Credit Rating

Mahindra Logistics Limited Arena Space, 10th & 11th Floor, Plot No. 20, Jogeshwari Vikhroli Link Road, Near Majas Bus Depot, Jogeshwari (East), Mumbai – 400060, Maharashtra. Tel: +91 22 6836 7900 Email: enquiries@mahindralogistics.com www.mahindralogistics.com CIN: L63000MH2007PLC173466 Ref: MLLSEC/88/2026 28 August 2026 BSE Limited, National Stock Exchange of India Ltd., (Security Code: 540768) (Symbol: MAHLOG) Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Fort, “G” Block, Bandra-Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai – 400 051 Dear Sirs, Sub: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) – ICRA Limited re-affirmed credit rating assigned to Long Term/Short Term - Fund based/Non-fund based and Commercial Paper Please find enclosed letters dated 28 August 2026 issued by ICRA Limited (“ICRA”) received today i.e. 28 August 2026 at 01:28 p.m. (IST), re-affirming the credit rating assigned to the Long Term/Short Term - Fund based/Non-fund based facilities of the Company and Commercial Paper, as summarised hereunder: Instrument Type Total Rated Rating Rating Outlook Amount Action (Rs. in crores) Long Term/Short Term-Fund 350 [ICRA]AA(Stable)/ Reaffirmed Stable based/Non-Fund based [ICRA]A1+ Commercial Paper^ 100 [ICRA]A1+ Reaffirmed - Total 450 ^Commercial Paper is carved out of working capital lines. This intimation is also being uploaded on the website of the Company at https://mahindralogistics.com/financial-results/credit-ratings/. Kindly take the same on record. Thanking you, For Mahindra Logistics Limited Jignesh Parikh Company Secretary Enclosure: As above Reg Office: Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018 ICRA/Mahindra Logistics Limited/28082026/1 Date: August 28, 2026 Ms. Khilti Jhaveri Senior Manager -Treasury Mahindra Logistics Limited Arena Space, 10th & 11th Floor, Jogeshwari-Vikroli Link Road, Jogeshwari East, Mumbai -400 060 Dear Maam, Re: Mahindra Logistics Limited following rating actions for the mentioned instruments of your company. Rated Amount Financial Sector Instrument* Rating Action1 (Rs. crore) Regulator# Long Term/ Short Term -Fund 350.00 [ICRA]AA (Stable)/ [ICRA]A1+; reaffirmed RBI based/ Non-fund based Total 350.00 *Instrument details are provided in Annexure # ilable for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. 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, orthe 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 ICRAwebsiteatwww.icra.infor latest rating(s) of the company. The rating(s) arespecific 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-schedulementor 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 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. 1Complete definitions of the ratings assigned are available at www.icra.in. ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited ˝¸(cid:214)(cid:209)˙ ˝(cid:223)(cid:216)(cid:223) (cid:238)(cid:240)(cid:238)Œ(cid:242)(cid:240)Ł(cid:242)(cid:238)Ł (cid:239)(cid:240)(cid:230)(cid:237)(cid:239)(cid:230)(cid:236)(cid:239) ı(cid:240)ºø(cid:237)(cid:240)ø Sujoy Saha Vice President sujoy.saha@icraindia.com Sensitivity Label : Internal Annexure Details of Bank Limits Rated by ICRA Amount (Rs. crore) Rating Rating Assigned On (Rated on Long-Term/ Short-term Scale) Fund/Non Fund-based Limits HDFC Bank Limited 100.00 Kotak Mahindra Bank Limited 100.00 [ICRA]AA(Stable)/ August 25, 2026 AxisBank Limited 100.00 [ICRA]A1+ ICICI Bank Limited 50.00 Total 350.00 ICRA/Mahindra Logistics Limited/28082026/1 Date: August 28, 2026 Ms. Khilti Jhaveri Senior Manager -Treasury Mahindra Logistics Limited Arena Space, 10th & 11th Floor, Jogeshwari-Vikroli Link Road, Jogeshwari East, Mumbai -400 060 Dear Maam, Re: Mahindra Logistics Limited below rating actions for the mentioned instruments of your company. Rated Amount Instrument Rating Action1 Financial Sector Regulator# (Rs. crore) Commercial Paper 100.00 [ICRA]A1+; Assigned RBI Total 100.00 # ilable for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. 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 ICRAwebsiteatwww.icra.infor 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. Additionally, we wish to highlight the following with respect to the Rating(s): (a) If [Showing first 8,000 characters — download PDF for full document]