Credit Rating

SGL-28/Sec/2026-27 03rd October, 2026 National Stock Exchange of lndia Limited Bombay Stock Exchange Limited Exchange Plaza, 5th Floor 1st Floor Plot No.C-1, Block G New Trading Ring, Rotunda Building Bandra-Kurla Complex P J Towers, Dalal Street Bandra (E), Fort, Mumbai - 400 051 Mumbai - 400 001 Stock Code: SHANTIGEAR Stock Code: 522034 Through NEAPS Through BSE Listing Centre Dear Ma’am / Sir, Sub: Credit Rating from ICRA Pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we write to inform that the Credit Rating Agency, M/s. ICRA Limited (“ICRA”) has reaffirmed the long-term rating at [ICRA]AA(Stable) and the short-term rating at [ICRA]A1+ in respect of the cash credit, interchangeable, bank fund based and non-fund based limits of the Company. This is for your kind information and records. Thanking you, Yours faithfully, For Shanthi Gears Limited Walter Vasanth P J Company Secretary & Compliance Officer Encl: As above ICRA/Shanthi Gears Limited/01102026/01 Date: October 01, 2026 Mr. Sai Krishna Alluri Chief Financial Officer, Shanthi Gears Limited Singanallur, Coimbatore -641 005 Dear Sir, Re: ICRA's Credit Rating for below mentioned Instruments of Shanthi Gears 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. Instrument Rated Amount (Rs. Crore) Rating Action[1] Financial Sector Regulator# Long-term - Non-fund based - Others 38.99 [ICRA]AA(Stable); Reaffirmed RBI Long-term - Interchangeable limits (28.99) [ICRA]AA(Stable); Reaffirmed RBI Short-term - Fund-based - Overdraft 0.01 [ICRA]A1+ ; Reaffirmed RBI Total 39.00 #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 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. [1]Complete definitions of the ratings assigned are available at www.icra.in. Sensitivity Label : Restricted 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 K Srikumar Senior Vice President and Co-Group Head ksrikumar@icraindia.com Sensitivity Label : Restricted Annexure Details of Bank Limits Rated by ICRA Amount (Rs. Crore) Rating Rating Assigned On Long-term facilities Non-fund based limits Kotak Mahindra Bank Limited 10.00 [ICRA]AA(Stable) September 22, 2026 IDBI Bank Limited 11.99 [ICRA]AA(Stable) September 22, 2026 HDFC Bank Limited 17.00 [ICRA]AA(Stable) September 22, 2026 Interchangeable limits IDBI Bank Limited (11.99) [ICRA]AA(Stable) September 22, 2026 HDFC Bank Limited (17.00) [ICRA]AA(Stable) September 22, 2026 Total long term 38.99 Short-term facilities Overdraft facilities IDBI Bank Limited 0.01 [ICRA]A1+ September 22, 2026 Total limits rated 39.00 Sensitivity Label : Restricted