Credit Rating

September 15, 2026 To, To, Listing Department, The National Stock Exchange of BSE Limited India Ltd. Phiroze Jeejeebhoy Towers, The Listing Department Dalal Street, Exchange Plaza, Mumbai – 400 001 Bandra – Kurla Complex, Ref: BSE Scrip Code: 544497 Mumbai – 400051, NSE Scrip Code: AHCL Sub: Intimation under Regulations 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 Respected Sir/Madam, In terms of Regulation 30 and any other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that following credit ratings have been assigned to the Anlon Healthcare Limited (“Company”) by Brickwork Ratings (BWR): Facilities / Tenure Amount Rating Rating Regulator Instruments (₹ Action Crore) Fund Based Long 23.60 BWR Assignment RBI Term BBB /Stable The said rationale was published by Brickwork Ratings (BWR) on their website i.e. www.brickworkratings.com. The said ratings/rationale was received by the Company on September 15, 2026 at 11:00 a.m. (IST) and is also available on the website of the Company i.e. www.anlon.in and credit rating certificate is also enclosed herewith. You are requested to kindly take the above information on record. Thanking You. For ANLON HEALTHCARE LIMITED PUNITKUMAR RASADIA MANAGING DIRECTOR DIN: 06696258 ANLON HEALTHCARE LIMITED CIN No.: U24230GJ2013PLC077543 REGISTERED OFFICE: 101/102, Silver Coin Complex, Opp. Crystal Mall, Kalawad Road, Rajkot- 360005, Gujarat (INDIA) PHONE NO.: +91-7069690081/82 | Email: info@anlonhealthcare.com | www.anlon.in Rating Rationale Anlon Healthcare Ltd.(Erstwhile Anlon Healthcare Pvt. Ltd.) SUMMARY OF RATING ACTION Facilities / Instruments Tenure Amount ( ₹ Crore) Rating Rating Action Regulator Fund Based Long Term 23.60 BWR BBB /Stable Assignment RBI Total 23.60 Note: 1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings 2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated RATING ACTION / OUTLOOK Brickwork Ratings has assigned a long-term rating of BWR BBB/Stable to the bank loan facilities of Rs.23.60 crore of Anlon Healthcare Ltd.(Erstwhile Anlon Healthcare Pvt. Ltd.). The rating factors in the management's extensive experience in the pharmaceutical industry, significant growth in scale of operations, improved profitability margins, a robust capital structure with low leverage, and healthy debt-coverage metrics. However, the rating is constrained by intense market competition, strict regulatory compliance risks (including quality norms and government price controls) The rating outlook has been assigned as "Stable" as BWR believes that Anlon Healthcare Ltd.(Erstwhile Anlon Healthcare Pvt. Ltd.)'s business risk profile will be maintained over the medium term. The 'Stable' outlook indicates a low likelihood of a rating change over the medium term. The rating outlook may be revised to 'Positive' in case the revenue and profitability margins show sustained improvement. The rating outlook may be revised to 'Negative' if the financial risk profile goes down. KEY COVENANTS OF THE INSTRUMENT/FACILITY The terms of sanction include covenants normally stipulated for such facilities. ANALYTICAL APPROACH & APPLICABLE RATING CRITERIA Analytical Approach Comments General Criteria Approach to Financial Ratios Applicable Rating Criteria Manufacturing Companies Parent/Group/Government Support For arriving at its ratings, BWR has considered the standalone approach for the company. BWR has applied its Analytical Approach rating methodology as detailed in the rating criteria. (Standalone) KEY RATING DRIVERS WITH DETAILED DESCRIPTION Credit Strengths: Management Experience : The company is led by Mr. PunitKumar Rameshbhai Rasadia (Managing director, aged 40 years) is a Post Graduate with 16 years of experience. Mr.Meet Atulkumar Vachhani (Whole time Director, aged 46 years) has 20+ years of experience, Ms.Mamata PunitKumar Rasadia (Non-Executive Director, aged 39 years) is a post graduate with 2 years of experience). The Board is strengthen by indipendent Directors including Mr. Krishna Murty Kannepalli (aged 70 years), a CA with 25 years of experience, Mr. Anandbhai Natwarlal Katkoria (aged 70 years) with 36 years of experience, Mr.Kishan Vinodkumar Raja (aged 39 years ) a CA with 14 years of experience. The Key managerial personnel include Ms.Amita Chhaganbhai Pragada (Company Secretary, aged 37 years) with 7 years of experience and Mr.Naimish Dilipbhai Bhatt (Chief Financial Officer, aged 39 years) with 18 years of experience. Overall the management team's combined expertise and experience support effective governance and operational efficiency of the company. Established Customer Base & Diversified product portfolio : Long-term relationships with domestic and export clients including formulation companies, provide revenue visibility and stability. Presence across multiple bulk drugs and intermediates reduces dependency on a single product and mitigates concentration risk. Moderate Financial risk : For FY26, the company reported an operating income of Rs. 176.54 Cr and a PAT of Rs. 27.81 Cr. During the same period, its net worth stood at Rs. 209.77 Cr, with Total Debt/TNW and TOL/TNW ratios of 0.22x and 0.45x, respectively. Liquidity and coverage remained stable, featuring a current ratio of 2.57x, an ISCR of 10.67x, and a DSCR of 5.45x. Anlon Healthcare Limited successfully completed its Rs. 121.03 crore IPO in late August 2025, drawing high investor demand with an overall subscription rate over 7x (led by retail at 47x). By listing on the BSE and NSE on September 3, 2025, the company effectively secured the growth capital needed to clear debt, expand manufacturing, and scale its API operations. Credit Risks: Regulatory Risk : The pharmaceutical industry operates under stringent regulatory frameworks across domestic and international markets. Any non compliance with standards such as GMP or adverse observations from regulatory authorities can result in warning or suspension of manufacturing facilities. This can severely impact revenues, reputation and export opportunities. Technological Obsolescence Risk : Rapid advancements in pharmaceutical process and continuous innovation requirements may render existing products or manufacturing process less competitive. Failure to invest adequately in research and development can impact long-term growth in market position. RATING SENSITIVITY FACTORS Going forward, the ability of the company to improve its operational scale, profitability, strengthen liquidity, and credit profile would be the key rating sensitivities. Positive: The rating may be upgraded if the company achieves the projected revenues more than 270 Crs for FY2027, while improving net profitability margins over 18%, along with an improvement in its liquidity profile. Improvement in the leverage ratios and maintaining the current ratio at a satisfactory level. Negative: The ratings could be downgraded if there is a decline in the revenue & profit margins below 10%. Increase in the overall gearing and weakening of the debt protection metrics. LIQUIDITY POSITION - Strong Strong liquidity characterized by a sufficient cushion in accruals vis-a-vis repayment obligations and a moderate cash and bank balance of Rs.3.41 Crore. Its bank limits are utilized to the extent of 76.74% & supported by the above unity current ratio. The company recorded net cash accruals of Rs. 30.92 Cr as against the CPLTD of Rs. 1.80 Cr in FY2026. The company has Rs.3.41 Cr of Cash and Bank Balance and Rs. 209.77 Cr of Tangible Net Worth in FY 2026. The current ratio of the company stood at 2.57 times in FY 2026, indicating that the company has enough short-term liquidity to meet its short-term obligations. ISCR and DSCR stood at 10.67 times and 1.03 times, respectively, in FY 2026, reflecting adequate capacity to [Showing first 8,000 characters — download PDF for full document]