Patel Retail Limited has informed the Exchange about Credit Rating -Revision.

Saturday, October 3, 2026 Ref: PRL/BSE&NSE/2026-2027/48. To, To, Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Bandra Dalal Street, Fort, Kurla Complex, Bandra (East), Mumbai 400 001. Mumbai - 400 051. Scrip Code: 544487 Symbol: PATELRMART Subject: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Revision in Credit Rating. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III thereto, we wish to inform you that Acuité Ratings & Research Limited ("Acuité"), vide its Press Release dated October 01, 2026, has revised the credit ratings assigned to the bank facilities of Patel Retail Limited ("Company") as under: Credit Rating Details – As per Acuité Press Release Quantum Quantum (Rs. Long Term Short Term Regulated Product (Rs. Cr) Cr) (Other Rating Rating By (SEBI) FSR) ACUITE BBB+ | Bank Loan 0.00 20.81 Stable | - RBI Ratings Upgraded Bank Loan Not Applicable 0.00 116.73 - RBI Ratings | Withdrawn Bank Loan ACUITE A2 | 0.00 88.20 - RBI Ratings Upgraded Total 0.00 109.01 - - - Outstanding Total 0.00 116.73 - - - Withdrawn Page 1 of 2 Note: For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Accordingly, the Long-Term Rating has been upgraded from "ACUITE BBB" to "ACUITE BBB+" with Stable outlook, while the Short-Term Rating has been upgraded from "ACUITE A3+" to "ACUITE A2". Further, Acuité has withdrawn the rating assigned to the proposed bank facilities amounting to ₹116.73 crore, without assigning any rating, pursuant to the request received from the Company. The Company had earlier submitted an appeal/review request to Acuité Ratings & Research Limited in respect of the aforesaid credit rating and was awaiting the outcome thereof. As on the date of this disclosure, the Company has not received any separate formal communication/letter from Acuité in this regard. The Company has taken note of the revised ratings based on the Press Release dated October 01, 2026 published by Acuité on its website. Please refer to the Press Release published by Acuité on its website, enclosed herewith, for further details. You are requested to take the above information on your record. Thanking you, Yours Sincerely, For Patel Retail Limited Prasad Ramesh Khopkar (Company Secretary) Enclosure: - Press Release dated October 01, 2026 published by Acuité on its website. Page 2 of 2 10/3/26, 1:25 PM Press Release Press Release October 01, 2026 PATEL RETAIL LIMITED (ERSTWHILE PATEL RETAIL PRIVATE LIMITED) Rating Upgraded and Withdrawn Quantum (Rs. Quantum (Rs. Cr) Short Term Regulated Product Long Term Rating Cr) (SEBI) (Other FSR) Rating By Bank Loan ACUITE BBB+ | 0.00 20.81 - RBI Ratings Stable | Upgraded Bank Loan Not Applicable | 0.00 116.73 - RBI Ratings Withdrawn Bank Loan ACUITE A2 | 0.00 88.20 - RBI Ratings Upgraded Total 0.00 109.01 - - - Outstanding Total 0.00 116.73 - - - Withdrawn Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Rating Rationale Acuité has upgraded the long-term rating to 'ACUITE BBB+' (read as ACUITE triple B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) and the short-term rating to 'ACUITE A2' (read as ACUITE A two) from ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.109.01 crore bank facilities of Patel Retail Limited (PRL) (Erstwhile Patel Retail Private Limited). The outlook is ‘Stable.’ Acuité has withdrawn its long-term rating on Rs.116.73 crore of proposed bank facilities of Patel Retail Limited (PRL) (Erstwhile Patel Retail Private Limited) without assigning any rating as it is a proposed facility. The rating is being withdrawn on account of request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for Rating The rating upgrade factors in the significant improvement in the company's operating performance and healthy financial risk profile, marked by an improved net worth following the successful IPO issuance. However, the rating remains constrained by the moderately intensive working capital operations and its presence in a highly fragmented and competitive industry. About the Company Patel Retail Limited (PRL) was incorporated in the year 2007 and has ~54 supermarket stores having over 1 lakh sq. ft. of area between Dombivali-Kalyan-Shahad - Titwala, Ulhasnagar-Ambernath & Badlapur under the brand ‘Patel R. Mart’ where it sells all kinds of groceries, home & personal care, spices, oils, dry fruits, utensils among others. The company is adding of 1-2 new stores every year. The warehouse is in Ambernath. PRL has two manufacturing units in Kachchh Gujarat dedicated to processing diverse agricultural commodities where it carries out processing of pulses, peanuts, cumin seeds, and coriander seeds among others. The operations of manufacturing unit 1 started in 2016 and manufacturing unit 2 started in 2022. Mr. Hiren Bechar Patel, Mr. Dhanji Raghavji Patel, Mr. Bechar Raghavaji Patel, Mr. Yashwant Suresh Bhojwani, Mr. Nitin Pandurang Patil and Mr. Harshini Vikas Jadhav are the directors of the company. Unsupported Rating Not Applicable Analytical Approach Acuite has considered the standalone financial and business risk profiles of PRL to arrive at the rating. https://connect.acuite.in/fcompany-details/PATEL_RETAIL_LIMITED_(ERSTWHILE_PATEL_RETAIL_PRIVATE_LIMITED)/1st_Oct_26 1/8 10/3/26, 1:25 PM Press Release Key Rating Drivers Strengths Experienced management and established track record of operations PRL has an established track of operations of more than a decade. The company is promoted by Mr. Bechar Patel and Mr. Dhanji Patel, having an experience of over two decades in retail industry. The promoters are being supported by its team of experienced professionals in managing day to day operations of PRL. The extensive experience of the promoters has enabled PRL to establish a healthy relationship with its customers and suppliers in the exports market and expansion of its store network in the central line of Mumbai over the years. At present, PRL has 54 supermarket stores under its own brand ‘Patel R. Mart’ in proximity to residential areas and railway stations in Mumbai. Improvement in Scale of Operations and Profitability PRL has demonstrated a significant improvement in its scale of operations and profitability over the last few years. The company's revenue increased by around 27.77 percent to Rs. 1,049.43 crore in FY2026 from Rs. 821.35 crore in FY2025, primarily driven by the expansion of its retail network from 44 stores to 54 stores as on date. Further, the company reported revenue of Rs. 309.54 crore in Q1FY2027 and expects to achieve revenue of around Rs. 1,100- 1,200 crore in FY2027, supported by continued store additions. The company has outlined plans to further expand its retail footprint to around 71 supermarkets by March 2028, which is expected to support growth in revenues and strengthen its market presence over the medium term. The company's profitability has also witnessed a steady improvement, with EBITDA margins increasing to 7.83 percent in FY2026 from 7.65 percent in FY2025 and 6.91 percent in FY2024. The improvement in margins is supported by backward integration initiatives through the establishment of food processing units, enabling the company to offer higher-margin in-house products across its supermarket network. Consequently, PAT margins improved to 3.72 pe [Showing first 8,000 characters — download PDF for full document]