This is to share that the CARE Ratings Limited has upgraded the Ratings of the Company. A copy of the letter dated 8th October, 2026 from CARE Ratings Limited is attached herewith.

Regd. Office : 301-302, Heritage Horizon, 3rd Floor, off. C.G. Road, Navrangpura, Ahmedabad 380009.Email : ahmedabad@mafatlals.com Tel. 079-26444404–06. Marketing Off. : Mafatlal House, 5th Floor, H.T. Parekh Marg, Backbay Reclamation, Mumbai – 400 020. MAFATLAL INDUSTRIES LIMITED Tel. 91 022 6617 3636. CIN : L17110GJ1913PLC000035 Website : www.mafatlals.com 9th October, 2026 Bombay Stock Exchange Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 BSE Code: 500264 Dear Sir, Re: Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015. Sub: Upgrade in Credit Rating. This is to share that the CARE Ratings Limited, has upgraded the ratings of the Company as follows: Name of Amount Facilities/Instruments the Rating2 Rating Action (Rs. crore) Regulator1 199.08 CARE A-; Long Term / Short Term Upgraded from CARE BBB+; RBI (Reduced from Stable / CARE Bank Facilities Stable / CARE A2 210.00) A2+ 129.92 Long Term Bank CARE A-; Upgraded from CARE BBB+; RBI (Enhanced from Facilities Stable Stable 70.30) Short Term Bank 91.00 RBI CARE A2+ Upgraded from CARE A2 Facilities (Reduced from 96.00) A copy of the letter dated 8th October, 2026 from CARE Ratings Limited is attached herewith. Further the same is available on the website of CARE Ratings Limited at https://www.careratings.com/ and the weblink is as follows: https://www.careratings.com/upload/CompanyFiles/PR/202610141057_Mafatlal_Industries_Limited.pdf We request you to kindly take the same on record. Thanking you, Yours faithfully, For Mafatlal Industries Limited Amish Shah Company Secretary Encl.: as above 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 the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. Press Release Mafatlal Industries Limited October 08, 2026 Name of the Amount Facilities/Instruments Rating2 Rating Action Regulator1 (₹ crore) Long-term / Short-term 199.08 CARE A-; Stable Upgraded from CARE BBB+; bank facilities (Reduced from 210.00) / CARE A2+ Stable / CARE A2 129.92 Upgraded from CARE BBB+; Long-term bank facilities RBI CARE A-; Stable (Enhanced from 70.30) Stable 91.00 Short-term bank facilities RBI CARE A2+ Upgraded from CARE A2 (Reduced from 96.00) Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Upgrade in ratings assigned to bank facilities of Mafatlal Industries Limited (MIL) reflects significant growth in its scale of operations in the last three years while exhibiting sustainability of profit margins and healthy order book visibility, translating into improvement in the company’s liquidity position and debt coverage metrics. CARE Ratings Limited (CareEdge Ratings) expects sustained performance in the medium term owing to its established market position in textile segment, primarily the B2B uniform segment, diversification across business segments and focus on relatively higher-margin business. MIL’s total operating income grew at a compounded annualised growth rate (CAGR) of ~40% from FY23-FY26 to ₹3,871 crore in FY26 supported by steady performance of textile and related products and digital infrastructure segments. Its profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin sustained in the range of 2-2.5% p.a. in the last three years. The rating action also factors significant improvement in MIL’s liquidity position over the years with sizeable free cash and liquid investments of ~₹130 crore, in addition to sizeable encumbered fixed deposits towards performance bank guarantees, with a net cash surplus as on March 31, 2026. MIL reported operating income of ₹942 crore in Q1FY27, with a PBILDT margin of 1.92%. Performance in the quarter reflected the segmental revenue mix and timing of order execution. With the company’s focus on higher margin business and revenue visibility from confirmed unexecuted order book of ~₹890 crore as on June 30, 2026, CareEdge Ratings expects MIL’s performance to remain steady in the medium term translating into adequate cash accruals. Ratings continue to favourably factor in MIL’s experienced promoters with a track record of over 12 decades in the textile business and its healthy scale of operations and diversification of business across operating segments with healthy revenue visibility. MIL’s healthy capital structure, debt coverage metrics and financial flexibility from sizeable free liquidity and investments in listed entities supports ratings. However, ratings remain tempered by MIL’s moderate profitability given its asset-light outsourcing business, receivables risk considering revenue concentration from government tenders and exposure to technology risks in its digital infrastructure business segment and dependence on creditors to meet working capital requirements. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Significant growth in scale of operations while improving PBILDT margin above 4% on a sustained basis. • Improvement in total outside liabilities to tangible net worth (TOL/TNW) below 0.75x. Negative factors • Deteriorating operating margin below 2% on a sustained basis. • Deteriorating overall gearing above 0.5x and total debt/PBILDT above 2.5x • Deterioration in the company’s liquidity profile. • Significantly declining value of MIL’s investment in NOCIL Limited. Analytical approach: Consolidated CareEdge Ratings has considered the consolidated financial statements of MIL and its subsidiaries while arriving at ratings given the operational and strategic linkages between them. Entities consolidated are listed under Annexure-5. 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 Outlook: Stable The Stable outlook reflects expectations that MIL will continue to maintain healthy liquidity and debt coverage metrics while benefitting from established track record, and experienced promoters Detailed description of key rating drivers Key strengths Experienced promoters and management with long track record of operations and established brand name MIL’s promoters, the Mafatlal family have over 12 decades of experience in the textile industry and have been closely involved in management of its business. H A Mafatlal, MIL’s Chairman, has over 49 years of experience in areas including textile, petrochemicals, and chemicals. P Mafatlal, MIL’s Managing Director and Chief Executive Officer, has over 18 years of experience in textiles. MIL is professionally managed with members of the board comprising eminent professionals, having wide experience and business acumen and well-supported by key management personnel, having good experience in the industry. The company’s experience in winning and executing government tenders is expected to aid its business in the coming years. MIL has built a brand image for itself owing to its long vintage in the industry. Its products are principally marketed under the “Mafatlal” brand, which holds a healthy market recall among consumers. MIL has a wide distribution network with 1000 dealers and 25,000 retailers, making the company’s brands available across India. The company’s wide distribution, ability to reach and established track record of operations are expected to aid in sustenance of operating performance. Growing scale of operations with diversified business profile and healthy order book The company has reported strong growth in scale of operations, with total operating income growing at a CAGR o [Showing first 8,000 characters — download PDF for full document]