Press Release April 10, 2026 FORTUNE GROUP Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	25.74	ACUITE BB+ | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	65.00	-	ACUITE A4+ | Downgraded | Issuer not co-operating*
Total Outstanding	90.74	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­Acuite has downgraded the long-term rating to “ACUITE BB+” (read as ACUITE Double B plus) from “ACUITE BBB” (read as ACUITE Triple B) and short-term rating to “ACUITE A4+” (read as ACUITE A four plus) from “ACUITE A3+” (read as ACUITE A three plus) on Rs.90.74 crore bank facilities of Fortune Group. The rating downgrade is on account of information risk. The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information.

About the Company

­M/s Fortune group (FG) was initially set up as a proprietorship firm in 2003 and reconstituted as a partnership firm in 2010 with Mr. Tapas Kumar Pathy, Mr. Rajendra Narayan Nayak and Mrs. Meenakshi Panda as partners. Until 2020, the firm was operational mostly in Odisha, then later expanded into new geographies like Jharkhand and Nagaland. The firm offers a wide range of services in construction and infrastructure related developmental works across several sectors which includes execution of heavy earth work, construction of road embankment, raising of subgrade, concrete structures, asphalt topping of roads, reservoirs, steel structures, road projects, drainage work, etc. with major focus on roads and bridges.

Unsupported Rating

­Not Applicable.

Non-cooperation by the issuer/borrower

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

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

"No information provided by the issuer / available for Acuite to comment upon."

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

"No information provided by the issuer / available for Acuite to comment upon."

Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

Outlook

­Not Applicable.

Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	209.70	130.86
PAT	Rs. Cr.	7.77	4.36
PAT Margin	(%)	3.70	3.33
Total Debt/Tangible Net Worth	Times	0.36	0.66
PBDIT/Interest	Times	10.04	4.84

Status of non-cooperation with previous CRA

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 • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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 29 Jan 2025 Bank Guarantee (BLR) Short Term 32.00 ACUITE A3+ (Upgraded from ACUITE A3) Proposed Bank Guarantee Short Term 33.00 ACUITE A3+ (Assigned) Term Loan Long Term 0.26 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Cash Credit Long Term 17.00 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Proposed Cash Credit Long Term 0.48 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable) Proposed Cash Credit Long Term 8.00 ACUITE BBB | Stable (Assigned) 28 Feb 2024 Bank Guarantee Short Term 32.00 ACUITE A3 (Reaffirmed) Bank Guarantee (BLR) Short Term 0.50 ACUITE A3 (Reaffirmed & Withdrawn) Term Loan Long Term 0.76 ACUITE BBB- (Reaffirmed & Withdrawn) Cash Credit Long Term 17.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.74 ACUITE BBB- | Stable (Reaffirmed) Proposed Cash Credit Long Term 1.00 ACUITE Not Applicable (Withdrawn) Proposed Bank Guarantee Short Term 8.00 ACUITE Not Applicable (Withdrawn)

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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 Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.00 Simple ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3+ ) Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 33.00 Simple ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3+ ) Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.48 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB ) Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2025 0.26 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB )

* The issuer did not co-operate; based on best available information.

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Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php • Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Ujjwal Srivastva 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.