Credit Rating- Others

September 30, 2026 Listing Compliance Department Listing & Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor Dalal Street, Mumbai – 400001 Plot No. C/1, “G” Block BSE Scrip Code: 544029 Bandra-Kurla Complex Bandra (E), Mumbai – 400 051 Symbol: GANDHAR Subject: Intimation of assigned Credit Ratings to the bank facilities of Gandhar Oil Refinery (India) Limited (“the Company”) under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Dear Sir/Madam, Pursuant to Regulation 30(6) read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that CRISIL Ratings Limited, has assigned Credit ratings in respect of the bank facilities availed by the Company. The details of the Credit ratings are as follows: Particulars Details Total Bank Loan Facilities Rated Rs.1014 crore (Enhanced from Rs.300 crore) Long Term Rating Crisil A+/Stable (Reaffirmed) Short Term Rating Crisil A1 (Reaffirmed) A copy of the letter received from the rating agency is enclosed herewith for your information and records. Further please note that the information is also available on the website of the Company at https://gandharoil.com/investor-relations/ Kindly take the above information on record. Thanking you. Yours faithfully, For Gandhar Oil Refinery (India) Ltd Binal Khosla Company Secretary & Compliance Officer Mem. No.: A29802 Encl.: a/a CONFIDENTIAL RL/GRFILTD/406117/BLR/0926/160215 September 29, 2026 Mr. Indrajit Bhattacharyya Chief Financial Officer Gandhar Oil Refinery India Limited 18th Floor, DLH Park, S V Road Goregaon West Mumbai City - 400062 9820132707 Dear Mr. Indrajit Bhattacharyya, Re: Review of Crisil Ratings on the bank facilities of Gandhar Oil Refinery India Limited All ratings assigned by Crisil Ratings are kept under continuous surveillance and review. Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by Crisil Ratings on the ratings as on date. Total Bank Loan Facilities Rated Rs.1014 Crore (Enhanced from Rs.300 Crore) Long Term Rating Crisil A+/Stable (Reaffirmed) Short Term Rating Crisil A1 (Reaffirmed) (Bank-wise details as per Annexure 1) As per our Rating Agreement, Crisil Ratings would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. Crisil Ratings reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which Crisil Ratings believes may have an impact on the ratings. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s. In the event of the company not availing the proposed facilities within a period of 180 days from the date of this letter, a fresh letter of revalidation from Crisil Ratings will be necessary. Crisil Ratings products / activities or ratings of instruments other than securities that are listed or proposed to be listed may fall under the purview of financial sector regulators (FSRs) other than SEBI. In respect of such products / activities or ratings (under the purview of other FSRs such as Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority of India (IRDAI), among others), the grievance / dispute redressal and investor protection mechanisms available under SEBI regulations shall not be applicable. A list of products/activities or ratings of instruments falling under the purview of various FSRs along with the names of respective FSRs has been duly disclosed by Crisil Ratings on its website. A link to the same has been provided below for ready reference: https://www.crisilratings.com/en/home/our-business/ratings/regulatory-disclosures/list-of-activities-instruments-and- names-of-regulators.html This letter will remain valid till July 07, 2027. After this date, please insist for a new rating letter (dated later than July 07, 2027). Should you require any clarification, please feel free to get in touch with us. With warm regards, Yours sincerely, Disclaimer: A rating by Crisil Ratings reflects Crisil Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by Crisil Ratings. Our ratings are based on information provided by the issuer or obtained by Crisil Ratings from sources it considers reliable. Crisil Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by Crisil Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. Crisil Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. Crisil Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. Crisil Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. Crisil Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by Crisil Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at Crisilratingdesk@crisil.com or at 1800-267-3850 Shalaka Singh Nivedita Shibu Associate Director - Crisil Ratings Director - Crisil Ratings Annexure 1 - Bank-wise details of various facility classes (outstanding facilities) Amount (Rs. S.No. Bank Facility Bank Outstanding Rating in Crore) 1 Bank Guarantee State Bank of India 10 Crisil A1 2 Cash Credit Bank of Baroda 20 Crisil A+/Stable 3 Cash Credit ICICI Bank Limited 7.5 Crisil A+/Stable 4 Cash Credit Axis Bank Limited 5 Crisil A+/Stable 5 Cash Credit State Bank of India 27.5 Crisil A+/Stable 6 Cash Credit IndusInd Bank Limited 20 Crisil A+/Stable 7 Cash Credit Union Bank of India 15 Crisil A+/Stable 8 Letter of Credit IndusInd Bank Limited 125 Crisil A1 9 Letter of Credit Bank of Baroda 110 Crisil A1 10 Letter of Credit State Bank of India 103 Crisil A1 11 Letter of Credit Axis Bank Limited 55 Crisil A1 12 Letter of Credit HDFC Bank Limited 134.5 Crisil A1 13 Letter of Credit ICICI Bank Limited 94.5 Crisil A1 14 Letter of Credit Union Bank of India 95 Crisil A1 15 Letter of Credit Axis Bank Limited 30 Crisil A1 16 Working Capital Facility State Bank of India 2 Crisil A1 17 Working Capital Facility Citi Bank 103 Crisil A1 18 Working Capital Facility IDFC FIRST Bank Limited 57 Crisil A1 Total 1014 Disclaimer: A rating by Crisil Ratings reflects Crisil Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by Crisil Ratings. Our ratings are based on information provided by the issuer or obtained by Crisil Ratings from sources it considers reliable. Crisil Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by Crisil Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. Crisil Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. Crisil Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. Crisil Ra [Showing first 8,000 characters — download PDF for full document]