Please find enclosed.

November 5, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 532826 Trading Symbol: RAJTV Dear Sir/Madam, Subject: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Update on Credit Rating and its Outlook Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that India Ratings & Research Private Limited (‘India Ratings’) has upgraded the Bank loan facilities (long-term/short term) rating to ‘IND B/Stable’ from IND D. Please find enclosed, press release dated November 5, 2026 issued by India Ratings & Research. The aforesaid information is also being made available on the website of the Company at www.rajtvnet.in. This is for your information and records. Thanking You. Yours faithfully, For Raj Television Network Limited Priyanka Mudaliyar Company Secretary & Compliance Officer Encl.: a/a India Ratings Upgrades Raj Television Network’s Bank Loan Facilities to ‘IND B’; Outlook Stable Nov 05, 2026 | RAJ TELEVISION NETWORK LIMITED | Media & Entertainment India Ratings and Research (Ind-Ra) has upgraded Raj Television Network Limited’s (RTNL) bank loan facilities long-term rating to ‘IND B’ from ‘IND D’ and short-term rating to ‘IND A4’ from ‘IND D’. The Outlook is Stable. The detailed rating action is as follows: Details of Instruments Size of Regulator Rating Instrument Date of Coupon Maturity Issue Rating of Assigned with Type Issuance Rate Date (INR Action Instrument Outlook/Watch million) Bank loan RBI - - - 222 B/Stable/IND Upgraded facilities Analytical Approach Ind-Ra continues to take standalone view of RTNL to arrive the ratings. Detailed Rationale of the Rating Action The upgrade reflects RTNL’s timely servicing of debt obligations consecutively for the last three months and a likely improvement in the scale of operations and credit metrics in FY27. The ratings reflect the company’s continued small scale of operations, modest EBITDA margin and credit metrics, and intense competition. However, the ratings remain supported by promoters’ more than three decades of experience in the media industry. List of Key Rating Drivers Weaknesses Continued small scale of operations Modest EBITDA margin Modest credit metrics Competitive industry; dependence on advertisement revenue Strengths Experienced promoters Detailed Description of Key Rating Drivers Continued Small Scale of Operations: The ratings reflect RTNL’s small scale of operations as indicated by revenue of INR700.45 million in FY26 (FY25: INR1,258.20 million) and EBITDA of INR41.12 million (negative INR196.99 million). In FY26, the revenue declined due to lower advertisement and subscription income amid continued industry headwinds in the television broadcasting segment. Till 1QFY27, RTNL booked revenue of INR149.68 million. In FY27, Ind-Ra expects the revenue to improve due to a rise in OTT channel subscribers and the launch of two new channels. Modest EBITDA Margin: The ratings also factor in RTNL’s modest EBITDA margin of 5.87% in FY26 (FY25: negative 15.66%) with a return on capital employed of 2.20% (negative 13.3%). In FY26, the EBITDA margin improved despite a decline in revenue due to discontinuation of a low-margin subcontracted advertising business, coupled with effective cost-rationalisation measures undertaken by the company. In FY27, Ind-Ra expects the EBITDA margin to remain broadly at similar level with the company’s plan to focus on cost optimisation, and a relatively improved revenue mix. Modest Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) was 1.49x and net leverage (total adjusted net debt/operating EBITDAR) was 5.38x as the company turned EBITDA positive to INR41.12 million in FY26 (FY25: negative INR196.99 million). In FY27, Ind-Ra expects the credit metrics to improve further due to a reduction in the overall debt coupled with a decline in financial charges on account of scheduled term loan repayment. Competitive Industry; Dependence on Advertisement Revenue: RTNL operates in a highly competitive industry with ever-changing dynamics with significant transformation in digital media over the years. Ind-Ra believes a further dependence on advertisement revenue could lead to fluctuations in revenue and margins. Experienced Promoters: The company’s promoters have more than three decades of experience in the South Indian television market. This has helped the company to expand its network in major parts of South India. Liquidity Poor: RTNL's working capital cycle remained elongated at 119 days in FY26 (FY25: 76 days) due to an increase in the receivable period to 156 days (133 days) and a decline in the payable period to 37 days (57 days). As on 31 March 2026, the company had contingent liabilities of INR30.07 million, materialisation of which may have an adverse impact on its liquidity profile. The average maximum utilisation of the fund-based limits was 97.73% over the 12 months ended July 2026. RTNL terminated its fund-based limits in August 2026. In FY26, the cash flow from operations turned positive to INR47.79 million (FY25: negative INR87.77 million) due to the improvement in operating EBITDA. Consequently, the free cash flow turned positive to INR47.79 million in FY26 (FY25: negative INR87.77 million). The company has scheduled debt repayments of INR2.7 million in FY28 and INR6.7 million in FY29. Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The cash and cash equivalent stood at INR2.31 million at FYE26 (FYE25: INR4.09 million). Rating Sensitivities Negative: A decline in scale of operations, leading to deterioration in overall credit metrics and/or further pressure on the liquidity position and profitability, could lead to a negative rating action. Positive: An increase in scale of operations, along with an improvement in the overall credit metrics and liquidity profile, all on a sustained basis, could lead to a positive rating action. Any Other Information Not applicable About the Company Incorporated in 1994, RTNL is a television satellite broadcaster in southern part of India which operates 13 TV channels, one OTT channel and one digital channel in total five languages. Prior to the incorporation, the promoters were in the business of movie production under the brand name Raj Video Vision since 1983. Key Financial Indicators Particulars FY26 FY25 Revenue (INR million) 700.45 1,258.20 EBITDA (INR million) 41.12 -196.99 EBITDA margin (%) 5.87 -15.66 Gross interest coverage (x) 1.49 NM Net leverage (x) 5.38 NM Source: RTNL; Ind-Ra NM – not meaningful Status of Non-Cooperation with Previous Rating Agency Not applicable Rating History Current Rating/Outlook Historical Rating/Outlook Instrument Rated 19 Rating Current 23 January 3 April Type Limits (INR November Type Rating 2026 2024 million) 2024 Long- IND IND IND Bank loan term/Short- 222 B/Stable/IN IND D BB/Stable/I BB+/Stable/ facilities term D A4 ND A4+ IND A4+ Disclosure on instruments / activities and names of regulators: A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has been duly disclosed by Ind-Ra on its website. A link to the same has been provided below for ready reference: Rating Activities Note: 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. Bank wise Facilities Details The details are as reported by the issuer as on (05 Nov 2026) Instrument Rated Amount (INR # Bank Name Rating Description million) 1 Aditya B [Showing first 8,000 characters — download PDF for full document]