Press Release

August 24, 2026 The General Manager, The Manager, Listing Department Listing & Compliance Department BSE Limited National Stock Exchange of India Limited P.J. Towers, Dalal Street, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 001 Bandra East, Mumbai - 400051 Company code: 533333 Company code: FCL Subject: Upgrade in Credit Rating by ICRA Dear Sir/Madam, Pursuant to Reg. 30 read with Para A Part A of Schedule III of the SEBI (LODR) Regulations 2015, we hereby inform that, ICRA Limited (“ICRA”) vide its rating action dated August 24, 2026 has upgraded its ratings on the bank facilities of Fineotex Chemical Limited. The details of the upgraded credit ratings are as given below: Period of Rating Upgraded Previous (w.e.f. 24th August, 2026) (February 2026) Long Term Rating ICRA AA- (Stable) ICRA A+ (Positive) Short Term Rating ICRA A1+ ICRA A1+ The new ICRA ratings are an upgrade from the previous ICRA ratings of February, 2026. The summary of the rating action of ICRA is available on: https://www.icra.in/Rationale/ShowRationaleReport?Id=145136 This is for your information and record. Yours faithfully, For FINEOTEX CHEMICAL LIMITED Sanjay Tibrewala Executive Director & CFO DIN: 00218525 Encl: 1. Press Release 2. Summary of the Rating Action of ICRA PRESS RELEASE ICRA upgrades Fineotex's Long-Term Credit Rating to [ICRA]AA- (Stable); reaffirms [ICRA]A1+ Short-Term Rating Upgrade recognises stronger scale, diversification and financial risk profile Mumbai, August 24, 2026 (BSE: 533333; NSE: FCL): Fineotex Chemical Limited ("Fineotex" or the "Company"), a leading multinational producer of specialty performance chemicals, today announced that ICRA Limited has upgraded the Company's long-term credit rating to [ICRA]AA- (Stable) from [ICRA]A+ (Positive). ICRA has also reaffirmed the Company's short-term rating at [ICRA]A1+. Key observations from ICRA's rating rationale • Strong improvement in the scale and diversification of the Fineotex Group's operations following the FY2026 acquisition of a 53.33% controlling stake in the US-based speciality chemical manufacturing group. • A healthy growth trajectory supported by consolidation of the acquired businesses, increasing wallet share, cross-selling opportunities, technology transfers and operational synergies. • A strong financial risk profile, backed by negligible debt, a comfortable capital structure and robust coverage indicators. • A strong liquidity position, supported by cash and liquid investments, expected operating cash flows and unutilised working-capital limits. ICRA stated that the Stable outlook reflects its expectation that the Fineotex Group will benefit from the recent acquisition, supporting growth in the scale of operations and earnings while maintaining healthy credit metrics. Commenting on the rating action, Mr. Sanjay Tibrewala, Executive Director, Fineotex Chemical Limited, said: "The upgrade to [ICRA]AA- (Stable), together with the reaffirmation of our [ICRA]A1+ short-term rating, is an important recognition of Fineotex's strengthened scale, diversified business profile and robust financial position. Our recent US acquisition has expanded our presence in the North American oilfield-chemicals market and created meaningful opportunities across customers, products and geographies. We remain focused on disciplined integration, cross-selling, technology transfer and sustainable growth, supported by prudent capital allocation and a strong balance sheet." Summary of rating action Instrument Rating action [ICRA]AA- (Stable); upgraded from [ICRA]A+ Long term - Fund based - Cash credit (Positive) Short term - Fund based - Overdraft [ICRA]A1+; reaffirmed Short term - Fund based - Others [ICRA]A1+; reaffirmed Short term - Non-fund based - Letter of credit [ICRA]A1+; reaffirmed Short term - Non-fund based - Others [ICRA]A1+; reaffirmed [ICRA]AA- (Stable) / [ICRA]A1+; long-term Long term / Short term - Unallocated limits rating upgraded and short-term rating reaffirmed The complete rating rationale is available on ICRA's website: ICRA Rating Rationale - Fineotex Chemical Limited About Fineotex Chemical Limited Fineotex Chemical Limited is a leading multinational specialty performance chemical manufacturer, providing sustainable, technology-driven solutions across industries including Oil & Gas, Water Treatment, Textiles, Detergents and Hygiene & Cleaning. With a strong global presence and a commitment to sustainability and quality, the company continues to expand its footprint across key international markets. For more information, please visit https://fineotex.com/ Fineotex has manufacturing facilities in Ambernath and Navi Mumbai in India and Selangor in Malaysia, together with an expanding operational presence in the United States through the recent acquisition. Supported by an NABL-accredited R&D laboratory and a broad distribution network, Fineotex remains focused on innovation, customised solutions, quality and responsible growth. For further information, please contact Yusuf K. Contractor Ms. Saloni Nagvekar / Mr. Vivek Sahu Head - M&A and Investor Relations Adfactors PR Fineotex Chemical Limited saloni.nagvekar@adfactorspr.com / investor.relations@fineotex.com vivek.sahu@adfactorspr.com Forward-looking statements This press release may contain forward-looking statements concerning Fineotex Chemical Limited's future business developments and economic performance. Such statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from expectations. These factors include, among others, market and macroeconomic conditions, governmental and regulatory developments, movements in exchange and interest rates, competitive pressures, technological changes and the financial condition of third parties dealing with the Company. Fineotex Chemical Limited undertakes no obligation to publicly revise any forward-looking statement to reflect future events or circumstances, except as required by law. August 24, 2026 Fineotex Chemical Limited: Long-term rating upgraded to [ICRA]AA-(Stable), outlook revised to stable from Positive; short-term rating reaffirmed Summary of rating action Instrument* Previous rated amount Current rated amount Rating action Financial sector (Rs. crore) (Rs. crore) regulator# Long term – Fund based - 22.00 22.00 [ICRA]AA-(Stable); upgraded Cash credit from [ICRA]A+ and outlook revised to Stable from Positive Short term – Fund based - 3.00 3.00 [ICRA]A1+ ; reaffirmed Others RBI Short term – Fund based - 8.00 8.00 [ICRA]A1+ ; reaffirmed Overdraft RBI Short term - Non-fund 8.00 8.00 [ICRA]A1+ ; reaffirmed based - Letter of credit RBI Short term - Non-fund 2.00 2.00 [ICRA]A1+ ; reaffirmed based – Others RBI [ICRA]AA-(Stable) /[ICRA]A1+; Unallocated limits 57.00 57.00 upgraded from [ICRA]A+ and outlook revised to Stable RBI from Positive and short term ratings reaffirmed Total 100.00 100.00 *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 that fall under the regulatory purview of financial sector regulators other than SEBI. Rationale The rating upgrade factors in a strong improvement in the scale and diversification of the Fineotex Group’s operations following the acquisition undertaken in FY2026, which has strengthened its presence across geographies and end-user segments. Fineotex Chemical Limited (FCL) has acquired a 53.33% controlling stake in the CrudeChem Technologies (CCT) Group, a US-based specialty oilfield chemicals conglomerate. The acquisition comprised four US entities operating under the CCT umbrella, which collectively reported an annual revenue of ~USD 65 million in FY2025. Through this acquisition, the Fineotex Group has gained entry into North America’s oilfield chemicals segment. The transaction is expected to substantially strengthen the Group's consoli [Showing first 8,000 characters — download PDF for full document]