Press Release

September 29, 2026

MAITHAN STEEL AND POWER LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	134.26	ACUITE AA- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	325.00	ACUITE AA- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	200.00	-	ACUITE A1+ \| Reaffirmed	RBI
Total Outstanding	659.26	-	-	-
Total Withdrawn	0.00	-	-	-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 the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) and short-term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs. 525.00 Cr. bank facilities of Maithan Steel and Power Limited (MSPL). The outlook is ‘Stable’.

Acuité has assigned the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs.134.26 Cr. bank facilities of Maithan Steel and Power Limited (MSPL). The outlook is ‘Stable’.

Rationale for rating

The rating reaffirmation reflects sustained improvement in MSPL's operating performance with moderation in coverage indicators in FY26 which is expected to continue due to ongoing debt funded capex. The rating also factors in the extensive experience of the management, the long operational track record of the company and healthy financial risk profile, characterised by healthy net worth, low gearing levels, comfortable debt protection metrics, and strong liquidity position along with the efficient working capital operations. However, the rating remains constrained by the susceptibility of profitability to volatility in raw material prices and intense competition and inherent cyclicality in the steel industry.

About the Company

Maithan Steel and Power Limited (MSPL) is incorporated in 2001, is a West Bengal based semi- integrated steel plant, promoted by Mr. Binod Kumar Agarwalla. The company is headed by the second-generation promoters, Mr. Madhur Agarwalla and Mr. Kaushal Agarwalla. The company has two manufacturing units located in Neturia, West Bengal for Sponge iron, ferro alloy and captive power plant and in Salanpur, West Bengal for billet and TMT bars. MSPL has a capacity of 176000 MTPA of sponge iron, 5,39,000 MTPA of billets, 4,90,000 MTPA of TMT barss, 35,000 MTPA of ferro alloy plant and captive power plant of 20MW. The company sells its TMT bars in the name of ‘Maithan TMT 600’ to more than 800 dealers spread in the regions of West Bengal, Jharkhand, Bihar, Uttar Pradesh and north-eastern states.

Unsupported Rating

Not applicable

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of MSPL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and established track record of operations
MSPL has an operational track record of over two decades in the iron and steel industry. The company is headed by the second-generation promoters, Mr. Madhur Agarwalla and Mr. Kaushal Agarwalla, who possess an extensive experience of more than a decade and are actively involved in day-to-day operations of the company. The extensive experience of the promoters has enabled MSPL to establish a healthy relationship with its customers and suppliers. Acuité believes that MSPL will continue to benefit from its experienced management and established track record of operations.

Sustained improvement in operating performance
MSPL reported a revenue of Rs. 2109.39 Cr. for FY2026(Prov.) as against Rs. 1873.68 Cr. for FY2025 reflecting a Y-OY growth of 12.58 percent, further the company reported revenue of Rs. 638.87 Cr. in Q1FY2027 due to healthy demand for its products. The company has majorly shifted its focus towards TMT Bars due to their high market demand and profitability. On the other hand, Spong Iron and Billets are intermediate products which are being primarily used for captive consumption within the company's manufacturing process to produce TMT bars. The company has channelled these intermediate products for in-house TMT bar production to meet market demands and maximize the profits. The operating margin of the company stood similar at 7.10 percent in FY2026(Prov.) as against 7.08 percent in FY2025. The net profit margin of the company stood at 3.10 percent in FY2026(prov.) as against 3.35 percent in FY2025. Acuite believes that the ability of MSPL to improve consistently its scale of operations while maintaining the profitability margins will remain a key rating sensitivity factor.

Healthy financial risk profile, marginal moderation expected due to debt funded capex
Financial risk profile of MSPL remains healthy marked by healthy net worth, low gearing and comfortable debt protection metrics. The tangible net worth of the company stood healthy at Rs. 483.62 Cr. as on 31 March 2026(prov.) as against Rs. 416.08 Cr. as on 31 March 2025 due to healthy accretion of profits to reserves. It also includes the amount of Rs. 4.10 Cr. been treated as quasi equity which consist of equity component of optionally convertible and non-convertible preference shares issued by the company. The gearing (debt-equity) improved and stood healthy at 0.46 times as on 31 March 2026(prov.) as against 0.59 times as on 31 March 2025. The total debt of Rs. 221.12 Cr. as on 31 March 2026(prov.) consists of long-term bank borrowings of Rs. 183.63 Cr. and the short-term debt of Rs.0.29 Cr. and CPLTD of Rs. 37.19 Cr. as compared to total debt of Rs. 246.19 Cr. as on 31 March 2025. The interest coverage ratio (ICR) and debt service coverage ratio (DSCR) moderated and stood at 7.62 times and 2.34 times for FY2026(prov.) as against 8.52 times and 4.30 times for FY2025. The Net Cash Accruals to Total debt (NCA/TD) stood at 0.51 times for FY2026(Prov.) as against 0.40 times for FY2025. The Total outside liabilities to Tangible net worth (TOL/TNW) stood at 0.66 times for FY2026(prov.) as against 0.80 times for FY2025. The Debt-EBITDA ratio stood increased at 1.43 times for FY2026(prov.) as against 1.82 times for FY2025.

The company has undertaken a capacity expansion project with a total estimated cost of Rs. 245 crores, involving the installation of a 400 TPD sponge iron plant, 12 MW WHRB power plant, and a 10.5 MVA ferro furnace (17,500 MTPA capacity). The project commenced in January 2026 and is scheduled for completion by March 2028, with commercial operations expected to commence from April 2028. As on 17 August 2026, the company had incurred Rs. 89.42 crore. The project is being funded through a mix of internal accruals/promoter contribution of Rs. 83 crore and term debt of Rs. 162 crores. The proposed sponge iron facility is expected to strengthen the company's backward integration by meeting a part of its raw material requirements for billet manufacturing, thereby improving operational efficiencies. The installation of a 12 MW Waste Heat Recovery Boiler (WHRB) and utilization of the existing power infrastructure is expected to enhance captive power availability and improve energy efficiency, resulting in better cost optimisation over the medium term. Further Timely implementation of the project within the envisaged cost and schedule, without any material cost overruns, remains a key rating monitorable. Acuite believes that MSPL’s financial risk profile will remain healthy over the medium term supported by healthy cash accruals despite the debt-funded capital expenditure.

Efficient working capital operations

The working capital operations of MSPL remained efficient marked by Gross Current Assets (GCA) of 76 days for FY2026 (Prov.) as against 68 days for FY2025. The inventory days stood at 44 days for FY2026(Prov.) as against 41 days for FY2025. The receivable days stood similar at 19 days for FY2026(Prov.) and FY2025. The average fund-based bank limit utilization for 6 months’ period ended June 2026 stood nil and non-fund-based limit stood utilization stood at 52.95 percent. Acuite believes that the ability of MSPL to maintain the efficient working capital cycle over the medium term will remain a key rating sensitivity factor.

Weaknesses

Intense competition and inherent cyclicality in the steel industry

The company is operating in competitive and fragmented nature of industry in steel producing industry. There are several players who are engaged in the manufacturing business in organized and unorganized sector. Moreover, the profit margins and sales of the company remain exposed to inherent cyclicality in the steel industry.

Susceptibility of profitability to volatility in raw material prices

The company’s profitability is highly susceptible to volatility in prices of the key raw material. Any sharp upward movement in the raw material prices and the inability of the group to pass on the increased cost of raw materials may result in further dip in operating margins. Acuite believes, the profit margins of the group likely to remain exposed to volatility in raw material prices.
in further dip in operating margins. Acuite believes, the profit margins of the group likely to remain exposed to volatility in raw material prices.

Rating Sensitivities

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

- Significant growth in revenues surpassing Rs. 3000 Cr while improving profitability margins
-Improvement in working capital cycle
-Improvement in financial risk profile

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

-Significant decline revenues and profitability
-Deterioration in financial risk profile on the back of unexpected additional debt funded capex or working capital borrowings with debt to EBITDA above 2 times and DSCR below 2 times on sustained basis
-Elongation in working capital cycle

Liquidity Position

Strong

MSPL has strong liquidity position marked by healthy net cash accruals (NCA) to its maturing debt obligations. The company generated cash accruals of Rs. 111.68 Cr. against its debt repayment obligation of Rs. 36.20 Cr. in FY2026(prov.). Going forward, the company is expected to generate sufficient net cash accruals of Rs.125-133 Cr. against its debt repayment obligations of Rs. 37-36 CR. during FY2027-28. The working capital operations of the company are efficient marked by its gross current asset (GCA) days of 76 days for FY2026(prov.). The average fund-based bank limit utilization for 6 months’ period ended June 2026 stood nil and non-fund-based limit stood utilization stood at 52.95 percent. Current ratio stood at 3.30 times as on 31 March 2026(Prov.). The company has cash & bank balance of Rs. 11.53 Cr. and other cash equivalents stood at ~Rs.19 Cr. as on 31 March 2026(prov.). Acuite believes that the liquidity of MSPL is likely to remain strong over the medium term on account of healthy cash accruals against its maturing debt obligations.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	2109.39	1873.68
PAT	Rs. Cr.	65.34	62.77
PAT Margin	(%)	3.10	3.35
Total Debt/Tangible Net Worth	Times	0.46	0.59
PBDIT/Interest	Times	7.62	8.52

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
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
05 Dec 2025	Bank Guarantee/Letter of Guarantee	Short Term	33.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	32.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	20.00	ACUITE A1+ (Assigned)
	Proposed Short Term Bank Facility	Short Term	54.97	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	20.04	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	63.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	69.36	ACUITE AA- \| Stable (Reaffirmed)
	Cash Credit	Long Term	41.40	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.27	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.74	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	83.22	ACUITE AA- \| Stable (Reaffirmed)
14 Nov 2025	Bank Guarantee/Letter of Guarantee	Short Term	33.00	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	32.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	35.88	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	9.39	ACUITE A1+ (Reaffirmed)
	Term Loan	Long Term	11.28	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Term Loan	Long Term	39.08	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Term Loan	Long Term	22.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Cash Credit	Long Term	63.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Term Loan	Long Term	71.86	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Term Loan	Long Term	86.11	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Cash Credit	Long Term	15.00	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
	Cash Credit	Long Term	26.40	ACUITE AA- \| Stable (Upgraded from ACUITE A+ \| Stable)
24 Dec 2024	Term Loan	Long Term	89.00	ACUITE A+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE A+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	26.40	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	13.40	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	27.91	ACUITE A+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	63.00	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	74.37	ACUITE A+ \| Stable (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	32.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	33.00	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	21.53	ACUITE A1+ (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	9.39	ACUITE A1+ (Reaffirmed)
	Letter of Credit	Short Term	20.00	ACUITE A1+ (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	40.00	ACUITE A1+ (Reaffirmed)
29 Sep 2023	Term Loan	Long Term	37.73	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	63.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	75.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	100.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	15.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Cash Credit	Long Term	26.40	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	16.34	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	45.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Bank Guarantee/Letter of Guarantee	Short Term	32.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Bank Guarantee/Letter of Guarantee	Short Term	33.00	ACUITE A1+ (Upgraded from ACUITE A1)
	Proposed Short Term Bank Facility	Short Term	21.53	ACUITE A1+ (Upgraded from ACUITE A1)
	Proposed Short Term Bank Facility	Short Term	40.00	ACUITE A1+ (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
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	52.00	Simple	ACUITE A1+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	33.00	Simple	ACUITE A1+ \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	65.00	Simple	ACUITE A1+ \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A1+ \| Reaffirmed
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 AA- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	36.40	Simple	ACUITE AA- \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	58.00	Simple	ACUITE AA- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A1+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	07 Dec 2028	7.90	Simple	ACUITE AA- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2032	34.52	Simple	ACUITE AA- \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2028	14.15	Simple	ACUITE AA- \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2032	61.74	Simple	ACUITE AA- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2032	74.55	Simple	ACUITE AA- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	07 Mar 2035	5.74	Simple	ACUITE AA- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2035	22.00	Simple	ACUITE AA- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	07 Mar 2035	134.26	Simple	ACUITE AA- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nidhi Gala
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.