Intimation of upgradation of Credit Rating

Credit rating upgraded by India Ratings to IND A/Positive/IND A1 for bank loan facilities totaling INR 1,750 million. - Upgrade reflects 60%+ yoy scale growth, store network expansion, and improved EBITDA of INR 4,544 million in FY26. - Established position in value retail with geographic diversification in tier-2 and smaller cities. - Asset-light expansion strategy supports footprint growth with financial flexibility. - Positive outlook expects continued market share gains and sustained profitability. - Risks include moderate credit metrics, competitive retail environment, and store ramp-up pace. - Liquidity adequate with INR 60.56 million cash and INR 2,229 million operating cash flow in FY26. - Net leverage improved to 2.17x in FY26; interest coverage at 4.71x. - Store additions planned: 170 in FY27, 200 in FY28; monitoring profitability impact. - Revenue grew 63% yoy to INR 30,670 million; EBITDA margin rose to 14.85% in FY26.