KSR : IND-RA UPGRADES LONG-TERM RATING TO IND BB+/STABLE FROM IND BB-

• India Ratings upgraded KSR Footwear's long-term bank loan rating to IND BB+/Stable from IND BB-, and affirmed the short-term rating at IND A4+ • Assigned IND BB+/Stable to additional bank loan facilities of INR 40 million; rated facilities aggregate INR 360 million (₹36 Cr) • Upgrade reflects improved EBITDAR margins and credit metrics in 2HFY26 and 1QFY27 after 1HFY26 inventory liquidation • FY26 revenue nearly flat at ₹199.95 Cr (FY25 ₹205.71 Cr); 1QFY27 revenue ₹52.25 Cr with EBITDAR of ₹3.26 Cr • EBITDAR margins recovered to 3.08% in 2HFY26 and 6.25% in 1QFY27; gross interest coverage 1.39x then 3.22x (1HFY26 was EBITDAR loss) • Liquidity remains stretched; average fund-based limit utilisation 96.38% for 11 months ended June 2026

KSR Footwear Ltd

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