Credit Rating

September 09 ,2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department The Listing Department, 25th Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra- Kurla Complex, Bandra (East), Mumbai - 400 001. Mumbai - 400 051. BSE Scrip Code: 524000 NSE Symbol: POONAWALLA Dear Sir / Madam, Subject: Intimation of credit ratings of Poonawalla Fincorp Limited (“the Company”) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This has reference to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (“SEBI Listing Regulations”). In accordance with the said SEBI Listing Regulations, we are pleased to inform that CRISIL Ratings Limited (‘CRISIL’) has assigned/re-affirmed rating on the Company’s instrument(s) as per details given below: Instruments Amount (Rs. In Crore) Rating* Total Bank Loan Facilities Rs.19785 Crore (Enhanced from CRISIL AAA/Stable (Reaffirmed) Rs.15285 Crore) Long-term rating Total Bank Loan Facilities CRISIL A1+ (Reaffirmed) Short-term rating Subordinated Debt Rs. 600 Crore CRISIL AAA/Stable (Assigned) Non-convertible debentures Rs. 9000 Crore CRISIL AAA/Stable (Assigned) Non-convertible debentures Rs. 10000 Crore CRISIL AAA/Stable (Reaffirmed) Non-convertible debentures Rs. 2375 Crore CRISIL AAA/Stable (Reaffirmed) Non-convertible debentures Rs. 7750 Crore CRISIL AAA/Stable (Reaffirmed) Non-convertible debentures Rs. 6700 Crore CRISIL AAA/Stable (Reaffirmed) Perpetual Bonds Rs. 171.4 Crore CRISIL AA+/Stable (Reaffirmed) Perpetual Bonds Rs. 16.9 Crore CRISIL AA+/Stable (Reaffirmed) Perpetual Bonds Rs. 1500 Crore CRISIL AA+/Stable (Reaffirmed) Subordinated Debt Rs. 1715 Crore CRISIL AAA/Stable (Reaffirmed) Subordinated Debt Rs. 140 Crore CRISIL AAA/Stable (Reaffirmed) Commercial Paper Rs. 7500 Crore CRISIL A1+ (Reaffirmed) Non-convertible debentures Rs. 575 Crore Withdrawn Perpetual Bonds Rs. 4.7 Crore Withdrawn Rating Rationale dated September 09, 2026, issued by CRISIL Ratings Limited in this behalf is attached herewith. Kindly take the above intimation on record. Thanking You, Yours faithfully, For Poonawalla Fincorp Limited Shabnum Zaman Company Secretary ACS-13918 Encl: as above *Please refer to the CRISIL website Crisil Ratings Limited for the definition of ratings. Classification | INTERNAL 9/9/26, 10:02 PM Rating Rationale Rating Rationale September 09, 2026 | Mumbai Poonawalla Fincorp Limited 'Crisil AAA/Stable' assigned to Non Convertible Debentures and Subordinated Debt; Rated amount enhanced for Bank Debt Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.19785 Crore (Enhanced from Rs.15285 Crore) Instrument Long Term Rating Crisil AAA/Stable (Reaffirmed) RBI Short Term Rating Crisil A1+ (Reaffirmed) RBI Rs.600 Crore Subordinated Debt Crisil AAA/Stable (Assigned) SEBI Rs.9000 Crore Non Convertible Crisil AAA/Stable (Assigned) SEBI Debentures Rs.10000 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs.2375 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs.7750 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs.6700 Crore Non Convertible Crisil AAA/Stable (Reaffirmed) SEBI Debentures Rs.171.4 Crore Perpetual Bonds Crisil AA+/Stable (Reaffirmed) MCA Rs.16.9 Crore Perpetual Bonds Crisil AA+/Stable (Reaffirmed) SEBI Rs.1500 Crore Perpetual Bonds Crisil AA+/Stable (Reaffirmed) SEBI Rs.1715 Crore Subordinated Debt Crisil AAA/Stable (Reaffirmed) SEBI Rs.140 Crore Subordinated Debt Crisil AAA/Stable (Reaffirmed) MCA Rs.7500 Crore Commercial Paper Crisil A1+ (Reaffirmed) RBI Rs.575 Crore Non Convertible Debentures Withdrawn SEBI Rs.4.7 Crore Perpetual Bonds Withdrawn SEBI 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 assigned its ‘Crisil AAA/Stable’ rating to Rs 9000 crore non convertible debentures and Rs 600 crore subordinate debt of Poonawalla Fincorp Limited (PFL). Crisil Ratings has also reaffirmed its ‘Crisil AAA/Crisil AA+/Stable/Crisil A1+’ ratings on the existing bank facilities and debt instruments of PFL. Crisil Ratings has also withdrawn its rating on non-convertible debentures of Rs 1125 crore and perpetual debt of Rs 14.7 crore on redemption. Crisil Ratings has received independent confirmation that these instruments are fully redeemed. This is in line with Crisil Ratings' rating withdrawal policy. The ratings continue to be driven by the strategic importance and expectation of support from, Rising Sun Holdings Private Limited (RSHPL; which holds 59.02% stake in PFL, as on June 30, 2026), an investment holding company of the Cyrus Poonawalla promoter group owned and controlled by Mr Adar Poonawalla. The promoter’s flagship company is Serum Institute of India Private Limited (SIIPL; rated 'Crisil AAA/Stable/Crisil A1+'). SIIPL infused about Rs ~7,367 crore in the form of compulsorily convertible cumulative preference shares (CCPS) in RSHPL till March 31, 2025. This capital was used to infuse funds in various businesses of the group including PFL. The foray into financial services business through PFL is in line with the group's focus on domestic consumption as a key theme in their growth philosophy. PFL will play a key role through which this strategy will be implemented in the areas of interest of the group i.e., consumer and MSME (micro, small and medium enterprises) financing through ‘phygital’ model, combination of ground level presence and AI focused tech led model. The rating also factors in the expectation of continued support demonstrated by articulation of RSHPL’s intention to (i) maintain majority shareholding in PFL and retain management control, (ii) provide equity capital to support growth and manage risk, if and when https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PoonawallaFincorpLimited_September 09_ 2026_RR_402953.html 1/13 9/9/26, 10:02 PM Rating Rationale required and (iii) maintain strategic linkages and management oversight so that, among others, PFL conducts its business in a manner such that it honors its stakeholder obligations in a timely manner. Crisil Ratings believes that PFL will remain of high strategic importance to RSHPL, given the majority shareholding in PFL. Crisil Ratings also notes that there is a strong management oversight for the company to conduct its business, with Mr. Adar Poonawalla being the non-executive chairman of the board, thereby ensuring active involvement in the group-level strategies. Additionally, PFL’s shared brand name with the promoter further enhances the expectation of support to the financial services entity if required. The ratings also continue to factor in the company’s healthy capitalization, diversified product offerings and resource profile with competitive cost of borrowings and experienced senior management. The strengths are partially offset by the lack of seasoning of the recent portfolio and demonstration of sustainability of the earnings profile. The rating on the perpetual bonds continues to reflect the extent of buffer over the regulatory capital adequacy requirements, and high financial flexibility due to the ownership of RSHPL, an investment holding company of the Cyrus Poonawalla promoter group, owned and controlled by Mr. Adar Poonawalla. Crisil Ratings believes that it will continue to maintain adequate capitalisation. Analytical Approach Crisil ratings have evaluated the standalone credit risk profile of PFL. Further, the ratings factor in the continued expectation of need based timely support to PFL from RSHPL, an investment holding company of the Cyrus Poonawalla promoter group, owned and controlled by Mr. [Showing first 8,000 characters — download PDF for full document]