Credit Rating- Revision

Date: July 21, 2026 The General Manager, The Manager, Listing Department, Listing & Compliance Department Bombay Stock Exchange Limited, The National Stock Exchange of India Limited P.J. Towers, Dalal Street, Exchange Plaza, C-1, Block G, Bandra Kurla Mumbai – 400 001 Complex, Bandra East, Mumbai – 400051 Scrip Code: 531449 Symbol: GRMOVER Subject: Rating upgraded by Acuité Ratings & Research Limited from A- to A (Stable Outlook) Dear Sir/ Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Regulations”), we wish to inform you that Acuité Ratings & Research Limited has upgraded its long-term rating to ‘ACUITE A’ (read as ACUITE A) from ‘ACUITE A-’ (read as ACUITE A minus) and its short-term rating to 'ACUITE A1' (read as ACUITE A one) from 'ACUITE A2+' (read as ACUITE A two plus). The outlook is 'Stable’. Please find below the details of upgraded credit rating assigned to the company: Name of the Credit Rating Type of Credit Existing Upgraded Company Agency Rating GRM Overseas Acuite Ratings & Long-Term ‘ACUITE A-’ (read as ‘ACUITE A’ (read Limited Research Rating ACUITE A minus) as ACUITE A) Outlook: Stable GRM Overseas Acuite Ratings & Short-Term 'ACUITE A2+' (read as 'ACUITE A1' (read Limited Research Rating ACUITE A two plus) as ACUITE A one) The report from the credit rating agency covering the rationale and rating letter for revision in credit rating is enclosed. The above information will be available on the website of company at www.grmrice.com. This is for your information and records. Thanking you. Yours faithfully, For GRM Overseas Limited Sachin Narang Company Secretary & Compliance Officer Membership No.: 65535 7/21/26, 4:59 PM Press Release Press Release July 20, 2026 G R M OVERSEAS LIMITED Rating Upgraded Quantum (Rs. Cr) Quantum (Rs. Cr) Short Term Regulated Product Long Term Rating (SEBI) (Other FSR) Rating By Bank Loan ACUITE A | Stable | 0.00 85.00 - RBI Ratings Upgraded Bank Loan ACUITE A1 | 0.00 227.00 - RBI Ratings Upgraded Total 0.00 312.00 - - - Outstanding Total 0.00 0.00 - - - Withdrawn Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Rating Rationale Acuité has upgraded its long-term rating to ‘ACUITE A’ (read as ACUITE A) from ‘ACUITE A-’ (read as ACUITE A minus) on the Rs.85.00 Cr bank facilities and its short-term rating to 'ACUITE A1' (read as ACUITE A one) from 'ACUITE A2+' (read as ACUITE A two plus) on the Rs.227.00 crore bank facilities of GRM Overseas Limited (GOL). The outlook is 'Stable’. Rationale for rating The rating upgrade reflects significant improvement in the group’s scale of operations, supported by strong growth in both domestic fast moving consumer goods and export businesses, resulting in healthy revenue expansion in FY2026. The rating further derives comfort from the strengthened financial risk profile, marked by substantial net worth accretion following the conversion of share warrants into equity in FY26, resulting in improved capital structure, comfortable leverage and healthy debt protection metrics. The rating also factors in the group’s established position in the basmati rice industry, experienced management, diversified geographical presence, growing branded product portfolio and extensive domestic distribution network. These strengths are, however, constrained by the working capital-intensive nature of operations, exposure to agro- climatic and paddy price risks, and forex fluctuation risk inherent in export operations. About the Company G R M Overseas Limited (GOL) was incorporated in 1974 as a partnership firm under the name “Garg Rice & General Mills” and later converted to a public limited company in 1995. Subsequently it got listed on the Bombay Stock Exchange (BSE) in 1996 and on the National Stock Exchange of India Limited (NSE) in 2022. The company is engaged in milling, processing and marketing of basmati rice with an installed processing capacity of 4,40,800 metric tonnes per annum. The directors of the company are Mr. Atul Garg, Mr. Nipun Jain, Mrs. Mamta Garg, Mr. Gautam Gupta, Mr. Tarun Singh, Mr. Hukam Chand Garg, Ms. Nidhi and Mr. Sumit Mittal. The company has its registered office located at Delhi. About the Group GRM Group comprises of G R M Overseas Limited and its three subsidiaries namely GRM International Holding Ltd. (GIHL, UK), GRM Fine Foods Inc. (GFFI, USA) & GRM Foodkraft Pvt. Ltd. (GFPL, India). The group is engaged in milling, processing and distribution of basmati rice in domestic and overseas markets. It exports to more than 55 countries majorly across in Middle East and Europe. The domestic business is conducted through GRM Foodkraft Pvt Ltd under their flagship brand-name 10X, offering essential consumer goods and kitchen necessities, encompassing rice, spices, atta(flour), and ready-to-eat products. The international operations are run through GRM International Holding Ltd. (GIHL, UK), GRM Fine Foods Inc. (GFFI, USA). https://connect.acuite.in/fcompany-details/G_R_M_OVERSEAS_LIMITED/20th_Jul_26 1/9 7/21/26, 4:59 PM Press Release Unsupported Rating Not Applicable Analytical Approach Extent of Consolidation •Full Consolidation Rationale for Consolidation or Parent / Group / Govt. Support Acuité has consolidated the business and financial risk profiles of GOL with its three subsidiaries GRM International Holding Ltd. (GIHL, UK), GRM Fine Foods Inc. (GFFI, USA) & GRM Foodkraft Pvt. Ltd. (GFPL, India). The consolidation is in view of common management, operational & financial linkages between the entities. Key Rating Drivers Strengths Experienced management and established brand presence in the agri-food industry GRM group benefits from the extensive experience of its promoters, who have over four decades of experience in the agri-food industry. The company has established a strong presence in the basmati rice segment and caters to customers across domestic and international markets through a well-developed distribution network spanning across key geographies, including the UK, USA and the Middle East. Further, to enhance the presence of the group in domestic market the group is planning strategic investments in brands such as digital first D2C brands, lifestyle brands, wellness–focused brands and other consumer facing opportunities. Its longstanding relationships with reputed retail chains and trading partners, coupled with established relationships with suppliers and customers, support business stability and market reach. Growing operating performance The group's operating performance improved significantly in FY2026, with revenue increasing by ~31% to Rs.1,769.20 crore from Rs.1,348.19 crore in FY2025, driven by strong growth across both domestic and export segments. The domestic business witnessed robust expansion, increasing its contribution to over 51% of total revenue in FY2026, supported by an extensive distribution network and a growing portfolio of branded FMCG products. The group continues to strengthen its presence across domestic and international markets through brands such as Himalayan River, Tanoush and 10X, while maintaining a strong position in the basmati rice export segment with operations spanning over 55 countries. Although the EBITDA margin moderated to 6.58% in FY2026 from 7.30% in FY2025 due to strategic investments towards brand building and market expansion, profitability remained healthy with a PAT margin of 4.30% in FY2026. Acuité believes the group's operating performance will continue to benefit from increasing domestic market penetration, growing contribution from branded products and diversified geographical presence. Healthy financial risk profile The group's financial risk profile remained healthy in FY2026, supported by a strengthened net worth, comfortable leverage and he [Showing first 8,000 characters — download PDF for full document]