Intimation of ratings received from Infomerics Valuation and Rating Limited.

ZEAL AQUA LIMITED CIN No: L05004GJ2009PLC056270` Date: 06.11.2026 BSE LIMITED Phiroze Jeejeebhoy towers, Dalal Street, Mumbai- 400 001. Scrip ID/ Code : ZEAL/539963 Subject : Intimation of Credit Rating Action by Infomerics Valuation and Rating Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that Infomerics Valuation and Rating Limited, vide its Press Release dated 06th November, 2026, has announced the rating action in respect of the Company's bank loan facilities aggregating to ₹226.00 Crore. The details of the rating action are as under: Particulars Rating Assigned Long-Term Rating IVR BB+ / Negative; ISSUER NOT COOPERATING Short-Term Rating IVR A4+; ISSUER NOT COOPERATING In this regard, we would also like to inform you that the Company has received a formal rating communication letter dated 05th November, 2026, from Infomerics Valuation and Rating Limited, communicating the aforesaid rating action. The said letter also refers to the non-submission of No Default Statements and requisite information for the review of the Company's credit ratings. Copies of the Rating Communication Letter dated 05th November, 2026 and the Press Release dated 06th November, 2026 issued by Infomerics Valuation and Rating Limited are enclosed herewith for your information and records. You are requested to kindly take the above information on record. Yours Faithfully, For Zeal Aqua Limited Anita Digbijay Paul Company Secretary & Compliance Officer M.NO.: F9282(ICSI) Place: Surat Encl.: As above Regd. Office: Block No. 347, Vill. Orma, Ta: Olpad, Surat, Gujarat 394540 India Tel.: +91 -2621-220047Email: zealaqua@gmail.com, Website: www.zealaqua.com Press Release Zeal Aqua Limited November 06, 2026 Rating Action Total Bank Loan Facilities Rated Rs. 226.00 crore Regulator^ IVR BB+ / Negative; ISSUER NOT COOPERATING* (Rating downgraded; migrated to Issuer Not Long Term Rating RBI Cooperating category; Outlook revised to Negative from Positive) IVR A4+; ISSUER NOT COOPERATING* Short Term Rating (Rating downgraded; migrated to Issuer Not RBI Cooperating category) ^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. * Issuer did not cooperate; Based on best available information. Note: None of the Directors on Infomerics Board are members of the 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 Valuation and Rating Ltd. has downgraded and moved the rating on the long-term and short-term bank facilities of Zeal Aqua Limited (ZAL) to the ISSUER NOT COOPERATING category due to non-submission of “No Default Statement” for three consecutive months and lack of management cooperation for the review of rating and hence the uncertainty around its credit risk. Infomerics assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its policy “Policy on Issuer not cooperating” available at www.infomerics.com. The outlook is changed to negative from positive due to information availability risk. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the company. Outlook: Negative The ‘Negative’ outlook reflects the risk related to the rating on account of non-availability of complete information. Page | 1 www.infomerics.com Press Release Non-cooperation by Issuer Infomerics has been regularly following up with the company to provide No Default Statement (for the month of August, September and October 2026) and the requisite data to monitor its assigned rating to the bank facilities, vide communication dated November 02, 2026, October 16, 2026, October19, 2026, October 24, 2026, September 16, 2026, September 21, 2026, September 24, 2026, and concurrently over several phone calls. However, despite repeated requests by Infomerics, the company’s management has not submitted the essential details/information, which restricts Infomerics’ ability to take a forward- looking view on the entity's credit quality. In line with the aforesaid policy of Infomerics, a rating view has been taken on the entity based on the best available information. Please refer to the following link for the previous detailed rationale that captures the Key rating drivers and their description, Liquidity position, Key Financial Indicators and Rating sensitivities: Click here. Infomerics is unable to provide the latest information because of non-cooperation by the entity. Analytical Approach Approach Comments Consolidation/ Standalone Standalone Parents/Group Support Not Applicable About the Company The Company was incorporated as "Zeal Aqua Private Limited" in 2009 by Pradeep Navik and Shantilal Patel in Surat, Gujarat. The company started its operations in the aquaculture sector with a focus on shrimp farming. Consequent upon the conversion of the Company to Public Limited Company in 2015, the name changed to "Zeal Aqua Limited". It is an Aquaculture company that produce high-quality seafood. Zeal Aqua Promoters Mr. Shantilal Ishwarlal Patel have 33 Years of experience and Mr. Pradipkumar Ratilal Navik have 25 years of experience in existing industries. The Company is certified by ASC, The BRC Food, H.A.C.C.P. Food Safety, FSSAI, and FDA. Mr. Pradip R. Navik is Chairman & Promoter, Mr. Shantilal Patel is the whole time Director, Mr. Dhaval S. Patel is Director - Procurement & Operations and Mr. Rohan P. Navik is Director - Sales & Marketing Page | 2 www.infomerics.com Press Release Applicable Criteria Policy on Issuer Not Cooperating. Rating Methodology for Manufacturing Companies. Financial Ratios & Interpretation (Non-Financial Sector). Criteria for assigning Rating outlook. Policy on Default Recognition. Complexity Level of Rated Instruments/Facilities. Status of non-cooperation with previous CRA: Nil Any other information: Nil Rating History for last three years Current Ratings (Year 2026-27) Rating History for the past 3 years Type Amount Date(s) & Date(s) & Date(s) & Sr. Instruments/ (Long outstandin Rating(s) Rating(s) Rating(s) No. Facilities Rating Term/Sho g (Rs. assigned in assigned in assigned in rt Term) Crore) 2025-26 2024-25 in 2023-24 September July 30, 2025 - 19, 2025 IVR BB+ / Negative; ISSUER NOT IVR BBB-/ IVR BBB-/ Fund based 1. LT/ST 198.00 COOPERATING*/ IVR Positive/ IVR Positive/ IVR - facilities A4+; ISSUER NOT A3 A3 COOPERATING* Non-Fund based IVR A4+; ISSUER NOT 2 ST 28.00 IVR A3 IVR A3 - Facilities COOPERATING* *Issuer did not cooperate; based on best available information Annexure 1: Instrument/Facility Details Name of ISIN Date of Coupon Maturit Size of Rating Assigned/ Listing Regul Complexity Facility/ Issuanc Rate/ y Date Facility Outlook Status ator^ Indicator /Security e IRR (Rs. Crore) IVR BB+/ Negative; Term Loan 1 - - - 2.14 ISSUER NOT NA RBI Simple 2028 COOPERATING* IVR BB+/ Negative; Term Loan 2 - - - 4.07 ISSUER NOT NA RBI Simple 2030 COOPERATING* IVR BB+/ Negative; GECL 1 - - - 1.14 ISSUER NOT NA RBI Simple 2027 COOPERATING* IVR BB+/ Negative; GECL 2 - - - Jan 2027 1.20 ISSUER NOT NA RBI Simple COOPERATING* Page | 3 www.infomerics.com Press Release IVR BB+/ Negative; GECL 3 - - - 2.89 ISSUER NOT NA RBI Simple 2027 COOPERATING* IVR BB+/ Negative; GECL 4 - - - Jan 2027 0.88 ISSUER NOT NA RBI Simple COOPERATING* IVR BB+/ Negative; GECL 5 - - - 2.57 ISSUER NOT NA RBI Simple 2028 COOPERATING* IVR BB+/ Negative; GECL 6 - - - 2.44 ISSUER NOT NA RBI Simple 2029 COOPERATING* IVR BB+/ Negative; GECL [Showing first 8,000 characters — download PDF for full document]