Credit Rating- Others

Date: July 01, 2026 BSE Limited, National Stock Exchange of India Limited, 1st Floor, New Trading Wing, Exchange Plaza, 5th Floor, Rotunda Building, P J Towers, Plot No C/1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Mumbai - 400 001. Bandra (E), Mumbai - 400 051. Ref: Peninsula Land Limited (Scrip Code: 503031, Scrip Symbol: PENINLAND) Sub: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulation”) Pursuant to Regulation 30 read with Schedule III of LODR Regulations, this is to inform you that CARE Ratings Limited has withdrawn the rating assigned to Company’s Long Term Bank Facilities in compliance with CARE Ratings withdrawal policy vide their press release dated July 01, 2026. FACILITIES/INSTRUMENTS AMOUNT RATING RATING ACTION (IN CRORE) Long Term Bank Facilities - - Reaffirmed at CARE BB+; Stable and Withdrawn The press release of the aforesaid rating agency is enclosed for your ready reference. The same is also disseminated on the website of the Company i.e. www.peninsula.co.in Kindly take this on record. Thanking You, Yours Truly, For: PENINSULA LAND LIMITED Pooja Sutradhar Company Secretary and Compliance Officer Membership Number A40807 PENINSULA LAND LIMITED Phone : +91 22 6622 9300 1401, 14th Floor, Tower-B, Fax : +91 22 6622 9302 Peninsula Business Park, Email : info@peninsula.co.in Ganpatrao Kadam Marg, URL : www.peninsula .co.in Lower Parel, Mumbai 400 013, CIN : L17120MH1871PLC000005 India. Press Release Peninsula Land Limited July 01, 2026 Facilities/Instruments Amount (₹ crore) Rating1 Rating Action Reaffirmed at CARE BB+; Stable Long-term bank facilities - - and Withdrawn Details of instruments/facilities in Annexure-1. The list of facilities / instruments falling under the purview of various financial sector regulators (FSRs), along with the names of respective FSRs has been disclosed under Annexure-6 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has reviewed and withdrawn the rating of ‘CARE BB+; Stable’ outstanding on bank facilities of Peninsula Land Limited (PLL) with immediate effect. This action has been taken at the request of the company and based on the ‘No Objection Certificate’ received from lender(s) that have extended facilities rated by CareEdge Ratings, in accordance with CareEdge Ratings’ policy on withdrawal of ratings. The rating continues to remain constrained by the entity’s high tenant concentration risk with the entire leasable area being occupied by only two tenants, the top tenant accounting for over 70% of the total monthly rentals and agreement rollover risk with both existing lease agreements expiring in August 2026. There have been instances of delay in receipt of monthly rentals from the tenants and delay in rollover of lease agreements with revised rentals putting pressure on cash flows. However, the rating continues to factor in experienced promoters, favourable location of the leased property, presence of debt service reserve account (DSRA), escrow mechanism, and established track record of full occupancy levels with reputed tenant base. CareEdge Ratings notes that the company has redeemed the ₹150 crore optionally convertible debentures in full in December 2025, following the receipt of redemption notice from debenture holders. This redemption was partly financed by redemption of investment in non-convertible debentures of ₹112.5 crore and the balance ₹27.5 crore from internal accruals and liquid funds. PLL has fully provided for its entire exposure of ₹102 crore in Peninsula Holdings and Investments Private Limited (PHIPL) in Q4 FY27 owing to uncertainty around its recoverability due to the initiation of corporate insolvency resolution proceedings (CIRP) against Hem Infrastructure and Property Developers Private Limited (HIPDPL), a JV where PLL holds investments through PHIPL, following the invocation of corporate guarantee given by HIPDPL towards loans of ₹266.3 crore to M/s. Hem-Bhattad (AOP), pursuant to order dated July 14, 2025 passed by the National Companies Law Tribunal (NCLT). The National Companies Law Appellate Tribunal (NCLAT) quashed PHIPL’s appeal via order dated October 29, 2025, and its appeal has been filed before the Supreme Court of India. While this is not likely to have material liquidity impact on PLL, as PLL has not given corporate guarantee to any of its subsidiaries or step-down subsidiaries, as confirmed by the management, cash outflow towards the JV could further stretch the company’s liquidity and remains a monitorable. The company has also written off investments worth ₹40 crore, which has impacted the company’s net worth and capital structure. Analytical approach: Standalone Outlook: Stable The Stable outlook reflects CareEdge Ratings’ expectations that PLL will maintain adequate debt coverage metrics and liquidity buffer to service its repayment obligations backed by healthy revenue visibility and full occupancy of its leased-out property. Detailed description of key rating drivers: Key weaknesses Leveraged capital structure PLL’s capital structure continues to remain leveraged owing to the sizeable outstanding lease rent discounting debt against significant erosion of the net worth base with losses on business operations and write-off of investments in group entities as indicated by overall gearing at 6.80x as on March 31, 2026, against 2.19x as on March 31, 2025. Debt coverage indicators moderated significantly in FY26, considering continued losses owing to delay in recognition of revenue from real estate segment and additional costs incurred against the ongoing legal hurdles. The profit before interest, lease rentals, depreciation and taxation (PBILDT) interest coverage ratio stood below unity in FY26. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Subdued performance of real estate segment and continued losses in FY26 PLL recognises revenue on completed contract method (CCM) post receipt of occupancy certificate (OC) and handover of possessions. As the OC is received in different quarters, there is a fluctuation in the scale of operations. In FY26, the company reported significant decline in scale of operations due to lower revenue from real estate segment owing to delay in receipt of OC and consequent delay in revenue recognition. This and higher operating expenses and additional costs incurred against ongoing legal cases (in the form of legal expenses and impairment) resulted in continued net losses of ₹153.7 crore in FY26 compared to losses of ₹25.27 crore in FY25. Tenant concentration risk and renewal risk PLL is susceptible to tenant concentration risk with only two tenants occupying 100% of the total leased out area. The company also remains susceptible to agreement renewal risk with all existing lease agreements expiring in August 2026 (agreement tenure is usually for three years). However, given the tenants being government companies and PLL having long track record of leasing the property to these tenants over five decades, credit and revenue risks are mitigated to some extent. Key strengths Strategic location of the leased property Parel is one of the commercial hubs in Mumbai with a sizeable number of government offices, private offices, and MNCs, resulting an average rate is over 30,000 per square feet. ‘Piramal Chambers’ is in Lalbaug, Parel, which is at a distance of less than 1 km from Lower Parel Railway station. The location is well-connected through roadways and railways. Presence of escrow mechanism and DSRA PLL has leased out its property ‘Piramal Chambers’ at Lalbaug, Mumbai, to two tenants in lieu of monthly lease rentals and the company has availed the lease rental discounting (LRD) facility. The entire cash inflow consisting of lease rentals (including parking charges and maintenance char [Showing first 8,000 characters — download PDF for full document]