Press Release

Press Release

October 19, 2026

INSOLARE ENERGY LIMITED (ERSTWHILE INSOLARE ENERGY PRIVATE LIMITED)
Rating Upgraded & Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	53.40	ACUITE BBB \| Upgraded & Withdrawn	-	RBI
Bank Loan Ratings	0.00	59.65	Not Applicable \| Withdrawn	-	RBI
Bank Loan Ratings	0.00	29.00	-	ACUITE A3+ \| Upgraded & Withdrawn	RBI
Bank Loan Ratings	0.00	112.95	-	Not Applicable \| Withdrawn	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	255.00	-	-	-

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

Acuite has upgraded and withdrawn its long-term rating to 'ACUITE BBB' (read as ACUITE triple B) from 'ACUITE BB+' (read as ACUITE double B plus) on the Rs. 53.40 crore bank facilities and its short-term rating to 'ACUITE A3+' (read as ACUITE A three plus) from 'ACUITE A4+' (read as ACUITE A four plus) on the Rs. 29.00 crore bank facilities of Insolare Energy Limited (Erstwhile Insolare Energy Private Limited) (IEL). The rating has been withdrawn on account of the request received from the issuer and no objection certificate (NOC) received from the lender.

Further, Acuite has withdrawn its rating on the Rs. 34.65 crore long-term bank facility and Rs. 63.00 crore short-term bank facility of Insolare Energy Limited (Erstwhile Insolare Energy Private Limited) (IEL) without assigning any rating. as the instrument is fully repaid. The rating has been withdrawn on account of the request received from the issuer and no due certificate (NDC) received from the lender.

Further, Acuite has also withdrawn its rating on the long-term bank facility of Rs. 25 crore and short term rating on Rs. 49.95 crore bank facility of Insolare Energy Limited (Erstwhile Insolare Energy Private Limited) (IEL) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer.

The rating withdrawal is in accordance with Acuite's policy on withdrawal of ratings applicable to the respective facilities/instruments.

Rationale for rating upgrade
The rating upgrade and migration from 'Issuer non cooperating’ takes into account of improving operating performance on year- on- year basis supported by a healthy order book. The rating also draws comfort from the company's established track record of operations and diversification across the renewable space. However, these strengths are partially constrained by the company's intensive working capital requirements and moderate financial risk profile. Further, operations remain susceptible to competition in the industry.

About the Company

Incorporated in June 2008 and headquartered in Ahmedabad, Gujarat, Insolare Energy Limited (IEL) is an engineering, procurement and construction (EPC) company engaged in providing comprehensive turnkey solutions for renewable energy projects, primarily in the solar segment. The company offers a wide range of services, including EPC contracting, turnkey project execution, design, engineering, construction, as well as operations and maintenance (O&M) services for renewable energy power plants. The company is currently managed by its directors, namely Mr. Sunit Tyagi, Mr. Hemanshu Bhatt, Mr. Navashil Sharma, Mr. Kaikhushru Taraporevala, Mr. Gajanan Gandhe, Ms. Pooja Bahry.

Unsupported Rating

Not Applicable.

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of Insolare Energy Limited (IEL) to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and established track record of operations
Founded in June 2008, Insolare Energy Limited (IEL) is engaged in providing end-to-end renewable energy solutions, primarily through engineering, procurement and construction (EPC) services for solar power projects. Over the years, the company has established a strong presence in the renewable energy sector under the leadership of an experienced management team with over two decades of industry expertise. In addition to its EPC business, IEL has expanded into the manufacturing of solar photovoltaic (PV) module, strengthening its integrated business model and value proposition. Further, the company is undertaking strategic expansion and diversification initiatives through its subsidiary, Soulberry Energy Private Limited, including solar module manufacturing and opportunities in emerging renewable energy segments such as battery energy storage systems (BESS), green hydrogen, electrolyzers, and floating solar EPC projects. The company is also progressing towards greater vertical integration with the commencement of solar module manufacturing operations.

Improving operating performance backed by strong growth in order book from reputed clientele
The company reported healthy growth in revenue to Rs. 744.68 crore in FY26 from Rs. 430.74 crore in FY25, supported by higher execution of solar EPC projects. Further, the company had an unexecuted order book of around Rs. 1,016 crore as on October 09, 2026, providing revenue visibility over the medium term. While operating margin improved to 8.11% in FY26 from 7.40% in FY25 due to lower administrative and other operating expenses as a percentage of sales, the improvement at the net level remained limited. The PAT margin remained largely stable at 3.70% in FY26 owing to higher finance costs and increased depreciation expenses during the year, with the impact being partially offset by improved EBITDA and higher non-operating income.

Weaknesses

Moderate financial risk profile
The company’s financial risk profile remains moderate, supported by an improving net worth and adequate debt protection metrics. The tangible net worth increased to Rs. 221.41 crore as on March 31, 2026, from Rs. 193.73 crore as on March 31, 2025, primarily on account of accretion of profits to reserves. The company also issued bonus shares worth Rs 10.29 Cr. in FY26. Total debt increased to Rs. 221.91 crore as on March 31, 2026, from Rs. 92.56 crore as on March 31, 2025, mainly due to higher debt levels availed to support the company's growing scale of operations and investments in ongoing capex at group level. Consequently, the gearing and TOL/TNW ratios moderated to 1.00 time and 1.91 times, respectively, as on March 31, 2026, as against 0.48 time and 1.07 times as on March 31, 2025. The debt protection indicators remained adequate, albeit moderated during the year. The interest coverage ratio (ICR) declined to 2.70 times in FY2026 from 3.17 times in FY2025 due to higher interest costs associated with increased borrowings. The debt service coverage ratio (DSCR) stood at 1.60 times in FY2026 as against 1.84 times in FY2025.

Intensive working capital cycle
The company’s working capital cycle remained intensive, with gross current assets (GCA) days standing high at 221 days as on March 31, 2026, from 234 days as on March 31, 2025, primarily due to increased receivable levels and increased current assets in FY2026. Debtor days increased to 68 days from 51 days during the same period. Inventory days stood at 10 days in FY26 from 25 days in FY25, Creditor days declined to 90 days in FY26 from 103 days in FY25.

Intense competition from established players
The company remains exposed to intense competition in the solar EPC industry, which is characterized by the presence of several organized and unorganized players. Revenue continues to be largely driven by the EPC segment, making its business profile vulnerable to competitive pressures and pricing challenges. Further, the company's ability to convert connectivity approvals into confirmed orders and sustain a healthy order inflow, supported by timely investor commitments, will remain a key monitorable going forward.

Rating Sensitivities

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

Not Applicable.

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

Not Applicable

Liquidity Position

Adequate

The company’s liquidity position remains adequate, supported by healthy cash accruals of Rs. 31.33 crore in FY 26 against annual debt repayment obligations of Rs. 10.42 crore. The company had cash and bank balances of Rs. 28.20 crore as on March 31, 2026. The current ratio stood at 1.09 times as on March 31, 2026 as against 1.37 times as on March 31, 2025. Additionally, the average utilization of fund-based working capital limits remained moderate at 57.76%, while the non-fund-based limit utilization stood at 86.45% for 6 months ended on September 2026.

Outlook:

Not Applicable.

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	744.68	430.74
PAT	Rs. Cr.	27.58	15.94
PAT Margin	(%)	3.70	3.70
Total Debt/Tangible Net Worth	Times	1.00	0.48
PBDIT/Interest	Times	2.70	3.17

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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
03 Jul 2026	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	33.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
	Bank Guarantee (BLR)	Short Term	14.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
	Proposed Bank Guarantee	Short Term	49.95	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3+)
	Cash Credit	Long Term	10.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Cash Credit	Long Term	9.50	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	3.42	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.88	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.85	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Cash Credit	Long Term	11.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.75	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Proposed Cash Credit	Long Term	25.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	15.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Working Capital Term Loan	Long Term	14.65	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
15 Apr 2025	Bank Guarantee (BLR)	Short Term	14.00	ACUITE A3+ (Assigned)
	Proposed Bank Guarantee	Short Term	45.60	ACUITE A3+ (Upgraded from ACUITE A3)
	Proposed Bank Guarantee	Short Term	4.35	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Upgraded from ACUITE A3)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	11.50	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	21.50	ACUITE A3+ (Upgraded from ACUITE A3)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	9.50	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.42	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.88	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.85	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	11.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.75	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Proposed Cash Credit	Long Term	25.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	15.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Upgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	9.65	ACUITE BBB \| Stable (Assigned)
02 Jul 2024	Bank Guarantee (BLR)	Short Term	21.50	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Assigned)
	Proposed Bank Guarantee	Short Term	44.00	ACUITE A3 (Assigned)
	Term Loan	Long Term	4.45	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.15	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	1.00	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	15.00	ACUITE BBB- \| Stable (Assigned)
	Working Capital Term Loan	Long Term	5.00	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	2.90	ACUITE BBB- \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Assigned)
	Proposed Cash Credit	Long Term	25.00	ACUITE BBB- \| Stable (Assigned)

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
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	33.00	Simple	ACUITE Not Applicable \| Withdrawn
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE Not Applicable \| Withdrawn
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE Not Applicable \| Withdrawn
BANK OF MAHARASHTRA	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A3+ \| Upgraded & Withdrawn ( from ACUITE A4+ )
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE A3+ \| Upgraded & Withdrawn ( from ACUITE A4+ )
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.00	Simple	ACUITE BBB \| Upgraded & Withdrawn ( from ACUITE BB+ )
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE Not Applicable \| Withdrawn
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.50	Simple	ACUITE Not Applicable \| Withdrawn
BANK OF MAHARASHTRA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Upgraded & Withdrawn ( from ACUITE BB+ )
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Bank Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	49.95	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE Not Applicable \| Withdrawn
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Aug 2028	0.85	Simple	ACUITE Not Applicable \| Withdrawn
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2027	3.42	Simple	ACUITE Not Applicable \| Withdrawn
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2027	0.88	Simple	ACUITE Not Applicable \| Withdrawn
TJSB Sahakari Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Aug 2033	2.75	Simple	ACUITE BBB \| Upgraded & Withdrawn ( from ACUITE BB+ )
Vivriti Capital Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BBB \| Upgraded & Withdrawn ( from ACUITE BB+ )
Vivriti Capital Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Apr 2026	14.65	Simple	ACUITE BBB \| Upgraded & Withdrawn ( from ACUITE BB+ )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Roshni Gupta
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.