Credit Rating

BHAGYANAGAR INDIA LIMITED 1S0-9001-2008 Certified Company Registered Office : Surana Group Plot No. 9/13/1 & P-9/14, 1.D.A. Nacharam, Hyderabad -500 076. Telangana, India. Tel. : +91 40 27152861, 27151278 Fax : +91 40 27172140, 27818868 Email : bil@surana.com Website : www.bhagyanagarindia.com CIN No. : L27201TG1985PLC012449 BIL/SECT/53/2026-27 Date: 29" September, 2026 The Secretary, The Secretary, National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai- 400 051 Mumbai- 400 001 Serip Code: BHAGYANGR Serip Code: 512296 Dear Sir/Madam, Subject: Intimation of Credit Rating assigned to Wholly Owned Subsidiary Reference: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that ICRA Limited (“ICRA™) has assigned the credit ratings in respect of the bank facilities of Bhagyanagar Copper Private Limited, a wholly owned subsidiary of the Company. The details of the credit ratings assigned by ICRA are as follows: Particulars Details Name of the Company Bhagyanagar Copper Private Limited Nature of Relationship Wholly Owned Subsidiar Instrument / Facility Long-term Fund-based— Bank facilities Rated Amount Rs. 654 Crore Rating [ICRAJA-; Rating on watch owing to the ongoing demerger process The rating reflects ICRA Ratings’ assessment of the Company’s strong business and financial risk profile, established market position in the industry, diversified business profile, strong risk management framework, healthy financial profile and positive growth prospects including increasing contribution from value-added prodects. The rating letter received from ICRA is attached as an Annexure. The above information is also being made available on the Company's website at www .bhagyanagarindia.com. Kindly take the same on record. Thanking you, Yours faithfully, DEVENDRA SURANA MANAGING DIRECTOR DIN-00077296 ICRA/Bhagyanagar Copper Private Limited/28092026/1 Date: September 28, 2026 Mr. Surendra Bhutoria Chief Financial Officer Bhagyanagar Copper Private Limited 5th Floor, Surya Towers, Sardar Patel Road, Secunderabad - 500003, Telangana Dear Sir, Re: ICRA’s Credit Rating for below mentioned Instruments of Bhagyanagar Copper Private Limited As per the Rating Agreement/Statement of Work executed with ICRA Limited, ICRA’s Rating Committee has taken the following rating actions for the mentioned instruments of your company. Rated Amount Financial Sector Instrument Rating Action1 (Rs. crore) Regulator# [ICRA]A- Rating Watch with Long term – Fund-based – Others 595.00 RBI Developing Implications; assigned [ICRA]A- Rating Watch with Long-term Fund-based – Term loan 59.00 RBI Developing Implications; assigned Total 654.00 #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. The aforesaid rating(s) will become due for surveillance within one year from the date of rating communication letter. However, ICRA reserves the right to review and/or, revise the above rating(s) at any time based on new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the rating(s). Therefore, request the lenders and investors to visit ICRA website at www.icra.in for latest rating(s) of the company. The rating(s) are specific to the terms and conditions of the instruments as indicated to us by you, and any change in the terms or size of the same would require a review of the rating(s) by us. In case there is any change in the terms and conditions or the size of the rated instrument, the same must be brought to our notice before the instrument is used by you. In the event such changes occur after the rating(s) have been assigned by us and their use has been confirmed by you, the rating(s) would be subject to our review, following which there could be a change in the rating(s) previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the instrument from that specified in this letter, would constitute an enhancement that would not be covered by or under the said Rating Agreement. The rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated instrument availed/issued by your company. You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of 1 Complete definitions of the ratings assigned are available at www.icra.in. ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 Sensitivity Label : Restricted any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s), or occurrence of any significant development that could impact the ability of the company to raise funds such as restriction imposed by any authority from raising funds through issuance of debt securities through electronic bidding system. Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded. We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited Ankit Jain Vice President and Co-Group Head ankit.jain@icraindia.com ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 Sensitivity Label : Restricted Annexure Details of Bank Limits Rated by Amount (Rs. crore) Rating Rating Assigned On ICRA (Rated on Long-Term Scale) Fund Based Limits HDFC Bank Limited 195.00 YES Bank Limited 100.00 [ICRA]A- Rating HSBC Limited 75.00 Watch with September 25, 2026 Kotak Mahindra Bank Limited 65.00 Developing Axis Bank Limited 40.00 Implications State Bank of India 20.00 Proposed Fund Based Limits 100.00 Total 595.00 Details of Bank Limits Rated by Amount (Rs. crore) Rating Rating Assigned On ICRA (Rated on Long-Term Scale) Term Loans [ICRA]A- Rating HDFC Bank Limited 27.00 Watch with HSBC Limited 3.00 September 25, 2026 Developing Kotak Mahindra Bank Limited 14.50 Implications Axis Bank Limited 14.50 Total 59.00 ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 Sensitivity Label : Restricted September 29, 2026 Bhagyanagar Copper Private Limited: [ICRA]A- Rating Watch with Developing Implications; assigned Summary of rating action Current rated amount Financial sector Instrument* Rating action (Rs. crore) regulator# [ICRA]A-; Rating Watch with Long-term – Fund-based – Others 595.00 RBI Developing Implications; assigned [ICRA]A- Rating Watch with Long-term Fund-based – Term loan 59.00 RBI Developing Implications; assigned Total 654.00 *Instrume [Showing first 8,000 characters — download PDF for full document]