Please find attached our intimation in the captioned subject

August 05, 2026 To, To, Listing / Compliance Department Listing / Compliance Department BSE LTD National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, Dalal Street G Block Bandra-Kurla Complex, Mumbai- 400 001 Bandra (E), Mumbai- 400 051. SCRIP CODE – 540145 SYMBOL- VALIANTORG Sub: Credit rating by CRISIL Ratings Limited Ref.: Intimation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “SEBI Listing Regulations”) Dear Sir / Madam, Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that CRISIL Ratings Limited, vide its letter dated August 05, 2026, has reaffirmed the credit ratings assigned to the bank facilities of the Company. Further, the outlook on the long-term rating has been revised from 'Negative' to 'Stable'. Total Bank Loan facility related Rs. 370 Crore Long term rating Crisil A-/ Stable (Outlook revised from 'Negative'; Rating Reaffirmed) Short term rating Crisil A2 + (Re-affirmed) The Rating Rationale issued by CRISIL Ratings Limited is enclosed herewith for the information of the stakeholders. Please take the same on your record. Thanking you. Yours Faithfully, For Valiant Organics Limited Kaustubh Kulkarni Company Secretary ICSI Mem No.: A52980 Encl: a/a Regd. Office:109, Udyog Kshetra, 1st Floor, Mulund Goregaon Link Rd, Mulund West, Mumbai 400080, India. +91 22 6797 6683 • info@valiantorganics.com • www.valiantorganics.com CIN NO.: L24230MH2005PLC151348 8/6/26, 7:20 PM Rating Rationale Rating Rationale August 05, 2026 | Mumbai Valiant Organics Limited Rating outlook revised to 'Stable'; Ratings Reaffirmed Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.370 Crore Instrument Crisil A-/Stable (Outlook revised from 'Negative'; Long Term Rating RBI Rating Reaffirmed) Short Term Rating Crisil A2+ (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of 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. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has revised its outlook on the long-term bank facilities of Valiant Organics Limited (VOL) to ‘Stable’ from ‘Negative’ while reaffirming the rating at ‘Crisil A-’. The rating on the short-term bank facilities has been reaffirmed at 'Crisil A2+'. The outlook revision reflects the strengthening of the business risk profile, supported by higher operating margin and steady growth in revenue. Operating performance improved on the back of ramp up of existing capacity and steady demand. The company achieved revenue of Rs 745.68 crore and operating margin of 12.75% in fiscal 2026. The operating margin and revenue will continue to improve over the medium term. The ratings continue to reflect the company’s established market position in the specialty chemicals industry backed by the extensive experience of the promoters, and healthy financial risk profile. These strengths are partially offset by large working capital requirement and susceptibility to volatility in raw material prices. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of VOL. Key Rating Drivers - Strengths Established market position supported by diversified product portfolio and end-user base: The promoters have been engaged in the chemical intermediates business for over three decades, which has enabled them to develop understanding of the market dynamics and healthy relationships with customers and suppliers. The company manufactures diverse https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ValiantOrganicsLimited_August 05_ 2026_RR_402022.html 1/11 8/6/26, 7:20 PM Rating Rationale products for ammonolysis, hydrogenation and chlorination, which are used in multiple industries including pharmaceutical, specialty chemicals, agro chemicals and dyes and pigments. This has helped VOL to mitigate the risk associated with high dependence on a product or end-user industry. With steady volume growth, operating revenue is expected to grow at a steady 8–10% over the medium term. Comfortable financial risk profile: The financial risk profile was comfortable, supported by strong networth of Rs 746 crore as on March 31, 2026, as against Rs 712 crore as on March 31, 2025. Capital structure was strong, as reflected in gearing and total outside liabilities to adjusted networth ratio of 0.34 time and 0.63 time, respectively, as on March 31, 2026. Debt protection metrics were healthy, as indicated by interest coverage and net cash accrual to adjusted debt ratios of 5.23 times and 0.29 time, respectively, in fiscal 2026 (2.3 time and 0.13 time, respectively, in fiscal 2025). With no major debt-funded capital expenditure plans, the financial risk profile is likely to remain healthy over the medium term. Key Rating Drivers - Weaknesses Large working capital requirement: Operations were working capital intensive, as reflected in gross current assets of 177 days as on March 31, 2026 (174 days as on March 31, 2025), driven by receivables and inventory of 120 days and 51 days, respectively. The working capital cycle is supported by payables and working capital limit and is likely to remain stretched over the medium term. Vulnerability of profitability to volatility in raw material prices: The operating profitability was volatile at 5.33–12.75% in the three fiscals through 2026 owing to steady growth in sales volume amid reducing realisation per metric tonne. Due to the West Asia conflict and high import dependence, timely passthrough of raw material price increases will remain monitorable over the medium term. Liquidity Strong Net cash accrual, expected at Rs 70-80 crore per annum, will comfortably cover yearly term debt obligation of Rs 17–18 crore over the medium term. Surplus liquidity will cushion liquidity. Cash credit utilisation was around 40% over the 12 months through February 2026. Cash and bank balance was Rs 2.14 crore as on March 31, 2026, and the current ratio was small at 0.93 time as on that date. Comfortable gearing and strong networth support financial flexibility and will cushion liquidity in case of adverse conditions or downturns in the business. Outlook Stable VOL is expected to achieve steady growth in operating performance supported by the extensive experience of the promoters. Rating sensitivity factors Upward factors Steady revenue growth supported by increase in volume and rise in operating margin above 13% leading to higher net cash accrual. Sustenance of financial risk profile and efficient working capital management. Downward factors Decline in revenue and fall in operating margin below 8% leading to net cash accrual below Rs 60 crore. Further stretch in the working capital cycle weakening the liquidity and financial risk profile. About the Company VOL was set up in 1984 as Valiant Chemical Corporation; the firm was reconstituted as a public limited company with the current name in 2005. Based in Mumbai, Maharashtra, the company manufactures specialty chemicals. It is promoted by the Gogri, Chedda and Gala families. The company acquired Abhilasha Tex Chem Pvt Ltd in 2017 and Amarjyot Chemical Ltd in March 2019. https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ValiantOrganicsLimited_August 05_ 2026_RR_402022.html 2/11 8/6/26, 7:20 PM Rating Rationale Key Financial Indicators As on / for the period ended March 31 Unit 2026 2025 Operating income Rs crore 745.68 719.21 Reported profit after tax (PAT) Rs crore 33.23 (3.43) PAT margin % 4.46 (0.48) Adjusted debt / adjusted networth Times 0.34 0.35 Interest coverage Times 5.23 2.30 Any other information: Not applicable Note on complexity levels of the rated instrument: Crisil Ratings` com [Showing first 8,000 characters — download PDF for full document]