Credit Rating

KPI/MAT/SEP/2026/831 Date: September 16, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai - 400001 Bandra (E), Mumbai - 400051 Scrip Code: 542323 Symbol: KPIGREEN Sub.: Intimation under Regulation 30 - Reaffirmation of credit ratings of the Company by CRISIL Ratings Limited Dear Sir/Madam, With reference to the captioned subject and pursuant to Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CRISIL Ratings Limited has reaffirmed the credit ratings of the Company for its Non-Convertible Debentures (NCDs). The summary of rating action is as under: Credit Rating – Non-Convertible Debentures (NCDs) Rated Amount Instrument Rating Action (Rs.in crore) Crisil AA+ (CE) (Stable); Non-convertible debentures (NCD) 670.00 reaffirmed TOTAL 670.00 The rating rationale letter issued by Crisil, dated September 15, 2026, is annexed herewith Request you to please take the same on your record. Thanking you, For KPI Green Energy Limited Moh. Sohil Yusuf Dabhoya Whole Time Director DIN: 07112947 16/09/2026, 12:13 Rating Rationale Rating Rationale September 15, 2026 | Mumbai KPI Green Energy Limited Rating Reaffirmed Rating Action Name Of Instrument Rating Outstanding with Outlook Regulator of the instrument Rs.670 Crore Non Convertible Crisil AA+ (CE) /Stable (Reaffirmed) SEBI Debentures 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 reaffirmed its 'Crisil AA+ (CE) /Stable' rating on the Rs.670 crore non convertible debentures (NCDs) issued by KPI Green Energy Limited (KPI). KPI issued Rs 670 crore of NCDs in September 2025. The NCDs have quarterly repayment of principal and interest. The door-to-door tenure of the instrument is 60 months from the issuance. As after September 2026 payouts, the outstanding principal is Rs 572.85 crore. The amortisation has resulted in build-up of guarantee from 65% of issuance size to 76% of principal outstanding. This guarantee is unconditional and irrevocable and legally enforceable. The maximum guaranteed amount is fixed till the value covers future principal and 90 days interest on future principal. At that stage, the guarantee can be reset to this aforesaid value. Based on the scheduled repayments, guarantee can be reset post first 11 quarter of payouts. Collection and payout account (CPA) is opened by the debenture trustee for the purpose of receiving all payments from the issuer related to these debentures. The issuer has provided Debt Service Reserve Account (DSRA) in the form of fixed deposit (FD) with lien and set-off marked in favour of the debenture trustee. This DSRA is rolling and equivalent to the sum of the immediately next quarter of interest and principal payable to the debenture holders. Additionally, the issuer has also made available a security deposit in the form of a fixed deposit of Rs 100 crore, which is lien marked in favour of the debenture trustee. DSRA and security deposit, to the extent defined above, will be shifted to the CPA within three business days of occurrence of defined Events of Non-Compliance (EONC; refer to EONC section under list of covenants). Hence, DSRA and security deposit amounts available in CPA are expected to provide support to the debenture holders with limited linkage to the issuer in case of default. Additionally, upon the occurrence of EONC, issuer shall top-up the DSRA immediately with new DSRA balance being following two quarters of principal and interest payable to debentures with lien and set-off marked in favour of the debenture trustee. In case there is no utilisation of the guarantee and no EONC, the security deposit amount will reduce prorate with amortisation of the guarantee amount once the guarantee covers future principal and 90 days interest on future principal. Debentures are also secured by first ranking, exclusive floating charge over the receivables and all cash inflows pertaining to (i) specified fixed assets of 110 megawatt (MW) of revenue generating IPP (Independent power producing) project of the issuer; (ii) specified fixed assets with capacity of 24.7 MW of revenue generating IPP project of KPIG Energia Pvt Ltd; (iii) specified fixed assets with capacity 10 MW of revenue generating IPP project of KPARK Sunbeat Pvt Ltd. Entities mentioned in (ii) and (iii) are wholly owned subsidiaries of KPI. These cashflows form part of the security pool and are routed through separate escrow accounts operated by the debenture trustee/security trustee. Issuer shall through this security pool, maintain security cover of at least 1.2 times of the outstanding principal and unpaid interest on the debentures and guarantee amount utilized and not replenished. Additionally, debentures are also secured by first ranking exclusive charge over DSRA and security deposit, escrow accounts and personal guarantee of Dr. Faruk Patel who is the Chairman and Managing Director of KP group of companies. In case of EONC occurrence, the cashflows in escrow accounts will get trapped and not flowback to the issuer until the EONC is cured and confirmed as such by the debenture trustee and the guarantor. These cashflows lying in the escrow accounts can be utilized by the debenture trustee, if required, to meet the payments to debenture holders. Post that, balance escrow https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/KPIGreenEnergyLimited_CreditRating_29_07_2025_168556283_September 15_… 1/10 16/09/2026, 12:13 Rating Rationale cashflows will be apportioned in the following order - replenishment of DSRA in CPA to the extent utilized, replenishment of security deposit in CPA, replenishment of guarantee amount, replenishment of DSRA and security deposit in the form of FD kept outside the CPA and payment of guarantee fees/ or guarantee utilisation interest due but unpaid. In case of Events of Default (EOD; refer to EOD section under List of covenants), all outstanding payments become due and payable to debenture holders by 90th day from EOD notice or acceleration notice to guarantor or 1 (one) day prior to the original maturity date of the debentures, whichever is earlier. In the absence of the above structural features, the rating of the NCDs would have been the same as rating of the Issuer. Analytical Approach and rating assumptions Crisil Ratings has analysed the credit quality of the issuer and structural features envisaged as part of the issuance. Consequently, in addition to the cashflows from the issuer (including recovery post default, if any), DSRA, security deposit and unconditional, irrevocable and legally enforceable foreign partial guarantee provided by GuarantCo Ltd extend support to the debenture payments. These aspects have been factored by Crisil Ratings in its rating analysis Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation Key Rating Drivers & Detailed Description Strengths: Total support available in the structure NCDs are secured by first ranking, exclusive floating charge over the receivables and all cash inflows pertaining to (i) specified fixed assets [between 110 MW of revenue generating IPP of the issuer; (ii) specified fixed assets with capacity 24.7 MW of revenue generating IPP of KPIG Energie Pvt Ltd; (iii) specified fixed assets with capacity 10 MW of revenue generating IPP of KPARK Sunbeat Pvt Ltd. Additionally, payments to NCDs holders are supported by rolling DSRA, equal to immediately next quarter’s interest and principal payable to the debenture holde [Showing first 8,000 characters — download PDF for full document]