Press Release December 24, 2025 SHREE BIRADEV FINANCE PRIVATE LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	40.00	ACUITE BBB- | Stable | Reaffirmed	-
Total Outstanding	40.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the Rs 40.00 crore bank facilities of Shree Biradev Finance Private Limited (SBFPL). The Outlook is 'Stable'.  Rationale for Rating The rating factors in the company’s experienced management team and long operational track record. The company has an operational track record of three decades in Vehicle Financing. The rating further factors in comfortable capital structure and sustained earning profile. SBFPL’s Capital Adequacy Ratio (CAR) stood at 35.80 percent as on March 31, 2025 comprising entirely of Tier 1 CAR. The company has a Networth of Rs 77.38 Cr. as on March 31, 2025 as against Rs 64.69 Cr. as on March 31, 2024 aided by internal accruals. The company’s AUM grew by ~22 percent to Rs. 204.73 Cr. as on March 31, 2025 as compared to Rs. 167.42 Cr. as on March 31, 2024. The growth in AUM was on account of healthy disbursements levels at Rs. 185.45 Cr. during FY 2025 compared to Rs 160.68 Cr. during FY 2024. The AUM as on September 30, 2025 stood at Rs. 197.95 Cr. owing to disbursements of ~Rs. 76 Cr. during H1FY2026. The company reported a PAT of Rs 12.68 Cr. during FY 2025 as compared to Rs. 12.68 Cr. during FY 2024; the PAT for H1FY2026 stood at Rs. 8.11 Cr. (provisional). The company maintained a healthy leverage of 1.87 times as on March 31, 2025 as compared to 1.72 times as on March 31, 2024. The rating also factors SBFPL’s moderate asset quality denoted by GNPA of 2.25 percent and NNPA of 1.68 percent as on March 31, 2025. Going Forward, the ability of the company to scale up its loan book, while improving its asset quality and operating metrics will be key rating monitorable.

About the company

­Incorporated in 1994, Shree Biradev Finance Private Limited (SBFPL) is a Karnataka based non-deposit taking NBFC registered with RBI. The company is engaged in financing of two-wheelers, Three Wheelers, Four Wheelers, and Commercial vehicles. Shree Biradev Finance Private Ltd (SBFPL) is managed by four  directors that is Mr Ramchandra Raghoji as Chairman and Managing Director, Meera Raghoji as a director, Nandini Raghoji as a CEO and director and Mr. Vishnu Chetan Keloji. Mr. Ramchandra Raghoji and Mrs. Meera Raghoji are having more than two decades of experience in the finance sector. The company has presence in three states.

Unsupported Rating

­Not applicable

Analytical Approach

­Acuite has considered the standalone business and financial risk profile of Shree Biradev Finance Private Limited (SBFPL).

Key Rating Drivers

Strength

­Experienced and professional management team with long track record of operations Shree Biradev Finance Private Limited (SBFPL) has been in Vehicle finance business for the last three decades. Shree Biradev Finance Private Ltd. (SBFPL) is managed by four managing directors that is Mr Ramchandra Raghoji as Chairman and Managing Director, Mrs. Meera Raghoji as a director and Ms. Nandini Raghoji as a CEO and director and Mr. Vishnu Chetan Keloji. Mr. Ramchandra Raghoji and Mrs. Meera Raghoji have more than two decades of experience in the finance sector. SBFPL has a comfortable capital structure marked by overall gearing of 1.87 times as on March 31, 2025 (1.72 times as on March 31, 2024). SBFPL’s Capital Adequacy Ratio (CAR) stood at 35.80 percent as on March 31, 2025 comprising entirely of Tier 1 CAR. The company has a Networth of Rs 77.38 Cr. as on March 31, 2025 as against Rs 64.69 Cr. as on March 31, 2024 aided by internal accruals. Sustained earning profile and YoY growth in loan portfolio The company reported a PAT of Rs 12.68 Cr. during FY 2025 as compared to Rs. 12.75 Cr. during FY 2024; the PAT for H1FY2026 stood at Rs. 8.11 Cr. (provisional). The Total income of the company grew from Rs. 31.12 Cr. during FY 2024 to Rs. 33.31 Cr. during FY 2025. The company’s AUM grew by ~22 percent to Rs. 204.73 Cr. as on March 31, 2025 as compared to Rs. 167.42 Cr. as on March 31, 2024. The growth in AUM was on account of healthy disbursements levels at Rs. 185.45 Cr. during FY 2025 compared to Rs 160.68 Cr. during FY 2024. Acuité believes that SBFPL will continue to benefit from its experienced of management and operational track record in Vehicle Finance. Acuité expects the company to sustain its financial position on the back of its healthy capitalization buffers and maintaining a prudent capital structure.

Weakness

­­Small Scale of Operations with geographical concentration risk SBFPL is engaged in vehicle financing business with ~93 percent of its loan portfolio in the state of Karnataka as on March 31, 2025. In FY 2025, SBFPL has expanded its operations in the state of Maharashtra, currently it accounts for ~4 percent of its total loan portfolio and the remaining ~4 percent in Telangana. This exposes SBFPL to high geographical concentration risk. While the company has been focusing on loan portfolio growth over last few years, it continues to remain moderate at Rs. 197.95 Cr. as on September 30, 2025. Acuité believes that geographic concentration in its portfolio coupled with the limited scale of operations will continue to weigh on the company’s credit profile over the near to medium term. Marginal borrower profile with susceptibility to income shocks and Moderate asset quality SBFPL mainly focuses on micro business like kiranas/ general stores/traders, farmers, and relatively lower salaried people. The customers in this segment generally have limited credit history and their cash flows could be volatile and highly sensitive to minor business disruptions and external shocks. SBFPL recognizes NPA at 120+ dpd for FY25. SBFPL had moderate asset quality with GNPA levels at 2.25 percent as on March 31, 2025 against 2.26 percent as on March 31, 2024. Net NPA stood at 1.68 percent as on March 31, 2025 as against 1.50 percent as on March 31,2024. The company’s ability to maintain the asset quality in the new originations and maintain field discipline will be important from a credit perspective.

Rating Sensitivity

­ Movement in AUM and Disbursement levels ­Movement in asset quality Movement in liquidity buffers Movement in profitability metrics Changes in regulatory environment

Liquidity Position

Adequate

­As per ALM statement as on September 30, 2025, SBFPL has no negative cumulative mismatches in the near to medium term. The cash and cash equivalents stood at Rs. 7.76 Cr. as on March 31, 2025.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 225.27 179.13 Total Income* Rs. Cr. 33.31 31.12 PAT Rs. Cr. 12.68 12.75 Net Worth Rs. Cr. 77.38 64.69 Return on Average Assets (RoAA) (%) 6.27 7.49 Return on Average Net Worth (RoNW) (%) 17.86 21.87 Debt/Equity Times 1.87 1.72 Gross NPA  (%) 2.25 2.26 Net NPA (%) 1.68 1.5 *Total income equals to Net Interest Income plus other income.

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 • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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 26 Sep 2024 Cash Credit Long Term 20.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.64 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.97 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 11.39 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 Bank Of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE BBB- | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.39 Simple ACUITE BBB- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 26 Oct 2024 0.64 Simple ACUITE BBB- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 05 Apr 2026 2.97 Simple ACUITE BBB- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 28 Sep 2026 5.00 Simple ACUITE BBB- | Stable | Reaffirmed

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nivedita Gokul 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.