Press Release May 08, 2026 UGRO CAPITAL LIMITED - AVENGER 2022- MARCH SERIES Rating Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Pass Through Certificates (PTCs)	0.00	1.16	Not Applicable | Withdrawn	-	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	1.16	-	-	-

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­Acuité has withdrawn the long-term rating on the Rs. 1.16 Cr. Pass Through Certificate of UGRO CAPITAL LIMITED, the trust being AVENGER 2022- MARCH SERIES,  without assigning any rating as the instrument is fully paid. The withdrawal is on account of request received from issuer, No Due Certificate received from the trustee and in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Originator

URGO Capital Limited ­(UGRO) was originally incorporated as Chokhani Securities Limited in 1993. It is a systemically important non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). In 2018, pursuant to a change in control and management, the company was renamed as UGRO Capital Limited. UGRO's equity shares, and non-convertible debentures are listed on the Bombay Stock Exchange (BSE). The company's equity is also listed on the National Stock Exchange (NSE). UGRO is headed by Mr. Shachindra Nath, a seasoned finance professional, with more than two decades of experience in the financial services sector. He is the Promoter, Executive Vice Chairman and Managing Director of the company. UGRO is a Mumbai based company (registered office). It has 317 branches across the country as on March 31, 2026. UGRO lends to the MSME segment in nine specifically identified sectors i.e. Healthcare, Education, Chemicals, Food Processing/FMCG, Hospitality, Electrical Equipment’s and Components, Auto Components, Light Engineering and Micro-Enterprise segment. UGRO has built diversified distribution channels which consist of Branch led channel, Ecosystem consisting of Supply Chain & Machinery Finance, Partnership & Alliances for Co-lending with smaller NBFCs & FinTechs & Digital Channel.

Standalone Rating of the Originator (if rated by Acuite)

ACUITE A | Reaffirmed & Withdrawn

Assessment of the Pool

­Not Applicable

Transaction Structure

­Not Applicable

Brief Methodology

­Not Applicable

Legal Assessment

­Not Applicable

Key Risks

Counter Party Risks

­Not Applicable

Concentration Risks

­Not Applicable

Servicing Risks

­Not Applicable

Regulatory Risks

­Not Applicable

Prepayment Risks

­Not Applicable

Commingling Risk

­Not Applicable

Credit Enhancements (CE)

­Not Applicable

Rating Sensitivity

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

­Not Applicable

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

­Not Applicable

All Covenants

­Not Applicable

All Assumptions

Not Applicable

Liquidity Position

­Not Applicable

Outlook

­Not Applicable

Key Financials - Originator

­ Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 12346.10 9168.31 Total Income* Rs. Cr. 937.85 814.08 PAT Rs. Cr. 113.37 143.93 Net Worth Rs. Cr. 2844.71 2046.39 Return on Average Assets (RoAA)** (%) 1.05 1.86 Return on Average Net Worth (RoNW) (%) 4.64 8.26 Debt/Equity Times 3.24 3.37 Gross NPA (Owned Book) (%) 3.66 2.35 Net NPA (Owned Book) (%) 2.24 1.32 *Total income equals to Net Interest Income plus other income **As per Acuité calculations;

Status of disclosure of all relevant information about the Obligation being Rated

Non-public information

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Any Other Information

­Not Applicable

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.

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 • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm

Rating History - PTC

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 16 May 2025 Pass Through Certificate Long Term 1.16 ACUITE AA- (SO ) (Reaffirmed) 16 May 2024 Pass Through Certificate Long Term 7.68 ACUITE AA- (SO ) (Reaffirmed) 17 May 2023 Pass Through Certificate Long Term 13.62 ACUITE AA- (SO ) (Reaffirmed)

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Rating History - Originator (if applicable)

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 27 Jan 2026 Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Long Term 15.43 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 19.64 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 14.21 ACUITE Not Applicable (Withdrawn) 30 Jun 2025 Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE Not Applicable (Withdrawn) 05 Jul 2024 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 15.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE Not Applicable (Withdrawn) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 130.00 ACUITE Not Applicable (Withdrawn) 06 Jul 2023 Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 44.44 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.38 ACUITE A (Reaffirmed & Withdrawn) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 20.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) 27 Mar 2023 Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 44.44 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.38 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 45.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 43.34 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 35.02 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 24.83 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 16.66 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 22.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 23.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 18.33 ACUITE A (Reaffirmed & Withdrawn) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 45.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.55 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 8.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 1.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 3.33 ACUITE A (Reaffirmed & Withdrawn) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 1.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 30.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 31.68 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 23.05 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 18.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 68.75 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 20.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 19.44 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 30.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 40.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 16.11 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 1.20 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 6.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 28.88 ACUITE A (Reaffirmed & Withdrawn) Cash Credit Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 22.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 20.95 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 35.15 ACUITE A (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 20.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 15.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn) Proposed Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Proposed Commercial Paper Program Short Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE Not Applicable (Withdrawn) Proposed Non Convertible Debentures Long Term 65.00 ACUITE Not Applicable (Withdrawn) Proposed Non Convertible Debentures Long Term 13.64 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 5.00 ACUITE Not Applicable (Withdrawn) Proposed Long Term Loan Long Term 332.96 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 18.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) 21 Feb 2023 Term Loan Long Term 35.15 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.02 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 16.66 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Proposed Long Term Loan Long Term 332.96 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 17.79 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 44.44 ACUITE A | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.38 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 45.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 25.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 31.68 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A | Stable (Reaffirmed) Proposed Secured Non-Convertible Debentures Long Term 120.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 1.20 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 28.88 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.55 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 23.05 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 68.75 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 19.44 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 16.11 ACUITE A | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1 (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn) Proposed Market Linked Debentures Long Term 20.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed)

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh 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 SEBI 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 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI 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 SEBI 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) RBI 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   1 Includes 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. 3 The 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.   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 6 Not applicable 6 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.