Press Release February 02, 2026 SHREEBALAJI BIOSOLUTIONS FUELS LLP Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	132.81	ACUITE BB | Reaffirmed & Withdrawn	-
Bank Loan Ratings	0.10	Not Applicable | Withdrawn	-
Bank Loan Ratings	5.00	-	ACUITE A4+ | Reaffirmed & Withdrawn
Total Outstanding	0.00	-	-
Total Withdrawn	137.91	-	-

Rating Rationale

Acuite has reaffirmed and withdrawn its long-term rating of 'ACUITE BB' (read as ACUITE double B) and the short term rating of  'ACUITE A4+' (read as ACUITE A four plus) on Rs 137.81 Cr. bank facilities of Shreebalaji Biosolutions Fuels LLP (SBF LLP). The rating has been withdrawn on account of the request received from the firm and the no objection certificate (NOC) received from the banker. Acuité has also withdrawn its long-term facility of Rs 0.10 Cr. of Shreebalaji Biosolutions Fuels LLP (SBF LLP) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the firm. The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. Rationale for rating The rating reaffirmation considers the stabilisation of the business operation reflected with achievement of revenue of Rs 272.15 Cr. for the FY2025 coupled with improvement in operating margin and PAT margin. The rating also draws comfort from moderately efficient working capital operations, adequate liquidity of the firm and favourable government regulatory regime. The rating also considers experienced management and long term off-take agreements with oil marketing companies (OMCs). However, the rating is constrained by below average financial risk profile reflected by leveraged capital structure and capital withdrawal risk associated with limited partnership firm.

About the Company

Incorporated in the year 2021, Shreebalaji Biosolutions Fuels LLP (SBF LLP) is a limited partnership firm headquartered in Madhya Pradesh and has an ethanol plant with an installed capacity of 120 KLPD (kilo litre per day). The plant is a grain-based, use broken rice and maize for the manufacturing of ethanol. The construction was completed in September 2023 and manufacturing started in the month of October 2023.  The firm is managed by the partners Mr. Manish R. V. Singh and Mr. Madhav Mittal.

Unsupported Rating

­Not applicable

Analytical Approach

A­cuité has taken a standalone view of the business and financial risk profile of Shreebalaji Biosolutions Fuels LLP (SBF LLP) to arrive at the rating.

Key Rating Drivers

Strengths

­Experienced management with a secured offtake agreement with OMC’s SBF LLP was started by Mr. Manish R.V.Singh and Mr. Madhav Mittal having experiences in versatile industries for more than two decades such as mining , construction ,real estate and chemical industry. The firm has already entered into an off-take agreement with OMC's for a term of 10 years with a minimum off take of 2.31 crore litres of ethanol per year. Additionally, the agreement stipulates that the OMC’s shall pay the value of the order within 21 days from receipt of the delivery of ethanol. Stabilisation in operating performance The manufacturing operations of the firm has started in October 2023 (6 months of commencement of business operation in FY2023-24) and achieved the revenue of Rs 83.40 Cr in the FY2024. Further, FY2025 was the full year of operations and achieved the revenue of Rs 272.15 Cr. Till Nov 2025 it has achieved revenue of Rs 215.05 Cr and further the firm is having confirmed unexecuted order book of Rs 28.22 Cr as on December 2025.With the augmentation in scale of operations, operating margins of the firm stood at 9.43 percent in FY2025 as compared to 8.80 percent in FY2024 on account of improvement in procurement cost. Moderately efficient working capital operations The working capital operations of the firm are moderately efficient in nature marked by improved gross current assets (GCA) days of 80 days as on March 31,2025 (114 days as on March 31,2024) owing to stable receivables and inventory days and dip in balance lying in other current assets (balance with revenue authority). Inventory days stood at same level i.e. 35 days as on March 31,2025 (33 days as on March 31,2024). The firm procures the raw materials from traders and mills (open markets) across states like Madhya Pradesh, Haryana, Delhi for the average period of 30 days. Debtor’s days also stood at same level i.e. 32 days as on March 31,2025 (35 days as on March 31,2024). The payments from the OMC’s are received within 21 days from the date of receipt of material.

Weaknesses

­Below average financial risk profile The financial risk profile of the firm is below -average, marked by high gearing (debt to equity ratio), moderate net worth, and debt protection metrics. The tangible net worth of the firm stood at Rs.16.15 Cr as of March 31, 2025 (Rs 10.58 Cr as of March 31, 2024) on account of accretion of profits to reserves. Net worth has dip in the FY2024 on account of loss incurred during the year. The gearing ratio of the firm is improved but remained high at 7.23 times as on March 31, 2025 (12.45 times as on March 31, 2024 ) on account of dip in net worth of the firm in FY2024 due to loss incurring during the said period. The debt protection metrics stood moderate wherein Interest coverage ratio (ICR) and Debt service coverage ratio (DSCR) stood at 2.81 times and 1.40 times respectively as of March 31, 2025 . Capital withdrawal risk associated with LLP Being an LLP, firm is exposed to the capital withdrawal risk. Any significant withdrawal from the partner’s capital will have a negative bearing on the financial risk profile of the firm.

Rating Sensitivities

­Not applicable

Liquidity Position

Adequate

SBF LLP liquidity is adequate marked by sufficient net accruals of Rs 19.89 Cr as on March 31,2025 as against the long-term debt repayment of Rs 11.09 Cr for the same period. The current ratio stood at 1.27 times as on March 31,2025. The cash and bank balance stood at Rs 0.27 Cr as on March 31, 2025. The average bank limit utilisation for fund-based facilities stood at 16.03 percent and 29.56 percent of non-fund-based facilities for the five months ended with November 2025.

Outlook-Not applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	272.15	83.40
PAT	Rs. Cr.	5.64	(7.38)
PAT Margin	(%)	2.07	(8.85)
Total Debt/Tangible Net Worth	Times	7.23	12.45
PBDIT/Interest	Times	2.81	1.20

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 04 Aug 2025 Bank Guarantee (BLR) Short Term 5.00 ACUITE A4+ (Reaffirmed) Term Loan Long Term 106.81 ACUITE BB | Stable (Reaffirmed) Cash Credit Long Term 24.00 ACUITE BB | Stable (Reaffirmed) Stand By Line of Credit Long Term 2.00 ACUITE BB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 0.10 ACUITE BB | Stable (Reaffirmed) 23 May 2024 Bank Guarantee (BLR) Short Term 5.00 ACUITE A4+ (Assigned) Term Loan Long Term 106.82 ACUITE BB | Stable (Reaffirmed) Cash Credit Long Term 24.00 ACUITE BB | Stable (Assigned) Stand By Line of Credit Long Term 2.00 ACUITE BB | Stable (Assigned) Proposed Long Term Bank Facility Long Term 0.09 ACUITE BB | Stable (Assigned) 30 Apr 2024 Term Loan Long Term 106.82 ACUITE BB | Stable (Upgraded from ACUITE BB- | Stable) 01 Feb 2023 Term Loan Long Term 106.82 ACUITE BB- | 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 State Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 24.00 Simple ACUITE BB | Reaffirmed & Withdrawn Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.10 Simple ACUITE Not Applicable | Withdrawn State Bank of India Not avl. / Not appl. Stand By Line of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE BB | Reaffirmed & Withdrawn State Bank of India Not avl. / Not appl. Term Loan 08 Aug 2022 Not avl. / Not appl. 30 Jun 2032 106.81 Simple ACUITE BB | Reaffirmed & Withdrawn

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

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.