Intimation of change in credit rating by India Ratings & Research Pvt. Limited

Date: 22nd August 2026 ISIN: INE526R01028 SCRIP CODE: 539017 SCRIP ID: STARHFL BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001 Sub: Intimation of change in rating/ outlook from India Ratings and Research Pvt Ltd Dear Sir / Madam, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), we hereby inform you that India Ratings and Research Pvt Ltd has issued rating/ outlook vide its press release dated 21st August 2026 as follows: Sr. Instrument Type Size of Issue Rating Rating No. (million) Outlook Action 1. Non-convertible 2,500 IND D(ISSUER Migrated to debentures NOT non- COOPERATING) cooperating category 2. Bank loan facilities 4,500 IND D(ISSUER Migrated to NOT non- COOPERATING) cooperating category The copy of aforesaid press release issued by India Ratings and Research Pvt Ltd is enclosed herewith. This is for your information & records. Thanking You, For Star Housing Finance Limited Nachiketa Purohit Company Secretary & Compliance Officer M.No. A25011 India Ratings Migrates SHFL's NCDs and Bank Loan Facilities to Non-Cooperating Category Aug 21, 2026 | Star Housing Finance Limited | Housing Finance Company India Ratings and Research (Ind-Ra) has migrated Star Housing Finance Limited’s (SHFL) debt instruments to the non- cooperating category. The issuer did not participate in the rating exercise despite requests and follow-ups by the agency through emails. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as ‘IND D(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are as follows: Details of Instruments Size of Rating Assigned Regulator of Date of Coupon Maturity Rating Instrument Type Issue (INR with Instrument Issuance Rate Date Action million) Outlook/Watch Migrated to IND D(ISSUER Non-convertible Refer ISIN non- - - - 2,500 NOT debentures^* annexure cooperating COOPERATING) category Migrated to IND D(ISSUER Bank loan non- RBI - - - 4,500 NOT facilities cooperating COOPERATING) category Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information *details in annexure ^unutilised Detailed Rationale of the Rating Action The migration of SHFL’s rating to the non-cooperating category is in accordance with Ind-Ra’s policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct detailed management interaction with SHFL while reviewing the ratings to access the latest financial and business update. Ind-Ra had consistently followed up with the company over emails. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SHFL on the basis of best available information and is unable to provide a forward-looking credit view on financial and business aspects. Hence, the current outstanding rating might not reflect SHFL's credit strength. Investors and other users are advised to take appropriate caution while using these ratings. Also, as confirmed by the debenture trustee, the company is presently under default. ESG Issues ESG Factors Minimally Relevant to Rating: Unless otherwise disclosed in this section, the ESG issues are credit neutral or have only a minimal credit impact on SHFL, due to either their nature or the way in which they are being managed by the entity. For more information on Ind-Ra’s ESG Relevance Disclosures, please click here. For answers to frequently asked questions regarding ESG Relevance Disclosures and their impact on ratings, please click here. About the Company Incorporated in 2005, SHFL (erstwhile Akme Star Housing Finance Limited) is a housing finance company registered with the National Housing Bank (debt rated at ‘IND AAA’/Stable). It commenced business operations in September 2009. The company provides retail loans and mortgage loans to the affordable segment, catering to both salaried and self-employed customers. Self-employed customers account for 70% to the total assets under management (AUM). The company operations are spread across 35 branches, mainly in Madhya Pradesh, Gujarat, Maharashtra, Rajasthan, Uttar Pradesh, and Tamil Nadu. At end-9MFY26, the company had an AUM of INR5,548 million. Status of Non-Cooperation with previous rating agency Not applicable Rating History Current Rating/Outlook Historical Rating/Outlook Instrume Rated nt Type Rating Limits Current 7 August 8 May 9 May 10 May 27 April February Type (INR Rating 2025 2025 2024 2023 2023 2026 million) Non- IND convertibl D(ISSUE IND IND IND IND Long- e 2,500 R NOT IND D BBB/Stab BBB/Stab BBB/Stab BBB/Stab - term debenture COOPER le le le le s ATING) D(ISSUE IND IND IND IND IND Bank loan Long- 4,500 R NOT IND D BBB/Stab BBB/Stab BBB/Stab BBB/Stab BBB/Stab facilities term COOPER le le le le le ATING) Disclosure on instruments / activities and names of regulators: A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has been duly disclosed by Ind-Ra on its website. A link to the same has been provided below for ready reference: Rating Activities Note: 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. Bank wise Facilities Details The details are as reported by the issuer as on (21 Aug 2026) Instrument Rated Amount # Bank Name Rating Description (INR million) 1 Bajaj Finance Term Loan 158.33 IND D(ISSUER NOT COOPERATING) 2 Capital India Finance Limited Term Loan 27.65 IND D(ISSUER NOT COOPERATING) 3 Cholamandalam Investment and Term Loan 7.55 IND D(ISSUER NOT Finance Co. Ltd COOPERATING) 4 Cholamandalam Investment and Term Loan 12.27 IND D(ISSUER NOT Finance Co. Ltd COOPERATING) 5 ESAF Small Finance Bank Term Loan 72.51 IND D(ISSUER NOT COOPERATING) 6 Hinduja Housing Finance Term Loan 5.3 IND D(ISSUER NOT COOPERATING) 7 Hinduja Housing Finance Term Loan 40 IND D(ISSUER NOT COOPERATING) 8 Hinduja Housing Finance Term Loan 44.33 IND D(ISSUER NOT COOPERATING) 9 Hinduja Leyland Finance Ltd. Term Loan 2.57 IND D(ISSUER NOT COOPERATING) 10 Hinduja Leyland Finance Ltd. Term Loan 2.57 IND D(ISSUER NOT COOPERATING) 11 ICICI Bank Term Loan 79.17 IND D(ISSUER NOT COOPERATING) 12 IDBI Bank Term Loan 70 IND D(ISSUER NOT COOPERATING) 13 Indian Overseas Bank Term Loan 52.4 IND D(ISSUER NOT COOPERATING) 14 Indian Overseas Bank Term Loan 87.5 IND D(ISSUER NOT COOPERATING) 15 LIC Housing Finance Ltd Term Loan 41.51 IND D(ISSUER NOT COOPERATING) 16 LIC Housing Finance Ltd Term Loan 167.48 IND D(ISSUER NOT COOPERATING) 17 LIC Housing Finance Ltd Term Loan 193.12 IND D(ISSUER NOT COOPERATING) 18 Maanaveeya Development & Term Loan 2.36 IND D(ISSUER NOT Finance Private Limited COOPERATING) 19 MANAPPURAM FINANCE LTD Term Loan 88.39 IND D(ISSUER NOT COOPERATING) 20 MAS Financial Services Ltd. Term Loan 29.17 IND D(ISSUER NOT COOPERATING) 21 MAS Financial Services Ltd. Term Loan 12.5 IND D(ISSUER NOT COOPERATING) 22 MAS Financial Services Ltd. Term Loan 29.17 IND D(ISSUER NOT COOPERATING) 23 MAS Financial Services Ltd. Term Loan 12.49 IND D(ISSUER NOT COOPERATING) 24 MAS Financial Services Ltd. Term Loan 13.75 IND D(ISSUER NOT COOPERATING) 25 MAS Financial Services Ltd. Term Loan 40 IND D(ISSUER NOT COOPERATING) 26 MAS Financial Services Ltd. Term Loan 6.56 IND D(ISSUER NOT COOPERATING) 27 MAS Financial Services Ltd. Term Loan 2.47 IND D(ISSUER NOT COOPERATING) 28 MAS Financial Services Ltd. Term Loan 9.58 IND D(ISSUER NOT COOPERATING) 29 MAS Financial Services Ltd. Term Loan 16.92 IND D(ISSUER NOT COOPERATING) 30 MAS Financial Services Ltd. Term Loan 7.25 IND D(ISSUER NOT COOPERATING) 31 MAS Financial Service [Showing first 8,000 characters — download PDF for full document]