structuring, compliance, arranging/structuring the transactions contemplated under this Agreement and the other Deeds of Securitisation, and all fees including legal and tax counsel fees, fees of the Approved Bank, and of any other expenses incurred/to be incurred with respect to and prior to the assignment of the Assigned Assets. (2) It will bear all such imposts, duties and taxes as may be levied, with respect to a period prior to the Commencement Date, by any Competent Authority pertaining to or in respect of Receivables assigned by it to the Trustee under this Agreement and all rights thereunder with the understanding that all such imposts, duties, levies and taxes which may be levied, with respect to a period after the Commencement Date will be borne by and be to the account of the Trust. (3) It will, if so required by the Trustee or the Investors, lend its name as plaintiff or co-plaintiff or as a creditor/creditor's representative to any proceedings that the Trustee or the Investors may institute with respect to the Receivables. (4) It will also, in its capacity as the Servicer and at the cost of the Trustee (on behalf of the Beneficiaries), take enforcement proceedings against the Obligors, in its own name, if so requested by the Trustee. (5) It will make proper disclosures in its books of accounts as required by Applicable Law and any accounting principles regarding the Assigned Assets assigned by it to the Trustee under this Agreement and the Trustee's rights and claims therein. (6) It will instruct the Due Diligence Auditor to submit all future audit reports directly to the Trustee. (7) It will be bound by and will perform all or any of its obligations under the Underlying Documents or imposed by Applicable Law with respect to the Assigned Assets assigned by it to the Trustee under this Agreement and will not take or omit to take any action that causes or could cause a breach of any of the provisions of the Underlying Documents or Applicable Law. (8) It will preserve and maintain its corporate existence, rights and qualifications to conduct business as is being conducted by it as of the Commencement Date. (9) From time to time, as the Trustee may reasonably request, it will execute and deliver such further documents and perform such further acts at its own expense in order to fully effect the purposes of this Agreement and to perfect, protect and more fully evidence the Trust's title over the Assigned Assets. (10) It will not exercise any right of deduction, lien (general or specific) or set off, over or in respect of any Receivables, amounts, writings or things held by it or coming within its power or possession pursuant to or in connection with this Agreement and shall as soon as possible hand over the same to the Trustee, if so instructed by the Trustee. (11) It will hold all documents, writings, agreements, amounts, Underlying Documents and the Receivables assigned by it to the Trustee under this Agreement coming to its power or possession pursuant to or in connection with this Agreement in trust and as agent for the Trustee. (12) It will immediately hand over all the documents, writings, agreements, amounts, Underlying Documents and the Receivables (assigned by it to the Trustee under this Agreement) held by it (whether in its capacity as the Seller or as the Servicer) to the Trustee on a demand being made for any of the above. (13) It will incur all costs (including all legal costs and stamp duty) payable or incurred in connection with the preparation, negotiation and execution of this Agreement and any of the Deeds of Securitisation and all costs of the issuance of the PTCs. (14) The Seller has complied with the MHP and the MRR prescribed in the Securitisation Directions. (15) It will comply on an ongoing basis with the requirements under the Securitisation Directions (including the MRR), wherein (including for the purposes of Clause 15 of the Securitisation Directions): A. The MRR shall be maintained by way of the Seller's Credit Enhancement; B. The MRR shall not be reduced either through hedging of credit risk or selling or encumbering the MRR; C. MRR shall be maintained by the Seller itself and not by/through any of its group entities; and D. the form of MRR shall not change until the date of redemption of all Series A1 PTCs, and the MRR as a percentage of unamortised principal shall be maintained on an ongoing basis except for reduction of retained exposure due to repayment or through the absorption of losses. (16) For the purposes of ensuring compliance with Clause 112 of the Securitisation Directions, on September 30 and March 31 of each calendar year, it shall provide such disclosures and confirmations that may be required in the format prescribed in the Securitisation Directions confirming that it is in compliance with the MHP and the MRR prescribed in the Securitisation Directions. (17) For the purposes of ensuring compliance with Clause 100 of the Securitisation Directions, it shall report the securitisation transactions undertaken by it to the RBI in such format as may be prescribed in the Securitisation Directions, on a quarterly basis or such other periodicity as may be prescribed by the RBI. (18) It will always follow its defined credit policy. (19) The Seller will execute a power of attorney in favour of the Trustee (in form and substance reasonably acceptable to the Trustee), to, inter alia, enable the Trustee to collect the Receivables from the Obligors and/or to enforce the relevant Facility Agreements against the Obligors or to, inter alia, perfect its right, title and interest of the Seller in and to the Assigned Assets. (20) For the purposes of Clause 22 of the Securitisation Directions, in the event the actions of any of the counterparties or institutional intermediaries associated with the transactions contemplated under the Deeds of Securitisation (including without limitation, the Seller, the Trustee and/or the Trust, the Servicer, and the providers of any credit enhancement), result in, at any point, a material alteration of the risk profile of the PTCs, the Seller shall ensure that adequate details about such occurrence are provided to the PTC Holders, the Rating Agency and any other service providers, promptly, and in no case later than within 5 (five) calendar days of occurrence. (21) It shall, make available, a copy of the Trust Deed and the accounts and statement of affairs of the Trust to the RBI, if required to do so. (22) It shall make available to the Trustee, on request and free of charge, all evidence (under the control and possession of the Seller) required by the Trustee in any proceedings and strive to ensure the attendance at any hearing of such witnesses as the Trustee may require. (23) It shall on and from the Effective Date, hold all documents, writings, agreements and records in relation to the Receivables in its capacity as Servicer (with respect to the Receivables) for and on behalf of the Trust and for the benefit of the Investors in terms of the Servicer Agreement; (24) Agrees and covenants that on and from the Effective Date, the full and complete title to the Receivables shall vest exclusively with the Trust, for the benefit of the Investors, and the Trustee, acting for and on behalf of the Trust, shall be legally and beneficially entitled to enforce, recover and receive the Receivables, and the Seller shall have no claim, right, title or interest whatsoever in the Receivables; (25) Subject to a prior written notice of 3 (three) working days, it will arrange all documents and other records pertaining to the Assigned Assets for verification by the Trustee and/or Series A1 Investors. However, no such notice shall be provided in case verification be required pursuant to Applicable Laws or regulatory requirements; (26) The Trustee and/or Series A1 Investors shall have the right to visit the office/branch of the Seller through its employee/agent/auditor/nominated person etc. for random verification of statement of accounts and other related documents of the Facilities and/or the Assigned Assets at any time; (27) It agrees and covenants that it shall, at all times adhere to the Minimum Holding Period (MHP) criteria and the Minimum Retention Requirement (MRR) as specified in the Securitisation Directions (as amended from time to time) and other Applicable Laws (as amended from time to time); (28) The Seller shall maintain documentary evidence/records that the Facility Agreements and other ancillary documents and Underlying Documents executed digitally with the Obligors have been executed from a specific customer device (based on the IP addresses), on a particular date at a specified time, and shall provide the same to the Trustee and/or the Series A1 Investors as and when requested; (29) It shall reasonably co-operate with the Trustee in any legal proceedings that may be necessary or incidental to the recovery of the Facilities and will co-operate in recovery proceeding with the Trustee through courts or otherwise; (30) It shall from time to time execute and deliver such further documents and perform such further acts, as the Trustee may request in order to fully effect the purposes of this Agreement and to perfect, protect and more fully evidence the Trust's title over the Receivables; (31) It shall ensure that all the documents, writings, agreements, amounts, monies, Underlying Documents, and Receivables held by the Seller (whether in its capacity as the Seller or as a Servicer) are made available to the Trustee and/or its advisors and/or auditors and/or consultants for the purpose of photocopying and/or for the purpose of inspection immediately on a demand being made for the same by the Trustee for and on behalf of the Trust; (32) It shall bear all such imposts, duties and taxes which may be levied before the Commencement Date by any statutory or regulatory authority pertaining to the Receivables; (33) It shall provide the Credit Enhancement or cause to provide the Credit Enhancement in terms of SCHEDULE X hereto and as per the terms and conditions of the Accounts Agreement; (34) The Credit Enhancement to be provided by the Seller shall be in accordance with the Securitisation Directions and as recommended in the Rating Rationale submitted by the Rating Agency; (35) It shall not sanction and/or provide any loans and/or facilities against any security interest, charge and/or Encumbrance over any part of the Assigned Assets for any reason whatsoever; (36) It shall make available to the Trustee, on request, all evidence (under the control and possession of the Seller) required by the Trustee in any proceedings and render all assistance as the Trustee may reasonably require, provided that the Trustee shall reimburse the Seller , at actuals , all costs incurred by  it in this regard. (37) It shall provide the Cash Collateral or cause to provide the Cash Collateral in terms of Accounts Agreement, in the form and manner as agreed in the Accounts Agreement; (38) It shall ensure that it shall not file for or commence corporate insolvency resolution process, pre-packaged insolvency resolution process, bankruptcy, insolvency, voluntary winding up or liquidation or any similar proceedings of itself or any of the Obligor without the prior approval of the Trustee; (39) It shall not suffer or omit to take any steps that are inconsistent with its obligations under these presents or which could in any manner jeopardize the recovery of the Receivables in full or in part; (40) It shall give to the Trustee acting for and on behalf of the Trust for the benefit of the Investors the Power of Attorney, to inter alia enable the Trustee to perfect the right, title and interest of the Trust, in and to the Receivables and to allow for the vesting of the Receivables in favour of the Trust for the benefit of the Investors; (41) The Seller shall reasonably co-operate with the Trustee in any legal proceedings that may be necessary or incidental to the recovery of the Facilities and will co-operate in any recovery proceedings with the Trustee through courts or otherwise; (42) The Seller shall make available to the Trustee, on its request and free of charge, all evidence required by the Trustee and as may be in the possession of the Seller, in any proceedings and it will use its best endeavours to procure the attendance at any hearing of such witnesses as the Trustee may require; (43) As required by law and other accounting principles, the Seller shall make proper disclosures in its books of accounts (if any are required) regarding the assignment of the Receivables to the Trust, for the benefit of the Investors; (44) The Seller shall immediately hand over all the documents, writings, agreements, amounts, monies, Underlying Documents, and Receivables held by the Seller (whether in its capacity as the Seller or as a Servicer) to the Trustee on a demand being made for the same by the Trustee for and on behalf of the Trustee; (45) The Seller shall ensure that all the documents, writings, agreements, amounts, monies, Underlying Documents, and Receivables held by the Seller (whether in its capacity as the Seller or as a Servicer) are made available to the Trustee and/or its advisors and/or auditors and/or consultants for the purpose of photocopying and/or for the purpose of inspection immediately on a demand being made for the same by the Trustee for and on behalf of the Trustee; (46) The Seller shall hold all documents, writings, agreements, amounts, monies, Underlying Documents, and Receivables coming to its power or possession pursuant to or in connection with the Agreement and as agent for Trustee and the Seller shall immediately hand over all the documents, writings, agreements, amounts, monies, Underlying Documents, and the Receivables held by the Seller (whether in its capacity as the Seller or as a Servicer) to the Trustee on a demand being made for the same by the Trustee; (47) The Seller shall make available to the Trustee, on request, all evidence (under the control and possession of the Seller) required by the Trustee in any proceedings and render all assistance as the Trustee may reasonably require, provided that the Trustee shall reimburse the Seller, at actuals, all costs incurred by it in this regard; (48) The Seller shall ensure that it shall not undertake and/or take any actions for any merger, de-merger, consolidation, reorganization, scheme of arrangement or compromise with its creditors or shareholder without providing a prior intimation to the Trustee; (49) The Seller shall ensure that it shall not undertake and/or take any actions for any merger, de-merger, consolidation, reorganization, scheme of arrangement or compromise with its creditors or shareholder which has a Material Adverse Effect on the transactions contemplated under the Transaction Documents, without the prior approval of the Trustee; (50) As and when the Trustee requires additional know-your-customer (KYC) related documents of the Obligors pursuant to any additional know-your-customer (KYC) requirement from RBI and/or under any Applicable Law, the Seller shall provide the same to the Trustee within 30 (thirty) days from the date of request made by the Trustee; (51) The Seller shall not reschedule or restructure the Facilities after the execution of this Agreement; (52) It shall provide all such information to the new Servicer (in the event that the current Servicer is replaced) as is required to be held by the Seller for preparing the Monthly Reports and the semi-annual reports; and (53) In the event of occurrence of any event or actions in connection with the Seller, the Trust/Trustee, the Servicer, the provider of Credit Enhancement, which result in material alteration of the risk profile of the PTCs at any point: (A) The Trustee, Servicer, provider of Credit Enhancement, as the case may be, shall immediately inform the Seller of the same; and (B) The Seller shall, upon having knowledge of any such event or actions in connection with itself, the Trust/Trustee, the Servicer, the provider of Credit Enhancement, ensure that the same is adequately informed and disclosed to the PTC Holders and other service providers within a maximum time frame of 7 (seven) calendar days from the Seller having such knowledge.

All Assumptions

­­Acuité has arrived at a base case delinquency estimate basis its analysis of the company's historical static pool and further applied appropriate stress factors to the base loss figures to arrive at the final loss estimates. The base rate considered is 4-5%. The loss estimate also consider the risk profile of the particular asset classes, the borrower strata, economic risks, collection efficiency over the past several months as well as the credit quality of the originator.  The expected recovery rate is 20-25% because part of the loan is covered under the CGTMSE scheme. Acuité also has simulated the potential losses to an extent by applying sensitivity analysis.

Liquidity Position

Adequate

The company maintains a comfortable liquidity profile, supported by cash and unencumbered bank balances of Rs.55.43 Cr. as of June 30, 2026 (Provisional Standalone). Epimoney Private Limited’s asset–liability maturity (ALM) profile remains well-matched with no negative cumulative mismatches, and it reported an excess liquidity surplus of Rs 12.85Cr. for a period of one year as per  June 30, 2026 ALM Statement. The company has total debt obligations of ~Rs 1033 Cr for a period of one year  from June 30, 2026. ­­The provisional rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement available to the PTCs in the form of: i. Equity Tranche of 10.00% of the pool principal ii. Excess Interest Spread of 18.02% of the pool principal iii. Cash Collateral of 5.00% of the pool principal

Outlook: Not Applicable

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Key Financials - Originator

­Standalone Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets** Rs. Cr. 2307.24 1673.96 Total Income* Rs. Cr. 331.34 244.51 PAT Rs. Cr. 17.89 4.13 Networth Rs. Cr. 793.53 581.29 R e t u r n        on         A v e r a g e    Assets (RoAA) (%) 0.90 0.28 Return on Net Worth (RoNW) (%) 2.60 0.94 T  o  t   a  l     Debt/Tangible Net      Worth (Gearing) Times 1.79 1.73  On Book Gross NPA’s (%) 4.92 5.91  On Book Net NPA’s (%) 3.45 3.71 ** Adjusted for deferred tax assets * Total Income is Net of Interest income plus other income Ratios as per Acuite's calculations Consolidated Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets** Rs. Cr. 2307.25 1673.97 Total Income* Rs. Cr. 331.33 244.57 PAT Rs. Cr. 17.88 4.18 Networth Rs. Cr. 793.54 581.30 R e t u r n        on         A v e r a g e    Assets (RoAA) (%) 0.90 0.29 Return on Net Worth (RoNW) (%) 2.60 0.96 T  o  t   a  l     Debt/Tangible Net      Worth (Gearing) Times 1.79 1.73  On Book Gross NPA’s  (%) 4.92 5.91  On Book Net NPA’s  (%) 3.45 3.71 ** Adjusted for deferred tax assets * Total Income is Net of Interest income plus other income Ratios as per Acuite's calculations

Status of disclosure of all relevant information about the Obligation being Rated

Non-public information

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Any Other Information

­None

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.

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 • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm

Rating History : PTC

­Not Applicable

Rating History - Originator (if applicable)

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 12 Aug 2026 Proposed Long Term Bank Facility Long Term 400.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 100.00 ACUITE A- | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A2+ (Reaffirmed) 30 Jun 2026 Proposed Long Term Bank Facility Long Term 400.00 ACUITE A- | Stable (Assigned) Proposed Non Convertible Debentures Long Term 100.00 ACUITE A- | Stable (Assigned) Proposed Commercial Paper Program Short Term 50.00 ACUITE A2+ (Reaffirmed) 18 Jun 2026 Proposed Commercial Paper Program Short Term 50.00 ACUITE A2+ (Assigned)

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh 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   1 Includes 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. 3 The 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.