Update on Credit Rating

Date: August 10, 2026 Scrip Code: 533122 RTNPOWER/EQ BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza”, Bandra Kurla Complex Dalal Street Bandra (East) Mumbai 400 001 Mumbai 400 051 Sub: Intimation under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 : Update on Credit Rating. Dear Sirs/Madam, Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Para A, Part A of Schedule III thereto, we wish to inform you that the CRISIL (Credit Rating Information Services of India Limited) has upgraded its rating on the short – term bank facilities of the Company to “Crisil A2” from “Crisil A3+”, the details of which are as under: Rating Facilities Total Bank Rating/Outlook Rating action Agency Loan Facilities Rated Crisil Short Term Rs. 650 Crore Crisil A2 Ratings Bank (Enhanced from Upgraded Limited Facilities Rs. 550 Crore) You are requested to take the above information on record. The same shall also be made available on the website of the Company at www.rattanindiapower.com . Thanking you, Yours truly For RattanIndia Power Limited Lalit Narayan Mathpati Company Secretary RattanIndia Power Limited CIN: L40102DL2007PLC169082 Registered Address: A-49, Ground Floor, Road No. 4, Mahipalpur, New Delhi - 110037 Website: www.rattanindiapower.com; Email ID: ir_rpl@rattanindia.com; Phone: 011 46611666; Fax: 011 46611777 07/08/2026, 11:34 Rating Rationale Rating Rationale August 06, 2026 | Mumbai Rattanindia Power Limited Rating upgraded to 'Crisil A2'; Rated amount enhanced for Bank Debt Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.650 Crore (Enhanced from Rs.550 Crore) Instrument Short Term Rating Crisil A2 (Upgraded from 'Crisil A3+') 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 upgraded its rating on the short-term bank facilities of Rattanindia Power Limited (RIPL; part of RattanIndia group) to ‘Crisil A2’ from ‘Crisil A3+’. The upgrade factors in the improved operating performance of RIPL as indicated by increase in plant load factor (PLF) to 82% in fiscal 2026 from 78% in fiscal 2025, while plant availability factor (PAF) remained above 85%. This has enabled the company to report healthy operating profitability despite decline in tariff (as per the power purchase agreement [PPA]) while maintaining low external senior debt. The company reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of Rs 410 crore in fiscal 2026 compared with Rs 598 crore in fiscal 2025. The decline remained moderate despite reduction in variable charges as per PPA, aided by high PLF, driven by increased offtake from Maharashtra State Electricity Distribution Company Ltd (MSEDCL). Profitability was further supported by low fuel costs owing to improved availability and quality of coal. Crisil Ratings expects the operating performance to remain healthy over the medium term with PLF sustaining above 75% and PAF above 85%, supported by favourable variable cost of generation on account of adequate fuel availability and stable demand. This should translate into Ebitda of over Rs 400 crore and Ebitda per unit exceeding Rs 0.45 per unit in fiscal 2027 and thereafter. Nevertheless, profitability remains susceptible to the timely availability of adequate coal and maintenance of fuel quality and will remain monitorable. The business risk profile continues to benefit from low offtake risk, backed by long-term PPAs of 25 years for almost its entire net capacity, available fuel supply agreement (FSA) and timely receipt of regular receivables from its counterparty, MSEDCL. The rating action is also supported by RIPL’s nil long-term external debt. Further, fund-based working capital facilities (sanction) of Rs 400 crore witnessed reduction in its interest rate to 11% per annum (p.a.) in 2026 compared with 11.5% in 2025. Further, operations of the plant are managed through a monitoring agency and all cash flow is escrowed in trust and retention account (TRA) and follows a waterfall mechanism with no surplus being upstreamed without lender’s consent, providing additional cushion. These strengths are partially offset by modest financial risk profile and presence of counterparty risk due to long-standing, albeit improving level of regulatory receivables from MSEDCL. On September 19, 2025, a petition filed by REC Ltd, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the company, has been dismissed by the National Company Law Tribunal, New Delhi Branch (Court – II). Accordingly, no cash outflow is expected in this regard. While, REC Ltd has not filed appeal against the NCLT order, it may go to/approach higher courts and thus, legal outcomes and cash outflow thereof, will remain monitorable. Further, the company also has 0.001% optionally convertible cumulative redeemable preference shares (OCCRPS) from erstwhile lenders to the project, which are due for repayment/conversion in December 2026. Given the past precedence of quashing REC Ltd’s application pertaining to payment related to Rs 250 crore RPS, no cash outflow is expected pertaining to these OCCRPS as well, however, the same continues to be monitorable. On March 12, 2025, the Arbitral Tribunal dismissed the petition filed by the company against the interim arbitral award dated July 27, 2017, which had awarded Rs 115 crore plus interest in favour of the respondent, i.e. Bharat Heavy Electricals Ltd. The company has appealed against the same, thus, no immediate cash outflow is expected. The company had healthy liquidity with overall cash balance of Rs 276 crore as on March 31, 2026, out of which Rs 197 crore was earmarked for the disputed amount against BHEL. However, any material cash outflow, impacting the liquidity of the company, will be monitorable. https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/RattanindiaPowerLimited_August 06_ 2026_RR_398227.html 1/8 07/08/2026, 11:34 Rating Rationale Analytical Approach Crisil Ratings has analysed the standalone business and financial risk profiles of RIPL to arrive at its ratings owing to the presence of a ring-fenced mechanism that insulates it from other assets in the group. RIPL entered into a settlement agreement with its erstwhile lenders in December 2019 along with signing an agreement to release RIPL from the debt obligation of its subsidiary Sinnar Thermal Power Ltd out of RIPL’s cash flow. Furthermore, aside from secured debt, RIPL also has Rs 1,450 crore of inter-corporate deposits (ICDs) from its promoters, which has been subordinated to the rated debt under the subordination agreement signed. Moreover, there are also 0.001% RPS and 0.001% OCCRPS from original lenders to the project, which would be serviced in line with the Companies Act. Crisil Ratings has considered only secured debt for leverage analysis, given, as per understanding from the management, the subordinated debt is long-drawn and prioritised below secured debt. Key Rating Drivers - Strengths Low offtake and fuel supply risk The company has a 25-year PPA (till 2040) with MSEDCL for almost its entire net capacity, which reduces offtake risk and provides revenue visibility. The tariff structure allows the company to recover its entire fixed cost, provided the plant achieves a normative PAF of 85%. Additionally, the plant has adequate fuel linkage for its coal requirement driven by FSA with South Eastern Coalfields Ltd (SECL) for 6.1 million tonne per annum (MTPA). Moreover, in case of further requirement or unavailability, the plant may procure coal from other alternative sources [Showing first 8,000 characters — download PDF for full document]