Caprihans India Limited has informed the Exchange about the Credit Rating.

Bilcare Caprihans India Limited Tel +91 20 6749 0100 direct@bilcare.com 601, ICC Trade Towers, www.bilcare.com R.tu-eardv Pune 411016 India 13 August 2026 The Secretary BSE Limited Dept of Corporate Services, Phiroze Jeejeebhoy Tower Dalal Street Mumbai - 400001 Scrip Code No: 50948 Sub: Intimation of Credit Rating(s) pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, this is to inform you that Infomerics Valuation and Rating Limited after due consideration, has upgraded the Long Term Rating to IVR BB+/Stable from the previous year's IVR BB/Stable and Short Term Rating to IVR A4+ from the previous year's IVR A4. Additionally, the total rated bank loan facilities were enhanced to Rs. 624.24 Crore from Rs. 610.63 Crore. The outlook on the long-term rating is Stable. You are requested to take the same on your record. Thanking you Yours faithfully, For Caprihans India Limited Rajesh P. Likhite Company Secretary Encl: As above Pune Plant & Registered Office: 1028 Shiroli Rajgurunagar Pune 410505 India Tel +91 2135 647300 CIN - L29150PN1946PLC232362  GST 27AAACC1646F1Z0 Press Release lnfomerics Ratin Caprihans India Limited August 12, 2026 Rating Action Total Bank Loan Facilities Rs. 624.24 Crore (Enhanced from Rs Regulator^ Rated 610.63 Crore) Long Term Rating IVR BB+/Stable (Rating Upgraded) RBI Short Term Rating IVR A4+ (Rating Upgraded) RBI ^Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. Refer Annexures for details of facilities/instruments, facility wise lender details, and detailed explanation of covenants. Note: None of the Directors on Infomerics 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. Rationale Infomerics Ratings has upgraded the rating on the bank facilities of Caprihans India Limited (CIL) to IVR BB+/ Stable/ IVR A4+. The upgrade is driven by the consistent improvement in operating profitability demonstrated in the last three quarters (starting from December 2025) on account of successful implementation of strategies related to new product development, cost reduction, exit from less profitable product segments and focus on expanding market presence in overseas markets where margins are higher. Infomerics expects the company to maintain operating margins at close to the improved levels observed in Q1FY27, which would result in significantly higher cash flows sufficient to support its large debt servicing requirements. The rating derives strength from long track record of operations, established market presence, strong domestic and international clientele, and change in business strategy which has improved operating margins. However, the rating strengths are partially offset by elevated debt levels, weak debt coverage indicators and exposure to raw material price volatility. Outlook: Stable The stable outlook is on account on expanding client base (especially in overseas markets) which is expected to boost revenues and margins as well as inhouse consumption of base film which has reduced operating costs, ultimately leading to steady growth in cash flows. Page | 1 www.infomerics.com Press Release lnfomerics Ratin Analytical Approach Approach Comments Consolidation/ Standalone Standalone Parent/ Group Support NA Key Rating Drivers with Detailed Description Strengths • Long track record of operations and established market presence CIL, incorporated in April 1946, is one of India's leading manufacturers of polyvinyl chloride (PVC) films and aluminium foils that are used for packaging of solid dosage pharmaceutical products and other applications. Its long-standing presence in the industry has helped it build strong relationships with customers and suppliers, ensuring business continuity. In FY24, the company strengthened its market presence by acquiring the Pharma Packaging Innovations (PPI) division from its ultimate holding company, Bilcare Limited. • Strong domestic and international clientele CIL serves a global customer base, including major pharmaceutical companies across 100+ countries. Domestically, it has a strong presence with offices in key cities like Mumbai, Delhi, Bengaluru, and Chennai. Internationally, CIL exports to markets such as the USA, Europe, UK, UAE, Oman, Saudi Arabia, Bangladesh, Russia, Thailand, Philippines, Turkey, Egypt and Kenya. This extensive reach reinforces its position as a leading player in the pharmaceutical packaging industry. • Change in business strategy has improved operating margins from last three quarters CIL has implemented a strategic shift to improve operating margins by expanding into export markets, increasing in-house consumption of base film, and leveraging R&D to develop innovative pharmaceutical packaging solutions that reduce package size and lower costs for clients while improving margins for the company due to reduced raw material costs. The base plastic film produced in its Pune plant is now consumed captively, thereby reducing the need for the Nashik plant to procure the same from outside vendors. Additionally, the company has strengthened its global presence by hiring senior marketing personnel in overseas locations and actively participating in key international pharmaceutical packaging exhibitions in Barcelona (FY24), Frankfurt, and Paris (FY25), demonstrating its commitment to growth despite associated expenses. Page | 2 www.infomerics.com Press Release lnfomerics Ratin With the new business strategies in place, the company has witnessed a significant improvement in its operating performance from Q3FY26 onwards. Investments in strengthening the marketing network, expanding export markets, and enhancing the product mix have translated into higher revenue, improved realisations, and better operating profitability. Consequently, the company reported improved EBITDA margins of 6.65% in Q3FY26, 9.46% in Q4FY26 and 16.76% in Q1FY27. It reported positive net profit of Rs. 6.31 crore in Q4FY26, further improving to Rs.7.05 crore in Q1FY27. Previously, the dip in EBITDA margin to 0.81% in Q2FY26 (vis-à-vis 5.12% in Q1FY26) is attributed to anti-dumping duty on aluminium foils imported from China, which directly impacted the company. Additionally, CIL was engaged in seed marketing in overseas markets, taking orders at cost to gain market entry. Weaknesses • Elevated debt levels and weak debt coverage indicators CIL’s acquisition of the PPI unit of Bilcare Limited significantly increased its debt burden, shifting it from a debt-free entity till FY22 to a highly leveraged one in FY23. The high debt levels have also weakened key financial indicators. The interest coverage ratio remained weak at 0.54x in FY26(A) (FY25: 0.45x), Similarly, the debt service coverage ratio remained below unity at 0.60x in FY26(A) as against 0.48x in FY25(A). However, CIL was able service the debt in FY25 and FY26 from other income comprising largely of proceeds from sale of Thane factory, recovery from old debtors (for which provisions had been made) and recurring cash inflows, including interest earned on bank deposits, income-tax refunds, dividend income, rental income and foreign exchange gains arising from the Company's export operations. • Exposure to raw material price volatility The primary raw materials for CIL’s products include PVC resin and other petrochemical derivatives, whose prices are subject to global market fluctuations. Price volatility in crude oil and raw materials can lead to increased production costs, which may not always be passed on to clients which are pharmaceutical companies in timely manner, considering that they are much [Showing first 8,000 characters — download PDF for full document]