Press Release June 01, 2026 RAMNIK POWER AND ALLOYS 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	143.00	ACUITE BBB+ | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	12.00	-	ACUITE A2 | Assigned	RBI
Total Outstanding	0.00	155.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

­Acuite has assigned long term rating of 'ACUITE BBB+' (read as ACUITE triple B plus) on the Rs. 143 Cr. bank facilities and short term rating of 'ACUITE A2' (read as ACUITE A two) on the Rs. 12 Cr. bank facilities of Ramnik Power and Alloys Private Limited. The outlook is 'Stable'. Rationale for rating   The rating takes into account improvement in revenues and stable operating profitability in FY 25 of the group along with significant improvement in revenues in FY 2026. The group has registered revenues of about Rs. 525.78 Cr. in FY 2026 as compared to Rs. 315.25 Cr. in FY 25 on account of increase in capacity to 60,790 MTPA from 27,456 MTPA that led to an increase in the volume sold. The group has healthy financial risk profile with improving networth, low gearing and comfortable debt protection metrices, moderate working capital cycle followed by strong liquidity position with sufficient net cash accruals to repay the debt obligations and moderate bank limit utilisation. However, these strengths are partly offset by susceptibility of profitability to volatility in raw material prices and highly fragmented and intensely competitive industry.

About the Company

Incorporated in 2009, Ramnik Power and Alloys Private Limited is based out of Madhya Pradesh. The company is engaged in the manufacturing of silicon manganese. The company has its plant located in Madhya Pradesh with an installed capacity of 60,790 MTPA. Additionally, it has solar plant of 5MW. The company sells domestically (about 85% of the revenues for FY 25) as well as exports (about 15% of revenues for FY 25). The operations of the company are managed by Mr. Vyomesh R. Trivedi, Mr. Kiran R. Trivedi, Mr. Nischal K. Trivedi and Mr. Harsh V. Trivedi.

About the Group

A P Trivedi & Sons (APTS) Established in 2004, the firm carries out manganese ore mining in Ramrama manganese mine (open cast as well as underground mining), Madhya Pradesh. The mining lease validities are up to 2032 and 2057. The partners of the firm are Mr. Vyomesh R. Trivedi, Mr. Kiran R. Trivedi, Mr. Nischal K. Trivedi and Mr. Harsh V. Trivedi.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuite has taken consolidated approach of Ramnik Power and Alloys Private Limited and A P Trivedi & Sons as the management is common for both entities, holding of the partners of APTS in RPAAPL of 9.62% in FY 25, strong operational linkages as APTS is engaged in mining business and RPAAPL is partially dependent on Trivedi for its raw materials requirements.

Key Rating Drivers

Strengths

Experienced promoters The operations of the group are managed by Mr. Vyomesh R. Trivedi, Mr. Kiran R. Trivedi, Mr. Nischal K. Trivedi and Mr. Harsh V. Trivedi, who have decades of experience in the mining industry. The group has presence in domestic as well as exports market to South Korea, Japan, Africa among others.  The backward integration with mining license in APTS provides better operational efficiency. Acuite believes that the benefits derived from the promoters and the geographical presence will help the group going forward.   Increase in Revenues and stable operating profitability The revenues of the group have increased to Rs. 315.25 Cr. as compared to Rs. 209.11 Cr. in FY 24 majorly on account of volume sold of silicon manganese. As of FY 2026, the group has achieved Rs. 525.78 Cr . The increase in the revenues for FY 26 is on account of two reasons, firstly the capacities have increased in RPAAPL leading to increase in volume sold and secondly RPAAPL has entered into opportunistic trading sales of silicon manganese which contribute to about Rs. 105.07 Cr. of revenues for FY 26. The operating profitability of the group has remained stable at 13.24 percent in FY 25 as compared to 13.25 percent in FY 24. In FY 26, it has declined to about 10.97 percent because the realisations have declined in FY 26 and trading sales which led to subdued margins. The group has also completed capex in FY 26 of increasing its capacity in RPAAPL in phases operational from July 2025. The capacity of RPAAPL has increased to 60,790 MTPA from 27,456 MTPA. The total project cost amounted to Rs. 187 Cr. of which Rs. 104 Cr. was funded by term loan (sanctioned with Union Bank of India), while the balance was financed through unsecured loans and internal accruals. Acuite believes that the scale of operations and operating profitability is expected to increase due to the stabilisation of the capex. Healthy financial risk profile The financial risk profile of the group is healthy marked by improving net worth, low gearing and comfortable debt protection metrices. The tangible net worth of the group stood at Rs. 210.16 Cr. as on March 31, 2025 as compared to Rs. 121.36 Cr. as on March 31, 2024 due to accretion to reserves, infusion of capital in APTS and quasi equity of RPAAPL. Acuite has considered unsecured loans of Rs. 44.56 Cr. in FY 25 as quasi equity, as the same is subordinated to bank loans. The quasi equity has increased to Rs. 53.21 Cr. in FY 26. The gearing of the group stood at 0.67 times as on March 31, 2025 and 1.00 times as on March 31, 2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 0.94 times as on March 31, 2025 as compared to 1.16 times as on March 31, 2024. The debt protection metrices of the group remain comfortable marked by Interest Coverage ratio (ICR) of 4.50 times as on March 31, 2025 and debt service coverage ratio (DSCR) of 2.90 times for March 31, 2025. The net cash accruals to total debt (NCA/TD) stood at 0.22 times as on March 31, 2025 as compared to 0.19 times as on March 31, 2024.  Acuité believes that the financial risk profile is expected to remain in similar lines over the medium term, with steady cash accruals. Moderate Working Capital Cycle The working capital cycle of the group is moderate as reflected by Gross Current Assets (GCA) of 95 days for March 31, 2025 as compared to 136 days for March 31, 2024. The debtor period stood at 6 days as on March 31, 2025 as compared to 9 days as on March 31, 2024. The payments are received within 20-25 days. Further, the inventory days stood at 74 days as on March 31, 2025 as compared to 32 days in FY2024. The group procures iron ore manganese from its group company (AP Trivedi & Sons), MOIL Limited and also imports raw materials from majorly South Africa. The creditors stood at 92 days as on March 31, 2025 as compared to 43 days as on March 31, 2024. The group gets a credit of 2-3 months from its suppliers. Furthermore, credit extension is available from the group companies. Acuité believes that the working capital operations of the group is expected to remain in the similar lines over the medium term.

Weaknesses

­Susceptibility of profitability to volatility in raw material prices The group’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 dip in the operating margins. Acuite believes, the profit margins of the group likely to remain exposed to volatility in raw material prices. Highly fragmented and intensely competitive industry The ferro alloys industry is marked by the presence of a large number of organized and unorganized players owing to low entry barriers. The group faces intense competition from the presence of several mid to large sized players in this industry. The presence of a large number of players has a direct impact on pricing, restricts bargaining power having an adverse impact.

Rating Sensitivities

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

­Sustained revenue growth  Operating profitability to increase in the range of 12-14 percent Debt/EBITDA to fall below 2 times

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

­Elongation of working capital cycle to more than 150 days

Liquidity Position

Adequate

The group has strong liquidity marked by net cash accruals of Rs 30.74 Cr. as on FY2025 as against long term debt repayment of Rs. 2.90 Cr. over the same period.The group has free deposits of Rs. 23.83 Cr. in FY 25 and investment in mutual funds of Rs. 23.83 Cr. in FY 25. The management has financial flexibility to infuse funds as and when required to support the business. The cash and bank balance stood at Rs. 3.88 Cr. as on March 31, 2025 and Rs. 19.63 Cr. March 31, 2024. Further, the current ratio of the group stood at 1.69 times as on March 31, 2025 as compared to 2.35 times as on March 31, 2024. The average bank utilization limit of the company for 6 months ended March 2026 is 61 percent. The group has completed capex with respect to increase in its capacity mixed with debt, unsecured loans and internal accruals Acuité believes that the liquidity of the group is likely to remain in similar lines over the near to medium term on account of steady cash accruals and moderate bank limit utilisation.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	315.25	209.11
PAT	Rs. Cr.	19.53	13.04
PAT Margin	(%)	6.20	6.24
Total Debt/Tangible Net Worth	Times	0.67	1.00
PBDIT/Interest	Times	4.50	6.17

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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 Ramnik Power and Alloys Private Limited 2 A P Trivedi & Sons

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Vedika Lahoti 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 SEBI 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 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI 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 SEBI 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) RBI 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.   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 6 Not applicable 6 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.