Credit Rating- Revision

Date: November 03, 2026 To To General Manager The Manager Department of Corporate Services Listing Compliance Department BSE Limited National Stock Exchange of India Limited Listing Department Exchange Plaza, Plot No. C/1, Phiroze Jeejeeboy Tower, Dalal Street, G Block, Bandra - Kurla Complex, Fort Mumbai-400 001 Bandra (East), Mumbai 400 051 Scrip code: 543230 Symbol: ADVAIT Sub: - Intimation of the Reaffirmed Credit Rating obtained from the CRISIL Ratings Limited pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that CRISIL Ratings Limited has published revised and upgraded rating on the Bank Facilities of the Company on November 02, 2026 as under: Facilities Existing Rating Reaffirmed Rating Rating Action Total Bank Loan Rs. 405 Crore Rs. 675 Crore Enhanced Facilities Rated Long Term Rating CRISIL A-/Stable CRISIL A-/Stable Reaffirmed Short Term Rating CRISIL A2+ CRISIL A2+ Reaffirmed The copy of letter issued by CRISIL Ratings Limited is enclosed herewith. Kindly take this information on your records and acknowledge the receipt. Thanking You, Yours Faithfully, For Advait Energy Transitions Limited (Formerly known as Advait Infratech Limited) Deepa Fernandes Company Secretary & Compliance Officer FCS 13015 02/11/2026, 19:58 Rating Rationale Rating Rationale November 02, 2026 | Mumbai Advait Energy Transitions Limited Ratings reaffirmed at 'Crisil A- / Stable / Crisil A2+ '; Rated amount enhanced for Bank Debt Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.675 Crore (Enhanced from Rs.405 Crore) Instrument Long Term Rating Crisil A-/Stable (Reaffirmed) RBI Short Term Rating Crisil A2+ (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s 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. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has reaffirmed its ‘Crisil A-/Stable/Crisil A2+’ ratings on the bank facilities of Advait Energy Transitions Limited (AETL). The ratings continue to reflect healthy business risk profile with revenue growing to Rs 714.8 crore in fiscal 2026, supported by healthy order book of Rs 1,447 crore in August 2026. The revenue is expected to grow 10-12% over the medium term. The operating margin was healthy at 12% in fiscal 2026 and is expected to be rangebound at 11-12% over the medium term. The operations are expected to remain working capital intensive with gross current assets (GCAs) ranging between 220 days and 240 days over the medium term. The capital structure is expected to be comfortable with strong networth and moderate gearing despite the planned debt- funded capital expenditure (capex). The debt protection metrics remain healthy with interest coverage ratio above 5 times and net cash accrual to adjusted debt (NCAAD) ratio of 0.46 time as on March 31, 2026. The financial risk profile will be supported by steady accretion to reserve and repayment of term debt over the medium term. Liquidity will be adequate, driven by strong accrual, which will be sufficient to repay the term debt. The ratings continue to reflect the extensive experience of the promoter in the power transmission product solution and engineering, procurement and construction (EPC) business, the significant growth in the company’s revenue and its strong financial risk profile with comfortable debt protection metrics. These strengths are partially offset by working capital-intensive operations, exposure to risks inherent in tender-based business with intense competition and susceptibility to risks related to timely completion of capex and ramp-up of operations. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of AETL and its subsidiary, Advait Greenergy Private Limited (AGPL) and its step-down subsidiary, A&G Hydrogen Technologies Private Limited. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Extensive industry experience of the promoter: The two-decade-long experience of the promoter in the EPC business, his strong understanding of the market dynamics and established relationships with suppliers and customers will continue to support the business risk profile. These factors will help AETL scale up revenue and build a strong order book. Significant growth in revenue: Operating income increased to Rs 714.80 crore in fiscal 2026 from Rs 399.40 crore in fiscal 2025, while operating margin was 12%. The rise in turnover was due to a large order book and the commencement of manufacturing units related to aluminium clad steel wire (ACS), emergency restoration system (ERS), optical fibre ground wire (OPGW) and stringing tools. The operating margin reduced to ~ 12% in fiscal 2026 due to increased revenue contribution of the New and Renewable Energy (NRE) division, which is in the initial phase of operations and has lower profitability compared with the legacy Power Transmission Solution (PTS) business. AETL’s order book grew from Rs 1,048 crore as on December 31, 2025, to Rs 1,447 crore as on August 31, 2026, and provides revenue visibility for the next 15-18 months. https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/AdvaitEnergyTransitionsLimited_November 02_ 2026_RR_409448.html 1/8 02/11/2026, 19:58 Rating Rationale Healthy financial risk profile: Low reliance on external debt led to strong gearing and total outside liabilities to adjusted networth (TOLANW) ratio of 0.44 time and 1.35 times, respectively, as on March 31, 2026. Debt protection metrics were comfortable due to low leverage and healthy profitability, with interest coverage and NCAAD ratios at 5.17 times and 0.46 time, respectively, for fiscal 2026. The financial risk profile is expected to improve over the medium term with accretion to reserve, despite addition of debt to fund capex. Key Rating Drivers - Weaknesses Working capital-intensive operations: Operations are likely to remain working capital intensive over the medium term. GCAs were 222 days as on March 31, 2026, driven by receivables of 121 days (including non-current receivables) and inventory of 42 days. Retention money in the EPC segment is expected to be released after expiry of defect liability period for six months to two years. Any significant increase in working capital requirement, impacting financial risk profile and liquidity, will be monitorable. Exposure to risks inherent in tender-based business with intense competition: The EPC industry is intensely competitive due to low entry barriers. Furthermore, AETL’s operations are concentrated in installation and construction work. Also, there is high dependence on tenders floated by the government, semi-government and other entities, which are awarded through competitive bidding. Susceptibility to risks related to timely completion of capex: AETL plans capex of Rs 140 crore for battery energy storage system (BESS) and Rs 70 crore for setting up a gigafactory for manufacturing ACS, optical fibre ground wire (OPGW), ERS, stringing tools and specialized high ampacity conductors. The capex will be funded through debt and equity. While the additional debt will have a marginal impact on gearing, considering the strong networth and healthy internal accrual with gearing expected to peak at 0.7 time at the end of fiscal 2027. Timely completion of capex with no major cost overrun and successful ramp-up of operations will be key rating sensitivity factors. Liquidity Adequate Bank limit utilisation was moderate at 79.67% on average for [Showing first 8,000 characters — download PDF for full document]