Credit Rating

October 12, 2026 BSE Limited National Stock Exchange of India Ltd., P.J. Towers, Dalal Street, Exchange Plaza, 5th Floor, Plot C/1, G Block, Mumbai – 400001 Bandra - Kurla Complex, Bandra (E), Maharashtra, India Mumbai - 400 051. Scrip Code: 544743 NSE Symbol: AEROPLANE Dear Sir/Madam, Sub: Intimation regarding credit rating under regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Pursuant to regulation 30 of the SEBI Listing Regulations, we wish to inform you that Infomerics Valuation and Rating Limited (“Infomerics”) has enhanced and upgraded the credit ratings assigned to the Company’s fund based (long term) bank loan facilities and has re-affirmed the credit ratings assigned to the Company’s fun/non-fund based (short term) bank loan facilities. In this regard, please find below the details of the credit ratings currently outstanding in respect of the Company’s bank facilities, together with the rating actions undertaken by Infomerics as on date: Amount (in Crores) Rating and Facilities Tenure Rating Action taken Current Previous Outlook Fund based Long 220 120 IVR A+/Stable Rating upgraded from ‘IVR facilities Term A/Positive’ to ‘IVR A+/Stable’ and Outlook revised from ‘Positive’ to ‘Stable’ Fund/Non- Short 795 795 IVR A1 Rating Re-affirmed fund based Term facilities The rating letter received from Infomerics is enclosed. This above information is also being uploaded on the Company’s website at www.aeroplanerice.com This is for your information and record. Thanking you, For Amir Chand Jagdish Kumar (Exports) Ltd. Sadhna Khurana Company Secretary & Compliance Officer Membership number: A24534 Encl: as above Press Release Amir Chand Jagdish Kumar Exports Limited September 29, 2026 Rating Action Total Bank Loan Facilities Rs. 1,015.00 Crore (Enhanced from Regulator^ Rated Rs. 915.00 Crore) Long Term Rating IVR A+/Stable (Rating Upgraded RBI Outlook revised to ‘Stable’ from ‘Positive’) Short Term Rating IVR A1 (Rating Re-affirmed) RBI ^Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Refer Annexures for details of facilities/instruments, facility wise lender details, and detailed explanation of covenants. Note: None of the Directors on Infomerics Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. Rationale Infomerics Ratings has upgraded the long-term rating assigned to the bank facilities of Amir Chand Jagdish Kumar (Exports) Limited (ACJKEL) to IVR A+/Stable from IVR A/Positive and reaffirmed the short-term rating at IVR A1. The upgrade in the long-term rating reflects ACJKEL’s growth in operating scale and profitability during FY26, significant strengthening of the capital structure following ACJKEL’s initial public offering (IPO), and improvement in debt protection metrics. The ratings continue to derive strength from the promoters’ extensive experience in the rice industry, established market presence under the Aeroplane brand, widespread distribution network and healthy export order visibility. The rating strengths constrained by the working capital-intensive nature of basmati rice milling and processing operations, exposure to changes in paddy prices and crop availability, regulatory risks associated with agricultural trade, and intense competition in the fragmented rice industry. Outlook: Stable The Stable outlook reflects Infomerics’ expectation that Amir Chand Jagdish Kumar (Exports) Limited will sustain its operating scale and financial profile over the medium term, supported by its established position in the basmati rice industry, integrated operations, experienced promoters and favourable demand propsects. Page | 1 www.infomerics.com Press Release Analytical Approach Approach Comments Consolidation/ Standalone Consolidation For arriving at the rating, IVR has considered consolidated financials of Amir Chand Jagdish Kumar Exports Limited, and its subsidiaries mentioned in the Annexure I Parent/ Group Support Not Applicable "Infomerics has revised its analytical approach from standalone to consolidated considering the increasing operational and financial integration among the group entities. For arriving the rating Infomerics Ratings has taken consolidated financials of Amir Chand Jagdish Kumar Exports Limited along with its subsidiary, namely ACJK Foods Pvt. Ltd, controlled by the same management with operational and financial linkage. Key Rating Drivers with Detailed Description Strengths Growth in operating scale and profitability Amir Chand Jagdish Kumar (Exports) Limited’s total operating income grew by 14.3% to Rs 2,287.13 crore in FY26, supported by an approximately 21% increase in sales volume in its key product category, despite a roughly 9% decline in average realisation. EBITDA margin improved to 9.85% from 8.18%, while PAT rose to Rs 103.29 crore from Rs 60.85 crore. In Q1 FY27, operating income grew by approximately 55% year on year on higher volumes. EBITDA margin moderated to 9.30% from 10.40%, although PAT increased by approximately 127%, aided by lower interest costs Improved financial risk profile The financial risk profile strengthened significantly following the IPO completed in March 2026. Net worth increased to Rs 922.86 crore as at March 31, 2026, from Rs 377.91 crore a year earlier, primarily due to fresh equity raised through the IPO and retained profits. Consequently, overall gearing improved to 0.82 times from 2.07 times, while TOL/ATNW Page | 2 www.infomerics.com Press Release improved to 1.30x from 3.10x. Debt protection indicators also strengthened with interest coverage improving to 2.62x from 2.08x and Total Debt/EBITDA improving to 3.37x from 4.79x. Established distribution network and location advantage The company enjoys an established market presence under its flagship Aeroplane brand and benefits from a strong distribution network comprising of more than 380 dealers and distributors across India, supported by marketing personnel in major cities. Its facilities in Amritsar, Punjab, and Safidon, Haryana, provide locational advantages through proximity to paddy-growing regions, supporting raw material availability and logistics efficiency. Healthy export order book The company has an export order book of Rs806.24 crore for the supply of 1,11,592 MT of rice, providing near-term revenue visibility. Key destinations include Saudi Arabia, the UAE and Iraq. The order book provides support despite the recent decline in export revenue. Experienced promoters The Suri family has longstanding experience in the rice industry. Mr. J. K. Suri, Chairman and Managing Director, has more than five decades of experience in the processing, Marketing and trading of food grains. The promoters’ experience supports the company’s procurement, customer relationships and overall operations. Weaknesses Working capital intensive operations The company’s operations remain working capital intensive due to seasonal paddy procurement and ageing requirements for basmati rice. Its operating cycle was 227 days in FY26 (audited), compared with 223 days in FY25. Paddy is procured largely during the September–January harvest season, while basmati rice is typically aged for 3–24 months before sale. Consequently, average inventory holding remained elevated at 174 days in FY26, compared with 171 days in FY25. The business continues to require substantial working capital to support inventory and receivable levels. Page | 3 www.infomerics.com Press Release Exposure to agro-climatic and regulatory risks The availability and cost of paddy depend on factors such as rainfall and crop yields. Changes in government policies on procurement, minimum sup [Showing first 8,000 characters — download PDF for full document]