Credit Rating- Revision

13th July, 2026 The Manager, The Manager, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra-Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 BSE Scrip Code: 544320 NSE Symbol: CARRARO Sub.: Intimation of credit rating by India Ratings and Research Pvt. Ltd. Ref.: Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). Dear Sir/Madam, Pursuant to above-referred regulation, we are pleased to inform that India Ratings and Research Pvt. Ltd. (a Fitch Group company), a credit rating agency registered with the Securities and Exchange Board of India, vide their communication dated 13th July, 2026 has revised the Outlook on Carraro India Limited’s (CIL) bank loan facilities to Positive from Stable while affirming the rating at ‘IND A+’ and upgraded the short-term rating to ‘IND A1+’. The instrument-wise rating actions are as follows: (INR in million) Credit Facility rated Aggregate amount of Rating for FY Rating for FY Rating Credit facility 2025-26 2026-27 Action Long Term Credit Facilities: 846.25 Outlook Long term facility IND A+/ Stable IND A+/ Positive (reduced from 1,292.10) Upgraded Proposed Term facility 800.00 - IND A+/ Positive Assigned (Unallocated) Short Term Credit Facilities: Outlook Fund based WCL 1,490.00 IND A+/ Stable IND A+/ Positive Upgraded Non-fund based WCL 580.00 IND A1 IND A1+ Upgraded Note: WCL stand for Working Capital Limits. Request you to kindly take this intimation on record. Thanking you, Yours faithfully, For Carraro India Limited Mohith Kumar Khandelwal Company Secretary and Compliance Officer Membership No.: F11243