Press Release October 05, 2026 SHREE JAGDAMBA AGRO EXTRACTS 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	19.22	ACUITE BBB+ | Stable | Assigned	-	RBI
Bank Loan Ratings	0.00	5.78	-	ACUITE A2 | Assigned	RBI
Total Outstanding	0.00	25.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 its long-term rating of 'ACUITE BBB+' (read as ACUITE triple B plus) and the short-term rating of ‘ACUITE A2’ (read as ACUITE A two) on the Rs.25.00 Cr. bank facilities of Shree Jagdamba Agro Extracts Private Limited. The Outlook is 'Stable'. Rationale for rating The assigned rating factors in the extensive experience of the promoters in the rice processing and export industry, which has enabled the group to establish long-standing relationships with customers and suppliers. The rating also derives strength from the group's improved business risk profile, as reflected in the growth in its scale of operations by 15.60%, with revenue increasing to Rs. 1,130.00 Cr. in FY26 from Rs. 977.54 Cr. in FY25, primarily driven by higher sales volumes. The group's liquidity position remains adequate, supported by healthy cash accruals against its debt repayment obligations. However, the aforesaid strengths are partially offset by the moderation in profitability, with the operating margin declining to 4.72% in FY26 from 5.10% in FY25, mainly on account of increased raw material costs during the year. The rating is further constrained by the group's moderate financial risk profile, characterized by moderate leverage levels arising from the working capital-intensive nature of its operations. The group's working capital operations remain intensive, as reflected in the increase in Gross Current Assets (GCA) days to 185 days as on March 31, 2026, from 176 days as on March 31, 2025. The rating is also constrained by the group's exposure to agro-climatic risks, volatility in paddy prices, and susceptibility of profitability to fluctuations in foreign exchange rates, given its significant dependence on export sales.

About the Company

­Karnal based, Shree Jagdamba Agro Extracts Private Limited was incorporated in July 2026 following the conversion of the erstwhile partnership firm Shree Jagdamba Solvent. The company is engaged in manufacturing and extraction of Rice Bran Oil and its by-products. Present directors are Mr. Raghav Goel, Mrs. Saloni Goel.

About the Group

­Shree Jagdamba Agrico Exports Private Limited Karnal based, Shree Jagdamba Agrico Exports Private Limited was incorporated in 2009. The company is engaged in milling and exporting of Indian Basmati and Non- basmati rice. Present directors are Mr. Gian Bhushan Goel, Mr. Satish Goel. Shree Jagdamba Agrico Products Private Limited Karnal Based, Shree Jagdamba Agrico Products Private Limited was incorporated in 2022. The company is engaged in milling and exporting of Indian Basmati and Non- basmati rice. Present directors are Mr. Samarth Goel, Mr. Shalok Goel.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuite has considered consolidated business and financial risk profile of Shree Jagdamba Agrico Exports Private Limited, Shree Jagdamba Agrico Products Private Limited and Shree Jagdamba Agro Extracts Private Limited collectively referred to as a Shree Jagdamba Group. The consolidation is mainly due to common management, same line of business and strong operational & financial linkages.

Key Rating Drivers

Strengths

Benefit derived from the experience management The group is promoted by Mr. Satish Goel and Mr. Gian Bhushan Goel, who possess more than three decades of experience in the rice milling and trading industry. Their extensive industry experience has enabled the group to establish long-standing relationships with customers and suppliers, thereby supporting the scale-up of operations and strengthening its market position. The group continues to benefit from the promoters' established industry presence and understanding of the rice export business. Acuite believes that the promoters' extensive experience and established relationships with stakeholders will continue to support the group's business risk profile and drive its growth prospects over the medium term. Improvement in scale of operations The group's scale of operations improved in FY26, with revenue from operations increasing by approximately 15.60% to Rs. 1,130.00 Cr. from Rs. 977.54 Cr. in FY25, primarily driven by higher sales volumes. The group continues to derive a significant portion of its revenue from exports, with a strong presence in the Gulf region. Despite the growth in revenue, the operating margin moderated to 4.72% in FY26 from 5.10% in FY25, mainly on account of increased raw material costs during the year. Consequently, the PAT margin also moderated and stood at 2.14% in FY2026 as against 2.33% in FY2025. Acuite believes that the group's established presence in the rice export market, long-standing customer relationships, and growing scale of operations will continue to support its business risk profile over the medium term.

Weaknesses

Moderate financial risk profile The group's financial risk profile is marked by a moderate net worth and capital structure, with comfortable debt protection metrics. The tangible net worth improved to Rs. 142.33 Cr. as on March 31, 2026, from Rs. 117.89 Cr. as on March 31, 2025, supported by the accretion of profits to reserves. However, the capital structure remained leveraged, with gearing standing at 2.51 times as on March 31, 2026, as compared to 2.49 times as on March 31, 2025. The Total Outside Liabilities to Tangible Net Worth (TOL/TNW) improved to 3.53 times as on March 31, 2026, from 3.79 times as on March 31, 2025. Further, the Debt/EBITDA ratio moderated to 6.31 times in FY26 from 5.58 times in FY25, reflecting the increase in debt levels relative to operating earnings. The group's debt profile continues to remain predominantly working capital-oriented, with short-term borrowings constituting the majority of total debt. Nevertheless, the debt protection indicators remained comfortable, as reflected by an Interest Coverage Ratio (ICR) of 3.05 times and a Debt Service Coverage Ratio (DSCR) of 2.34 times as on March 31, 2026. Acuite believes that the group's financial risk profile is likely to remain moderate over the medium term on account of its working capital-intensive operations and dependence on bank borrowings for funding incremental working capital requirements. Intensive working capital operations The group's working capital operations remained intensive, as reflected in Gross Current Assets (GCA) days of 185 days as on March 31, 2026, compared to 176 days as on March 31, 2025. The elongation in the working capital cycle was primarily on account of higher inventory holding during the year. Although debtor days improved to 126 days in FY26 from 149 days in FY25, they continued to remain elevated due to the extended credit period of 90-150 days offered to customers. Further, inventory days increased significantly to 58 days in FY26 from 21 days in FY25, mainly due to delays in export shipments during March 2026 arising from geopolitical tensions in the Middle East, resulting in higher inventory levels at year-end. Creditor days stood at 28 days in FY26 as against 40 days in FY25. Acuite believes that the group's working capital operations are likely to remain intensive over the medium term owing to the nature of the business. Exposure to Agro-Climatic Risks, Commodity Price Volatility, and Foreign Exchange Fluctuations The group's operations remain susceptible to agro-climatic risks inherent in the agricultural sector, as the availability and quality of paddy are dependent on monsoon patterns, crop yields, and other climatic conditions. Further, the group's profitability is exposed to fluctuations in paddy prices, which may impact procurement costs and operating margins. The group also derives a significant portion of its revenue from exports, thereby exposing its earnings to foreign exchange rate fluctuations. Any adverse movement in currency rates, coupled with volatility in raw material prices, may impact the group's profitability and cash flows. Acuite believes that the group's profitability will continue to remain vulnerable to changes in paddy prices, foreign exchange movements, and agro-climatic conditions, although the promoters' extensive industry experience and established relationships with customers and suppliers may partially mitigate these risks.

Rating Sensitivities

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

Sustained improvement in scale of operations, with revenue growth of 25% while maintaining healthy profitability margins. Improvement in capital structure, supported by lower reliance on external debt and better gearing levels.

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

Deterioration in the financial risk profile, with Debt/EBITDA exceeding by 7.2 times. Decline in revenue by 20-25 percent, or any steep deterioration in profitability margins. Further elongation in the working capital cycle, leading to higher reliance on working capital borrowings.

Liquidity Position

Adequate

The group's liquidity position is adequate, supported by healthy cash accruals against its debt repayment obligations. The group generated net cash accruals of Rs. 30.70 Cr. in FY26, which were sufficient to meet its debt obligations of Rs. 2.51 Cr. during the same period. Further, the current ratio stood at 1.22 times as on March 31, 2026. The group have cash and bank balances of Rs. 2.40 Cr. as on March 31, 2026. The working capital limits remained moderately utilized, with the average utilization of fund-based limits standing at 81.47% for the seven-month period ended July 2026. Acuite believes that the group's liquidity position is likely to remain adequate over the medium term, supported by steady cash accruals against its debt repayment obligations. The liquidity profile is further aided by the absence of any major debt-funded capital expenditure plans in the near term, despite the working capital-intensive nature of its operations.

Outlook: Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	1130.00	977.54
PAT	Rs. Cr.	24.16	22.74
PAT Margin	(%)	2.14	2.33
Total Debt/Tangible Net Worth	Times	2.51	2.49
PBDIT/Interest	Times	3.05	3.30

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 Shree Jagdamba Agrico Exports Private Limited 2 Shree Jagdamba Agrico Products Private Limited 3 Shree Jagdamba Agro Extracts Private Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Siddharth Garg Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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