MAFATLAL : CARE UPGRADES RATINGS TO CARE A- STABLE / CARE A2+; ORDER BOOK RS 890 CR

• Long-term bank facilities upgraded to CARE A-; Stable from CARE BBB+; Stable • Short-term bank facilities upgraded to CARE A2+ from CARE A2 • Rated long-term/short-term bank facilities total ₹199.08 Cr (reduced from ₹210 Cr); long-term facilities ₹129.92 Cr (enhanced from ₹70.30 Cr) • Total operating income grew at ~40% CAGR over FY23-FY26 to ₹3,871 Cr in FY26 (up ~38% YOY) • Unexecuted order book of ~₹890 Cr as on June 30, 2026 supports medium-term revenue visibility • Q1FY27 operating income ~₹942 Cr with PBILDT margin of 1.92% • Free cash and liquid investments of ~₹130 Cr; net debt negative as on March 31, 2026, plus 1.94 Cr unencumbered NOCIL shares worth ₹342 Cr

Mafatlal Industries Ltd-$

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