Press Release May 08, 2026 THANE CREEK BRIDGE INFRASTRUCTURE LIMITED Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Non Convertible Debentures (NCD)	98.00	0.00	ACUITE AA | CE | Stable | Reaffirmed	-	SEBI
Non Convertible Debentures (NCD)	0.00	302.00	Not Applicable | Withdrawn	-	MCA
Total Outstanding	98.00	0.00	-	-	-
Total Withdrawn	0.00	302.00	-	-	-

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 the long-term rating of 'ACUITE AA (CE)' (read as ACUITE Double A (Credit Enhancement) on Rs. 98.00 Cr. Non-Convertible Debentures (NCD) of Thane Creek Bridge Infrastructure Limited (TCBIL). The outlook is ‘Stable’. Acuité has withdrawn its long-term rating on the proposed Non-Convertible Debentures (NCD) of Rs.302.00 Cr. of Thane Creek Bridge Infrastructure Limited (TCBIL)  without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for rating The rating reaffirmation factors the completion of project and facility being open for public access from June 2025 onwards. Further, Acuite takes note of project completion with lesser than expected debt as excess funding was brought in by the parent company. Moreover, rating continues to factor the creation of upfront DSRA and a DSRA replenishment guarantee from a third party along with presence of structured payment mechanism for debenture holders towards the NCDs. Further, the rating drives strength from the strategic importance of the project undertaken by TCBIL and its parent’s i.e. Maharashtra State Road Development Corporation Limited (MSRDC) extensive experience in undertaking large strategic road projects in Maharashtra. Also, MSRDC has provided unconditional and irrevocable guarantee for timely servicing of the bonds. The rating also derives comfort from the funding support available to TCBIL during the construction as well as operational period from the Government of Maharashtra (GoM) under the Concession Agreement stating that in case of any shortfall in subsistence revenue (which would include the servicing of the debentures), the same shall be made good by GoM apart from the funding commitment from City and Industrial Development Corporation of Maharashtra (CIDCO). The rating strengths however are partly offset by susceptibility to fluctuations in traffic volume and changes in toll policy.

About the Company

Thane Creek Bridge Infrastructure Limited (TCBIL) is a state government company incorporated in January 2018 at Mumbai. It is a wholly owned subsidiary of MSRDC which was incorporated to oversee the construction of Thane Creek Bridge – III (TCB - III) project.The Government of Maharashtra (GOM) through MSRDC has decided to develop, maintain, and operate a 3 Lane major bridge( on either side of existing TCB II) having length No 1.84 Km (each) including approaches of 1.31 Km length near Vashi, Navi Mumbai on Design, Build, Finance, Operate, & Transfer (DBFOT) basis, in accordance with the terms & conditions set forth in the concession agreement in 2018. The project was completed in the month of April 2025 and was accessible to general public from the month of June 25. The total project cost was Rs 841.52 Cr which was funded through non-convertible debentures of Rs 98.00 Cr, Rs 130.00 Cr by CIDCO and balance of Rs 613.52 Cr by MSRDC.

Unsupported Rating

­ACUITE BBB+ / Stable (Excluding notchup for the strong linkages with MSRDC and GoM)

Analytical Approach

­Acuité has considered the business and financial risk profile of TCBIL on a standalone basis and has thereafter, factored the parental support from MSRDC and GoM though the concession agreement.

Key Rating Drivers

Strengths

E­stablished track record of the parent in the road infrastructure industry. TCBIL is a subsidiary of MSRDC (100 per cent stake) and a step-down subsidiary of GoM. MSRDC, a corporation established and fully owned by the GoM, is a limited company incorporated in 1996. It is established to oversee large road infrastructure projects across the state of Maharashtra. MSRDC has successfully completed key projects such as Mumbai Pune Express Way (MPE), Bandra Worli Sea Link (BWSL) and Satara Kagal Road amongst others. MSRDC has also been tasked with the execution of the critical Hindu Hridaysamrat Balasaheb Thakare Maharashtra Samruddhi Mahamarg Project, a ~701 km project passing through 10 districts of Maharashtra which is also supported by GoM. The Board of TCBIL comprises of civil servants appointed by the GoM. Director in charge of TCBIL also holds the post of Managing Director for MSRDC. TCBIL is tasked by MSRDC with the execution of the third Thane Creek Bridge project in Mumbai. The project is designed to reduce traffic congestion on the existing bridge. The strategically important nature to MSRDC and support from GoM ease the funding available to the project from various financial institutions and investors. Funding shortfall support from Government of Maharashtra under the concession agreement A tripartite concession agreement has been executed amongst TCBIL as the Concessionaire, MSRDC as the Sponsor & GoM as the concessioning authority in 2018. This agreement forms the basis of the support from GoM available to TCBIL. As per articles of the agreement in case of cash shortfall during the operation period and/or the construction period or in case of cost overruns beyond the envisaged total project cost it would be met by the concessioning authority. The agreement also provides for support from GOM in case revenue generated from the project is lower than subsistence revenue. Further, the terms also provide for a structured payment mechanism monitored by a debenture trustee. Acuité believes that the funding support available from GoM along with the structured payment mechanism strengthens TCBIL's credit risk profile significantly. Access to toll collection funds on the Vashi Corridor of Mumbai Entry Points toll As per the concession agreement, starting from October 1 , 2027 to  September 30 , 2036, TCBIL will have access to toll collection on the Vashi Corridor which will give it a stable revenue source and thus reduce demand risk. The Vashi toll bridge has a demonstrable traffic track record which is expected to grow further, given the ongoing development in Navi Mumbai and the construction of the new international airport.

Weaknesses

Susceptibility to fluctuations in traffic volume and changes in tolling policy The Government of Maharashtra (GoM) waived toll collection on passenger vehicles entering and exiting Mumbai through the Dahisar, Anand Nagar, Vashi, Airoli and Mulund check points, effective 15 October 2024. Following the waiver, toll revenues have moderated, as reflected in toll collections of Rs 77.49 Cr in FY2026 compared with Rs 118.12 Cr in FY2025 and Rs 158.73 Cr in FY2024. Therefore, toll revenues are significantly affected by fluctuations in traffic volume and changes in tolling policies, impacting the financial stability of toll road projects and special purpose vehicles (SPV). However, this toll bridge has a demonstrable traffic track record which is expected to grow further given the ongoing development in Navi Mumbai and the construction of the new international airport.Also ,Article 25 of the concession agreement stipulates that any cash flow shortfall will be met through financial support from the Government of Maharashtra.Acuite believes that fluctuations in traffic volume and changes in tolling policy will remain a key rating monitor.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

While the funding support from MSRDC and the GoM is clearly stipulated in the concession agreement, the CE structure has been designed to ensure timeliness in the receipt of such funding. The mechanism involves a check for the adequacy of the funds available for debt servicing on (T -59th day). The debenture trustee checks the adequacy of funds and notifies the sponsor (MSRDC) to fund the shortfall, if any in the account by T-30 days. If any shortfall remains on (T-29th day), the debenture trustee will again notify (second notice) the sponsors along with a copy marked to GoM to fund the shortfall within next 25 days (T-4 days) failing to which DSRA would get impaired and consequently the guarantee from MSRDC would get invoked. In the event of any shortfall persisting on (T-3 days) the debenture trustee should transfer the requisite funds from the DSRA to bridge the shortfall. Stress case Scenario Acuite believes that, given the adequacy of the structure and unconditional, irrevocable guarantee provided by MSRDC including DSRA structured payment, funding support from MSRDC and GoM, TCBIL will be able to service its debt on time, even in a stress scenario.

Rating Sensitivities

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

­ Improvement in credit profile of Government of Maharashtra Increase in toll traffic and volume collection

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

­ Any change in the shareholding or support available from the Government of Maharashtra. Decline in toll traffic and volume collection

All Covenants

­ Issuer should maintain adequate books of accounts, as per applicable accounting practices and standards, which should correctly reflect its financial position and scale of operations and should not radically change its accounting system without notice to the Debenture Trustee. Issuer should submit to the Debenture Trustee such financial statements as may be required from time to time in addition to the set of such statements to be furnished by the Issuer as on the date of publication of the Issuer's annual accounts. In case of default in repayment of the loan/advances or in the payment of the interest thereon or any of the scheduled Debt instalments on due date(s) by the Issuer, the Debenture Trustee/Bond Holder will have an unqualified right to disclose or publish the Issuer’s name and its directors/partners/proprietors as defaulters/wilful defaulters in such manner and through such medium as they in their absolute discretion may think  fit. After provision for tax and other statutory liabilities, the Bonds will have exclusive right as per arrangement of security sharing on the profits of the Issuer for repayment of amounts due to the secured lenders; in case of payment default to the lenders (unless expressly permitted otherwise by any law for the time being in force). Issuer shall keep the Debenture Trustee informed of the happening of any event likely to have a substantial effect on their Revenue/profit or business: along with explanations and the remedial steps taken and/or proposed to be taken. For the purpose of this covenant, substantial effect on their revenue/profit or business would mean adverse variance of 10% or more. Issuer will utilize the funds for the purpose mentioned in the Transaction Documents including the present arrangement with existing lenders. Promoter's shares in the Issuer should not be pledged to any other Entity without prior consent of Debenture Trustee. Comply with obligations under the Project Documents and Transaction Documents; Maintain adequate insurance in relation to operations under the Project; Create and maintain Security as per the timelines; Any other favourable covenant including Guarantee or Letter of Comfort from MSRDC and/or Authority stipulated by any of the other lenders to the issuer would apply mutatis mutandis to this facility also & would remain in force / effect till the full & final redemption of all the dues payable under these bonds including the present arrangement with existing lenders. In case Government of Maharashtra reduces its holding in MSRDC below 51%, then the bond holders would have an option to ask for premature redemption which can be exercised within 30 days of such official announcement, by servicing a notice to the Issuer and Debenture Trustee. Such prepayment amount shall be equal to the Issue Price plus the annualised yield compounded yearly from allotment till the date of such payment and will have to be paid within 30 days from the above mentioned notice. Negative Covenants: Isuer shall not undertake any of the following activities without prior approval from the Debenture Trustee: Formulation of any scheme of amalgamation or reconstruction or merger or de- merger Any New project or Scheme of expansion or Acquisition of fixed assets if such investment results in breach of financial covenant(s) or diversion of working capital funds for financing long-term assets Entering into borrowing arrangement either secured or unsecured, other than Permitted Indebtedness (aggregating to Rs 400 crore). Issuing any guarantee or Letter of Comfort in the nature of guarantee on behalf of any other company (including group companies). Declare dividends for any year except out of profits relating to that year after making all due and necessary provisions and provided further that no default is subsisting in any repayment obligations to the Bonds/Debt and satisfaction of Restricted Payments Conditions. Create any charge, lien or encumbrance over its undertaking or any part thereof Sell, assign, mortgage or otherwise dispose of any of the fixed assets charged to the Debenture Trustee. However, fixed assets to the extent of 5% of Gross Block may be sold in any financial year.Enter into any contractual obligation of a long-term nature/ adversely affecting the Issuer's financials. Amend or modify any of its constitutional documents, which have a material adverse effect;

Liquidity Position

Strong

TCBIL is expected to have a strong liquidity position. While Acuité does not foresee any positive net cash accruals in the first year of operations, TCBIL will continue to get support from GoM through the concession agreement for the construction as well as operational period. The maturing interest and principal repayment shall commence only from September 30, 2028. The liquidity of the company is likely to remain strong over the medium term on account of the commitment from MSRDC as well as GoM to fund the liquidity deficit in the initial stage of operations.

Outlook-Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	0.00	0.00
PAT	Rs. Cr.	(0.08)	(0.08)
PAT Margin	(%)	0.00	0.00
Total Debt/Tangible Net Worth	Times	(69.16)	(52.65)
PBDIT/Interest	Times	(5.26)	10.72

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 • Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm • State Government Ratings : https://www.acuite.in/view-rating-criteria-26.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 15 May 2025 Non-Covertible Debentures (NCD) Long Term 98.00 ACUITE AA (CE) | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 302.00 ACUITE Provisional AA (CE) | Stable (Reaffirmed) 23 Apr 2025 Non-Covertible Debentures (NCD) Long Term 98.00 ACUITE AA (CE) | Stable (Upgraded from ACUITE AA- | Stable) Proposed Non Convertible Debentures Long Term 302.00 ACUITE Provisional AA (CE) | Stable (Reaffirmed) 28 Aug 2024 Non-Covertible Debentures (NCD) Long Term 98.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 302.00 ACUITE Provisional AA (CE) | Stable (Reaffirmed) 29 Aug 2023 Non-Covertible Debentures (NCD) Long Term 98.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 302.00 ACUITE Provisional AA (CE) | Stable (Upgraded from ACUITE Provisional AA- | Stable) 16 May 2023 Non-Covertible Debentures (NCD) Long Term 98.00 ACUITE AA- | Stable (Downgraded from ACUITE AA (CE) | Stable) Proposed Non Convertible Debentures Long Term 302.00 ACUITE Provisional AA- | Stable (Downgraded from ACUITE Provisional AA (CE) | Stable)

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr No Name of the entity 1 Thane Creek Bridge Infrastructure Limited 2 Maharashtra State Road Development Corporation Limited 3 Government of Maharashtra

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

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