Intimation of Credit Rating Received form CRISIL.

ZEAL AQUA LIMITED CIN No: L05004GJ2009PLC056270` Date: 29.09.2026 BSE LIMITED Phiroze Jeejeebhoy towers, Dalal Street, Mumbai- 400 001. Scrip ID/ Code : ZEAL/539963 Subject : Intimation of Credit Rating Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CRISIL, a Credit Rating Agency has, vide its letter to the Company dated September 29, 2026, assigned its ratings on the bank facilities of the Company at ‘CRISIL BBB/Stable/CRISIL A3+’. Rating rationale published by CRISIL, is enclosed herewith for kind reference. This is for your information and records. Yours Faithfully, For Zeal Aqua Limited Anita Digbijay Paul Company Secretary & Compliance Officer M.NO.: F9282(ICSI) Place: Surat Encl.: Credit Rating Letter from CRISIL. Regd. Office: Block No. 347, Vill. Orma, Ta: Olpad, Surat, Gujarat 394540 India Tel.: +91 -2621-220047Email: zealaqua@gmail.com, Website: www.zealaqua.com Rating Rationale https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/Rating... Rating Rationale September 29, 2026 | Mumbai Zeal Aqua Limited 'Crisil BBB / Stable / Crisil A3+ ' assigned to Bank Debt Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.101 Crore Instrument Long Term Rating Crisil BBB/Stable (Assigned) RBI Short Term Rating Crisil A3+ (Assigned) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has assigned its ‘Crisil BBB/Stable/Crisil A3+’ ratings to the bank facilities of Zeal Aqua Limited (ZAL). The ratings reflect the extensive experience of the promoters and established integrated aquaculture operations with diversified revenue streams, and moderate financial risk profile. These strengths are partially offset by susceptibility of operating margin to volatility in input prices, foreign exchange (forex) rates, geographic concentration, and competition resulting in fluctuation in operating margin; and working capital-intensive operations. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of ZAL. Unsecured loans of about Rs 12.23 crore (as on March 31, 2026) extended by the promoters have been treated as neither debt nor equity since these are expected to remain in the business over the medium term. Key Rating Drivers - Strengths Extensive experience of the promoters and established integrated aquaculture operations with diversified revenue streams: The promoters have been engaged in shrimp farming for around three decades. ZAL, promoted by Navik family, has established an integrated presence across the aquaculture value chain through shrimp and fish farming, satellite farming, seafood processing, trading and exports. The company operates through over 550 own ponds and an extensive network of 1,000-1,200 satellite ponds, providing sourcing flexibility and supporting scalability. Furthermore, the company's shrimp processing facility enables production of value-added products such as IQF shrimp, peeled and deveined shrimp, fish fillets and premium products such as Tilapia, Basa, Nobashi shrimp, thereby supporting diversification across the domestic and export markets. The company reported robust revenue growth, with operating income increasing ~31% to Rs 682.7 crore in fiscal 2026 from Rs 519.7 crore in fiscal 2025, while the growth momentum continued with revenue of Rs 150.9 crore in the first quarter of fiscal 2027, against Rs 123.9 crore same period last fiscal. Accordingly, revenue is expected to continue growing at a healthy pace of 6-7% over the medium term, supported by stable export demand, increasing contribution from processed and value-added products, expansion of premium offerings such as Nobashi shrimp and Tilapia fish fillets, and the company's extensive farming and satellite farming network. Moderate financial risk profile: Networth improved to Rs 103.3 crore as on March 31, 2026, while capital structure remained moderate with adjusted gearing of 1.76 times and total outside liabilities to tangible networth ratio of 2.18 times. Debt protection indicators were adequate, with interest coverage ratio of 2.01 times and net cash accrual to adjusted debt ratio of 0.11 time for fiscal 2026. The financial risk profile is expected to remain stable, supported by steady accrual generation, gradual strengthening of networth and the absence of any major debt-funded capital expenditure (capex) plans. Key Rating Drivers - Weaknesses Susceptibility of operating margin to volatility in input prices, forex rates, geographic concentration, and competition resulting in fluctuation of operating margin: The marine export market is marked by uncertainty, though more pronounced in supply than in demand. Supply is affected by seasonal conditions, lack of quality seeds and feed, and 1 of 8 9/29/2026, 3:27 PM Rating Rationale https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/Rating... outbreak of diseases. This causes raw material prices to fluctuate based on supply during the year. Resultantly, the operating margin has been 6.27% in fiscal 2026 (8.09% in fiscal 2025). As the company derives a significant portion of its revenue from exports, the margin is also exposed to fluctuations in forex rates. ZAL, a Gujarat-based player, operates on the north Gujarat Sea coast near Surat. As all activities are centered in Gujarat, the company is susceptible to region- specific events impacting the business. Furthermore, the company's performance is vulnerable to volatility in the price and availability of shrimp. Any change in export or import regulations may also adversely impact the company’s performance. Working capital-intensive operations: Gross current assets were 152 days as on March 31, 2026, due to high receivables and inventory levels. The company has to extend long credit period to its clients and also hold large work-in-process and raw material inventory. LiquidityAdequate Bank limit utilisation was high at around 85% for the 12 months through August 2026. Cash accrual is expected to be over Rs 24 crore against term debt obligation of Rs 7.38 crore in fiscal 2027 and Rs 1-2 crores over the medium term. The rest of the accrual will cushion the liquidity. Current ratio was moderate at 1.30 times as on March 31, 2026. The promoters are likely to extend equity and unsecured loans to meet working capital requirement and debt obligation. OutlookStable Crisil Ratings believes ZAL will continue to benefit from the extensive experience of its promoters and established relationships with clients. Rating sensitivity factors Upward factors • Steady improvement in scale of operations and sustenance of operating margin over 6%, leading to higher cash accrual • Improvement in financial risk profile and improvement in bank limit utilization Downward factors • Decline in revenue or fall in profitability below 4% leading to net cash accrual lower than Rs 8 crore • Large debt-funded capex weakening capital structure • Substantial increase in working capital requirement weakening liquidity and financial risk profile About the Company ZAL was incorporated in 2009 as an aquaculture company by Mr Shantilal Patel and Mr Pradeep Navik. The company farms and trades in white shrimps, and deals in shrimp seeds, feed, and probiotics. In July 2017, the company started processing shrimp. It is listed on the Bombay Stock Exchange under the small and medium enterprises segment. Key Financial Indicators – Crisil Ratings – adjusted numbers As on / for the period ended March 31 2026 2025 Operating income Rs crore 682.67 519.70 Reported profit after tax Rs crore 14.11 10.10 PAT margins % 2.07 1.94 [Showing first 8,000 characters — download PDF for full document]