Credit Rating

CIN: L65923MH1992PLC064886 Corporate Office: 3, Kamat Industrial Estate, 396, Veer Savarkar Marg, Opp. Siddhi Vinayak Temple, Prabhadevi, Mumbai – 400 025 Phone: 022-2432 2993 / 022-2432 2994 022-2422 4575 / 022-2432 3005 E-mail: shalibhadra_mum@yahoo.co.in Date: 17th August 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C-1, G Block, Dalal Street, Fort, Bandra Kurla Complex, Bandra (East), Mumbai – 400001. Mumbai – 400051. BSE Script Code: 511754 NSE Scrip Symbol: SAHLIBHFI Sub: Intimation regarding Credit Rating Dear Sir / Madam, In compliance with Regulation 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), ICRA Limited has Assigned and Reaffirmed the ratings on Non-Convertible Debentures and Bank Lines availed by the company. Further, following are the details as per Regulation 55 of the SEBI Listing Regulations: Details of credit rating Sr. Instrument Amount of Name of Credit Outlook Rating Action Date of No. Rating (in the Credit rating (Stable/ (New/ Credit rating crores) Rating assigned Positive/ Upgrade/ Agency Negative Downgrade/ / No Re-Affirm/ Outlook) Other) 1 Non-Convertible Debentures 20.00 ICRA BBB- Stable Assigned 13/08/2026 Limited 2 Non-Convertible Debentures 20.00 ICRA BBB- Stable Reaffirmed 13/08/2026 Limited 3 Long Term-Fund Based / Bank 40.00 ICRA BBB- Stable Reaffirmed 13/08/2026 Lines Limited Total 80.00 Enclosed herewith are the rating letters received from ICRA Limited. You are requested to kindly take the same on record. Thanking you, Yours faithfully, For SHALIBHADRA FINANCE LIMITED VATSAL DOSHI MANAGING DIRECTOR DIN: 07950770 ICRA/Shalibhadra Finance Limited/13082026/2 Date: August 13, 2026 Mr. Vatsal M. Doshi Managing Director Shalibhadra Finance Limited 3, Kamal Industrial Estate, 396 Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025. Dear Sir, Re: ICRA’s Credit Rating for below mentioned instruments of Shalibhadra Finance Limited (instrument details in Annexure) As per the Rating Agreement/Statement of Work executed with ICRA Limited, ICRA’s Rating Committee has taken the following rating actions for the mentioned instruments of your company. Instrument Rated Amount (Rs. crore) Rating Action1 Financial Sector Regulator# Non-Convertible Debentures 20.00 [ICRA]BBB- (Stable); assigned SEBI Non-Convertible Debentures 20.00 [ICRA]BBB- (Stable); reaffirmed SEBI Total 40.00 #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Once the instrument is issued, the rating is valid throughout the life of the captioned programme until withdrawn. However, ICRA reserves the right to review and/or, revise the above rating(s) at any time based on new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the rating(s). Therefore, request the lenders and investors to visit ICRA website at www.icra.in for latest rating(s) of the company. The rating(s) are specific to the terms and conditions of the instruments as indicated to us by you, and any change in the terms or size of the same would require a review of the rating(s) by us. In case there is any change in the terms and conditions or the size of the rated instrument, the same must be brought to our notice before the instrument is used by you. In the event such changes occur after the rating(s) have been assigned by us and their use has been confirmed by you, the rating(s) would be subject to our review, following which there could be a change in the rating(s) previously assigned. Notwithstanding the foregoing, any change in the over- all limit of the instrument from that specified in this letter, would constitute an enhancement that would not be covered by or under the said Rating Agreement. The rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated [Instrument] availed/issued by your company. You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s), or occurrence of any significant development that could impact the ability of the company to raise funds such as restriction imposed by any authority from raising funds through issuance of debt securities through electronic bidding system. Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded. In line with SEBI Circular No. SEBI/HO/DDHS/DDHS-PoD-3/P/CIR/2024/160 dated November 18, 2024, issuers are encouraged to utilize the penny-drop verification service as provided by banks. This measure is intended to prevent payment failures when disbursing principal and/or interest to respective investors or debenture holders. 1 Complete definitions of the ratings assigned are available at www.icra.in. ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 Sensitivity Label : Restricted Penny-drop verification serves as an efficient method for confirming the bank account details of persons designated to receive payments. Once an account has been verified through this facility, it can be used for subsequent transactions related to interest and principal payments, thereby ensuring successful remittance and avoiding failure. We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited Sachin Joglekar Vice President sachin.joglekar@icraindia.com Annexure: Details of Non-Convertible Debenture Rated by ICRA Amount rated ISIN Date of issuance Date of maturity Ratings (Rs. crore) INE861D07018 Apr 10, 2026 Apr 12, 2028 19.50 [ICRA]BBB- (Stable) Not yet placed NA NA 20.50 [ICRA]BBB- (Stable) As on August 06, 2026 Sensitivity Label : Restricted ICRA/Shalibhadra Finance Limited/13082026/1 Date: August 13, 2026 Mr. Vatsal M. Doshi Managing Director Shalibhadra Finance Limited 3, Kamal Industrial Estate, 396 Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025. Dear Sir, Re: ICRA’s Credit Rating for below mentioned Instruments of Shalibhadra Finance Limited (instrument details in Annexure) As per the Rating Agreement/Statement of Work executed with ICRA Limited, ICRA’s Rating Committee has taken the following rating actions for the mentioned instruments of your company. Instrument Rated Amount (Rs. crore) Rating Action1 Financial Sector Regulator# Long Term-Fund Based-Others 40.00 [ICRA]BBB-(Stable); Reaffirmed RBI #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. The aforesaid rating(s) will become due for surveillance within one year from the date of rating communication letter. However, ICRA reserves the right to review and/or, revise the above rating(s) at any time based on new information becoming available, or the required information not being available, or other cir [Showing first 8,000 characters — download PDF for full document]