Credit Rating

Date: 10th July 2026 To, To The National Stock Exchange of India Ltd. Department of Corporate Services, Exchange Plaza, BSE Limited, Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex Dalal Street, Fort, Bandra (E), Mumbai - 400 051. Mumbai - 400 001. Scrip Code No. VADILALIND-EQ Scrip Code: 519156 Dear Sir, Subject: Intimation regarding Credit Ratings under Regulation 30 of the SEBI (LODR) Regulations, 2015 Pursuant to Regulation 30 of SEBI (Listing Obligation & Disclosures Requirements) Regulation, 2015, we wish to intimate you that India Ratings and Research (Ind-Ra) has given the following issuer rating to the Company. The instrument wise rating actions are as follows: Instrument Type Rating Rating Action Fund-based Working Capital limit IND A+/Positive Upgraded Term loan IND A+/Positive Upgraded Non-Fund-based working capital limit IND A1+ Upgraded Please take the same on your records. Thanking you, For VADILAL INDUSTRIES LIMITED Rashmi Bhatt Company Secretary & Compliance Officer Mr. Anil Kabra Vadilal Industries Limited 1, Vadilal House, Shrimali Society, Navrangpura, Ahmedabad - 380009 July 10, 2026 Dear Sir/Madam, Re: Rating Letter for BLR of Vadilal Industries Limited India Ratings and Research (Ind-Ra) has upgraded Vadilal Industries Limited’s (VIL) bank loan facilities to ‘IND A+’ from ‘IND A-’. The Outlook is Positive. The detailed rating actions are as follows: Historical Instrument Type Size of Issue (INR Rating Assigned with Rating Action Rating/Outlook as on million) Outlook/Watch 10 April 2025 Bank loan facilities INR1,814.90 IND A+/Positive/IND A1+ Upgraded IND A-/Stable/ IND Bank loan facilities INR2,185.10 IND A+/Positive/IND A1+ Assigned - In issuing and maintaining its ratings, India Ratings relies on factual information it receives from issuers and underwriters and from other sources India Ratings believes to be credible. 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If we can be of further assistance, please email us at infogrp@indiaratings.co.in Sincerely, India Ratings Mahaveer Shankarlal Director VadilalIndustriesLimited 10-July-2026 Annexure: Facilities Breakup Instrument Description Bank Name Ratings Outstanding/Rated Amount(INR million) Fund Based Working Capital Limit ICICI Bank IND A+/Positive 750.00 Fund Based Working Capital Limit IDBI Bank IND A+/Positive 250.00 Fund Based Working Capital Limit IndusInd Bank Limited IND A+/Positive 250.00 Non-Fund Based Working Capital Limit IDBI Bank IND A1+ 50.00 Term loan ICICI Bank IND A+/Positive 351.00 Term loan IndusInd Bank Limited IND A+/Positive 207.00 Fund-based working capital limits HDFC Bank Limited IND A+/Positive 300.00 Term loan HDFC Bank Limited IND A+/Positive 1200.00 Term loan ICICI Bank IND A+/Positive 500.00 Proposed- Fund/Non-Fund Based Working Capital Limit NA IND A+/Positive/IND A1+ 142.00 Annexure: List of instrumen [Showing first 8,000 characters — download PDF for full document]