Press Release

September 29, 2026

SRI GOPIKRISHNA INFRASTRUCTURE PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	114.70	ACUITE BBB- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	574.30	-	ACUITE A3 \| Reaffirmed	RBI
Total Outstanding	689.00	-	-	-
Total Withdrawn	0.00	-	-	-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 its long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the Rs. 114.70 Cr. bank loan facility and short-term rating of ‘ACUITE A3’ (read as ACUITE A three) on the Rs.574.30 Cr. bank facilities of Sri Gopikrishna Infrastructure Private Limited (SGIPL). The outlook is ‘Stable’.

Rationale for the rating
The rating reaffirmation considers the steady business risk profile of the company. The rating continues to consider SGIPL’s experienced promoters, established track record and healthy order book providing medium-term revenue visibility and moderate financial risk profile. The rating also derives support from the company's long-standing relationships with government utilities, satisfactory execution capabilities, established supplier relationships and continued financial support from promoters. The rating is, however, constrained by the moderation in operating income during FY26, weak debt protection metrics, high working-capital intensity and dependence on promoter funding. The rating is further constrained by the inherent risks associated with the competitive and tender-based nature of the infrastructure contracting industry, where order inflows remain dependent on successful bid conversion and timely execution of projects.

About the Company

Incorporated in 2007, Sri Gopikrishna Infrastructure Private Limited (SGIPL) based in Telangana, is engaged in the business of engineering, supply, erection, testing & commissioning of Sub-stations and High and Low tension (LT and HT) distribution systems, undertakes underground power cabling, converts LT to HT lines amongst others with recent diversification into water segment as well. SGIPL is registered as contractor with Andhra Pradesh, Assam, Chhattisgarh, Haryana, Karnataka and Maharashtra state electricity boards. Currently the company is managed by Mr. Vijay Kumar Raju Kanumuru, Mr. Venkata Narasimha Soma Raju Kanumuri, Mr. Gopala Raju Kanumuru and Mrs. Neelima Kanumuri.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered the standalone business and financial risk profiles of the SGIPL to arrive at this rating.

Key Rating Drivers

Strengths

Promoters’ extensive experience in the industry along with established track record of operations
Sri Gopikrishna Infrastructure Private Limited (SGIPL), incorporated in 2007, is engaged in power distribution, rural electrification, substation, underground cabling and water infrastructure projects across multiple states. The company is promoted by Mr. Vijay Kumar Raju Kanumuru, Mr. Venkata Narasimha Soma Raju Kanumuri, Mr. Gopala Raju Kanumuru and Mrs. Neelima Kanumuri, who possess extensive experience in the infrastructure sector. SGIPL has established a proven execution track record, having completed projects aggregating over Rs.1,500 crore for various state utilities and government agencies. Acuite believes that the company's experienced promoters, established execution capabilities and long-standing relationships with government counterparties will continue to support its business profile over the medium term.

Moderation in operating scale albeit improving profitability margins along with healthy order book position.
The company's operating income moderated to Rs.339.38 crore in FY2026 (Prov.) from Rs.400.56 crore in FY2025, primarily due to delays in fund releases under government-funded schemes and project transitions. Despite lower revenues, EBITDA remained stable at Rs.31.81 crore (9.37%) in FY2026 (Prov.) as against Rs.31.85 crore (7.95%) in FY2025, supported by improved operating efficiencies and cost control. PAT stood at Rs.6.52 crore (1.92%) in FY2026 (Prov.) compared with Rs.7.66 crore (1.91%) in FY2025. Further, the company reported revenues of Rs.81.07 crore during the five-month period ended August 31, 2026, as against Rs.62.51 crore in the corresponding period of the previous year, reflecting growth of around 29.7% and indicating improved execution momentum. As on August 31, 2026, the company had an unexecuted order book of approximately Rs.643 crore, providing healthy medium-term revenue visibility. Further, the company has emerged as the L1 bidder for a Rs.446.7 crore Delhi PWD project and has a bid pipeline of approximately Rs.1,872 crore. Acuite believes that SGIPL will continue to benefit from its established execution track record, healthy order book and long-standing relationships with government utilities.

Established and long-standing relationships with key suppliers; order-backed sourcing with presence of price escalation in contract
SGIPL purchases raw materials like transformers, conductor, cables, panel boards, switch controls and boards, etc. from reputed government approved vendors. Thus, as the suppliers are approved by DISCOMs, quality of the product is maintained. As SGIPL is in this business for more than 15 years, it has established and maintained good relationships with various suppliers. Further, as a strategy company gives order to multiple approved suppliers for every project, to avoid dependency on single suppliers. As a strategy, SGIPL procures raw materials required for project only upon confirmation of order. Also, all the contracts are having escalation clauses which shield the company from the raw material price movements and maintain the margins. Acuite believes that established relation with key suppliers, order-backed sourcing and presence of price escalation clauses will lead to better sustenance of the operating margins of the company.

Moderate financial risk profile

The financial risk profile of the company remains moderate, supported by a healthy net worth, moderate leverage and continued promoter support. Net worth improved to Rs.286.81 crore in FY2026 (Prov.) from Rs.280.25 crore in FY2025, supported by profit accretion. Total debt increased to Rs.192.93 crore in FY2026 (Prov.) comprising (Rs.16.31 crore of long-term borrowings, Rs.65.66 crore of short-term borrowings and Rs.110.97 crore USL from promoters) from Rs.175.97 crore in FY2025, primarily to support working-capital requirements. Notwithstanding the increase in total debt, incremental funding requirements were largely met through promoter support, while bank debt reduced during the year. Consequently, gearing remained moderate at 0.67 times in FY2026 (Prov.) against 0.63 times in FY2025, while TOL/TNW improved to 0.92 times from 1.46 times over the same period. Debt protection metrics remained weak, with ICR of 1.42 times and DSCR of 0.99 times in FY2026 (Prov.). The company continues to benefit from strong promoter support through interest-free unsecured loans of Rs.110.97 crore as on 31st March 2026 (Prov.). Acuite believes the company's financial risk profile will continue to be supported by its healthy net worth, moderate leverage and sustained promoter support, while improvement in debt protection metrics and working-capital management will remain key monitorables.

Weaknesses

Intensive working capital operations

The company's working capital operations remained intensive, with GCA days of 527 days in FY2026 (Prov.) as against 558 days in FY2025, primarily driven by sizeable receivables, inventory and retention balances associated with government utility projects. Inventory days increased to 161 days in FY2026 (Prov.) from 130 days in FY2025, reflecting higher WIP and raw material inventory for ongoing projects. Debtor days, however, improved to 358 days from 410 days in FY2025, supported by improved collections and reduction in receivables. Receivables remained elevated due to significant FY26Q4 billings and the presence of contractual retention and withheld receivables linked to completed projects. Creditor support moderated significantly during FY2026, with creditor days declining to 84 days from 361 days in FY2025 following accelerated settlement of vendor dues and compliance with MSME payment norms. Further, the average utilization of fund-based limits remained high at around 89.69% during the twelve-month period ended August 2026, while average utilization of non-fund-based limits stood at around 42.48%, indicating continued dependence on bank funding for working-capital requirements. Acuite believes the company's working capital operations are likely to remain intensive given the project-based nature of its business, sizeable retention balances and dependence on government payment cycles.

Susceptibility to tender-based operations
Revenue and profitability depend entirely on the ability to win tenders. Entities in this segment face intense competition, thus requiring them to bid aggressively to procure contracts; this restricts the operating margin to a moderate level. Also, given the cyclicality inherent in this industry, the ability to maintain profitability margin through operating efficiency becomes critical. Acuité believes that the company’s business profile and financial profile can be adversely impacted on account of presence of stiff competition and has inherent risk of susceptibility to tender based operations.

Rating Sensitivities

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

Steady growth in scale of operations with timely execution of existing orders and growth in order book resulting in revenues above Rs 450.00 Cr coupled with sustaining profitability margin
Improvement in working capital management with GCA below 250 days.
Improvement in financial risk profile
Sustained positive operating cash flows and strengthening of liquidity position through improved collections and reduction in reliance on promoter funding.

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

Significant decline in revenues and profitability
Deterioration in financial risk profile.
Further elongation in working capital cycle beyond 550 days

Liquidity Position:

Adequate

The liquidity position remains adequate, supported by net cash accruals of Rs 8.12 Cr. as on March 31, 2026(Prov.), as against long term debt repayment of Rs. 7.70 crore over the same period. Further, the company maintained a comfortable current ratio of 3.71 times as on March 31, 2026 (Prov.), supported by sizeable receivables and inventory levels. The liquidity profile derives support from continued promoter funding through interest-free unsecured loans. As on March 31, 2026 (Prov.), the company reported a cash and bank balance of Rs.0.67 crore and unencumbered fixed deposits of Rs.5.86 crore. Liquidity, however, remains moderated by the working-capital-intensive nature of operations, reflected in GCA days of 527 days. The average utilization of fund-based limits remained high at around 89.69% during the twelve-month period ended Aug 2026 and while the average utilisation of non-fund-based limits stood at around 42.48% over the same period. Going forward, timely realization of retention and withheld receivables, improvement in cash flow generation and moderation in working-capital intensity will remain key monitorable.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Provisional)	FY 25 (Actual)
Operating Income	Rs. Cr.	339.38	400.56
PAT	Rs. Cr.	6.52	7.66
PAT Margin	(%)	1.92	1.91
Total Debt/Tangible Net Worth	Times	0.67	0.63
PBDIT/Interest	Times	1.42	1.51

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
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
03 Jul 2025	Letter of Credit	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	64.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	16.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	55.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	17.00	ACUITE A3 (Reaffirmed)
	Dropline Overdraft	Short Term	20.00	ACUITE A3 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	65.37	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	253.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	52.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	28.00	ACUITE A3 (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	39.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.20	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	17.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	17.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.97	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.46	ACUITE BBB- \| Stable (Reaffirmed)
05 Apr 2024	Bank Guarantee (BLR)	Short Term	253.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	52.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	64.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	28.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	55.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	16.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	17.00	ACUITE A3 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	95.50	ACUITE A3 (Reaffirmed)
	Dropline Overdraft	Short Term	20.00	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.48	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.03	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	39.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	8.99	ACUITE BBB- \| Stable (Reaffirmed)
06 Jan 2023	Bank Guarantee (BLR)	Short Term	253.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	52.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	64.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	28.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	55.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	16.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	17.00	ACUITE A3 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	104.00	ACUITE A3 (Reaffirmed)
	Dropline Overdraft	Short Term	20.00	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	39.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Negative (Reaffirmed)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	5.00	ACUITE BBB- \| Negative (Reaffirmed)

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
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	253.00	Simple	ACUITE A3 \| Reaffirmed
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	64.00	Simple	ACUITE A3 \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	28.00	Simple	ACUITE A3 \| Reaffirmed
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.	55.00	Simple	ACUITE A3 \| Reaffirmed
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	39.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Dropline Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.50	Simple	ACUITE A3 \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	52.00	Simple	ACUITE A3 \| Reaffirmed
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	16.00	Simple	ACUITE A3 \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A3 \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.00	Simple	ACUITE A3 \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	73.80	Simple	ACUITE A3 \| Reaffirmed
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Nov 2028	0.97	Simple	ACUITE BBB- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Aug 2028	1.40	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2028	1.33	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Tamil Nadu Mercantile Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	17 Oct 2029	15.00	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	30 Jun 2026	Not avl. / Not appl.	30 Jun 2031	3.40	Simple	ACUITE BBB- \| Stable \| Reaffirmed
CENTRAL BANK OF INDIA	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	30 Jun 2026	Not avl. / Not appl.	30 Jun 2031	3.40	Simple	ACUITE BBB- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	30 Jun 2026	Not avl. / Not appl.	30 Jun 2031	1.40	Simple	ACUITE BBB- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	30 Jun 2026	Not avl. / Not appl.	30 Jun 2031	7.80	Simple	ACUITE BBB- \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Dharmavarapu Sai Kiran
Senior 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.