Press Release January 05, 2026 RAAVI GREEN FUELS PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	240.00	ACUITE A- | Stable | Assigned	-
Bank Loan Ratings	10.00	-	ACUITE A1 | Assigned
Total Outstanding	250.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has assigned its long-term rating of 'ACUITE A-' (read as ACUITE A minus) and short-term rating of 'ACUITE A1 (read as ACUITE A One) on the Rs. 250 Cr. of bank loan facilities of Raavi Green Fuels Private Limited (RGFPL). The Outlook is 'Stable'. Rationale for Rating The rating assigned reflects the successful commissioning of the 150 KLPD (killo litres per day) grain-based distillery in Bundi district of Rajasthan for production of ethanol using maize as feedstock from 1st May 2025. The rating drives additional comfort with long term off take agreement with Oil Marketing Companies (i.e. Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited) valid till March 2034. The company has already achieved the net revenue of Rs. 115 cr. till 28th December 2025. Further, all the project receivables will route through escrow account where all the outflows will be based on waterfall mechanism.  However, the above strenghts are partially off set profitability being susceptible to volatility of raw material prices.

About the Company

­Incorporated on 16 February 2022, Raavi Green Fuels Private Limited (formerly Ethan Bio-Fuels Private Limited) is registered in Kh No. 1075, Flat No. 002, Ugf, Vilage Kapashera, Gurgaon Road, South-West Delhi, New Delhi, Delhi, India, 110037. The company is engaged in business of production ethanol having manufacturing capacity of 150 KLPD in the Bundi district of Rajasthan. The company is managed by Mr. Ravi Goyal, Mr. Siddhant Gupta and Mr. Sarthak Goyal as directors.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has considered standalone business & financial risk profile of Raavi Green Fuels Private Limited (RGFPL). Further, Acuite has also factored the benefits derived from Jakson Limited as shortfall undertaking has been extended towards the lenders by them.

Key Rating Drivers

Strengths

Experienced Management The company is led by Mr. Ravi Goyal, Managing Director, who brings decades of experience across financial consultancy, equity trading, real estate, and other ventures. Key promoters from Jakson Limited, holding a 20% stake, offer expertise in renewable energy, diesel engine manufacturing, and solar EPC government contracts. Acuité believes the promoters' vast experience will benefit the company in the near to medium term. Long Term Off take Agreement The agreement ensures the minimum annual off take quantity of 3.168 cr. litres that mitigates the demand risk to some extent. The government target of achieving E20 petrol (20% blended in petrol) ensures the stable demand in medium term. Acuite believes ready demand for ethanol will support the business risk profile going forward.

Weaknesses

Profitability being susceptible to volatility of raw material prices amidst inherent agro-climatic risks With raw material prices accounting for majority of the overall cost and limited pricing control over ethanol sales, the company's profitability is vulnerable to volatility in raw material prices. The key raw material (maize), being agricultural commodity with seasonal availability and pricing of which is affected by factors such as changes in weather conditions including low or high rainfall, production levels, etc.

Rating Sensitivities

Movement in scale of operations & profitability

Liquidity Position

Adequate

The liquidity profile of the company is adequate marked by healthy expected cash inflows routed directly into escrow account with waterfall mechanism and presence of DSRA of one quarter resulted into additional cushion. The average projected DSCR from FY 26 to FY 32 is 1.22 times. Acuite believes that the company will be able to pay debt obligations timely from their cash flows as the project already got commenced and entire capacity is tied up with long term offtake agreement.

Outlook - Stable

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Other Factors affecting Rating

­None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	0.09	0.00
PAT	Rs. Cr.	(3.15)	(2.46)
PAT Margin	(%)	(3649.71)	(54640.49)
Total Debt/Tangible Net Worth	Times	3.07	1.04
PBDIT/Interest	Times	(12.53)	(27.06)

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

­None.

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 • Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.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 - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating THE FEDERAL BANK LIMITED Not avl. / Not appl. Forward Contracts Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A1 | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 45.00 Simple ACUITE A- | Stable | Assigned THE FEDERAL BANK LIMITED Not avl. / Not appl. Term Loan 05 Dec 2023 Not avl. / Not appl. 29 Dec 2032 160.00 Simple ACUITE A- | Stable | Assigned THE FEDERAL BANK LIMITED Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 35.00 Simple ACUITE A- | Stable | Assigned

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

Sr. No.  Company name 1 Raavi Green Fuels Private Limited 2 Jakson Limited ­

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Kartik Arora Senior 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.