Credit Rating

July 07, 2026 BSE Limited National Stock Exchange of India Ltd 1st Floor, New Trading Ring, Exchange Plaza, 5th Floor, Rotunda Building, Plot No. C/1, G block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Mumbai 400001 Bandra (E), Mumbai 400051. Scrip Code: 544057 Symbol: HAPPYFORGE Sub : Intimation under SEBI Listing Obligations and Disclosure Requirements), Regulations, 2015 (“SEBI Listing Regulations”) - Update on credit rating under Regulation 30 (6) of SEBI Listing Regulations Dear Sir(s)/ Madam(s), In accordance with Regulation 30(6) of the SEBI Listing Regulations, we would like to inform you that ICRA has reaffirmed its long-term rating “[ICRA] AA (Stable)” and short-term rating “[ICRA]A1+ rating for various bank facilities amounting to Rs. 485 crores. The letter received from ICRA is attached herewith. Kindly take the above information on your record. Thanking you, For Happy Forgings Limited (Bindu Garg) Company Secretary & Compliance Officer M.N.-F6997 BXXIX-2254/1, Kanganwal Road, P.O. Jugiana, Ludhiana, Punjab, 141120 Regd Office : ICRA Limited ICRA/Happy Forgings Limited/07072026/1 Date: July 07, 2026 Mr. Pankaj Goyal Chief Financial Officer Happy Forgings Limited B-XXIX-2254/1, Kanganwal Road P.O. Jugiana, Ludhiana – 141120, Punjab India Dear Sir, Re: ICRA’s Credit Rating for below mentioned Instruments of Happy Forgings Limited 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. Rated Financial Sector Instrument Amount Rating Action1 Regulator# (Rs. crore) Long Term/ Short Term – Fund Based 260.00 [ICRA]AA(Stable)/ [ICRA] A1+; reaffirmed RBI Short Term – Fund Based – Bill 150.00 [ICRA] A1+; reaffirmed RBI Discounting Long-term/ Short-term – Unallocated RBI 75.00 [ICRA]AA(Stable)/ [ICRA] A1+; reaffirmed Limits Total 485.00 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 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 1 Complete definitions of the ratings assigned are available at www.icra.in. BuildSinegn Nsiot.i v8i,t 2yn Ld aFbloeolr ,: TInowteerrn Aa l Tel.: +91.124 .4545300 Website: www.icra.in DLF Cyber City, Phase II CIN: L749999DL1991PLC042749 Email: info@icraindia.com Gurugram – 122002, Haryana Helpdesk: +91 9354738909 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel.: +91.11.23357940-41 RATING ● RESEARCH ● INFORMATION 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. We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited Srikumar Krishnamurthy Senior Vice President ksrikumar@icraindia.com Sensitivity Label : Internal