Press Release August 14, 2026 LAMINA INTERNATIONAL Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	7.85	-	ACUITE A4+ | Reaffirmed	RBI
Total Outstanding	0.00	7.85	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 reaffirmed its short-term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs. 7.85 crore bank facilities of Lamina International (LI). Rationale for rating  The rating reflects the improvement in the group's scale of operations, marked by healthy revenue growth while maintaining a moderate financial risk profile and adequate liquidity position. The rating continues to derive strength from the extensive experience of the promoters and management team, along with the group's established track record in the industry, which has supported its business stability and customer relationships over the years. However, rating is constrained by working capital intensive operations, high dependence on performance of end user industry, susceptibility of profitability to volatility in raw material prices and forex fluctuations.

About the Company

­Established in 1992, Lamina International (LI) is a partnership firm engaged in the export of leaf springs and iron castings. The firm primarily exports products manufactured by Lamina Suspension Products Limited (LSPL), which account for nearly 90% of its export turnover, while the remaining exports comprise products sourced from Lamina Foundries Limited (LFL). LI is managed by its partners, Mr. Nitte Vinaya Hegde, Ms. Lalana Adyanthaya, Ms. Poornima Shenoy, Mr. Gopalkrishna Shenoy, and Mr. Avinash Shenoy, who collectively possess over four decades of experience in the foundry and casting industry. The firm caters to overseas markets, with key export destinations including the USA, the UAE, and Germany. Its registered office is located in Karnataka.

About the Group

­Lamina Foundries Limited (LFL) Incorporated in 1981, Karnataka-based Lamina Foundries Limited (LFL) is engaged in the manufacture of iron castings, including auto brake drums, motor bodies, flywheels, valve bodies, and other engineering components. Initially catering to the domestic market, the company ventured into exports in 1990 with the supply of machined brake drums to Germany. Over the years, LFL has established relationships with reputed customers. Exports contribute around 55 percent of the company’s total sales. LFL operates a manufacturing facility in Karnataka with an installed capacity of 18,000 tonnes per annum. The company is led by its Managing Directors, Mr. Vishal Hegde and Mr. Gopalkrishna Shenoy, who oversee its day-to-day operations.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­­Acuite has considered the consolidated business and financial risk profile of Lamina Foundries Limited (LFL) and Lamina International (LI) together referred as ‘Lamina Group’(LG). The consolidation is mainly on account of operational linkages and common management.

Key Rating Drivers

Strengths

Long track record of operations and experienced management The Lamina Group has an established presence in the foundry and casting industry, with operations spanning nearly five decades since its inception in 1976. The group is promoted and managed by experienced industry professionals, namely Mr. Nitte Vinaya Hegde, Mr. Guruprasad Adyanthaya, and Mr. Tonse Ramesh Shenoy, who collectively possess more than four decades of experience in the casting industry. The promoters' extensive industry knowledge and longstanding presence have enabled the group to develop relationships with customers, suppliers, and other stakeholders across the value chain. The group's established track record is reflected in its diversified and reputed customer base. These long-standing relationships have facilitated recurring business and supported the group's presence across both domestic and international markets. Acuite believes that the group's experienced management, established operational track record, and healthy customer relationships will continue to support its competitive position and business risk profile over the medium term. Improvement in revenues while maintaining profitability margins The group’s scale of operations improved significantly, with revenue increasing to Rs. 216.86 crore in FY2026 (Prov.) from Rs. 173.63 crore in FY25, driven by improved order execution and higher sales volumes. Further, the group reported revenues of around Rs. 50.00 crore in Q1FY2027. The group's profitability also improved in FY2026 (Prov.), with the EBITDA margin increasing to 9.74% from 7.92% in FY25, while the PAT margin improved to 3.41% from 0.78% during the same period. The improvement in profitability was supported by better operational efficiencies, increased scale, and improved cost absorption. The group's operating profitability had remained subdued in FY25, with EBITDA margins impacted by elevated freight and logistics costs associated with Delivered Duty Paid (DDP) shipments. Additionally, tariff-related challenges exerted pressure on profitability in FY25. However, the partial pass-through of tariff-related costs to customers, coupled with operational improvements, supported the recovery in margins during FY2026 (Prov.). Acuite believes that the group's operating performance is likely to improve steadily over the medium term, supported by healthy order inflows, improving scale of operations, and enhanced operating efficiencies. ­Moderate Financial risk profile The group has moderate financial risk profile marked by moderate net worth, improved gearing and debt protection metrics. The tangible net worth of the group increased and stood at Rs. 34.86 Cr. as on March 31, 2026 Prov.) (includes quasi equity of Rs. 17.56 Cr.), as against Rs. 27.43 Cr. as on March 31, 2025 (includes quasi equity of Rs. 16.91 Cr.) supported by retention of profits and infusion of additional capital of Rs. 0.78 crore during the year. The group’s gearing (debt-equity) stood at 1.17 times as on March 31, 2026 (Prov.), as against 1.84 times in the March 31, 2025. The total debt of Rs. 40.66 Cr. as on March 31, 2026 (Prov.), consists of long-term borrowings of Rs. 11.92 Cr., short-term debt of Rs. 9.73 Cr., unsecured loan of Rs. 15.94 Cr. and CPLTD of Rs. 1.97 Cr. Further, the interest coverage ratio (ICR) improved and stood at 2.28 times in 2026 (Prov.) as against 1.57 times in FY2025. The DSCR improved and at 1.79 times in 2026 (Prov.) as against 1.16 times in FY2025. Total outside Liabilities/Total Net Worth (TOL/TNW) of the group stood at 2.56 times as on 31 March, 2026 (Prov.) as against 3.25 times as on 31 March, 2025. Net Cash Accruals to Total Debt (NCA/TD) of the group stood at 0.27 times for 2026 (Prov.) and 0.09 times for 2025. Acuite believes that the financial risk profile of the Group is likely to remain moderate in the medium term.

Weaknesses

Working Capital Intensive Operations The operations of the Lamina Group are working capital intensive with Gross Current Assets (GCA) at 126 days as on March 31, 2026(Prov.), as against 162 days as on March 31, 2025, primarily driven by lower inventory and receivables levels. The inventory holding days improved to 74 days as on March 31, 2026(Prov.) as against 90 days as on March 31, 2025. The debtor days stood at 27 days as on March 31, 2026(Prov.), as against 43 days as on March 31, 2025. Average credit period allowed to the customers are around 90 days. The creditors days stood at 71 days as on March 31, 2026(Prov.), as against 55 days as on March 31, 2025. Average creditor period received from the suppliers is around 90 days. The average bank utilization of the working capital facilities stood moderate at ~73.65 percent for last six months ended as of June 2026. Acuite believes, the operations of the group will remain working capital intensive over the medium term. ­ Susceptibility of profitability to volatility in raw material prices, forex fluctuations and high dependence on end user industry The profitability of the Lamina Group remains susceptible to fluctuations in raw material prices, particularly pig iron, steel scrap, ferro alloys and other key inputs, which constitute a significant portion of its operating costs. Any adverse movement in input prices, coupled with the time lag in passing on cost increases to customers, may exert pressure on the group's operating margins. Furthermore, the foundry industry is inherently linked to the cyclical nature of commodity markets, exposing profitability to volatility in raw material availability and pricing. The group also faces foreign exchange risk arising from its significant export exposure, with exports contributing approximately 70% of the consolidated revenue in FY2026(Prov.). Given the absence of a comprehensive hedging mechanism, the group's earnings remain vulnerable to adverse currency movements, which could impact realisations and profitability. Further, the group's revenue profile is closely linked to the performance of the automobile industry, which constitutes its primary end-user segment. Consequently, demand for the group's products is dependent on production trends, capital expenditure cycles and overall demand conditions in the automotive sector. Any slowdown in the domestic or global automobile industry could adversely affect order inflows and capacity utilisation levels. Acuite believes that the group's profitability will continue to remain exposed to volatility in raw material prices, foreign exchange fluctuations and the cyclical nature of the automobile industry, thereby posing a key monitorable over the medium term.

Rating Sensitivities

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

­ Significant improvement in the scale of operations with improvement in profitability margins with net cash accruals above Rs. 20.00 Cr. Improvement in working capital operations Sustain improvement in financial risk profile

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

­ Continuous decline in operating margins below 6.00% or net cash accruals falling below Rs. 3.00 Cr. Significant increase in working capital cycle Deterioration in financial risk profile

Liquidity Position

Adequate

­The group’s liquidity position is adequate, marked by sufficient net cash accruals against its maturity debt obligations. The group generated net cash accruals (NCA) of Rs. 11.01 Cr. in FY26(Prov.) against its repayment obligations of Rs. 1.97 Cr. In addition, it is expected to generate sufficient cash accrual in the range of Rs.12.00-15.00 Cr against the maturing repayment obligations of Rs. 3.00-4.00 Cr. over the medium term. The average bank utilization of the working capital facilities stood moderate at  ~73.65 percent for last twelve months ended as of June 2026. The group maintains unencumbered cash and bank balances of Rs. 3.75 Cr as on March 31, 2026(Prov.). The current ratio of the group stands at 1.25 times as on March 31, 2026(Prov.) as against 1.28 times as on March 31, 2025. The group’s operations remained working capital intensive, as reflected in Gross Current Asset (GCA) of 126 days in FY2026 (prov.) as compared to 162 days in FY2025. Acuite believes that the group's liquidity position is likely to remain adequate over the medium term, supported by steady cash accrual generation.

Outlook

Not Applicable

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	216.86	173.63
PAT	Rs. Cr.	7.40	1.36
PAT Margin	(%)	3.41	0.78
Total Debt/Tangible Net Worth	Times	1.17	1.84
PBDIT/Interest	Times	2.28	1.57

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

­Not Applicable

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 16 May 2025 PC/PCFC Short Term 1.85 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 6.00 ACUITE A4+ (Reaffirmed) 08 May 2024 PC/PCFC Short Term 1.85 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 6.00 ACUITE A4+ (Reaffirmed) 06 Jul 2023 PC/PCFC Short Term 1.85 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 6.00 ACUITE A4+ (Reaffirmed) 01 Jun 2023 PC/PCFC Short Term 1.85 ACUITE A4+ (Reaffirmed) Letter of Credit Short Term 6.00 ACUITE A4+ (Reaffirmed)

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

­ Sr. No Company name 1 Lamina International (LI) 2 Lamina Foundries Limited (LFL)

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Ritika Lalwani Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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