NDR AUTO : ICRA REAFFIRMS A+ STABLE RATING ON RS 100 CR FACILITIES; ORDER BOOK RS 650 CR

• ICRA reaffirmed [ICRA]A+ (Stable) and [ICRA]A1+ ratings on ₹100 Cr bank facilities, previous rated amount also ₹100 Cr • FY26 revenue grew 15.4% to ₹822.5 Cr on GST cut on passenger vehicles, new model ramp-up and higher share of business with MSIL • Order book of around ₹650 Cr across frames, trims and new lines like seat belt reminder, seat insert fabric and seat latch, to be executed by FY2030 • Expects 10-15% revenue growth in FY2027; OPM steady at 11% in FY2026 and likely rangebound on product development costs • Seat trim supplies to Kia models started July 2026 from new Anantapur plant; new products supply from January 2027, seat latch and belt reminder output from Q4 FY2027 • Plans ₹50-60 Cr consolidated capex in FY2027 funded by internal accruals; total debt/OPBDIT at 0.7x as of March 2026

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