Credit Rating

27 August 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra - Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 524669 Symbol: HESTERBIO Dear Sir: Subject: Intimation of Upgrade in Credit Ratings by CARE Ratings Limited Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Regulations"), we would like to inform that CARE Ratings Limited ('CARE Ratings'), vide its letter dated 27 August 2026 (received electronically), has upgraded the ratings assigned to the Company, as follows: Credit Existing Ratings Revised Ratings Rating Action Facilities Long - term CARE "BBB; Stable" CARE "BBB+; Stable" Upgraded Bank Facilities (Triple B; Outlook: Stable) (Triple B Plus; Outlook: Stable) Long - term / CARE "BBB; Stable"/ CARE "BBB+; Stable"/ Upgraded Short - term CARE "A3+" (Triple B; CARE "A2" (Triple B Plus; Bank Facilities Outlook: Stable/ A Three Plus) Outlook: Stable/ A Two) Short - term CARE "A3+" (A Three Plus) CARE "A2" (A Two) Upgraded Bank Facilities A copy of letter issued by the CARE Ratings Limited are enclosed herewith. You are requested to take the above information on your record. Sincerely For Hester Biosciences Limited Vinod Mali Company Secretary & Compliance Officer Enclosure: As above No. CARE/ARO/RL/2026-27/4424 Shri Rajiv Gandhi MD & CEO Hester Biosciences Limited Pushpak, 1st Floor, Panchvati Circle, C. G. Road, Ahmedabad Gujarat 380006 August 27, 2026 Confidential Dear Sir, Credit rating for bank facilities On the basis of recent developments including operational and financial performance of your Company for FY26 (Audited) and Q1FY27 (Un-Audited), our Rating Committee has reviewed the following ratings: Amount Facilities Rating1 Rating Action (₹ crore) Long Term Bank 48.45 Upgraded from CARE CARE BBB+; Stable Facilities (Reduced from 66.25) BBB; Stable Long Term / Short Term CARE BBB+; Stable Upgraded from CARE 65.00 Bank Facilities / CARE A2 BBB; Stable / CARE A3+ Short Term Bank Upgraded from CARE 0.22 CARE A2 Facilities A3+ 2. Refer Annexure 1 for details of rated facilities. 3. The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which will be provided to you separately. 4. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Ltd.’s publications. CARE Ratings Limited 32, Titanium, Prahladnagar Corporate Road, Corporate Office :4th Floor, Godrej Coliseum, Satellite, Ahmedabad - 380015 Somaiya Hospital Road, Off Eastern Express Phone: +91-79-4026 5656 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 1 of 5 5. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE Ratings Ltd. warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE Ratings Ltd. shall also be entitled to publicize/disseminate all the afore- mentioned rating actions in any manner considered appropriate by it, without reference to you. 6. Our ratings do not take into account the sovereign risk, if any, attached to the foreign currency loans, and the ratings are applicable only to the rupee equivalent of these loans. 7. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades. 8. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating. 9. CARE Ratings Ltd. ratings are not recommendations to sanction, renew, disburse or recall the concerned bank facilities. If you need any clarification, you are welcome to approach us in this regard. Thanking you, Yours faithfully, Nupur Shah Jignesh Trivedi Lead Analyst Associate Director nupur.shah@careedge.in jignesh.trivedi@careedge.in Encl.: As above CARE Ratings Limited 32, Titanium, Prahladnagar Corporate Road, Corporate Office :4th Floor, Godrej Coliseum, Satellite, Ahmedabad - 380015 Somaiya Hospital Road, Off Eastern Express Phone: +91-79-4026 5656 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 2 of 5 Disclaimer This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without notice. The rating reflects the opinions as on the date of the rating. A rating does not convey suitability or price for the investor. The rating agency does not conduct an audit on the rated entity or an independent verification of any information it receives and/or relies on for the rating exercise. CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and credible sources. CareEdge Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. The users of the rating should rely on their own judgment and may take professional advice while using the rating in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating. The use or access of the rating does not create a client relationship between CareEdge Ratings and the user. CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON- INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CareEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity. CareEdge Ratings does not act as a fiduciary by providing the rating. The ratings are intended for use only within the jurisdiction of India. The ratings of CareEdge Ratings do not factor in any rating-related trigger clauses as per the terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and triggered, the ratings may see volatility and sharp downgrades. CareEdge Ratings has established policies and procedures as required under applicable laws and regulations which are available on its website. Privacy Policy applies. For Pri [Showing first 8,000 characters — download PDF for full document]