Credit Rating

25th September, 2026 The National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Towers Plot No. C/1, G Block Dalal Street Bandra Kurla Complex Mumbai- 400 001 Bandra (E) Mumbai- 400 051 Scrip Code : 517354 NSE Symbol : HAVELLS Sub: CARE Credit Ratings Dear Sir, In terms of Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with corresponding circulars and notifications issued thereunder, it is hereby informed that CARE has assigned/ reaffirmed the following Ratings to the facilities/ instruments of the Company viz. Havells India Limited, as follows:- Facilities Rating Remarks Long Term Bank Facilities CARE AAA Assigned/ Reaffirmed Short Term Bank Facilities CARE A1+ Reaffirmed Commercial Paper CARE A1+ Reaffirmed The Rating Letters issued by CARE are also enclosed for your kind information. Thanking you. Yours faithfully, for Havells India Limited (Sanjay Kumar Gupta) Company Secretary Encl: As above CareEdge RATINGS No. CARE/NRO/RL/2026-27 /2288 Shri Pardeep Gupta General Manager - Finance Havells India Limited QRG Towers, 2D, Sector 126, Expressway Noida Uttar Pradesh 201304 September 25, 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), our Rating Committee has reviewed the following ratings: Amount Facilities Rating1 Rating Action (f crore) Long Term Bank 500.00 CARE AAA; Stable Assigned Facilities Long Term Bank 100.00 CARE AAA; Stable Reaffirmed Facilities Short Term Bank 1,427.50 CARE Al+ Reaffirmed Facilities 2. Refer Annexure 1 for details of rated facilities. 1Com lete 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 168, 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 3. 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 will be shared separetly for your perusal as Annexure 2. We request you to peruse the annexed 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 shortly, we will proceed on the basis that you have no any comments to offer. 4. 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. 5. 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. 6. 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. 7. 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. 8. Users of this rating may kindly refer our website www.careratinqs.com for latest update on the outstanding rating. 9. 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 168, 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 Jiggya Kapish Sahil Goyal Lead Analyst Associate Director jigqya. kapish@careedqe.in sahil.qoyal@careedqe.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 CONDmONS, 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 the amount and type of bank facilities/instruments. careEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity. CareEdge Ratings does not act as a fiduciary by providing the rating. The ratings are intended for use only within the jurisdiction of India. The ratings of careEdge Ratings do not factor in any rating-related trigger clauses as per the terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and triggered, the ratings may see volatility and sharp downgrades. careEdge Ratings has established policies and procedures as required under applicable laws and regulations which are available on its website. Privacy Policy applies. For Privacy Policy please refer to ht [Showing first 8,000 characters — download PDF for full document]