Press Release

September 03, 2026

RDC CONCRETE (INDIA) LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	505.00	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications	-	RBI
Non Convertible Debentures (NCD)	50.00	0.00	ACUITE A \| Assigned \| Rating Watch with Developing Implications \| Provisional To Final	-	SEBI
Non Convertible Debentures (NCD)	75.00	0.00	ACUITE A \| Reaffirmed \| Rating Watch with Developing Implications	-	SEBI
Non Convertible Debentures (NCD)	140.00	0.00	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications	-	SEBI
Bank Loan Ratings	0.00	30.00	-	ACUITE A2+ \| Reaffirmed \| Rating Watch with Developing Implications	RBI
Total Outstanding	265.00	535.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 reaffirmed the long-term rating of ‘ACUITE A-’ (read as ACUITE A Minus) and short term rating of 'ACUITE A2+' (read as ACUITE A Two Plus) on Rs. 535.00 Cr. bank facilities of RDC Concrete (India) Limited (RDC). The ratings have been placed under 'Rating Watch with Developing Implications'.

Acuité has reaffirmed the long-term rating of 'ACUITE A-' (read as ACUITE A Minus) on Rs 140.00 Cr. of Non Convertible Debentures (NCD) of RDC Concrete (India) Limited (RDC). The ratings have been placed under 'Rating Watch with Developing Implications'.

Acuité has reaffirmed the long-term rating of 'ACUITE A' (read as ACUITE A ) on Rs 75.00 Cr. of Non Convertible Debentures (NCD) of RDC Concrete (India) Limited (RDC). The ratings have been placed under 'Rating Watch with Developing Implications'.

Acuité has converted the provisional rating on the Rs 50.00 Cr. Non Convertible Debentures (NCD) of RDC Concrete (India) Limited (RDC) to final and assigned the long-term rating of ‘ACUITE A’ (read as ACUITE A). The ratings have been placed under 'Rating Watch with Developing Implications'.

The rating on the Rs 50.00 Cr. NCD for RDC is converted from provisional to final rating as Acuite has received the following:

Appointed SEBI registered Debenture Trustee details
Final Term Sheet and confirmation from trustee regarding the compliance with all the terms and condition of term sheet
Debenture Trustee Agreement (DTA) and Debenture Trust Deed (DTD)
Deed of Hypothecation & Pledge
Creation of requisite DSRA

Rationale for rating

Acuite takes note of the recent announcement of Hella Infra Market Ltd (HIML) becoming a subsidiary of Shalimar Paints Ltd (SPL) with a follow up qualified institutional placement (QIP) raise of Rs 1,000 Cr in SPL and share swap of ~Rs 10,000 Cr. This is in lieu of the earlier plan of listing of HIML in stock exchanges. The QIP funds are expected to raise in two equal tranches of Rs 500 Cr in Sep 2027 & Dec 2027 to be utilised for debt repayment/ prepayment and general corporate purposes. Furthermore, the group plans to merge HIML with SPL over the medium term. However, all these transactions are subject to requisite approvals from the regulatory authorities. Therefore, Acuite has placed the rating on 'Rating Watch with Developing Implications' in view of the proposed share swap transaction between HIML and SPL, coupled with the proposed QIP fund raising. The successful completion of the share swap transaction and timely infusion of funds through the QIP remain key monitorable factors, as these are expected to have a significant bearing on the group's capital structure, leverage profile, and financial flexibility.
The rating reaffirmation continues to factor in the group's diversified revenue profile across construction and building material segments, supported by its strong market position in key product categories which has resulted in a year-on-year growth in operating performance. The FY26 (Prov.) revenues improved from Rs 18,469.67 Cr to Rs 19,718.25 Cr supported by growth in EBITDA margin from 8.20% in FY25 to 8.98% in FY26(Prov.). However, Q1FY27 performance moderated due to geopolitical crisis majorly impacting the tiles business leading to revenue and EBITDA of Rs 4,607 Cr and 8.22% respectively in comparison Rs 5,122 Cr and 8.53% in Q1FY26. However, with stabilisation of the global environment, the management expects operating performance to stabilise from Q2FY27 onwards. The rating continues to derive comfort from the presence of reputed institutional investors, along with the group's demonstrated ability to mobilize resources through equity raising and debt refinancing initiatives over the years.
The rating remains constrained by the significant debt-funded capex and acquisition-led expansion undertaken by the group, which has adversely impacted its financial risk profile and resulted in moderation in debt protection metrics and coverage indicators. Nevertheless, the substantial debt refinancing and fund raising completed in FY2026 and Q1FY2027, coupled with the anticipated proceeds from the proposed QIP, receipt of debt refinancing proceeds, are expected to support deleveraging and improve the group's debt protection metrics over the medium term. However, the debt repayment obligations are increasing substantially in FY29 and therefore further infusion is expected to be required to service the debt obligations, timely receipt of which remains a key monitorable. The rating is further constrained by the group's working capital-intensive operations, characterized by elevated debtor levels.
Further the rating factors the leading market position of RDC at a consolidated level with a diversified geographical presence and robust growth in operating performance driven by growing volumes owing to continuous capacity additions and efficiency of operations. The rating also factors the average financial risk profile of RDC driven by improving net worth owing to profit accretions and moderate credit metrics with low debt service coverage ratio due to increased debt funded capex. Moreover, differential rating for the NCDs of Rs 125.00 Cr (Rs 50.00 Cr assigned at A/rating and rating watch with developing implications and Rs 75 Cr rating reaffirmed at A/ rating and rating watch with developing implications) factors additional cushion in the form of creation of DSRA equivalent to 12.6 percent of the issue size coupled with presence of structured T-n payment mechanism for repayment to debenture holders.

About the Company

Incorporated in April 1993 and acquired by Hella Group in December 2021, RDC Concrete (India) Limited (RDC) along with its subsidiaries Neptune Ready-mix Concrete Private Limited, Ultrafine Minerals & Admixtures Private Limited, Robo Silicon Private Limited and Robo Quarries Private Limited, is the second largest player of ready-mix concrete manufacturing in India. The company’s products and services include ready-mixed concrete, transport and pumping, and technical services and some special concrete solutions such as RDC selfcrete, RDC fibre cretes, RDC liteCrete, RDC hempcrete, etc. The company has 140 operational RMC plants as on June-26. Nearly 96.53% of the shareholding of the company is with Hella Infra Market Ltd (HIML)as on March 31,2026 and is promoted by Mr. Souvik Sengupta and Mr. Aaditya Sharda. The company is based in Thane.

About the Group

Established in 2016, Hella Group is a Thane based manufacturer cum aggregator dealing in various types of construction materials. The group provides a wide range of industrial products (concrete, steel, cement, aggregates), building materials & services (walling, wood, plumbing, roofing), consumer interior essentials (tiles and sanitary ware, modular kitchen and hardware, paint, electrical appliances) and chemical compounds. It runs its business through India’s first multi-product and multi-channel construction material platform – Infra.Market which is one of the biggest marketplaces and aggregators in the country having a tie-up with more than 500+ suppliers and 9000+ retail stores (of which 1250+ retailers are dealer stores operating under the group's brand name). The group has also recently launched 30+ premium franchise stores measuring 10,000 sq. ft. Further, it has established a key presence across 22+ states in India and also has an export presence in Middle East and Asian countries such as Jordan, Vietnam, Singapore, Dubai, UK, Hong Kong, etc.

Unsupported Rating

Acuite A-|Stable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

To arrive at the rating of RDC Concrete (India) Limited (RDC), Acuite has consolidated the financial and business profiles of RDC, its parent company Hella Infra Market Limited (HIML, formerly known has Hella Infra Market Private Limited) including all the subsidiaries and associates of HIML. The consolidation takes into account the integrated nature of business of companies, cashflow fungibilities, operational linkages and common management. The rating also factors the corporate guarantee extended by HIML to RDC for certain borrowings and continued financial support extended through unsecured loans.

Key Rating Drivers

Strengths

S?ustained equity infusions supported by reputed investors and strong resource mobilisation ability
The group is backed by reputed investors who have been with the group since 2019 and extended support in the form of equity infusions in each of the fund-raising rounds. On an overall basis, group has raised Rs 3,058 Cr. from FY20 to FY25 (excluding Rs. 900 Cr. against swap acquisition of tile companies in FY25). Further in FY26, the group raised Rs 915.55 Cr in FY26 followed by a raise of Rs 107 Cr in till July-26. Overall, from FY19 to recent raise in FY26, the valuation has grown multi fold from Rs 100.00 Cr. to Rs 25,000 Cr. respectively. Also, the group has refinanced total debt of Rs. 1,000 Cr. in HIML (excluding Rs 250.00 Cr under green shoe option) in FY26, against which Rs 870 Cr. is disbursed till date and further Rs 125.00 Cr is expected to be disbursed by the end of Sep-26. This refinancing shall majorly cover all the repayments due till March 2027. The group is further refinancing NCDs of Rs 250 Cr in Hella Retail to repay the entire debt obligations of this company due from FY28 onwards. Further the proposed QIP funding from Shalimar Paints Limited of Rs 1,000 Cr is expected to be raised in FY27 and to be majorly utilized towards repayment of its existing debt obligations, thereby supporting the group's deleveraging efforts and strengthening its overall financial profile. Acuite believes that the successful completion of the QIP and timely infusion of funds remain key monitorable.

Diversified revenue streams with strong market position in key segments
The group is engaged in all sorts of construction materials with key focus on products which have a fragmented market, drive macroeconomic shifts and high export potential. The key focus is to establish a robust distribution system expanding at B2B levels and develop a strong brand. The group has secured strong domestic market positions, with being the largest manufacturer of ACC blocks and 2nd highest ranking in categories like Concrete and Tiles. Majority of the product portfolio expansion is on account of acquisitions including Equip hunt in 2020, RDC Concrete in 2021 and Shalimar Paints in 2022. The group has also ventured into new segments such as Bath & Fittings in 2020, Walling Manufacturing in 2023 and Wood Panel & Modular Kitchen in 2024. The extensive product range offers an edge over the competitors and allows to capture larger share of customers wallet through cross selling opportunities.
Further, RDC is a leading player in the RMC business and has over the years diversified its geographic reach from predominantly being a Southern India player to a Pan India player having a significant presence in south. The company has established relationships with marquee construction clients across the country. The company has densified its RMC business by further penetrating its existing locations and adding more RMC plants and leveraging on its parentage diverse geographical mix. The company has 140 operating plants as of June 2026 (FY 25 :130 plants; FY24: 106 plants; FY23: 81 plants).

Growth in operating performance
The operating revenues of the group has been growing and stood at Rs 19,718.25 Cr in FY2026(Prov.) from Rs 18,469.67 Cr. in FY2025 posting a growth of ~7 percent. This growth in revenues is majorly attributable to the concrete segment (35.19% of FY26 revenue), steel segment (21.06%) and chemical segments (6.09%). With increasing share of private labels in the revenue mix, the operating margins have also improved to 8.98% in FY2026(Prov.) from 8.20% in FY25 mainly on account of increasing economies of scale. Currently, majority of revenue is driven from B2B channel mix (71.90% of FY26 revenue), however, the group has a constant focus on expanding its retail network as well through development of extensive distribution network.
On a consolidated basis, RDC’s revenue from operations grew by 12.58 % from Rs 2,503.87 Cr. in FY25 to Rs 2818.95 Cr. in FY26 driven by company’s focus on acquiring new clients in the industrial segment and successful expansions across various cities with a geographically diversified plant network contributing to increased production and increasing sales volume. The operating margin moderated to 7.90% in FY2026 from 8.87% in FY2025, primarily due to an increase in cement prices (a key raw material for RMC manufacturing), which could not be fully passed on to customers. This resulted in pressure on operating profitability during FY2026.

Weaknesses

Moderate financial risk profile to improve through QIP infusion
While tangible net worth of the group stood improving at healthy levels to Rs 5,110.16 Cr as on March 31,2026(Prov.) from Rs 3,709.27 Cr as on March 31,2025, the significant dependence on external debt to support acquisitions, capex, working capital and lease liabilities however led to an increase in the debt in the past. Moreover, over the past two year, the group has successfully infused equity and refinanced debt thereby improving the coverage indicators.
The gearing improved and stood at 1.13 times as on March 31,2026 (Prov.) (1.77 times as on March 31,2025). The debt protection metrics stood low with debt service coverage ratios remaining below unity in FY26, while the obligations was serviced through debt refinancing of Rs 750.00 Cr. and equity raise of Rs 915.55 Cr. in FY26. Further, receipt of balance of refinanced debt of Rs 245.00 Cr and equity raise of Rs. 107 Cr along with proposed additional debt refinancing of Rs 250 Cr and upcoming proceeds from QIP of Rs 1,000 Cr in FY27 are expected to significantly strengthen the financial risk profile in FY27 & FY28. However, the debt repayment obligations are increasing substantially in FY29 and therefore further infusion is expected to be required to service the debt obligations, timely receipt of which remains a key monitorable.

Intensive working capital requirements
The working capital operations of the company is intensive marked by high gross current asset days of 167 days in FY2026 (Prov.) (173 days in FY2025). This is mainly attributable to elevated debtor levels which stood at 124 days in FY2026 (Prov.). Further other current assets including advance to suppliers and balance with government authorities also contributed to high GCA days. The receivable days is expected to remain in the range of 125 days over the medium term. Inventory holding requirements remain low, ranging between 10-23 days, considering the perishable nature of key raw materials such as concrete.
The debtors levels of RDC stood at 93 days in FY26 (108 days in FY25). The receivable days are expected to remain in the range of 90-120 days over the medium term. Therefore, given the inherent risks associated with collections, RDC’s ability to efficiently manage its working capital remains a key determinant of its overall credit profile.

Inherent challenges of construction business
The construction sector is fragmented with low entry barriers and numerous small players, hence exposes the company to intense competition risks. Further, growth in construction industry is vulnerable to the developments in infrastructure and real estate sector.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

Debt service reserve account equivalent to 12.6% of the issue size to be maintained in the form of Cash/ Fixed Deposit/ Debt securities rated AA and above, sovereign debt securities, in any combination, for the minimum duration covering the tenor of the NCD and to be lien marked in favour of the debenture trustee, throughout the tenure of the NCD
Required DSRA as mentioned above to be created with in seven working days out of the proceeds of NCDs
Interest and/or Principal repayment amount to be deposited in a separate escrow account at least 5 days prior to the repayment date
In case the required amount is not deposited in escrow account by T-5, T being the due date of interest/ principal repayment, then debenture trustee will invoke DSRA to ensure timely repayment of interest/ principal.
In case of the Utilization of DSRA as mentioned above, the issuer must replenish the required DSRA account within T+7 days.
The interest/coupon will be serviced in the account that is linked to the demat account of the issuer

Stress case scenario
The DSRA provided in the form of cash/ fixed deposit/ debt securities rated AA and above, sovereign debt securities, shall be adequate to provide sufficient liquidity cushion. Moreover, the repayment schedule is elongated with debt repayments starting from end of 24^th month of allotment i.e. June 2028. Further, the historical track record of group in raising equity and refinancing debt provides additional comfort for managing debt servicing even in stress case scenarios.

ESG Factors Relevant for Rating

The group has commitment to energy management and product stewardship. On the environment safeguard front, the group preserves natural resources and reduces energy intensive processes by engaging in use of recycled metal scrap and production of secondary steel, exports chemical raw materials to make sustainable and alternative fuels like Bio-diesel, is setting up recyclable and low energy consuming Oriented Polyvinyl Chloride pipes to replace the traditional cement pipes.Further, the group has developed healthy employment practices such as insurance benefits, health and safety policies, corporate social responsibility programs for upskilling, vocational training, gender equality and rural development. Further, it promotes gender diversity and inclusivity. The board comprises of a strong team of promoters and experienced industry professionals. Also, to manage the corporate governance anti bribery, anti corruption and whistleblower policy has been framed. The group ensures efficient credit risk management and indulges in data privacy and data security practices.

Rating Sensitivities

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

Steady growth in scale of operations along with improvement in margins
Improvement in debt coverage indicators with Debt/ EBITDA reducing below 2.00 times

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

Delay in receipt of QIP proceeds leading to deterioration in financial risk profile with Debt/ EBITDA increasing over 3.5 times
Decline in scale of operations coupled with lowering of margins
Elongation of working capital cycle

All Covenants

For NCDs of Rs 65.00 Cr

Net debt/Networth of 3x to be tested on half-yearly basis on the Issuer’s consolidated financial statements
Net debt/EBIDTA on the Hella’s consolidated financial statements to be tested half-yearly (EBIDTA of trailing twelve months to be considered) to be 4.00x till September 2025, 3.50x from March 2026 and thereafter.

For NCDs of Rs 75.00 Cr ( ISIN :INE076I07046)

At all times during the tenor of the Issue, sixty-seven per cent. (67%) of the aggregate amount disbursed and outstanding under the Issue shall be secured by a first and exclusive charge over the Ready-Mix Concrete (RMC) Plant.
The Issuer shall at all times maintain a security cover of not less than 1.0 (one) time of the aggregate amount disbursed under the Issue by way of a pledge over such number of equity shares of Hella Infra Market Limited (HIML) as may be required, with each share being valued at INR 266.4548, in favour of the Debenture Trustee for the benefit of the Debenture Holders. The issuer shall, forthwith upon any shortfall in the aforesaid security cover, pledge additional shares to restore the same.
Issuer to maintain, at all times, a total security cover of not less than 1.67x of the aggregate amount disbursed and outstanding under the Issue
Each of the persons mentioned below (Collectively Promoter & Promoter Group) Shall not transfer or encumber the shares of the issuers held by them below the level as set out in the following table. Any further encumbrance below the level set out theCovenant shall require prior written consent of the Debenture Trustee

Category	Existing shareholding as on 31st March 2026	Shareholding to be maintained throughout the tenor of the NCD
Shareholding to be maintained throughout the tenor of the NCD	91.88%*	80%

*Fully Diluted Basis after including entire ESOP pool.
In the event of the issuer merging with any listed entity, promoter and promoter group to maintain controlling stake in the merged entity.

Total Debt/ Equity ratio not exceed 3.00x
Earnings: After-tax Net Income (excluding extraordinary income) to remain above INR 20 crore on a yearly basis.
Maintain a minimum Tangible Net worth of INR 180 Crore
Maintain a Debt Service Coverage Ratio of at least 0.8x for FY 2026 27, and thereafter not less than 1.0x at all times for the balance tenor of the issuance.
Issuer to maintain minimum external credit rating of A with stable outlook
Any other additional covenant as may be mutually agreed and shall form a part of the transaction documents.

Any amount standing up to the credit of its reserves, less equity and equity like investments, goodwill, deferred tax assets, and other intangible assets. All Financial covenants would be tested on a quarterly basis i.e. as on 31st March, 30th June, 30th September and 31st December every year starting from 31st March, 2026 till the redemption of debentures. The covenants shall be certified by the statutory auditor of the company within 45 (Forty-Five) calendar days from the end of each reporting half yearly. In case of breach of any covenants, the Issuer shall pay additional coupon at the rate of 2% (Two percent) per annum over and above applicable Coupon Rate on all amounts outstanding under the NCDs (including the Outstanding Principal Amounts and any accrued but unpaid interest) from the date of occurrence of such a breach, until the NCDs are fully redeemed or till the covenants criteria has been replenished.

Issuer shall file Form CHG 9 (for security creation) within 30 days of execution of Transaction Documents
Issuer shall furnish certificate from a CA within 60 days of disbursement, confirming that amount disbursed has been utilised by the issuer solely for the purpose as mentioned herein
Issuer shall submit financial covenant compliance certificate signed by the authorised signatory/CFO and Chartered Accountant within 45 days from end of each quarter
Issuer shall submit statement of loan receivables hypothecated to the Debenture Trustee signed by the Authorised Signatory every month and an independent CA at the end of every quarter, within 30 days of the succeeding month, with the confirmation that all of the loan receivables hypothecated to the Debenture Trustee are meeting security cover criteria.

Debenture Trustee shall have the right to conduct stock audit, sales audit and any other monitoring and audit visits at any time till Final Settlement Date with an advance notice of 7 days to the issuer.

For NCDs of Rs 75.00 Cr ( ISIN :INE076I07061)

To maintain, at all times, a minimum-security cover of 1.00x of the aggregate amount disbursed and outstanding under the Issue, at distressed value,by way of a first and exclusive charge over the RMC Plant.
To pledge such number of equity shares of Hella Infra Market Limited (HIML) as may be required to maintain, at all times, a security cover of 1.0x of the aggregate amount disbursed and outstanding under the Issue, with the value per share considered at INR 266.4548
Each of the persons mentioned below (Collectively Promoter & Promoter Group) Shall not transfer or encumber the shares of the issuers held by them below the level as set out in the following table. Any further encumbrance below the level set out the Covenant shall require prior written consent of the Debenture Trustee

Category	Existing shareholding as on 31st March 2026	Shareholding to be maintained throughout the tenor of the NCD
Shareholding to be maintained throughout the tenor of the NCD	91.88%*	80%

*Fully Diluted Basis after including entire ESOP pool
In the event of the issuer merging with any listed entity, promoter and promoter group to maintain controlling stake in the merged entity.

Total Debt/Equity ratio not exceed 3.0x
Earnings: After-tax Net Income (excluding extraordinary income) to remain above INR 20 crore on a yearly basis.
Maintain a minimum Tangible Net worth of INR 180 Crore
Maintain a Debt Service Coverage Ratio of at least 0.8x for FY 2026–27, and thereafter not less than 1.0x at all times for the balance tenor of the issuance.
Issuer to maintain minimum external credit rating of A- with stable outlook
Any other additional covenant as may be mutually agreed and shall form a part of the transaction documents

Any amount standing up to the credit of its reserves, less equity and equity like investments, goodwill, deferred tax assets, and other intangible assets. All Financial covenants would be tested on a quarterly basis i.e. as on 31st March, 30th June, 30th September and 31st December every year starting from 31st March, 2026 till the redemption of debentures.The covenants shall be certified by the statutory auditor of the company within 45 (Forty-Five) calendar days from the end of each reporting half yearly. In case of breach of any covenants, the Issuer shall pay additional coupon at the rate of 2% (Two percent) per annum over and above applicable Coupon Rate on all amounts outstanding under the NCDs (including the Outstanding Principal Amounts and any accrued but unpaid interest) from the date of occurrence of such a breach, until the NCDs are fully redeemed or till the covenants criteria has been replenished.

Issuer shall file Form CHG 9 (for security creation) within 30 days of execution of Transaction Documents
Issuer shall furnish certificate from a CA within 60 days of disbursement, confirming that amount disbursed has been utilised by the issuer solely for the purpose as mentioned herein
Issuer shall submit financial covenant compliance certificate signed by the authorised signatory/CFO and Chartered Accountant within 45 days from end of each quarter.
Issuer shall submit statement of loan receivables hypothecated to the Debenture Trustee signed by the Authorised Signatory every month and an independent CA at the end of every quarter, within 30 days of the succeeding month, with the confirmation that all of the loan receivables hypothecated to the Debenture Trustee are meeting security cover criteria.
Debenture Trustee shall have the right to conduct stock audit, sales audit and any other monitoring and audit visits at any time till final settlement date with an advance notice of 7 days to the issuer.

For NCDs of Rs 50.00 Cr ( ISIN :INE076I07053)

To maintain, at all times, a minimum-security cover of 0.67x of the aggregate amount disbursed and outstanding under the Issue, at distressed value, by way of a first and exclusive charge over the RMC
Plant
To pledge such number of equity shares of Hella Infra Market Limited (HIML) as may be required to maintain, at all times, a security cover of 1.0x of the aggregate amount disbursed and outstanding under the Issue, with the value per share considered at INR 266.4548

Each of the persons mentioned below (Collectively Promoter & Promoter Group) Shall not transfer or encumber the shares of the issuers held by them below the level as set out in the following table. Any further encumbrance below the level set out the Covenant shall require prior written consent of the Debenture Trustee

Category	Existing shareholding as on 31st March 2026	Shareholding to be maintained throughout the tenor of the NCD
Shareholding to be maintained throughout the tenor of the NCD	91.88%*	80%

*Fully Diluted Basis after including entire ESOP pool
In the event of the issuer merging with any listed entity, promoter and promoter group to maintain controlling stake in the merged entity.

Total Debt/Equity ratio not exceed 3.0x
Earnings: After-tax Net Income (excluding extraordinary income) to remain above INR 20 crore on a yearly basis.
Maintain a minimum Tangible Net worth of INR 180 Crore
Maintain a Debt Service Coverage Ratio of at least 0.8x for FY 2026–27, and thereafter not less than 1.0x at all times for the balance tenor of the issuance.
Issuer to maintain minimum external credit rating of A with stable outlook
Any other additional covenant as may be mutually agreed and shall form a part of the transaction documents
Any amount standing up to the credit of its reserves, less equity and equity like investments, goodwill, deferred tax assets, and other intangible assets. All Financial covenants would be tested on a quarterly basis i.e. as on 31st March, 30th June, 30th September and 31st December every year starting from 31st March, 2026 till the redemption of debentures. The covenants shall be certified by the statutory auditor of the company within 45 (Forty-Five) calendar days from the end of each reporting half yearly. In case of breach of any covenants, the Issuer shall pay additional coupon at the rate of 2% (Two percent) per annum over and above applicable Coupon Rate on all amounts outstanding under the NCDs (including the Outstanding Principal Amounts and any accrued but unpaid interest) from the date of occurrence of such a breach, until the NCDs are fully redeemed or till the covenants criteria has been replenished.

Issuer shall file Form CHG 9 (for security creation) within 30 days of execution of Transaction Documents
Issuer shall furnish certificate from a CA within 60 days of disbursement, confirming that amount disbursed has been utilised by the issuer solely for the purpose as mentioned herein
Issuer shall submit financial covenant compliance certificate signed by the authorised signatory/CFO and Chartered Accountant within 45 days from end of each quarter
Issuer shall submit statement of loan receivables hypothecated to the Debenture Trustee signed by the Authorised Signatory every month and an independent CA at the end of every quarter, within 30 days of the succeeding month, with the confirmation that all of the loan receivables hypothecated to the Debenture Trustee are meeting security cover criteria.
Debenture Trustee shall have the right to conduct stock audit, sales audit and any other monitoring and audit visits at any time till Final Settlement Date with an advance notice of 7 days to the issuer.

Liquidity Position

Adequate

Historically, the group's liquidity profile remained stretched, with net cash accruals of Rs. 801.17 Cr in FY2026 (Prov.) against debt repayment obligations of Rs. 1,752.23 Cr during the same period. Debt servicing requirements were largely met through a combination of debt refinancing and equity raising activities. However, the liquidity position has witnessed improvement supported by equity infusion of Rs. 915.55 Cr in FY2026 and Rs. 107.00 Cr in FY2027 (till July 2026), along with debt refinancing of Rs. 870.00 Cr undertaken till date. Further, the proposed QIP of Rs. 1,000 Cr, debt refinancing of Rs 250 Cr and receipt of balance of committed debt refinancing of Rs 125 Cr is expected to provide additional liquidity support. The proceeds received shall be utilised to refinance and prepay debt to an extent of ~Rs 815 Cr in FY27. The group is projected to generate net cash accruals in the range of ~ Rs. 980.00 Cr to Rs. 1,105.00 Cr during FY2027-FY2028 against annual repayment obligations of around Rs. 613.29 Cr to Rs. 1,021.33 Cr (including lease liabilities and without considering prepayment and refinancing) over the same period. The current ratio stood comfortable at 1.43 times as on March 31, 2026 (Prov.). Further, the group-maintained unencumbered cash and bank balances of Rs. 314.15 Cr as on March 31, 2026. The average utilisation of fund-based working capital limits remained moderate at ~76.94% during the twelve months ended July 2026.

Outlook

Not Applicable

Other Factors affecting Rating

None

Key Financials Consolidated -RDC Concrete (India Limited)

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	2818.85	2503.87
PAT	Rs. Cr.	40.12	52.36
PAT Margin	(%)	1.42	2.09
Total Debt/Tangible Net Worth	Times	2.99	3.42
PBDIT/Interest	Times	2.45	2.93

Key Financials Consolidated -Hella Infra Market Limited

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	19718.25	18469.67
PAT	Rs. Cr.	308.56	219.74
PAT Margin	(%)	1.56	1.19
Total Debt/Tangible Net Worth	Times	1.13	1.77
PBDIT/Interest	Times	2.17	1.92

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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
01 Jun 2026	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE A \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	75.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.21	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	55.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	36.43	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	74.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.52	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.28	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	77.03	ACUITE A- \| Stable (Reaffirmed)
	Proposed Working Capital Demand Loan	Long Term	64.23	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	39.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE Provisional A \| Stable (Assigned)
24 Mar 2026	Working Capital Demand Loan (WCDL)	Long Term	55.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	36.43	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.52	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.28	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	75.90	ACUITE A- \| Stable (Reaffirmed)
	Proposed Working Capital Demand Loan	Long Term	64.23	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	39.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.21	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.13	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	74.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	75.00	ACUITE Provisional A \| Stable (Assigned)
11 Aug 2025	Term Loan	Long Term	10.83	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.53	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.32	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	55.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.24	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	60.80	ACUITE A- \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	68.64	ACUITE A- \| Stable (Reaffirmed)
	Proposed Working Capital Demand Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	39.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	55.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.23	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	47.35	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (Reaffirmed)
14 Jul 2025	Non-Covertible Debentures (NCD)	Long Term	39.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	1.23	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	47.35	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	10.83	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	15.56	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	2.53	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	5.32	ACUITE A- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	55.00	ACUITE A- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	50.00	ACUITE A- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	20.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	20.24	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	60.80	ACUITE A- \| Stable (Assigned)
	Proposed Term Loan	Long Term	68.64	ACUITE A- \| Stable (Assigned)
	Proposed Working Capital Demand Loan	Long Term	50.00	ACUITE A- \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE A- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	55.00	ACUITE A- \| Stable (Assigned)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A2+ (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
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A2+ \| Reaffirmed \| Rating Watch with Developing Implications
Not Applicable	INE076I07046	Non-Convertible Debentures (NCD)	Listed	SEBI	13 May 2026	11.00	13 Nov 2028	75.00	Simple	ACUITE A \| Reaffirmed \| Rating Watch with Developing Implications
Not Applicable	INE076I07061	Non-Convertible Debentures (NCD)	Listed	SEBI	12 Aug 2026	11.00	12 Feb 2029	75.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Not Applicable	INE076I07053	Non-Convertible Debentures (NCD)	Listed	SEBI	08 Jun 2026	11.00	08 Dec 2028	35.00	Simple	ACUITE A \| Assigned \| Rating Watch with Developing Implications \| Provisional To Final
Not Applicable	INE076I07053	Non-Convertible Debentures (NCD)	Listed	SEBI	24 Jun 2026	11.00	08 Dec 2028	15.00	Simple	ACUITE A \| Assigned \| Rating Watch with Developing Implications \| Provisional To Final
Not Applicable	INE076I07020	Non-Convertible Debentures (NCD)	Listed	SEBI	12 Mar 2025	11.00	12 Mar 2028	26.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Not Applicable	INE076I07038	Non-Convertible Debentures (NCD)	Listed	SEBI	02 Apr 2025	11.00	02 Apr 2028	39.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	137.09	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Not Applicable	Not avl. / Not appl.	Proposed Working Capital Demand Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	64.23	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Nov 2022	Not avl. / Not appl.	31 Oct 2026	3.57	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Sep 2024	Not avl. / Not appl.	24 Sep 2029	44.43	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Aug 2023	Not avl. / Not appl.	01 Aug 2028	30.35	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Sep 2022	Not avl. / Not appl.	29 Sep 2027	7.78	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2022	Not avl. / Not appl.	07 Mar 2028	3.13	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Tata Capital Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jul 2025	Not avl. / Not appl.	10 Aug 2029	15.42	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
H D F C Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	55.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
HSBC Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	74.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Bandhan Bank	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
IDFC First Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications

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

Sr No	Name of Company
1	Hella Infra Market Limited
2	Hella Infra Market Retail Private Limited
3	Hella Chemical Market Private Limited
4	Hella Infra Market Wood Products Private Limited
5	Sociam Equipment Solutions Private Limited (SESPL)
5A	Sociam Singapore Pte Limited
6	Hella Infra Pipes & Fittings Private Limited (Formally known as Hella Road Technologies P Ltd)
7	Hella Infra Market Ceramics Private Limited (Formally known as Trinity Marketplace Pvt Ltd)
8	Shalimar Paints Limited (Listed)
8A	Shalimar Adhunik Nirman Limited
8B	IM Inicio Projects Private Limited (formerly known as Eastern Speciality Paints & Coatings Private Limited)
9	Hella Infra Market Metal Private Limited (erstwhile Rajuri Steels & Alloys Pvt Ltd)
10	Hella Infra Market Singapore Pte Limited
11	HIM Infra General Trading LLC
12	RDC Concrete (India) Limited
12A	Neptune Readymix Concrete Private Limited
12B	Ultrafine Mineral & Admixture Private Limited
12C	ROBO Silicon Private Limited
12D	ROBO Quarries Private Limited
13	Hella Infra Market Steel Private Limited
14	Ketan Constructions Private Limited
15	Emcer Tiles Private Limited
15A	Sanford Vitrified Private Limited
15B	Keros Stone LLP
15C	Evetis Stone Private Limited
15D	Lenswood Ceramic LLP
16	Engistone India Private Limited
17	Millennium Inframarket TBS Private Limited (erstwhile Lorenzo Vitrified Tiles Private Limited)
17A	Millennia Ceramica Private Limited
17B	Millennia Tiles Private Limited
17C	Millennium Granito India Private Limited
17D	Clan Vitrified Private Limited
17E	Millennium Ceramic LLP
17F	Acer Granito Private Limited
17G	Millennium Vitrified Tiles Private Limited
17H	Millennium Tiles LLP
17I	Millennium Cera Tiles Private Limited
17J	Millenium Papers Private Limited
17K	Millennium Corrugated LLP
17L	Millennium Cera International Private Limited (erstwhile Millennium Overseas Partnership)
18	Amstrad Consumer India Private Limited
19	Mactile India Private Limited
19A	Metro City Tiles Private Limited
19B	Metro World Tiles Private Limited
19C	Metro Tiles LLP
19D	MetroStar Tiles LLP
19E	Mozzaico Ceramic LLP

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Divya Bagmar
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.