Credit Rating

Ref No: AAVAS/SEC/2026-27/3254 Date: September 25, 2026 To, To, The National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Bandra Kurla Complex Dalal Street Bandra (E) Mumbai – 400001 Mumbai – 400051 Scrip Symbol: AAVAS Scrip Code: 541988 Dear Sir/Madam, Subject: Intimation of Rating Action by CARE Ratings Limited. Pursuant to Regulation 30(6) and 51 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that based on rating assessment undertaken by CARE Ratings Limited, following ratings have been received by the Company. Instrument Current Rated Amount Rating Rating Action Long term Bank Rs. 12,762.00 crore CARE AA(RWD) Continues to be on Rating Facilities (Enhanced from Watch with Developing Rs. 12,262.00 Crore) Implications Non-Convertible Credit Rating for CARE AA(RWD) Continues to be on Rating Debenture Rs. 1259.92/- crore Watch with Developing Implications Non-Convertible Credit Rating for CARE AA(RWD) Assigned Debenture Rs. 100.00/- crore Total Rs. 14,121.92 crore - - A copy of the rating rationale issued by CARE Ratings Limited is attached herewith. The above information will also be made available on the website of the Company and can be accessed at www.aavas.in. You are requested to take the same on record. Date and time of occurrence of event/information: September 24, 2026 and September 25,2026 at 06:58 P.M and 11:49 A.M. respectively. Thanking You, For AAVAS FINANCIERS LIMITED SAURABH SHARMA COMPANY SECRETARY & COMPLIANCE OFFICER (ACS-60350) INTERNAL No. CARE/NRO/RL/2026-27/2267 Shri Manu Yeshpal Singh Chief Executive Officer Aavas Financiers Limited 201-202, 2nd Floor, Southend Square Mansarovar Industrial Area, Jaipur Rajasthan 302020 September 24, 2026 Confidential Dear Sir, Credit rating for bank facilities On the basis of recent developments including operational and financial performance of your Company for FY26(Audited) and Q1FY27 (Unaudited), following multiple changes in the senior leadership team and the possible impact of the same on the credit profile of your company, our Rating Committee has reviewed the following ratings: Amount Facilities Rating1 Rating Action (₹ crore) Continues to be on 12,762.00 Long Term Bank Rating Watch with (Enhanced from CARE AA (RWD) Facilities Developing 12,262.00) Implications 2. Refer Annexure 1 for details of rated facilities. 3. CARE Ratings Ltd. will take a view on the ratings once the exact implications of the above on the credit risk profile of the company are clear. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Ltd.’s publications. CARE Ratings Limited Plot no. C-001 A/2 Sector 16B, Berger Tower, Gautam Corporate Office :4th Floor, Godrej Coliseum, Budh Nagar, Noida, (UP) - 201301 Somaiya Hospital Road, Off Eastern Express Phone: +91-120-4452000 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 1 of 5 4. The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is shared for your perusal. We request you to peruse the document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by September 28, 2026 we will proceed on the basis that you have no any comments to offer. 5. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year. 6. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE Ratings Ltd. warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE Ratings Ltd. shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you. 7. Our ratings do not take into account the sovereign risk, if any, attached to the foreign currency loans, and the ratings are applicable only to the rupee equivalent of these loans. 8. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades. 9. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating. 10. CARE Ratings Ltd. ratings are not recommendations to sanction, renew, disburse or recall the concerned bank facilities. If you need any clarification, you are welcome to approach us in this regard. Thanking you, Yours faithfully, CARE Ratings Limited Plot no. C-001 A/2 Sector 16B, Berger Tower, Gautam Corporate Office :4th Floor, Godrej Coliseum, Budh Nagar, Noida, (UP) - 201301 Somaiya Hospital Road, Off Eastern Express Phone: +91-120-4452000 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 2 of 5 Sudeeksha Rathi Jatin Arora Lead Analyst Associate Director sudeeksha.rathi@careedge.in jatin.arora@careedge.in Encl.: As above Disclaimer This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without notice. The rating reflects the opinions as on the date of the rating. A rating does not convey suitability or price for the investor. The rating agency does not conduct an audit on the rated entity or an independent verification of any information it receives and/or relies on for the rating exercise. CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and credible sources. CareEdge Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. The users of the rating should rely on their own judgment and may take professional advice while using the rating in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating. The use or access of the rating does not create a client relationship between CareEdge Ratings and the user. CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON- INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on t [Showing first 8,000 characters — download PDF for full document]