Credit Rating

SE/CS/2026-27/34 October 01, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (W), Mumbai – 400 001 Mumbai – 400 051 Company Scrip Code – 530871 Company Scrip Code – CHEMBOND Ref: ISIN: INE995D01025 Sub: Clarification regarding CRISIL rating rationale dated September 29, 2026 Dear Sir / Madam, We refer to the ratings rationale issued by CRISIL Ratings Limited on September 29, 2026 in respect of the bank facilities of Chembond Material Technologies Limited. We wish to inform you that the Company has changed its credit rating agency from CRISIL Ratings Limited to ICRA Limited. The rating issued by ICRA Limited was submitted to the Stock Exchanges on September 1, 2026 and is enclosed herewith again. This clarification is submitted under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as applicable. Kindly take the above on record. Thanking You, Yours faithfully, for Chembond Material Technologies Limited Suchita Singh Company Secretary & Compliance Officer Enclosure: 1. CRISIL rating rationale/certificate dated September 29, 2026 2. Credit rating certificate issued by ICRA and submitted to the Stock Exchanges dated September 1, 2026. Chembond Material Technologies Limited (formerly Chembond Chemicals Limited) EL-71, Chembond Centre, Mahape MIDC, Navi Mumbai 400710. INDIA T: +91 22 62643000 - 03 ● F: +91 22 27681294 www.chembond.in CIN: L24100MH1975PLC018235 Rating Rationale Chembond Material Technologies Limited Issuer not cooperating, based on best-available information; Ratings migrated to ‘Crisil BB/Stable/Crisil A4+ Issuer not cooperating’ Rating Action Total Bank Loan Facilities Rs.12 Crore Regulator Of Instrument Rated Long Term Rating Crisil BB/Stable (ISSUER NOT RBI COOPERATING)* Short Term Rating Crisil A4+ (ISSUER NOT RBI COOPERATING)* 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 *Issuer did not cooperate; based on best-available information Please note that the rating(s) are based on best available information with the credit rating agency: the entity whose debt is being published via this rating rationale did not provide the requisite information needed to conduct the rating exercise or did not provide the No Default Statements (NDS) for the last three months and is therefore classified as 'non cooperative'. Non cooperation by Issuer Crisil Ratings has been consistently following up with Chembond Material Technologies Limited for obtaining information through letter and email dated September 04, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. ‘The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Crisil Ratings has migrated the ratings on bank facilities of Chembond Material Technologies Limited to ‘Crisil BB/Stable/Crisil A4+ Issuer not cooperating’. Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Chembond Material Technologies Limited, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Chembond Material Technologies Limited is consistent with ‘Assessing Information Adequacy Risk’. About the Group Set up in 1975 by Dr Vinod Shah, Chembond manufactures speciality chemicals and provides a range of products for diverse industrial applications. It offers metal-treatment chemicals, , and industrial enzymes and animal health products through its subsidiary. Recently the group has changed its group structure wherein Construction Chemical and Water Chemical business of CMTL (earlier known as Chembond Chemicals Limited) and Chembond Clean Water Technologies Limited (CCWTL) has been amalgamated with Chembond Chemical Specialties Limited (CCSL) while Chembond Water Technologies Limited (CWTL), Chembond Water Technologies (Malaysia) Sdn. Bhd. (step-down subsidiary), Chembond Water Technologies (Thailand) Co. Ltd (Step-down Subsidiary), Chembond-Calvatis Industrial Hygiene Systems Limited and Chembond Distribution Limited has become subsidiaries / step down subsidiaries of Chembond Chemical Specialties Limited. Additionally, Chembond Material Technologies Private Limited, Phiroze Sethna Private Limited, Gramos Chemicals India Private Limited has been amalgamated with Chembond Material Technologies Limited. Chembond Bioscience Limited continues to be a wholly owned subsidiary of Chembond Material Technologies Limited. Key Financial Indicators <Q1 FY 27> <FY 26> Revenue 72.42 250 Profit After Tax (PAT) 5.73 13 Operating Profit Margin (OPM) 4.10% 7% Net Profit Margin (NPM) 7.91% 5.2% Source: BSE as well as NSE Any other information: Not applicable C risil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale. Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The co mplexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available. For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments Annexure - Details of Instrument(s)** Issue Rating Date of Coupon Regulator Maturity Size Complexit Outstandin ISIN Name Of Instrument Allotmen Rate of the Date (Rs. y Levels g with t (%) instrument Crore) Outlook Crisil A4+(Issuer NA Bank Guarantee NA NA NA 3.00 NA Not RBI Cooperating Crisil BB /Stable(Issu NA Cash Credit NA NA NA 9.00 NA er Not RBI Cooperating *Issuer did not cooperate; based on best-available information Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Annexure - Rating History for last 3 Years 2026 Start Current (Histor 2025 2024 2023 of y) 2023 Outstandi Instrume Typ Dat Rati Dat Dat Dat ng Rating Rating Rating Rating Rating nt e e ng e e e Amount Crisil BB Fund /Stable(Iss 01- Crisil 30- Crisil 31- Crisil Withdra Based LT 9.0 uer Not -- 07- BBB/Stab 04- BBB+/Sta 01- BBB+/Sta Facilities Cooperatin 25 le 24 ble 23 ble Crisil BBB+/Wa -- -- 05- -- -- -- Negative Non- Crisil A4+ 01- 30- 31- Fund (Issuer Not ST 3.0 -- 07- Crisil A3+ 04- Crisil A2 01- Crisil A2 Crisil A2 Based Cooperatin 25 24 23 Facilities g)* 02- Crisil -- -- 05- A2/Watch -- -- -- 25 Negative All amounts are in Rs.Cr. *Issuer did not cooperate; based on best-available information Annexure – Details of Bank Lenders/Facilities Name of Lender Amount (Rs. Facility Rating Crore) HDFC Bank Limited Crisil A4+ (Issuer Not Bank Guarantee 3 Cooperating)* HDFC Bank Limited Crisil BB Cash Credit 9 /Stable(Issuer Not Cooperating)* * - Issuer did not cooperate; based on b [Showing first 8,000 characters — download PDF for full document]