Credit Rating

TRIDENT/CS/2026 September 08, 2026 National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: TRIDENT BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001 Scrip Code: 521064 Sub: Credit Rating of Trident Limited Dear Sir/Madam In terms of the Regulation 30 read with schedule III and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that Credit Ratings of the bank facilities have been reaffirmed by CARE Ratings Limited (‘CARE Ratings’) as under: Facilities/ Instruments Amount (INR Crore) Rating Rating Action Long Term /Short Term Bank 1,536.94 CARE AA; Stable/ Reaffirmed Facilities CARE A1+ Long Term Bank Facilities 196.81 CARE AA; Stable Reaffirmed Short Term Bank Facilities 12.50 CARE A1+ Reaffirmed A copy of the press release published by CARE Ratings Limited (‘CARE’) is enclosed herewith. The rating can be accessed on the website of the CARE at www.careratings.com and on the website of the Company at www.tridentindia.com under the category: Investor Relations → Financial Reports → Credit Ratings. Thanking you Yours faithfully, For Trident Limited (Sushil Sharma) Company Secretary ICSI Membership No. F6535 Encl: as above Disclaimer :- The details of the authorised signatories are uploaded on the official website of the Company. You may authenticate the authority of the signatory before relying upon the contents of this communication by visiting https://www.tridentindia.com/authority-matrix/ or may write to us on corp@tridentindia.com. 08/09/2026 TL/2026/074804 Press Release Trident Limited September 07, 2026 Name of the Amount Facilities/Instruments Rating2 Rating Action Regulator1 (₹ crore) Long-term / Short-term bank facilities RBI 1,536.94 CARE AA; Stable / CARE A1+ Reaffirmed Long-term bank facilities RBI 196.81 CARE AA; Stable Reaffirmed Short-term bank facilities RBI 12.50 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Reaffirmation of ratings assigned to bank facilities of Trident Limited (Trident) continues to derive strength from its experienced management, diversified and integrated operations across the textile value chain, apart from its presence in paper and chemicals segments, and established customer relationships with reputed global brands for its home textile segment. Ratings also factor in Trident’s resilient performance in FY26 (FY refer to April 01 to March 31) despite industry headwinds due to elevated US tariffs, comfortable capital structure and debt coverage indicators, strong liquidity and continued support from fiscal incentives available to the textile sector. However, the long-term rating remains constrained by Trident’s moderate return indicators and low fixed asset turnover ratio amid under-utilisation of its capacities, working capital intensive operations, operating profitability susceptible to raw material price volatility and foreign exchange rate fluctuations. Rating also factors in trade related uncertainties and risks associated with changes in government policies, and Trident’s presence in the inherently cyclical, competitive, and fragmented textile industry. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Significant growth in scale of operations aided by improved performance across each business segment, resulting in significant improvement in its profit before interest, lease rentals, depreciation, and taxes (PBILDT) margin and return on capital employed (ROCE) on a sustained basis. • Improvement in its net debt/ PBILDT to below unity and total outside liabilities to total new worth (TOL/TNW) to ~0.50x on a sustained basis. • Diversification of its customer base by tapping newer geographies with customised product offerings and entailing higher margins. Negative factors • Deterioration in capital structure with net debt/PBILDT of over 2.00x on a sustained basis. • Elongation in operating cycle or significantly higher than anticipated capex resulting into significant moderation in liquidity on a sustained basis. Analytical approach: Consolidated. CARE Ratings Limited (CareEdge Ratings) has considered consolidated financials of Trident and its subsidiaries as its subsidiaries are primarily set-up for undertaking marketing and distribution of Trident’s products in different geographies. Subsidiaries whose financials have been consolidated in Trident are listed under Annexure 5. Outlook: Stable Stable outlook reflects CareEdge Ratings expectation that Trident will continue to maintain its market position, given its established presence in the domestic and export markets and sustain its comfortable financial risk profile in the medium term. Detailed description of key rating drivers Key strengths Experienced management and established relationships with reputed global brands Trident is promoted by Mr. Rajinder Gupta, who has over three decades of business experience. He currently serves as Chairman Emeritus and provides mentorship and strategic guidance to the board. The company is benefitted by a qualified and experienced management team, with each business vertical headed by an experienced professional. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Trident has built a strong customer base across its segments. Trident’s clientele comprises well-known institutional and retail brands. In the home textile segment, its customers include Target Global Sourcing Limited, Wal-Mart Stores Inc., Amazon Inc, and Costco, among others. Trident has derived ~60-65% of its home textile revenue from the top five customers in the last few years. Trident also has a diversified customer base in its yarn and paper divisions. The top five customers accounted for ~25- 30% of yarn revenue and ~15-20% of paper revenue in the last few years. Diversified and integrated operations Trident has diversified and integrated operations across the textile value chain, with a presence in yarn and home textiles, comprising bath and bed linen, apart from paper and chemicals segments. Trident is among the leading home textile players in India and has an established position in the terry towel segment. Segment-wise revenue contribution: Particulars FY23 FY24 FY25 FY26 Yarn 24% 26% 29% 31% Bath linen 39% 38% 38% 38% Bed linen 15% 19% 19% 16% Paper and Chemicals 21% 17% 14% 15% Trident’s integrated operations provide better control over raw-material availability, product quality and operating costs. Around 50% of the yarn produced is captively consumed and the company also undertakes weaving and processing of fabrics in house. Its operations are further supported by solar power capacity of 57.38 MW and co-generation captive power capacity of 67.60 MW. Around 40% of Trident’s power requirements are met through captive sources. The paper and chemicals segments provide further business diversification. Trident manufactures agro-residue-based paper products, including branded copier paper, and sulphuric acid for industrial applications. Integration across the textile value chain, captive power generation and large-scale manufacturing enable Trident to maintain product quality and cost competitiveness, while diversification across textile and paper businesses supports stability in operating margins. Trident has an established presence in the domestic and export markets, with exports contributing ~54% of total sales in FY26 (FY25: 57%). United States (US) remained its largest export market, contributing ~38% of total sales in FY26 (FY25: 41%). 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