Credit Rating- Others

RAMA STEEL TUBES LT O. Manufacturers 8: Exporters: ERW Steel Tubes (Black 8: Galvanised) CIN: L2720lDL1974PLC007114I AN ISO 9001: 2015 CO. RAMA Corp. Office: Ground 8: Fourth Floor, A-98, Sector 136, Noida, Uttar Pradesh-201301 '" +91-120-4688766 BUILD WITH TRUST Date: July 13, 2026 The Manager -Listing The Secretary National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Bandra Kurla Complex, Corporate Relationship Dept., Bandra (East), P.J. Towers, Dalal Street, Mumbai - 400051 Mumbai - 400 001 Symbol: RAMASTEEL Scrip Code: 539309 Re: Disclosure under Regulation 30 of the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations. 2015 as amended. Dear Sir/Madam, Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEB! Listing Regulations"), we wish to inform that at the request of the Company and based on the no-objection certificate received from the bankers, ICRA Limited ("ICRA") has withdrawn the rating assigned to the Company's Long-term Fund based Cash Credit and Short Term Fund based Cash Credit in accordance with rCRA's policy on withdrawal of ratings. The communication received from rCRA Limited is attached for your kind reference. The above information is available on the website of the Company. This is for your kind information and necessary records. Thanking You, Yours Faithfully For Rama Steel Tubes Limited Vikas Sharma Company Secretary and Compliance Officer Encl : As above Regd. Office: Office No.1 8: 2, A-15, 3rd Floor, Swasthya Vihar, New Delhi -110092 '" +91-11-41645537 info@ramasteel.com www.ramasteel.com July 13, 2026 Rama Steel Tubes Limited: Ratings withdrawn Summary of rating action Previous rated amount Current rated amount Financial Instrument* Rating action (Rs. crore) (Rs. crore) sector regulator# [ICRA]BB+; Rating Watch Long-term Fund-based – 80.00 80.00 with Developing RBI Cash credit Implications; Withdrawn [ICRA]A4+; Rating Watch Short -term – Non-Fund 30.00 30.00 with Developing RBI based - ILC/FLC and BG Implications; Withdrawn Total 110.00 110.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rationale ICRA has withdrawn the ratings assigned to the bank facilities of Rama Steel Tubes Limited at the company’s request and based on the no objections certificate (NOC) received from the bankers, and in accordance with ICRA’s policy on withdrawal. ICRA does not have information to suggest that the company’s credit risk has changed since the time the ratings were last reviewed. The key rating drivers, liquidity position, rating sensitivities have not been captured as the ratings are being withdrawn. The previous detailed rating rationale is available at the following link: Click here Analytical approach Analytical Approach Comments Corporate Credit Rating Methodology Applicable Rating Methodologies Iron & Steel Policy on Withdrawal of Credit Ratings Parent/Group Support Not applicable For arriving at the ratings, ICRA has considered the consolidated financials of RSTL, details Consolidation/Standalone of which have been enlisted in Annexure II. About the company Incorporated in 1974 by Mr. Harbans Lal Bansal and currently managed by his son, Mr. Naresh Kumar Bansal and grandson Mr. Richi Bansal, RSTL manufactures and trades steel tubes and pipes and galvanised iron pipes. RSTL’s product range includes MS ERW black pipes of 15 mm-200 mm diameter and galvanised iron pipes of 15 mm-150 mm NB in light, medium and heavy sizes. RSTL has a subsidiary in the UAE and a step-down subsidiary in Nigeria. In July 2022, the company further had acquired a stake in M/s Ashoka Infrasteel and Hagar Mega Mart Pvt. Ltd. However, the company sold 32.4% stake in Hagar Mega Mart Private Limited in March 2024 and further 17.6% stake on May 31, 2024, after completion of above disinvestment, M/s Hagar Mega Mart Private Limited ceased to be Associate of the Company w.e.f. March 06, 2024. RSTL has four manufacturing facilities located at Sahibabad (Uttar Pradesh), Khopoli (Maharashtra) and Anantpur (Andhra Pradesh) with a total production capacity of 2,94,000 MTPA as on March 31, 2025. www.icra.in Sensitivity Label : Restricted Page Key financial indicators (audited) FY2024 FY2025 FY2026* Operating income 1,046.5 1,048.1 1,124.1 PAT 29.3 22.1 10.5 OPBDITA/OI 5.7% 2.8% 1.5% PAT/OI 2.8% 2.1% 0.9% Total outside liabilities/Tangible net worth (times) 1.1 1.0 0.8 Total debt/OPBDITA (times) 2.4 3.1 7.6 Interest coverage (times) 2.8 2.5 1.4 Source: Company, ICRA Research; All ratios as per ICRA’s calculations; Amount in Rs. Crore; *Results PAT: Profit after tax; OPBDITA: Operating profit before depreciation, interest, taxes and amortisation Status of non-cooperation with previous CRA: Not applicable Any other information: None www.icra.in Sensitivity Label : Restricted Page Rating history for past three years Current rating (FY2027) Chronology of rating history for the past 3 years Amount FY2026 FY2025 FY2024 Instrument Type rated July 13, 2026 Date Rating Date Rating Date Rating (Rs. crore) Rating Watch Fund-based- Long Dec 22, Rating Watch Mar 21, [ICRA]BBB- Jan 12, [ICRA]BBB 80.00 with Developing cash credit Term 2025 with Developing 2025 (Stable) 2024 (Stable) Implications; Implications Withdrawn Rating Watch Non-fund Short Dec 22, Rating Watch Mar 21, Jan 12, 30.00 with Developing [ICRA]A3 [ICRA]A3+ based-Others Term 2025 with Developing 2025 2024 Implications; Implications Withdrawn Complexity level of the rated instruments Instrument Complexity indicator Long-term fund-based – Cash credit Simple Short -term – Non-fund based - ILC/FLC and BG Simple The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural, transactional or legal aspects. Details on the complexity levels of the instruments are available on ICRA’s website: Click here www.icra.in Sensitivity Label : Restricted Page Annexure I: Instrument details Amount Date of Coupon Current rating and Financial ISIN Instrument name Maturity rated issuance rate outlook sector regulator# (Rs. crore) [ICRA]BB+; Rating Watch Long-term Fund-based – NA - - - 80.00 with Developing RBI Cash credit Implications; Withdrawn [ICRA]A4+; Rating Watch Short -term – Non-Fund NA - - - 30.00 with Developing RBI based - ILC/FLC and BG Implications; Withdrawn Source: Company #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Please click here to view details of lender-wise facilities rated by ICRA Annexure II: List of entities considered for consolidated analysis Company name Ownership Consolidation Approach Rama Steel Tubes Limited 100% (rated entity) Full Consolidation Lepakshi Tubes Private Limited 100% Full Consolidation Rama Defence Private Limited 100% Full Consolidation RST International Trading FZE 100% Full Consolidation RST Industries Limited 51% Full Consolidation Bigwin Buildsys Coated Pvt. Ltd.^ 24.81% Equity Method Oram Green Energy Limited 40% Equity Method M/s Ashoka Infrasteel, Partnership Firm 51% Full Consolidation Source: Company ^24.81% share hold by Rama Steel Tubes Limited (w.e.f. 29.04.2025 till 27.03.2026) w.e.f.28.03.2026, share reduced t [Showing first 8,000 characters — download PDF for full document]