Press Release December 18, 2025 SAI HANUMANT INDUSTRIES PRIVATE LIMITED Rating Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	167.00	ACUITE BBB | Stable | Upgraded	-
Bank Loan Ratings	5.00	-	ACUITE A2 | Upgraded
Total Outstanding	172.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuite has upgraded the long-term rating to 'ACUITE BBB' (read as ACUITE triple B) from 'ACUITE BBB-' ( read as ACUITE triple B minus) on the Rs. 167.00 Cr. bank facilities and short-term rating to 'ACUITE A2' (read as ACUITE A two) from 'ACUITE A3' (read as ACUITE A three) on the Rs. 5.00 Cr. bank facilities of Sai Hanumant Industries Private Limited. The outlook is 'Stable'. Rationale for rating The rationale for rating upgrade takes into account improvement in the revenues and operating profitability in FY 25 and H1FY26, above average financial risk profile with an improvement in net worth and moderate debt protection metrices, efficient working capital cycle, adequate liquidity with sufficient net cash accruals against debt repayment and moderate bank limit utilization. The rating further draws comfort from the benefits derived from experienced management, customers like ITC Limited, Olam Agri India Private Limited among others; However, these strengths are partly offset by thin profitability and competitive and fragmented nature of industry.

About the Company

­­Incorporated in 2021, Chhattisgarh based, Sai Hanumant Industries Private Limited is engaged in processing of rice. The company has rice milling capacities of 2,88,000 MTPA (paddy to rice) and 1,80,000 MTPA (rice to rice) as on FY 25. The company is majorly into deemed exports (90% of the revenue contribution) to African, South Eastern Asian countries and domestic sales (10% of the revenue contribution). The directors of the company are Mr. Sunil Dhamejani, Mr. Sandeep Kumar Dhamejani and Mr. Kashish Dhamejani.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of Sai Hanumant Industries Private Limited to arrive at the rating

Key Rating Drivers

Strengths

­Long track record of operations The company is backed by promoters Mr Sunil Dhamejani, Mr Sandeep Dhamejani and others who have prior experience in the rice milling industry for about a decade. The company is largely into deemed exports business of rice and also provides custom milling to Government nodal agencies. The company plans to enhance their capacities over the medium term by way of acquisition and increasing the existing capacities. Acuite believes that the business will continue to benefit from promoters experience coupled with healthy relations with the customers and suppliers over the medium term. Improvement in revenues and operating profitability The revenues have increased to Rs. 1376.59 Cr in FY 25 as compared to Rs. 919.21 Cr in FY 24 on account of increase in quantity sold and average realisation. The company's revenue stood at Rs. 1134.61 Cr till October 25. The operating profitability has increased to 2.32 percent in FY 25 as compared to 1.97 percent in FY 24 on account of better absorption of fixed costs. Acuite believes that the scale of operations will improve over the near to medium term on account of expected capacity enhancement and increasing global demand. Above Average financial risk profile The financial risk profile of the company is above average marked by improving net worth, moderate gearing and debt protection metrices. The tangible net worth of the company stood at Rs. 80.75 Cr as on March 31, 2025 as compared to Rs. 64.87 Cr as on March 31, 2024 due to accretion to reserves. Acuite has considered Unsecured loans as quasi equity of Rs. 34.37 Cr since these are subordinated to bank loans. The gearing of the company stood at 2.01 times as on March 31, 2025 and March 31, 2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood high at 3.16 times as on March 31, 2025 as compared to 2.25 times as on March 31, 2024. Debt/EBITDA stood high at 4.80 times as on March 31, 2025 as compared to 6.61 times as on March 31, 2024. The debt protection metrices of the company remain moderate marked by Interest Coverage ratio (ICR) of 2.17 times as on March 31, 2025 and debt service coverage ratio (DSCR) of 1.63 times for March 31, 2025. The net cash accruals to total debt (NCA/TD) stood at 0.09 times as on March 31, 2025 as compared to 0.05 times as on March 31, 2024. Acuité believes that the financial risk profile will remain above average over the medium term, with steady cash accruals in the absence of any major debt funded capex plans. Efficient Working Capital Cycle The working capital cycle of the company is efficient as reflected by Gross Current Assets (GCA) of 79 days for March 31, 2025 as compared to 70 days for March 31, 2024. The debtor period stood at 16 days as on March 31, 2025 as compared to 23 days as on March 31, 2024. The payments are received from the customers within 40-45 days. Further, the inventory days of the company stood at 65 days as on March 31, 2025 as compared to 47 days in FY2024. The inventory holding of the company is about 2-3 months. The creditors stood at 24 days as on March 31, 2025 as compared to 5 days as on March 31, 2024. The payments are made to suppliers within 25-30 days. Acuité believes that the working capital operations of the company will improve over the medium term due to efficient collection mechanism and expected reduction in inventory considering their plans to minimize the holding period.

Weaknesses

­Presence in competitive and fragmented nature of industry  The nature of the product makes the rice processing industry highly fragmented, with numerous players operating in the unorganized sector with very less product differentiation. Furthermore, the concentration of rice millers around the paddy growing regions makes the business intensely competitive. Acuite believes that the company will continue to be susceptible to competition in a fragmented rice industry with low entry barriers over the medium term.

Rating Sensitivities

Movement in the revenues and profitability Working capital cycle Debt funded capex plans

Liquidity Position

Adequate

­The company has adequate liquidity marked by net cash accruals of Rs 13.83 Cr. as on FY2025 as against long term debt repayment of Rs. 2.50 Cr. over the same period. The cash and bank balance stood at Rs. 0.01 Cr as on March 31, 2025 and  March 31, 2024. Further, the current ratio of the company stood at 1.19 times as on March 31, 2025 as compared to 1.26 times on March 31, 2024. The average bank utilization limit of the company for 8 months ended October 2025 is 76.75 percent. Acuité believes that the liquidity of the company is expected to remain adequate over the near to medium term on account of steady cash accruals, low debt repayments and  absence of any major debt funded capex plans albeit moderate bank limit utilization and low current ratio.

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.	1,376.59	919.21
PAT	Rs. Cr.	12.51	4.70
PAT Margin	(%)	0.91	0.51
Total Debt/Tangible Net Worth	Times	2.01	2.01
PBDIT/Interest	Times	2.17	1.66

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 18 Oct 2024 Bank Guarantee (BLR) Short Term 5.00 ACUITE A3 (Assigned) Cash Credit Long Term 75.00 ACUITE BBB- | Stable (Assigned) Cash Credit Long Term 67.00 ACUITE BBB- | Stable (Assigned) Cash Credit Long Term 25.00 ACUITE BBB- | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Bandhan Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A2 | Upgraded ( from ACUITE A3 ) THE FEDERAL BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 75.00 Simple ACUITE BBB | Stable | Upgraded ( from ACUITE BBB- ) BANK OF INDIA (BOI) Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 67.00 Simple ACUITE BBB | Stable | Upgraded ( from ACUITE BBB- ) Bandhan Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE BBB | Stable | Upgraded ( from ACUITE BBB- )

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

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.