Credit Rating- New

Ref: SEC/VDL/2026/012 October 07, 2026 BSE Limited National Stock Exchange of India Limited 20th Floor, P.J. Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Scrip Code: 544923 Scrip Symbol: VEEGALAND Dear Sir/Madam, Sub: Intimation of Credit Rating by ICRA Limited (“ICRA”) Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find below the details of Credit Rating of the Company assigned by ICRA Limited vide their communication dated October 07, 2026. Instrument Amount rated Current rating (Rs. crore) Long Term –Fund 164.71 [ICRA]BBB+(Stable) based- Term loan Long Term –Fund 93.50 [ICRA]BBB+(Stable) based – Overdraft Long Term - 241.79 [ICRA]BBB+(Stable) Unallocated limits Total 500 Copy of the letter received from ICRA is enclosed herewith. The rating rationale can be accessed on the website of the ICRA at: www.icra.in The above disclosure is also being made available on the website of the Company at https://www.veegaland.com/investor-relations/ Kindly take the same on record. Thank You, For Veegaland Developers Limited Akshay Anand T S Company Secretary & Compliance Officer Membership No: A70026 Veegaland Developers Limited (Formerly known as Veegaland Developers Private Limited) Registered Office: XXXV/564, 4th Floor, K C F Tower, BMC Road, Kakkanadu, Thrikkakara, Ernakulam – 682 021 Email ID: cs@veegaland.in Phone: 0484 - 2584004 CIN: U45201KL2007PLC021107 www.veegaland.com ICRA/VEEGALAND DEVELOPERS LIMITED/07102026/1 Date: October 07, 2026 Mr. Varun S kumar VEEGALAND DEVELOPERS LIMITED 4th Floor, K C F Tower, XXXV/564, Bharat Matha College Road, Kakkanad, Thrikkakara, Ernakulam, Kerala – 682021 Dear Sir, Re: ICRA’s Credit Rating for below mentioned Instruments of VEEGALAND DEVELOPERS LIMITED As per the Rating Agreement/Statement of Work executed with ICRA Limited, ICRA’s Rating Committee has taken the following rating ac tions for the mentioned instruments of your company. Rated Amount Instrument Rating Action1 Financial Sector Regulator# (Rs. crore) Long-term - Fund-based - Term loan 164.71 [ICRA]BBB+(Stable); Assigned RBI Long-term - Fund-based - Overdraft 93.50 [ICRA]BBB+(Stable); Assigned RBI Long-term - Unallocated limits 241.79 [ICRA]BBB+(Stable); Assigned RBI Total 500.00 #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. 1 Complete definitions of the ratings assigned are available at www.icra.in. ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 Sensitivity Label : Restricted 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. 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 Suprio Banerjee Vice President & Co-Group Head supriob@icraindia.com Sensitivity Label : Restricted Annexure Details of Bank Limits Rated by ICRA Instrument Name Amount (Rs. Crore) Rating Rating Assigned On Axis Bank Limited OverDraft Facilities 83.00 [ICRA]BBB+(Stable) September 25, 2026 HDFC Bank Limited OverDraft Facilities 7.50 [ICRA]BBB+(Stable) September 25, 2026 State Bank of India OverDraft Facilities 2.95 [ICRA]BBB+(Stable) September 25, 2026 ICICI Bank Limited OverDraft Facilities 0.05 [ICRA]BBB+(Stable) September 25, 2026 South Indian Bank Limited Term Loans 34.40 [ICRA]BBB+(Stable) September 25, 2026 Axis Bank Limited Term Loans 50.00 [ICRA]BBB+(Stable) September 25, 2026 Federal Bank Limited Term Loans 80.00 [ICRA]BBB+(Stable) September 25, 2026 HDFC Bank Limited Term Loans 0.31 [ICRA]BBB+(Stable) September 25, 2026 Not Applicable Unallocated Limits 241.79 [ICRA]BBB+(Stable) September 25, 2026 Total 500.00 Sensitivity Label : Restricted