Credit Rating- Others

Ref No: GARL/SEC/26-27/17 Date: July 8, 2026 To, To, BSE Limited National Stock Exchange of India Limited Department of Corporate Services, Listing Department 25th Floor, Phiroze Jeejeebhoy Tower Exchange Plaza, Plot No. C/1, G Block Bandra-Kurla Complex Bandra-Kurla Complex, Mumbai – 400 001 Bandra (E) Mumbai - 400 051 Scrip Code:539725 Symbol: GOKULAGRO Ref : Intimation on Credit Rating from Crisil Ratings Limited as per Regulations 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, Pursuant to Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as per intimation received from Crisil Ratings Limited dated July 7, 2026, we wish to inform you that Crisil Ratings Limited has reaffirmed following credit rating action. SN Instrument Type Previous Rating Revised Rating Rating Action 1 Long Term Ratings Crisil A/Stable Crisil A/Positive Reaffirmed (Outlook revised to Positive) 2 Short Term Ratings Crisil A1 Crisil A1 Reaffirmed The rating letter received from Crisil Ratings Limited is attached herewith. This information is also being uploaded on the website of the Company at https://www.gokulagro.com/investor- relations/?id=credit_ratings. You are requested to kindly take the above on record. Thanking You, Yours Faithfully, For Gokul Agro Resources Limited Jaimish Govindbhai Patel Company Secretary and Compliance Officer Membership No: A42244 Encl: As Above Gokul Agro Resources Limited Ratings reaffirmed at 'Crisil A / Crisil A1 '; outlook revised to 'Positive'; rated amount enhanced for Bank Debt Rating Action Total Bank Loan Facilities Rs.4420 Crore (Enhanced from Regulator Of Instrument Rated Rs.2820 Crore) Long Term Rating Crisil A/Positive (Reaffirmed RBI and outlook revised to 'Positive') Short Term Rating Crisil A1 (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has reaffirmed ‘Crisil A/Crisil A1’ ratings on the bank facilities of Gokul Agro Resources Ltd (GARL; part of the Gokul Agro group) while revising the outlook to ‘Positive’ from ‘Stable’. The positive outlook reflects the expectation that the company will continue to strengthen its credit profile over the medium term, supported by sustained improvement in scale of operations and cash accrual generation. GARL is expected to grow at high double-digits in fiscal 2027 as all major plants will be operational along with the commencement of a bio diesel plant in fiscal 2026. Further, the operating margin will also see minor improvement and its solar capacity is also operational in the current fiscal and increase in revenue profile of value-added projects. During fiscal 2026, the company reported revenue growth of around 23% year-on-year to reach Rs 24,077 crore, along with improvement in operating profitability to 2.81% (2.70% in fiscal 2025), resulting in strong cash accrual and enhanced debt servicing capability. Also, the company has ongoing capital expenditure (capex) plans. The leverage metrics are expected to improve gradually, supported by healthy internal accrual generation and continued accretion to networth. Continued strengthening of profitability, sustained improvement in leverage metrics and successful execution of the planned capex without material weakening of the capital structure could result in strong credit profile over the medium term and will remain monitorable. The ratings continue to reflect the group’s established presence in the edible oil industry and diversified sales mix leading to better operational efficiency and scalability and improving financial risk profile. These strengths are partially offset by susceptibility to risks associated with agro-based business and regulatory changes and exposure to commodity price volatility and low-margin nature of the industry. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of GARL, Riya Agro Industries Pvt Ltd (RAIPL; wholly owned subsidiary of GARL), Maurigo PTE Ltd (MPL; wholly owned subsidiary of GARL), Riya International PTE Ltd (RIPL; wholly owned subsidiary company of MPL), Maurigo Indo Holdings PTE Ltd (MIHPL; wholly owned subsidiary of MPL) and PT Riya Pasifik Nabati (associate of MIHPL). These entities, collectively referred to as the Gokul group, are under the same management and have operational and financial linkages. Please refer to Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Established presence and diversified sales mix leading to better operational efficiency and scalability: The Gokul Agro group, promoted by Kanubhai Thakkar and his family, has established a strong presence in the agro-commodity business with over three decades of experience. The group has a vast customer base of over 500 dealers and distributors with a diversified revenue profile across various edible oil brands, including Vitalife, Zaika, Mahek, Pride, Richfield, Puffpride and Biscopride. The group's longstanding presence has enabled it to maintain healthy relationships with suppliers and buyers with a strong presence in Singapore, a key oil trading hub. The diversified product portfolio reduces dependence on any single product category and supports business stability. Furthermore, manufacturing facilities at Gandhidham (Gujarat), Krishnapatnam (Andhra Pradesh), Mangalore (Karnataka) and Haldia (West Bengal) provide proximity to major ports, facilitating efficient procurement of imported crude edible oils, optimisation of logistics costs and extensive geographical coverage across western, northern, southern and eastern India. The group's diversified sales mix with 90-95% of revenue generated through palm, soya and sunflower oil has contributed to its large scale of operations. With compound annual growth rate of 31% for the three fiscals through 2026, the group registered operating income of Rs 24, 077 crore in fiscal 2026, supported by healthy volume growth, favourable realisation, expansion in overseas markets and growing domestic demand. The diversified customer base across retail, institutional and industrial segments further support revenue stability. Moreover, the group has demonstrated sound operating efficiency with an operating margin of 2.8% in fiscal 2026 and robust return on capital employed (RoCE) of over 35% in fiscal 2026. The group's capacity utilisation has averaged 75-80% at the refining unit and seed crushing unit, indicating efficient operations. Growth in operating performance is expected to remain supported by high utilisation of existing capacities, ramp-up of the Mangalore refinery, capacity expansion planned across the facilities, increasing contribution from value-added products and operational efficiencies from due to commencement of bio diesel plant and 15MW DC/12MW AC captive solar plant at Mehsana, Gujarat. Improving financial risk profile: The Gokul Agro group reported healthy networth of Rs 1,422 crore as on March 31, 2026 (Rs 1035 crore a year earlier. Gearing was comfortable at 0.50 time as on the same date. Total outside liabilities to tangible networth (TOLTNW) ratio was moderately high at 2.47 times (though improved from 2.94 times as on March 31, 2025) due to significant funding requirement of the group and its dependence on creditors for raw material procurement. However, adjusted indebtedness (fixed deposit and cash balance netted off from total outside liabilities) stood at 2.06 times as on March 31, 2026. The group has planned debt-funded capex of Rs 450 crore in fiscals 2027 and 2028 pertaining to capacity expansion across t [Showing first 8,000 characters — download PDF for full document]