Credit Rating- Revision

iValue Infosolutions Limited (Formerly known iValue Infosolutions Private Limited) No. 903/1/1, 19th Main Road, 4th Sector, H.S.R. Layout, Bangalore – 560102, Karnataka, India CIN: L72200KA2008PLC045995|GST: 29AABCI8601B1ZW www.ivaluegroup.com | info@ivalue.co.in Tel: 080-22221143 August 24, 2026 BSE Limited National Stock Exchange of India Limited Department of Corporate Services, The Listing Department, Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Mumbai – 400001 Mumbai – 400051 Scrip Code: 544523 Trading Symbol: IVALUE Subject: Intimation of revision in Credit Rating as per Regulation 30 read with Part A of Schedule III to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, Pursuant to Regulation 30 read with Part A of Schedule III to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that following credit ratings have been assigned/affirmed/reaffirmed to the Company by ICRA Limited (ICRA) Credit rating Agency: Name of the Type of Instruments Previous Rating Current Rating agency Long term – Fund-based – Cash [ICRA]A (Stable) [ICRA]A+ (Stable); credit ICRA Limited Short term – Non-fund based – [ICRA]A2+ [ICRA]A1+ Interchangeable A copy of the detailed Rationale report issued by ICRA in this regard is attached herewith and can also be accessed on the website of ICRA at the link : ICRA An Affiliate of Moody's. The above information will also be made available on the website of the Company at https://ivaluegroup.com/en-in/credit-ratings/ This is for your information and records. Yours Sincerely, For iValue Infosolutions Limited Lakshmammanni Company Secretary and Compliance Officer Membership No. A51625 August 24, 2026 Ivalue Infosolutions Limited: Ratings upgraded to [ICRA]A+ (Stable)/ [ICRA]A1+ Summary of rating action Previous rated Current rated Instrument* amount amount Rating action Financial Sector Regulator# (Rs. crore) (Rs. crore) Long term – Fund-based – Cash [ICRA]A+ (Stable); upgraded from 118.00 118.00 RBI credit [ICRA]A (Stable) Short term – Non-fund based – (62.50) (62.50) [ICRA]A1+; upgraded from [ICRA]A2+ RBI Interchangeable Total 118.00 118.00 *Instrument details are provided in Annexure I #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. Rationale The ratings upgrade of Ivalue Infosolutions Limited (IIPL/Ivalue) considers the scale-up in operations over recent years, as a value-added distributor of IT hardware and software products, while maintaining a healthy financial risk profile, which it is expected to sustain going forward as well. The company reported a gross operating income (GOI) of Rs. 2,912.0 crore in FY2026, registering a year-on-year (YoY) growth of 18.9%, aided by a stable business profile with healthy demand for its offerings across cybersecurity, data centre infrastructure, cloud and information life cycle management. The healthy business outlook from end-customers, coupled with its strengthened technological capabilities and diversified offerings are likely to support revenue growth going forward as well. While the operating profit margin (OPM) remains modest at 4.7% (as a % of GOI) in FY2026 (FY2025: 5.3%), reflecting the structural characteristics of the business, the company’s capital structure and coverage indicators continue to be healthy. This is underpinned by limited capital expenditure (capex) requirements and steady internal accruals over the years, a trend expected to persist going forward. The ratings also factor in the company’s comfortable financial risk profile, with limited dependence on external debt and a negative net debt position since March 2020. Debt metrics are expected to remain healthy over the medium term, given its minimal capex plans and limited debt-servicing obligations over the next three years. ICRA also notes that the company has been listed on the stock exchanges from September 2025, with Rs. 560.3 crore raised as part of its initial public offering (IPO), entirely as an offer for sale (OFS). The ratings, however, continue to be constrained by the working capital-intensive nature of the business, low margins and moderate scale of operations. However, ICRA takes note of the company’s efforts to manage its working capital efficiently, as reflected in the reduction in its working capital intensity to 10.8% in FY2026, from 12.6% in FY2025. The scale of operations remains relatively moderate in the IT distribution space compared to other established players, despite healthy revenue growth over the last five years. Also, its operating margins continue to be range-bound at 4.5-5.5%, owing to the nature of the distribution business, although it is better than pure-play hardware distributors. The company is open to acquiring similar entities in the IT distribution space. The impact of these on the credit profile would be evaluated on a case-by-case basis. The Stable outlook on the long-term rating reflects ICRA’s expectation that the company will be able to sustain its credit profile, supported by healthy cash accruals and debt metrics, a strong liquidity position and minimal capex plans. www.icra.in 1 Sensitivity Label : Public Page | Key rating drivers and their description Credit strengths Favourable demand outlook – The customer base expansion across industry segments, including banking, financial services and insurance (BFSI), enterprises and Government business, repeat orders from system integrators (SI) and addition of new vendors/original equipment manufacturers (OEMs) have enabled sustained revenue growth over the years. The company has added 6-7 new OEMs in FY2026 (115 OEMs as of March 2026), boosting its product offering and helping it better capitalise on the demand from SIs. In addition, it has entered into new geographies such as Sri Lanka, Bangladesh and Singapore as a part of its business expansion plans and is ramping up operations in other overseas subsidiaries as well. Demand for servers optimised for Artificial Intelligence (AI) workloads and high-performance computing environments continues to accelerate, supporting robust growth in data centre investment and increasing requirements for cybersecurity, both of which present growth opportunities for the company. IIPL is also strengthening its capabilities in the AI segment, which is emerging as a key growth driver in the current technology landscape. Healthy coverage metrics – As the business is not capex-intensive, the company has negligible long-term debt and borrowings are restricted only to working capital requirements. Further, its unencumbered cash and liquid investments as on March 31, 2026 stood at Rs. 267.4 crore and have remained over Rs. 80.0 crore consistently since March 2020, following fund infusion by private equity investors. Accordingly, the company has been net debt-negative since March 2020, and its working capital utilisation in FY2026 has been moderate at 50-60% of the sanctioned limits of Rs. 117.5 crore. The coverage metrics are expected to remain healthy over the medium term, given minimal capex plans and negligible debt-servicing obligations. However, the impact of business acquisitions, if any, on its credit profile and coverage metrics would be evaluated on a case- by-case basis. Diversified product profile – IIPL distributes over 300 products including cybersecurity systems, network and application performance monitoring solutions, unified storage solutions, network integration solutions, etc., which are bundled as a package that involves hardware, software and service components. While the hardware products generate around 30% of GOI, software and services constitute the remaining 70%. Moreover, unlike pure-play distributors, IIPL also works with SIs/end- custome [Showing first 8,000 characters — download PDF for full document]