Credit Rating- New

Shalby/SE/2025‐26/31 July 27, 2026 The Listing Department Corporate Service Department National Stock Exchange of India Ltd BSE Limited Mumbai 400 051. Mumbai 400 001. Scrip Code : SHALBY Scrip Code: 540797 Through : https://neaps.nseindia.com/NEWLISTINGCORP/ Through : http://listing.bseindia.com Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015‐ Revision in Credit Ratings Outlook Dear Sir/Madam, In accordance with Regulations 30 of SEBI Listing Regulation, we wish to inform you that ICRA Limited vide its letter dated July 27, 2026, downgraded credit rating to ICRA A (pronounced as ICRA A) rating to Shalby Limited for its fund and non‐fund based credit facilities for Rs. 830 crore and revised the outlook from Negative to Stable. We enclose herewith letter dated July 27, 2026 received from ICRA Limited. We request to take the same on your records. Yours faithfully, For Shalby Limited Tushar Shah Vice President & Company Secretary Mem. No: FCS‐7216 Encl: Credit Rating letter dated July 27, 2026 from ICRA ICRA Limited ICRA/ShalbyLimited/27072026/1 Date: July 27, 2026 Mr. Amit Kumar ChiefFinancialOfficer Shalby Limited OppositeKarnavatiClub, S.GRoad,Ahmedabad-380015 Gujarat DearSir, Re:ICRA'sCreditRatingforbelowmentionedInstrumentsofShalbyLimited AspertheRatingAgreement/StatementofWorkexecutedwithICRALimited,ICRA’sRatingCommittee has taken the following rating actions for the mentioned instruments of your company. Current rated amount Financial Sector Instrument* Rating action (Rs. crore) Regulator# [ICRA]A(Stable); downgraded from [ICRA]A+ and Long-term-Fund based -CC/OD 78.00 outlook revised to Stable from Negative; assigned for RBI /others enhanced amount [ICRA]A(Stable); downgraded from [ICRA]A+ and Long-term-Fund based -Term 60.00 outlook revised to Stable from Negative; assigned for RBI loan enhanced amount [ICRA]A(Stable); downgraded from [ICRA]A+ and Long-term-Non-fund based – 453.73 outlook revised to Stable from Negative; assigned for RBI SBLC enhanced amount [ICRA]A(Stable); downgraded from [ICRA]A+ and Long-term-Unallocated limits 238.27 outlook revised to Stable from Negative; assigned for RBI enhanced amount Total 830.00 #SEBI’sgrievanceredressal/disputeresolutionandSEBIinvestorprotectionmechanismssuchasSCORESandODRshallnotbeavailableforactivitiesand 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 therating(s) havebeen 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. [1]Completedefinitionsoftheratingsassignedareavailableatwww.icra.in. Sensitivity Label : Restricted 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 theborrowinglimitfortheinstrument rated,as above,orasprescribedbytheregulatoryauthority(ies) is exceeded. Welookforwardtoyourcommunicationandassureyouofourbestservices. Withkindregards Yours sincerely For ICRA Limited Karthik Digitally signed by Karthik Srinivasan SrinivasanDate: 2026.07.27 13:26:11 +05'30' (Karthik Srinivasan) Senior Vice President & Group Head karthiks@icraindia.com Sensitivity Label : Restricted Annexure DetailsofBankLimitsRatedbyICRA InstrumentName Amount(Rs.Crore) Rating RatingAssignedOn HDFCBankLimited CashCredit 40.00 [ICRA]A(Stable) July17,2026 IndusIndBankLimited CashCredit 8.00 [ICRA]A(Stable) July17,2026 CitibankN.A. CashCredit 20.00 [ICRA]A(Stable) July17,2026 ICICIBankLimited CashCredit 10.00 [ICRA]A(Stable) July17,2026 HDFCBankLimited TermLoans 60.00 [ICRA]A(Stable) July17,2026 IndusIndBankLimited StandbyLineofCredit 191.88 [ICRA]A(Stable) July17,2026 CitibankN.A. StandbyLineofCredit 91.85 [ICRA]A(Stable) July17,2026 ICICIBankLimited StandbyLineofCredit 170.00 [ICRA]A(Stable) July17,2026 NotApplicable UnallocatedLimits 238.27 [ICRA]A(Stable) July17,2026 Total 830.00 Sensitivity Label : Restricted