Credit Rating- Revision

Date: September 16, 2026 To, To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G-Block Bandra Phiroze Jeejeebhoy Towers Dalal Street Mumbai – Kurla Complex, Bandra (E) Mumbai – 400 051 400001 Trading Symbol: CEINSYS Scrip Code: 538734 Subject: Intimation of revision of Credit Ratings under the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. Dear Sir /Madam, With reference to the above-mentioned subject and pursuant to Regulation 30 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Care Ratings Limited, a Credit Rating Agency, has revised the ratings for the following facilities of the Company: Amount Facilities/Instruments Ratings Rating Action (Rs. Crore) Upgraded from 80.00 CARE BBB+; Long Term Bank Facilities CARE BBB; (Enhanced from 20.00) Stable Positive Upgraded from Short Term Bank Facilities 80.00 CARE A3+ CARE A3 160.00 (Rupees One Hundred and TOTAL Sixty Crore only) The Press Release dated September 16, 2026, issued by the credit rating agency is enclosed herewith. This is for your information and records. Thanking You, For Ceinsys Tech Limited Pooja Karande Company Secretary & Compliance Officer Place: Nagpur Encl: As above Ceinsys Tech Ltd. Registered Office: 10/5, IT Park, Nagpur-440022. Maharashtra, India I CIN: L72300MH1998PLC114790 info@cstech.ai I EPABX: +91 712 2249033/358/930 Fax: +91 712 2249605 www.cstech.ai Press Release Ceinsys Tech Limited September 16, 2026 Name of the Facilities/Instruments Amount (₹ crore) Rating2 Rating Action Regulator1 80.00 CARE BBB+; Upgraded from CARE BBB; Long-term bank facilities RBI (Enhanced from 20.00) Stable Positive Short-term bank facilities RBI 80.00 CARE A3+ Upgraded from CARE A3 Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Upgrade in ratings to bank facilities of Ceinsys Tech Limited (CTL) factors in improvement in its scale of operations and profitability in FY26 (refers to period April 01 to March 31). Capital structure also strengthened in the year, supported by an improvement in the net worth base following the receipt of balance 75% amount (₹130.03 crore) against preferential issue of share warrants. Ratings further continue to derive strength from CTL’s long track record of operations, experienced management, moderate order book position and adequate liquidity position. However, rating strengths continue to remain constrained by concentrated order book, working capital intensive operations and presence in a highly competitive industry. CARE Ratings Limited (CareEdge Ratings) takes note of the sizeable increase in unbilled revenue as on March 31, 2026. Timely billing and collection of receivables will remain a key rating monitorable. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Total operating income (TOI) above ₹900 crore annually while maintaining profitability at current level. • Improvement in gross current asset (GCA) to less than 200 days. Negative factors • Decline in TOI below ₹500 crore and deterioration in profit margins on a sustained basis. • Elongation in collection period (including unbilled revenue) beyond 250 days resulting in deterioration in liquidity position. Analytical approach: Consolidated CareEdge Ratings has considered consolidated financials of CTL. Consolidated approach factors in significant management, operational and financial linkages between CTL and its subsidiaries and step-down subsidiaries. Subsidiaries consolidated are listed under Annexure-5. Outlook: Stable ‘Stable’ outlook reflects CareEdge Ratings’ expectation that CTL will continue to maintain its financial risk profile in the medium term. Detailed description of key rating drivers Key strengths Improved scale of operations and healthy profitability In FY26, CTL’s consolidated TOI grew by ~59% to ₹662.73 crore (PY: ₹418.06 crore), driven by higher inflow and execution of orders. Standalone TOI also improved by ~59% to ₹637.20 crore in FY25 (PY: ₹399.73 crore). CTL’s ‘Geospatial and Engineering Services’ business vertical grew by ~76% and ‘Technology Solutions’ segment grew by ~41% in FY26. CTL reported TOI of ₹162.68 crore in Q1FY27 (refers to April 01 to June 30). Growth momentum is expected to persist, fuelled by the execution of ongoing and future orders. CareEdge Ratings also takes note of the sizeable increase in unbilled revenue from ₹133.76 crore as on March 31, 2025 (32% of TOI) to ₹318.60 crore as on March 31, 2026 (48% of TOI). Timely billing and collection of these will be a key rating monitorable. 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 Consolidated profit before interest, lease rentals, depreciation and taxation (PBILDT) margin improved to 22.85% in FY26 (PY: 19.19%) primarily due to better operating efficiency and stable employee costs. Profit after tax (PAT) margin also improved to 20.13% in FY26 (PY: 15.13%). Profitability is expected to remain healthy in the medium term. Improvement in capital structure and debt coverage indicators CTL’s debt profile mainly comprises of working capital borrowings, term loan, advances from customers and lease liabilities. As on March 31, 2026, CTL’s capital structure improved and remained comfortable with an overall gearing of 0.09x (PY: 0.13x) due to improvement in net worth base. CTL’s net worth base improved to ₹646.27 crore as on March 31, 2026 (PY: ₹385.69 crore), with accretion of profit to reserves and inflow of ~₹130 crore through balance 75% funds received against preferential issue of share warrants. In FY26, debt coverage indicators also improved and remained comfortable with total debt to gross cash accruals of 0.43x (PY: 0.74x) and interest coverage of 23.08x (PY: 20.52x). In the absence of debt funded capex, capital structure and debt coverage indicators are expected to remain comfortable in the medium term. Moderate order book position As on July 31, 2026, CTL has an outstanding orderbook of ₹977 crore, translating to an orderbook to TOI of 1.47x of FY26. This indicates revenue visibility in the near term. Majority contracts are secured from state governments, municipal bodies and public sector units, with a few from corporate entities. CTL is likely to benefit from the government’s focus on areas such as urban development, water management and energy security. CTL’s ability to efficiently execute and sustain its order book will remain a key monitorable. Well-established track record and extensive experience of management in the industry CTL has a track record of over two decades in the industry, offering geographic information system (GIS) and engineering solutions. CTL specialises in designing, capturing, storing, mapping, analysing and managing all types of geographical data. CTL is promoted by Sagar Meghe (Chairman and Director) and is jointly managed by Abhay Kimmatkar (Managing Director) and Kaushik Khona (Managing Director, India Operations). Both are well-qualified and experienced professionals. The company has a diverse team of engineers across multiple disciplines with significant experience in different industries, tools/platforms and project management methodologies. CareEdge Ratings has observed CTL witnessed frequent changes in its key managerial team (including CEO and CFO) in the last three years. However, statutory audit reports have not highlighted any adverse observations relating to corporate governance. While operational stability has been maintained, strengthening the senior management bandwidth in a timely manner remains important to support effective business oper [Showing first 8,000 characters — download PDF for full document]