Please find enclosed intimation on the revision in the Credit Rating, pursuant to the SEBI Listing Regulations, 2015

October 07, 2026 To, To, National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Fort Bandra (East), Mumbai - 400 051 Mumbai- 400 001 Scrip Symbol: MANBA Scrip Code: 544262 Sub: Intimation under Regulation 30 and Regulation 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Para A of Part A of Schedule III thereto and Regulation 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the CARE Rating Limited has assigned and upgraded the credit rating to ‘A-; Stable’ from ‘BBB+ (Positive)’ for Company’s instrument(s) vide their press release dated October 06, 2026: Instrument Name of Amount (INR Rating Rating Action Regulator Crore) Long-term bank RBI 500.00 CARE A-; Stable Upgraded from CARE facilities BBB+; Positive Non-convertible SEBI 100.00 CARE A-; Stable Assigned debentures Non-convertible SEBI 100.00 CARE A-; Stable Upgraded from CARE debentures BBB+; Positive Non-convertible SEBI 166.50 CARE A-; Stable Upgraded from CARE debentures (Reduced from BBB+; Positive 176.00) Non-convertible SEBI 100.00 CARE A-; Stable Upgraded from CARE debentures BBB+; Positive Non-convertible SEBI 25.00 CARE A-; Stable Upgraded from CARE debentures (Reduced from BBB+; Positive 33.33) Non-convertible SEBI 50.00 CARE A-; Stable Upgraded from CARE debentures BBB+; Positive Non-convertible SEBI 100.00 CARE A-; Stable Upgraded from CARE debentures BBB+; Positive Non-convertible - - - Withdrawn debentures Non-convertible - - - Withdrawn debentures Non-convertible - - - Withdrawn debentures Non-convertible - - - Withdrawn debentures Registered Office: 324, Runwal Heights, Opp. Nirmal Lifestyle, L.B.S. Marg, Mulund (West), Mumbai 400 080. India. + 91 22 62346666 | info@manbafinance.com | www.manbafinance.com The press release in this regard is enclosed herewith, same can be accessible on the link below: https://www.careratings.com/upload/CompanyFiles/PR/202610141032_Manba_Finance_Limit ed.pdf . This intimation is also made available on the website of the Company www.manbafinance.com. We request you to take the same on record. Thanking you, For Manba Finance Limited Bhavisha Jain Company Secretary and Compliance Officer Encl: As above Registered Office: 324, Runwal Heights, Opp. Nirmal Lifestyle, L.B.S. Marg, Mulund (West), Mumbai 400 080. India. + 91 22 62346666 | info@manbafinance.com | www.manbafinance.com Press Release Manba Finance Limited October 06, 2026 Name of the Facilities/Instruments Amount (₹ crore) Rating2 Rating Action Regulator1 Upgraded from CARE Long-term bank facilities RBI 500.00 CARE A-; Stable BBB+; Positive Non-convertible debentures SEBI 100.00 CARE A-; Stable Assigned Upgraded from CARE Non-convertible debentures SEBI 100.00 CARE A-; Stable BBB+; Positive 166.50 Upgraded from CARE Non-convertible debentures SEBI CARE A-; Stable (Reduced from 176.00) BBB+; Positive Upgraded from CARE Non-convertible debentures SEBI 100.00 CARE A-; Stable BBB+; Positive 25.00 Upgraded from CARE Non-convertible debentures SEBI CARE A-; Stable (Reduced from 33.33) BBB+; Positive Upgraded from CARE Non-convertible debentures SEBI 50.00 CARE A-; Stable BBB+; Positive Upgraded from CARE Non-convertible debentures SEBI 100.00 CARE A-; Stable BBB+; Positive Non-convertible debentures - - - Withdrawn Non-convertible debentures - - - Withdrawn Non-convertible debentures - - - Withdrawn Non-convertible debentures - - - Withdrawn Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Upgrade in ratings of debt instruments and bank facilities of Manba Finance Limited (MFL) reflect the sustained scale up in the company’s operations, with assets under management (AUM) registering a compounded annual growth rate (CAGR)of 36.33% from FY22–FY26 to ₹1,712.70 crore as on March 31, 2026, and further to ₹1,730.78 crore as on June 30, 2026, alongside access to incremental funding at a lower cost, and expectation of ₹99.99 crore capital infusion through preferential issue (equity and warrants). Ratings continue to be supported by MFL’s experienced management team with established expertise in two-wheeler (2W) financing, adequate capitalisation levels, and adequate profitability parameters. However, ratings remain constrained by MFL’s moderate asset quality metrics on a stressed-asset basis, which include the principal value of repossessed vehicles and investments in security receipts (SRs). The impact of this is partly mitigated by the company’s established recovery track record from repossessed assets, recent policy changes aimed at improving cash collections and reducing quantum of repossessed assets, and the material strengthening of provisioning against repossessed vehicles undertaken from Q1FY27. Ratings also factor in the company’s geographical and product concentration, with Maharashtra and 2W loans continuing to account for a large share of the portfolio, and the limited seasoning of the newer, partly unsecured product segments. These concentration risks are expected to moderate gradually as MFL expands into newer states and diversifies beyond its core 2W financing franchise. Going forward, MFL’s ability to scale the business profitably while maintaining asset quality and containing credit costs, particularly as the non-2W portfolio seasons, will remain a key rating monitorable. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority. 2Complete definitions of ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Non-convertible debentures (NCDs) with ISIN INE939X07135, INE939X07168, INE939X07143, INE939X07150, and INE939X08034 have been withdrawn basis full repayment, as confirmed by the issuer and debenture trustee to the issues, which is in line with the withdrawal policy of CARE Ratings Limited (CareEdge Ratings). Rating sensitivities: Factors likely to lead to rating actions Positive factors • Sustained scaling-up of the business with significant growth in the AUM of the company while also maintaining comfortable asset quality and profitability metrics. Negative factors • Continued deterioration in the gross non-performing assets (GNPA/GS3) beyond 4.5% on a sustained basis or increase in net stressed assets (including repossessed assets) as a percentage of net advances beyond 8%. • Lack of significant scale-up in the loan book or inability to raise capital over the medium term. • Increase in leverage above 4x on a sustained basis. • Proportion of secured lending dropping below 90% of AUM. • Deterioration in profitability metrics with Return on total assets (ROTA) going below 1.5% on a sustained basis. Analytical approach: Standalone Outlook: Stable Stable outlook reflects the expectation that the company will demonstrate consistent business growth while maintaining asset quality, capitalisation, and profitability metrics. Detailed description of key rating drivers Key strengths Strong experience in two-wheeler financing with an established dealer-led origination MFL has an established track record of around three decades in the 2W origination/ financing segment, having commenced operations in 1996. Promoters and senior management team bring extensive experience in retail financing, which has enabled the company to build a strong dealer network in its core segment. The company’s origination is anchored in a dealer-led model, with the dealer network expanding by over 83% from 974 as on March 31, 2024, to over 1,784 dealers as on June 30, 2026 (FY25: 1,216), including electric vehicle (EV) [Showing first 8,000 characters — download PDF for full document]