Press Release September 25, 2026 JAYOSTUTE INDIA PRIVATE LIMITED (ERSTWHILE CASA MOMENTAA PRIVATE LIMITED) Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	30.00	ACUITE BBB- | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	30.00	-	ACUITE A3 | Assigned	RBI
Total Outstanding	0.00	60.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 assigned the long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) and short-term rating of 'ACUITE A3' (read as ACUITE A three) on the Rs.60.00 crore bank facilities of Jayostute India Private Limited (Erstwhile Casa Momentaa Private Limited) (JIPL). The Outlook is 'Stable'. Rationale for rating assigned The rating assigned factors in the group's established track record of over a decade in the facility management, medical equipment supply, and allied services segments, supported by the extensive experience of the promoters and professional management team. The rating also draws comfort from the group's improving scale of operations, healthy profitability along with moderate financial risk profile marked by a comfortable net worth base debt protection metrics. However, the scale of operations of JIPL remains relatively low compared to the overall group scale, owing to its limited operational track record.   The above strengths are partially offset by the working capital-intensive nature of operations, as reflected in the elongated receivables cycle and sizeable loans and advances extended to group companies. The rating is also constrained by the tender-based nature of the group's business, which exposes it to intense competition and execution risks associated with securing and timely executing government contracts at sustainable profitability levels.

About the Company

Incorporated in 2015 and based in Pune, Jayostute India Private Limited (JIPL), formerly known as Casa Momentaa Private Limited, underwent a corporate restructuring wherein Jayostute India Private Limited (a group entity) was merged with Casa Momentaa Private Limited on February 27, 2026. Pursuant to the merger, the merged entity Casa Momentaa Private Limited was again renamed to Jayostute India Private Limited with effect from April 9, 2026. Company operates as a diversified business service providers with key business being engaged in supply of medical equipment (90% of FY26(Prov.) total sales), professional and contractual management consultancy services, hospitality through hotel operations, rental of owned properties and bus fleet operator. The current directors of the company are Mr. Sameer Kaluram Tupe and Mr. Jitendra Ashok Taralkar.

About the Group

­­Smart Services Private Limited ­­SSmart Services Private Limited (SSPL) was incorporated on 23 February 2009 and is headquartered in Pune, Maharashtra. The company was originally incorporated as Brisk Facilities Private Limited and was subsequently renamed Brisk India Private Limited before adopting its present name, Smart Services Private Limited. The company is engaged in providing integrated facility management, manpower supply, cleaning services, material supply like all type of necessary day to day items, catering for schools and hostels, medical equipment’s supply. Company bids government contracts tender, with an average order tenure of 1-3 years. The current directors of the company are Mr. Sandeep Ashok Deshmukh and Mr. Salil Halve

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has considered the consolidated business and financial risk profiles of Smart Services Private Limited (SSPL) and Jayostute India Private Limited (JIPL) to arrive at the rating. The consolidation is on account of common promoters, similar line of business with linkages and cross default guarantee provided by the companies on their external debt. Further, Acuite has constrained the rating of JIPL on account of limited scale of operations.

Key Rating Drivers

Strengths

Established track record of operation The group has an established presence in the facility management, medical equipment supply, and allied services segments, with over a decade of operational experience. It primarily caters to various government authorities (mainly Maharashtra) through a tender-based business model. The group is majority-owned by the Gaikwad family and is supported by a professional management team, comprising experienced directors and senior executives overseeing day-to-day operations. The group's growing scale of operations over the last two years reflects its established market position and execution capabilities. Additionally, during the current year, SSPL acquired a stake in Sharp India Limited (SIL), a BSE-listed company. Through the acquisition, the group gained access to a land parcel of approximately 27 acres at Wagholi, Pune. Going forward, the group intends to explore value-accretive opportunities for this asset, including the development of a logistics park and other real estate and commercial projects, which may support business diversification and future growth prospects Improving scale of operations The group has demonstrated a significant improvement in its scale of operations over the last three years. Operating income increased substantially to Rs. 1635.72 crore in FY26 (Prov.) from Rs.1312.56 crore in FY25 and 332.29 crores in FY24, driven by increase in the order receipt from various verticals and timely execution of the same. Further the current outstanding order book of Rs.2465 crores provided sound revenue visibility for the current year. The group's operating profitability remained fluctuating with EBITDA margins of 10.22% in FY26 (Prov.), compared with 6.81% in FY25 and 13.8% in FY24. EBITDA margins depend on the type of orders executed considering the diverse operations of the group. Consequently, the group's PAT margin also improved to 6.67% in FY26 (Prov.) from 4.57% in FY25. JIPL's operating income increased significantly to Rs.300.55 crore in FY26 (Prov.) from Rs.109.07 crore in FY25, while its operating margin declined to 11.43% from 13.39% during the same period. Moderate financial risk profile Group's net worth improved to Rs.241.17 crore as on March 31, 2026 (Prov.) from Rs.128.99 crore as on March 31, 2025 and Rs.69.48 crore as on March 31, 2024, supported by accretion of profits to reserves. However, its borrowings also elevated at Rs.142.07 crore as on March 31, 2026 (Prov.), compared to Rs.62.36 crore as on March 31, 2025. The higher debt levels were primarily the unsecured loans infused by the promoters and other related parties in the business. Further, borrowings are expected to decrease in FY27 due to the certain repayments made during the current year. The leverage indicators remained low to moderate with debt- equity at 0.59x as on March 31, 2026 (Prov.) (0.48x as on March 31, 2025). Further, debt protection metrics remained strong, with the debt service coverage ratio at 5.50x as on March 31, 2026 (Prov.) (4.59x in FY25) and the interest coverage ratio at 7.76x as on March 31, 2026 (Prov.) (5.79x in FY25).

Weaknesses

Intensive working capital nature of operations The group's working capital intensity remains high, as reflected by its gross current asset (GCA) cycle of 147 days in FY26 (Prov.), increased from 112 days in FY25. The GCA cycle continues to be driven primarily by debtors and other current assets consisting majorly of loans and advances given to other related parties and group NBFC (charged at 9% p.a.) and receivables from government authority. Additionally, debtor’s days for the group stood at 98 days in FY26 (Prov.) from 73 days in FY25. Group usually receives the payment from the various government departments within 90 days. Further as on year end there was no inventory in the books of the group. On the liabilities side, the group has significantly elongated the payments to it suppliers as reflected by high creditor days which stood at 286 days in FY26 (Prov.) compared to 97 days in FY25. Tender based nature of operations Group’s operations are mainly tender based with competitive pricings, most of work orders coming from several government authorities. As a result, the company’s revenue depends heavily on tenders floated by this government authority, leading to high customer concentration risk. Further, considering the tenor of the orders ranges from 1-3 yrs, timely execution at sustained profitability remains a challenge. However, group has a longstanding relationship of around a decade and given the reputed counter party, the risk is mitigated to some extent.

Rating Sensitivities

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

Growth in operating performance with generation of net cash accruals at group level above Rs.150-175 crores. Significant improvement in scale of operations at standalone level with net cash accruals improving above Rs 30 Cr. Improvement in working capital intensity

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

Significant increase in debt levels or increase in working capital cycle impacting the financial risk and liquidity profile Decline in operating performance leading to net cash accruals at group level falling below Rs.100 crores or falling below Rs 10 Cr at standalone level

Liquidity Position

Adequate

The group's liquidity profile remains adequate, supported by generation of sufficient net cash accruals of Rs. 113.98 crores in FY26 (Prov.) against low long-term debt repayments obligations of Rs. 2.48 crore during the same period. Going forward, net cash accruals are expected to remain sufficient in the range of Rs. 130-150 crore for FY27-FY28, providing comfortable coverage against scheduled repayment obligations in range of below Rs. 3 crores. Further, the company's current ratio stood comfortable at 1.58 times as on March 31, 2026, it maintained free cash and cash equivalents of Rs. 31.01 crores and free FD of Rs.119.06 crores at the end of FY26 (Prov.). Further, the group’s fund-based working capital limits also remained moderately utilized, with average utilization of 37.12% during the five-month period ended April 2026. However, the group's sizeable trade payables and other current liabilities resulted in an elevated TOL/TNW ratio of 2.58 times as on March 31, 2026 (Prov.)

Outlook - Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	1635.72	1312.56
PAT	Rs. Cr.	109.17	59.97
PAT Margin	(%)	6.67	4.57
Total Debt/Tangible Net Worth	Times	0.59	0.48
PBDIT/Interest	Times	7.76	5.79

Status of non-cooperation with previous CRA (if applicable)

­None

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 • Trading Entities: https://www.acuite.in/view-rating-criteria-61.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 :

­Not Applicable

­

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

Sr. No. Company Name 1 Smart Services Private Limited 2 Jayostute India Private Limited (Erstwhile Casa Momentaa Private Limited) ­

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Parth Patel Senior 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. 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