Revision in Credit Ratings

% RPP Infra Projects LLtd Date: 30th July 2026 Department of Corporate Services, Compliance Department, BSE Limited (BSE) National Stock Exchange of India Limited (NSE) 25t Floor, Phiroze JeeJeeBhoy Towers, Exchange Plaza, Plot No. C-1, Block G, Dalal Street, Fort, Bandra Kurla Complex, Bandra (East) Mumbai - 400001. Mumbai - 400051. Scrip Code: 533284 NSE Symbol: RPPINFRA ISIN: INE324L01013 ISIN: INE324L01013 Dear Sir/Madam Subject: Intimation of revision in Credit rating under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (the “Regulations”), please find below the revision in the credit ratings assigned by CRISIL Ratings Limited vide their letter dated 29/07/2026 for the company as follows [Total Bank Loan Facilities Rated Rs.642 Crore Long Term Rating Crisii BBB/Stable (Downgraded from ‘Crisi BBB+/Stable) Short Term Rating Crisil A3+ (Downgraded from ‘Crisil A2) This is for your information and records. Kindly take note of the same. Thanking You, Yours Faithfully, For R.P.P Infra Projects Limited ISelvam Company Secretary and Compliance Officer Regd Office: Corporate Office: CIN: L45201T1995PLC006113 SF.No. 454, Raghupathynaiken Palayam, Ozone Premia, 6% Floor, Railway Colony (Po), Poondurai Road, New No. 39, Dr. Radha Krishnan Salai, Erode — 638002. Tamilnadu. India. Mylapore, Chennai — 600 004. Tamilnadu. India. : 20@rppipl.com |&: www.rppipl.com | |l : cco@rppipl.com | & : www.rppipl.com | : 04242284077 | 044 69292771/72/73/74/75 7/29/26, 11:10 AM Rating Rationale Crisil Ratings Rating Rationale July 28, 2026 | Mumbai RPP Infra Projects Limited Ratings downgraded to ‘Crisil BBB / Stable / Crisil A3+ '; Rated amount enhanced for Bank Debt Rating Action Total Bank Loan Facilities Rated Rs.642 Crore (Enhanced from Rs.557 Crore) IReguIamr of nstrument - Crisil BBB/Stable (Downgraded from ‘Crisil Long Term Rating BBB+/Stable’) RBI Short Term Rating Crisil A3+ (Downgraded from ‘Crisil A2") RBI Note: None of the Directors on Crisil Ratings Limiteds Board are members of rating committee and thus do not participate in discussion or assignment of any rafings. 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 Facilties Detailed Rationale Crisil Ratings has downgraded its ratings on the bank loan facilies of RPP Infra Projects Limited (RIPL) to ‘Crisil BBB/Stable/Crisil A3+ from ‘Crisil BBB+/Stable/Crisil A2'. The downgrade reflects moderation in the company's credit profile resulting from weaker-than-anticipated operating performance. EBITDA margin declined sharply to around 2.2% in fiscal 2026 from 7.5-8.5% in previous two fiscals. The decline is attributable to elevated establishment and mobilisation costs associated with new project execution, along with delays in the receipt of escalation claims. With lower operating profitability, interest coverage moderated to around 1.7 times from previous levels of 5.5-6.5 times. Operating performance over the medium term is dependent on project execution stabilization, escalation claims realisation, and cost pressures moderation, which will remain key monitorable. The ratings continue to reflect the extensive experience of RIPL’s promoters in the civil construction industry, the company’s above average financial risk profile and moderate working capital management. These strengths are partially offset by exposure to intense competition, susceptibility of operating margin to volatility in raw material prices, and risk related to the upcoming real estate project. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of RIPL. Key Rating Drivers - Strengths industry experience of the promoters: RIPL benefits from the extensive experience of its promoters in the civil construction industry. Mr. R.P. Arulsundaram, Chairman and Managing Director, has over three decades of experience in executing infrastructure projects across roads, irrigation, power and building segments, while Ms. A. Nithya, Whole-time Director and CFO, also brings significant industry expertise. The experienced management team supports efficient project execution and order acquisition. The company has diversified its presence across roads, irrigation, buildings, water management and power-related projects, supporting growth in operations. As on March 31, 2026, RIPL had an outstanding order book of over Rs 3,700 crore across 42 projects spread across 6 states, providing healthy revenue visibility over the next 24-36 months. The strong order backlog and established execution track record are expected to support steady revenue growth over the medium term. Above average financial risk profile: The networth was healthy at around Rs 526 crore, while gearing and total outside liabilities to adjusted networth (TOLANW) ratio are comfortable at 0.2 times and 1 time, respectively, as on March 31, 2026. Capital structure is expected to remain at comfortable levels over the medium term. Debt protection metrics declined however it remains adequate, as reflected in interest coverage ratio declining from 5.5-6.5 times for FY24 and FY25 to around 1.7 times for FY26. Debt protection metrics are expected to marginally improve over the medium term. Moderate working capital management: The working capital cycle remains efficiently managed with GCAs of around 176 days as on March 31, 2026. The company’s efficient collection of receivables is reflected in debtors of 40-50 days through the last three fiscals ending fiscal 2026. Inventory (including raw material inventory and unbilled revenue) have also remained moderate at around 30-50 through last three fiscals ending fiscal 2026. The working capital cycle is partially supported by creditors of around 30-50 days and partially supported by working capital debt. Working capital cycle is expected to remain at similar levels. Key Rating Drivers - Weaknesses Exposure to intense competition and susceptibility of operating margin to volatility in raw material prices: RIPL operates in the highly competitive and tender-driven construction sector, where revenue growth depends on successful order wins through competitive bidding. While the company's order book is geographically diversified, with a significant https://www.crisilratings.com/mntiwinshare/Ratings/RatingList/RatingDocs/RPPInfraProjectsLimited_July 28_2026_RR_399469.htmI 1.8 7/29/26, 11:10 AM Rating Rationale presence across Uttar Pradesh, Tamil Nadu and other states, profitability remains constrained by intense competition from both organized and regional players. Operating profitability is also exposed to fluctuations in raw material prices and project execution dynamics. Although most contracts have price escalation clauses, delays in receipt of escalation claims impacted profitability in fiscal 2026. Consequently, operating margin declined to around 2.2% in fiscal 2026 from 7.5-8.5% in fiscals 2024 and 2025, owing to the commencement of a large number of projects during the second half of fiscal 2026 and delays in escalation claim receipts. Historically, margins have remained volatile in the 2-9% range, and sustained improvement in profitability, and stability of the same will remain a key monitorable. Risk related to upcoming real estate project: Company has entered into real estate project in Sri Lanka through an SPV. The total saleable value of the projects is around Rs.750 crores. The investment into the real estate project would be funded by around 50% debt, and rest by equity and customer advances. The project is in initial stage and preliminary works of getting approvals from Lankan local authorities and state bodies are still in progress. The recourse on the SPV’s debt to the parent remains key monitorable. Risks related to timely commencement and completion of project and successf [Showing first 8,000 characters — download PDF for full document]