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�ff. ANDHRCAE MENLTISM ITED ittti SubsiodfSi AaGrACyRE MENLTISM ITED ReAfC.L .SE:2026 Ju0l3y2, 0 26 ThMea nager ThMea nager LisDteipnagr tment LisDteipnagr tment NatiSotnoEacxlkc haonfI gnedL itad BSLEi mited ExchPalnagCze-a G1,-, B lock 2t5hF loNoerTw,r adRiinngg , BandraC-oKmuprBllaeanx d(,rE a) , P TJo weDraslS,at lr Feoertt, Mumb-a4i0 0051 Mumb-a4i00 00 1 NSSEy mbAoClL: BSSEc rCiopd- 5e3 2141 DeaSri rs, Sub: InotfCi rmeaRdtaiittaoi snns gi bgyIn neddRi aat i&nR gess earch-Reg Wea rpel eatsoie ndf yoortumh Iantd Riaat i&nR geessa rAcghe nacsys igned Carse dit Rating "INBDB B/S/tIaNAbD3lt +eoo uCro mpfaontryhL eo aannsWd o rking Caapviatibalyle dL imits thCeo mpvainddyte J. u 0l3y2, 0 2A6C .o poyft he Lieestn tcelforos re dky ioinundr f ormation anrde cords. Thanykoiun,g Youtrrsu ly, FoArN DHCREAM ENLTTSD G.TIRURPAAOTI COMPASNEYC RETARY M.NFo2.8 18 EncAlsA; b ove RegdO.ffi ce& W orks:D urgCae meWnotr kDsu,r gapuSrraimnP,ao gsaDe,ra cheMpaanldlPaial l,n Daidsut ArPi- cSt2,2 414. Phone:8 6+4991- 25/47 24 4F1a +x9:8 16 49-257428 VizUangi: Vt isaCkehmae Wnotr kPsa,r lupVaillelDmau greg,a nPaogsatr, Visa-5k3h0a0pA2aP.9t,n am CorporaOtffiec e: PloNtoI . I RI,o aNdo I.O ,JubHiillHelyesd ,e ra-5b0a0d0 33,TeIlnadnigaa.n a, Phon:+e 91-401-52732133,53 515F7a2x+ :9 1-40-23356573 Websiwtwew:. andhracemIeE n-tmsai.inclvo:em s torhcrealcle@maenndtIsC .IcNLo:2m 6 94l29A3P6PLC0I0 23G7S93T 7IA NA:B CA9263D2ZQ IndiagsR atin FticGhr oup &Researcn AF iGtrcohCu opm pany MrK.. P rasad ChiFeifn anOcffiicaelr AndhCream eLntism ited Plonto1 1R1d,n o1 0J,u biHlielel s, Hydera5b0a00d3 T-3e langana Ju0l3y2, 0 26 DeaSri r/Madam, ReR:a tinLge ttfeorBr L Ro fA ndhCream eLnitm�i ted IndRiaat ianngRdse sea(rIcnhd -hRatasa) k tehnfe o lloawcitniogonA n nsd hCream enLtism it(eAdC'Lbs)a nlko afna cilities: InstruTmyepen Dta toef Coupon MaturityS izoefI ss(umei llion) RatinAsgs ig\\nietdh RatAicntg ion IssuanceRa te Date OutlookM\itch Balnoak n - - - INR9,3780(9 r.ed ufrcedo m INDB BB/StabAl3e+'IN D Afftrrred facilities INR9,869.70) Ini ssuainnmdga intialllll1trgsa tiInngdsRi,aa t irneglsoi nef sa ctiunaflo rimatrte icoefrnio vmei ss suaenrdus n derwarnidft reoromst her sourIcnedRsia at ibneglsi teobv eec sr edIinbdlRieaa.t icnognsd aur cetass oinnavbelseto iftg hafeta icotinun aflo rrmealtuiipeoodbnn yi it n accordwaintihctr esa timnegtsh odaonlodob kt,Yar,ie nass ovnearbilfieoc fat thiaiotnn fo nnfarotmii onnd epesnoduerntctoet she,ex tseuncth souracreaesv aifloaarb g liev seenc urity. Them annoefIr n dRiaat ifancgtsui anlv estaingtdah steci ooopnfet hteh irdv-eprairftiiyotc b attaiwioinvnlsa l r dye penodnti hnnega toufr e threa tseedc uarniidtyt iss sutehrree, q uiraenmpder natcsti inIc nedwsih ae rtehr ea tseedc uirsoi ffteyr aendsd o ltdh,ae v laaibialnidt y natuorfre e lepvuabniltni fco miaactcietosonts h, me a nageomfet nhites saunedir t asd visteharevs a,i loafbp irlei-teyxt ihsitridn-gp arty ve1ifiscuacathsia oundrsie tp oargtrse,e dp-ruopcoenld eutrteaespr psr,aa icstaulraser,pi oaerlnt gsi,n ereerpiolnregtg osap,li nainoodnt sh er repop1rtosv biydt ehdip radr ttiheaesv ,a iloafbi inldietpyea nndcdeo nmtp ettheinrtd v-eprairfitscyoa utriwcoientrs he spteotc htpe a rticular secuorrii ntt hype a rtijcwu·liasordf it chitesi soaunne adrv ,a rioefot tyhf earc tors. UseorfsI ndRiaat irnagtsis nhgosuu nldde rtshtnaaetni dta hnee nrh anfcaecdti unavle stniogaran ttyhi iornd v-eprairfitccyaa entn isoutnrh ea t alolft hien fonInnadtRiiaaot nir neglsoi nie nsc onnewcittaihr o ant wiinblgela ccuarnacdto em plUelttei.m tahtiees lsyau,ne idrt a sd visers arree spofonsrit bhlaeec curaocfty h ien fontnhaetpyir oonvt ioId ned Riaat ianngtdso t h1en ariknoe ffte rdioncgu maennodtt sh reerp orts. Ini ssuiitrnsag t iInngdRsia at imnugsrste olnyt hweo rokfe xpeirntcsl,iu nddienpge anuddeiwntitot rrhes s pteofc itn asntcaitaelam nedn ts attornweiytrshe spteolc etga anltd a mxa ttFeurrst.rh aetria,nr igens h erfoernwtalryd -alnoedom kbionadgsy s umpatnipdor nesd iacbtoiuotn s futuervee ntthsba tyt heniart ucraen nboevt e riafsfai cetdAs s.a resduelstp,ai ntvyee rifiocfac tuirorfanec nttrs a,t icnagbnse a ffected byfu tuervee onrtc so nditthiwaoetnr nseo atn ticaittp hateti emader atwiansig s sourea df firmed. IndRiaat isnegestk ocs o ntiniumopursioltvrysea ticnrgista enrmdie at hodoalnopdge ireiso,ud pidcaattlheldesye scriopnit twiseo bnssoi ft e itcsr itaenrmdie at hodoflosoreg ciuersoi fat giievste ynp Teh.ec ritaenrmdie at hoduosletodogd ye te1am rianteai cntgai rotenh oisne effeacttt h tei mtehr ea taicntgii sto ank wehni,foc rhp ubrlaitcii nstg hdsea toeft hree lartaetadic ntgci oomnm enEtaacrrhya .ta icntgi on commenptraorvyii ndfeosr maabtotiuhotcen r itaenrmdie at hoduosletodoga yi Taitvt ehs et artaetdwi hnigmc,ah y d iffferorm t hgee neral critaenrmdie at hodfoorlt ohgyae p plisceacbultreyi ppteoy s toentd h wee bsaitat gei vteinmF eo.tr h riesa syoonsu,h oualldw acyosn sult thaep plircaatbailcnetgc i oomnm enftoatrryh m eo satc cuirnafotnen oantt ihobena soifas n gyi vpeunb rlaitci ng. Ratinagrsbe a soende stabclriisthaeenrdmdi e at hodotlhoIagntid Reiasat iinscg osn tineuvoaulsualanytud ip ndga tTihnegre.rfo arteia,nr ges thceo llewcotrpikrv oed oufIc ntd Riaat ianngndso i ndivoirgd ruoaoulfpi, n diviissd oularelelssy,p ofonrsa i rbalteAi lnIlgn .d Riaat ings repohratvsseh araeudt hoIrnsdhiivpii.dd eunatliisnafi n·eJ dn dRiaat irnegpsrw netri en voilnvb,eu dat r neo sto lreelsyp ofnostrih,be l e opinsitoanttshe edr Teheii nn.d ivairdneua amlefosdr c ontpaucrtp oonsleys. Ratianrgneso a tr ecommenodrsa utgigoends itrieoocnrit, nl dyi rteoyc otoulr ay n,oy t hpeerr stoobn u,ys ,e mlalk,o erh oladni yn vestment, loaonrs ecuorrit touy n deratnayik nev essttmreanwttie tgrhye spteoac ntyi n vestlmoeaonnrst e,c uorria tnyyi s esrRu.a ntgidso n ot commeonntt h aed equoafmc ayr kperti tchese,u itaobfai nlyii ntvye stlmoeaonnrst e,c ufroiart p ya 1tiicnuvlea(srit nocrlw uidtihnogu t limitaantayic ocno,ua nntdi/rnoegrg ultarteoaryt omret nhttea) x,- enxaetmouprrtt e a xaobfip laiytmyem natdisen r espoefac ntiy n vestment, loaonrs ecuIrnidtyRi.aa t iinsng osyt o uard vinsooirrsI , n dRiaat ipnrgosv itdoyi onougr a noyt hpearr atnyfiy n anacdivaiolcr ae n,ly e gal, audiatcicnogu,an ptpirnagvi,as laulao,tra i cotnu saerrivaAil c reasts.ih nogun lobdte v iewaesad r eplacfoerms euncathd viocrs ee rvices. IndRiaat i&nR gess eaPrrcihv Laitmei tAFe idt Gcrho Cuopm pany WockhardLteTvoW<we!eslWrt4i, ,nS ga,n KdurrCalo am pSlaenx(d,ErM �au mb-4a00i051 Te+l9:1 22400IF0 a1x7:00+ 40901012 720I C1 ! N/LLPlN:U67100IMw Hw1w9.9i5nFcTC!li4a0r0a4l9i ncs.co.in IndRiaatgs i n FticGhr oup &Researcn A FiGtrcoChuo pm pany Invemsatyfo irInsnd d Riaat irnagtsti onb geis m portanta niIdnn fdRoiaratm ianntogittsoeh nsya ,ot au r ree spofnoscrio bmlmeu nitchaet ing contoeftn htlises t atneadrn ,cy h anwgiertseh s pteotc hrtea ttioin ngv,e stors. Itw ibleli mpotrhtyaaotnpu tr ompprtolvuyis wd ieta hli ln fortmhamatatiyb o enm atetroti harela tsiont ghsoa utrr a tcionngtsti obn eu e approRpartiiamntageybs. er ailsoewde,r ed, owrpi ltahocdneRr daa twiWnna,gt dcuhte o c hanignae,ds dittoia,oc ncsu roafoc rty h e inadeoqfiu nafocrym oarfot ria onnoy t hreera IsnodnRi aat idnegessm usffi cient. Nothiintn hgli est itsie nrt etnood res dh obuelc do nstamsce rde aatfi idnugc riealrayt bieotnwsIehneidnRpi a at ianngydso our b etween IndRiaat iannagdns u ys eorft hrea tings. Int hliest "tIenrRd,ai tai mnegasIn"ns d Riaat i&n Rgess eaPrvctLh.t ad.na dn syu cceisnis notre rest. Wea rpel eatsohe adv hea dt hoep porttoub neoi fts ye rvtioyc oeuI .fw ec anb eo ffu rthaesrs isptlaenaecsmeea,u i sla t infogrp@tiin.cnd ogii.sna ra Sincerely, AbhisBhheakt tacharya SeniDoirr ector AndhraCementsLimited 03J-uly-2026 IndRiaatgs i n FitGcrohu p &Researcli AF iGlrdo1u p Company AnnexFuarcei:Bl rietaikeusp InstruDmeesncrti ption BanNka me Ratings OutstanAdimnog/Rautnemtdi( lJNRl ion) Telroanm UnioBna onfkl ndiIaN BDB B/Stable 1200.00 Telroamn StaBa [Showing first 8,000 characters — download PDF for full document]