Credit Rating re-affirmed by ICRA on 29.09.2026.

lndag Rubber Limited Regd. Office: Khemka House, 11, Community Centre, Saket, New Delhi ·110017, India Phone: 26963172-73, 26961211, 26863310, 41664818, 41664043; Fax: 011- 26856350 E-mail: info@indagrubber.com; Website: www.indagrubber. com; CIN-L74899DL1978PLC009038 Works: VPO Bhogpur, Jhiriwala, Tehsil Nalagarh, Distt. Solan, Himachal Pradesh - 174101, India Phone: +91-9736000123 ISO 900 1: 2015 ISO 14001:2015 ISO 45001:2018 September 29, 2026 BSE Limited (Company code-1321) Phiroze Jeejeebhoy Towers, (Scrip code-509162) Dalal Street, Mumbai-400001. Subject: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Ma’am/Sir, Pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Credit Rating Agency, ICRA Limited, has re-affirmed the credit ratings earlier assigned to the Company with outlook as under: 1. Long-term Credit Rating: A- (Negative) 2. Short-term Credit Rating: A2+ A copy of the Published Rating Rationale is available on the ICRA’s website: ICRA An Affiliate of Moody's The said ratings/rationale is also available on the website of the Company i.e. www.indagrubber.com. This is for your information and records please. Thanking you, Yours faithfully, For Indag Rubber Limited Sonal Garg Company Secretary & Compliance Officer (ACS 24598) ---------- The only alternative to new tyres ------------- ICRA/Indag Rubber Limited/29092026/1 Date: September 29, 2026 Mr. Anil Bhardwaj Chief Financial Officer Indag Rubber Limited 11, Community Center, Saket, New Delhi-110017 Dear Sir, Re: Indag Rubber Limited mentioned instruments of your company. Rated Amount Instrument Rating Action1 Financial Sector Regulator# (Rs. crore) Long-term fund-based Cash [ICRA]A-(Negative); 3.40 RBI credit reaffirmed Short-term Non-fund based 25.00 [ICRA]A2+; reaffirmed RBI bank guarantee Total 28.40 # ilable 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, orthe 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 ICRAwebsiteatwww.icra.infor 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 wouldnot 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 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. 1Complete 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 We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited Mr. Sachin Sachdeva Co-Group Head and Vice President| Financial Sector Ratings sachin.sachdeva@icraindia.com Sensitivity Label : Internal Annexure Details of Bank Limits Rated by ICRA Amount Rating Rating Assigned on (Rated on Long-Term Scale) (Rs. crore) Cash Credit State Bank of India 0.40 [ICRA]A-(Negative) September 29, 2026 Kotak Mahindra Bank Limited 3.00 [ICRA]A-(Negative) September 29, 2026 Total 4.00 Details of Bank Limits Rated by ICRA Amount Rating Rating Assigned on (Rated on Short-Term Scale) (Rs. crore) Bank Guarantee Kotak Mahindra Bank Limited 25.00 [ICRA]A2+ September 29, 2026 Total Bank Guarantee (A) 25.00 September 29, 2026 Indag Rubber Limited: Ratings reaffirmed Summary of rating action Previous rated Current rated Financial sector Instrument* amount amount Rating action regulator# (Rs. crore) (Rs. crore) Long-term fund-based – 3.40 3.40 [ICRA]A- (Negative); reaffirmed RBI Cash credit Short-term – Non-fund 25.00 25.00 [ICRA]A2+; reaffirmed RBI based bank guarantee Total 28.40 28.40 *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 The reaffirmation of the ratings factors in Indag Rubber Limited's (Indag/IRL/the company) established position in the organised tyre-retreading industry, supported by its strong brand, extensive pan-India distribution network and experienced promoter group. The ratings also draw comfort from the company's debt-free standalone balance sheet, healthy liquidity position, comfortable capital structure and coverage metrics. Further, the commencement of commercial operations at Millenium Manufacturing Systems Private Limited (Millenium/MMSPL), the company's 51% subsidiary engaged in manufacturing power conversion systems (PCS) for renewable energy and battery energy storage applications, provides business diversification beyond the tyre-retreading segment and is expected to support revenue growth over the medium term. During FY2026, the company’s operating income moderated to Rs. 214.5 crore in FY2026 from Rs. 228.4 crore in FY2025, primarily owing to the company's strategic reduction in exposure to the relatively lower-margin State Transport Undertaking (STU) segment and increased focus on private fleet and aftermarket customers. Supported by the same, Indag’s OPBDITA increased to Rs. 9.1 crore in FY2026 from Rs. 1.7 crore in FY2025, while PAT improved to Rs. 8.1 crore from Rs. 4.7 crore during the same period. The improvement in operating margin to 4.2% in FY2026 from 0.8% in FY2025 was supported by an improved customer mix, calibrated pricing actions, premium product positioning and higher contribution from allied products. Despite the sequential improvement in performance in FY2026, the company’s OPBDITA and PAT remained [Showing first 8,000 characters — download PDF for full document]