Credit Rating- New

NSE & BSE / 2026-27 / 156 October 9, 2026 The Manager, The Manager, Corporate Services, Corporate Services, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), P J Towers, Dalal Street, Mumbai 400 051 Mumbai 400 001 Ref: Symbol: PERSISTENT Ref: Scrip Code: 533179 Dear Sir/Madam, Sub.: Intimation regarding the receipt of Credit Rating Ref. : Our earlier intimations bearing Ref. Nos. (i) NSE & BSE / 2024-25 / 223 dated January 21, 2025, (ii) NSE & BSE / 2025-26 / 235 dated March 5, 2026, and (iii) NSE & BSE / 2026-27 / 082 dated July 7, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that M/s. ICRA Limited has assigned a credit rating of ‘[ICRA]AA+; Rating Watch with Negative Implications’ to the proposed Non-Convertible Debentures (‘NCDs’) of the Company. Further, the Issuer Rating of the Company issued by M/s. ICRA Limited continues to be ‘[ICRA]AA+; Rating Watch with Negative Implications’. The rating letters dated October 9, 2026, issued by M/s. ICRA Limited are enclosed herewith for your reference. Thanking you, Yours sincerely, For Persistent Systems Limited Amit Atre Company Secretary ICSI Membership No.: ACS 20507 Encl.: As above Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India CIN - L72300PN1990PLC056696 Tel: +91 (20) 6703 5555 | Fax - +91 (20) 6703 6003 | E-mail - info@persistent.com | Website - www.persistent.com ICRA/ Persistent Systems Limited/09102026/2 Date: October 09, 2026 Mr. Vinit Teredesai Chief Financial Officer Persistent Systems Limited Bhageerath, 402, Senapati Bapat Road, Pune – 411016 Dear Sir, Re: ICRA’s Credit Rating for below mentioned instruments of Persistent Systems 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. Rated Amount Instrument Rating Action1 Financial Sector Regulator# (Rs. crore) [ICRA]AA+; Rating Watch Non-Convertible Debentures^ 5,000.0 with Negative Implications; SEBI assigned Total 5,000.0 #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. ^Proposed Once the instrument is issued, the rating is valid throughout the life of the captioned programme until withdrawn. 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. 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. 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 Sensitivity Label : Restricted +0124-4545300 CIN: L74999DL1991PLC042749 In line with SEBI Circular No. SEBI/HO/DDHS/DDHS-PoD-3/P/CIR/2024/160 dated November 18, 2024, issuers are encouraged to utilize the penny-drop verification service as provided by banks. This measure is intended to prevent payment failures when disbursing principal and/or interest to respective investors or debenture holders. Penny-drop verification serves as an efficient method for confirming the bank account details of persons designated to receive payments. Once an account has been verified through this facility, it can be used for subsequent transactions related to interest and principal payments, thereby ensuring successful remittance and avoiding failure. We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited Sujoy Saha Vice President sujoy.saha@icraindia.com Sensitivity Label : Restricted ICRA/ Persistent Systems Limited/09102026/1 Date: October 09, 2026 Mr. Vinit Teredesai Chief Financial Officer Persistent Systems Limited Bhageerath, 402, Senapati Bapat Road, Pune – 411016 Dear Sir, Re: ICRA’s Credit Rating for below mentioned instruments of Persistent Systems 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. Rated Amount Instrument Rating Action1 Financial Sector Regulator# (Rs. crore) [ICRA]AA+; Continues on Issuer Rating - Rating Watch with Negative $ Implications Total - #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. $There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 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 term [Showing first 8,000 characters — download PDF for full document]