Credit Rating- Others

INDUSTRIES LTD. CIN: L2 4111UR1985PLC015063 Date: 25th September 2026 BSE Limited (BSE) National Stock Exchange of India Limited (NSE) Department of Corporate services Exchange Plaza, Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Dalal Street, Mumbai – 400001 Bandra (E), Mumbai – 400051 Scrip Code: 500136 Symbol: ESTER Dear Sir/Madam, Subject: Credit Rating intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026, we wish to inform you that CRISIL Ratings Limited has renewed the credit ratings of the Credit facilities of the Company as under: Facility Tenure Previous Rating Renewed Rating Fund Based Long Term Rating CRISIL A-/Stable (Outlook revised CRISIL A-/Stable (Reaffirmed) from ‘Negative’; Rating reaffirmed) Fund based Short Term Rating CRISIL A2+ (Reaffirmed) CRISIL A2+ (Reaffirmed) Non-Fund Based A copy of credit rating letter along with rating rationale is enclosed herewith. Please take the same on your records. Thanking you, Yours faithfully, For Ester Industries Limited Poornima Gupta Company Secretary & Compliance Officer Membership No.: A49876 Encl: As above CONFIDENTIAL RL/ESTER/405927/BLR/0926/159791 September 24, 2026 Mr. Pradeep Kumar Rustagi Executive Director Ester Industries Limited Block-A, Plot No-11,Infocity-1, Sector-33&34, Gurgaon - 122001 9810897955 Dear Mr. Pradeep Kumar Rustagi, Re: Review of Crisil Ratings on the bank facilities of Ester Industries Limited All ratings assigned by Crisil Ratings are kept under continuous surveillance and review. Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by Crisil Ratings on the ratings as on date. Total Bank Loan Facilities Rated Rs.523.9 Crore Long Term Rating Crisil A-/Stable (Reaffirmed) Short Term Rating Crisil A2+ (Reaffirmed) (Bank-wise details as per Annexure 1) As per our Rating Agreement, Crisil Ratings would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. Crisil Ratings reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which Crisil Ratings believes may have an impact on the ratings. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s. In the event of the company not availing the proposed facilities within a period of 180 days from the date of this letter, a fresh letter of revalidation from Crisil Ratings will be necessary. Crisil Ratings products / activities or ratings of instruments other than securities that are listed or proposed to be listed may fall under the purview of financial sector regulators (FSRs) other than SEBI. In respect of such products / activities or ratings (under the purview of other FSRs such as Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority of India (IRDAI), among others), the grievance / dispute redressal and investor protection mechanisms available under SEBI regulations shall not be applicable. A list of products/activities or ratings of instruments falling under the purview of various FSRs along with the names of respective FSRs has been duly disclosed by Crisil Ratings on its website. A link to the same has been provided below for ready reference: https://www.crisilratings.com/en/home/our-business/ratings/regulatory-disclosures/list-of-activities-instruments-and- names-of-regulators.html Should you require any clarification, please feel free to get in touch with us. With warm regards, Yours sincerely, Rucha Chandrakant Narkar Nivedita Shibu Disclaimer: A rating by Crisil Ratings reflects Crisil Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by Crisil Ratings. Our ratings are based on information provided by the issuer or obtained by Crisil Ratings from sources it considers reliable. Crisil Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by Crisil Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. Crisil Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. Crisil Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. Crisil Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. Crisil Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by Crisil Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at Crisilratingdesk@crisil.com or at 1800-267-3850 Associate Director - Crisil Ratings Director - Crisil Ratings Disclaimer: A rating by Crisil Ratings reflects Crisil Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by Crisil Ratings. Our ratings are based on information provided by the issuer or obtained by Crisil Ratings from sources it considers reliable. Crisil Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by Crisil Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. Crisil Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. Crisil Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. Crisil Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. Crisil Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by Crisil Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at Crisilratingdesk@crisil.com or at 1800-267-3850 Annexure 1 - Bank-wise details of various facility classes (outstanding facilities) Amount (Rs. S.No. Bank Facility Bank Outstanding Rating in Crore) 1 Bank Guarantee Bank of Baroda 0.88 Crisil A2+ 2 Bank Guarantee Canara Bank 0.62 Crisil A2+ 3 Bank Guarantee HDFC Bank Limited 0.9 Crisil A2+ 4 Bank Guarantee Bank Of India 1.17 Crisil A2+ 5 Bank Guarantee IDFC FIRST Bank Limited 0.43 Crisil A2+ 6 Bill Discounting Bank of Baroda 6.87 Crisil A-/Stable 7 Cash Credit HDFC Bank Limited 46.28 Crisil A-/Stable 8 Cash Credit Bank of Baroda 34.38 Crisil A-/Stable 9 Cash Credit Canara Bank 28.5 Crisil A-/Stable 10 Cash Credit Bank Of India 54.15 Crisil A-/Stable 11 Cash Credit IDFC FIRST Bank Limited 19.82 Crisil A-/Stable 12 Foreign Exchange Forward Bank Of India 2.44 Crisil A2+ 13 Foreign Exchange Forward Bank of Baroda 4.5 Crisil A2+ 14 Foreign Exchange Forward Canara Bank 0.98 Crisil A2+ 15 Inland/Import Letter of Credit Bank Of India 35.63 Crisil A2+ 16 Inland/Import Letter of Credit IDFC FIRST Bank Limited 12.75 Crisil A2+ 17 Inland/Import Letter of Credit [Showing first 8,000 characters — download PDF for full document]