Shri Keshav Cements And Infra Ltd — Important, 09-06-2026: Company Update

To, Date: 09/06/2026

Department of Corporate Services

BSE Limited,

Phiroze Jeejeebhoy Towers, Dalal Street,

Mumbai - 400001

Scrip Code: 530977

Dear Sir,

Re: Credit Rating

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing

Obligations and Disclosure Requirements), Regulations, 2015, we wish to intimate

you that Infomerics Ratings has reviewed/reaffirmed/assigned the following ratings

to the Company:

Sl.

No.

Particulars Rating Action

1. Long Term Rating IVR BBB-/ Negative (Rating Reaffirmed;

Outlook revised to ‘Negative’ from ‘Stable’)

2. Short Term Rating IVR A3

(Rating Reaffirmed)

Total Bank Loan Facilities Rated 269.35 Crore

The Rating Letter received to the Company is attached herewith.

Thanking You,

Yours’ faithfully,

For Shri Keshav Cements and Infra Limited

Venkatesh Katwa

Chairman

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lnfomerics

Rotings

Ittrouenrcs VaruerroN AND Rarutto LrD,

lntegrated Financial Omnibus Metrics Research of lnternational Corporafe Sysfems

(Formerly lnfomerics Valuation And Rating Pvt. Ltd.)

June 09th, 2026

Mr. Venkatesh Katwa

Director

Shri Keshav Cements and lnfra Limited

21512,'Jyoti Tower',

6th Cross, Nazar Camp,

Karbhar Galli, Madhavpur Vadga

Belgaum - 590005

Dear Sir,

Credit ratinq for bank facilities

After taking into account all the relevant recent developments including operational and

financial performance of your company for FY26 (A),

Our Ratinq C

2. Details of the rated facilities are provided in Annexure I and list of activities /

instruments and names of regulators are given in Annexure ll.

3. For rating symbols for long term and short-term rating, definitions, criteria,

methodologies and appeal policy please refer to our website

www.infomerics.com.

4. The press release for the rating(s) will be communicated to you shortly.

5. The above rating is normally valid for a period of one year from the date of the

rating committee (that is June 08th, 20271.

6. lf the proposed long term / short term facility (if any) is not availed within a period

of six months / three months respectively from the date of this letter, then the

rating may please be revalidated from us before availing the facility.

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Head Office : Flat No. 1041108, First Floor Golf Apartments, Sujan Singh Park, Maharishi Ramanna Marg, New Delhi - 110003, (lNDlA)

Phone : O11 - 41410244, 40154576, 24611910, 24654796 Fax : 01 1 - 24627 549

Gorporate Office : Office No. 1102,1103,1104, B-Wing, Kanakia Wall Street, Off. Andheri Kurla Road,Andheri East, Mumbai400093, (lNDlA)

Phone No. : 022 - 62396023, 62396053 E-mail : info@infomerics.com, Website : www.infomerics.com

CIN : U32202DL1 986PLC02457 5

ur Ratinommittee has reviewed the folrat

Total Bank Loan Facilities RatedRs. 269.35 CroreRequlator^

Long Term RatingIVR BBB-/Negative (Rating Reaffirmed; Outlook

revised to'Neqative' from'Stable')

RBI

Short TermIVR A3 (Ratinq Reaffirmed)RBI

^Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, thegrievance/dispute

redressal mechanisms and investor protection mechanisms provided by SEBI shall

not be available.

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7. INFOMERICS reserves the right to undertake a surveillance/review of the

rating(s) from time to time, based on circumstances warranting such review,

subject to at least one such review/surveillance every year.

8. A formal surveillance/review of the rating is normally conducted within 12 months

fi"om the date of initial rating/last review of the rating. However, INFOMERICS

reserves the right to undertake a surveillance/review of the rating more than once

a year if in the opinion of INFOMERICS, circumstances warrant such

surveillance/review.

9. You shall provide us with a No Default Statement as at the last date of the

month on the first date of succeeding month without fail. The NDS shall be

mailed every month to nds@lnfomerics.com and to the mail id of the

undersigned.

10. You shall provide the quarterly performance results/quarterly operational

data (being submitted to Banks) to us within 6 weeks from the close of

each calendar quarter for our reviedmonitoring.

1 1. You shall furnish all material information and any other information called for by

INFOMERICS in a timely manner, for monitoring the rating assigned by

INFOMERICS. ln the event of failure on your part in furnishing such information,

to carry out continuous monitoring of the rating of the bank facilities,

INFOMERICS shall carry out the revieMannual surveillance based on best

available information throughout the lifetime of such bank facilities as per the

policy of INFOMERICS.

12. Please note that INFOMERICS ratings are not recommendations to buy, sell or

hold any security or to sanction, renew, disburse or recall the bank facilities.

INFOMERICS 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.

13. Users of this rating may kindly refer our website www.infOmerics.com for latest

update on the outstanding rating.

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Continuation Sheef No.

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Infomerics

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14. Further, this is to mention that all the clauses mentioned in the initial rating letter

dated September 13th, 2021, also stand applicable. lf you need any clarification,

you are welcome to approach us in this regard.

Thanking you,

Yours faithfully,

Prathamesh Vitthal Mirashi

Ratings Analyst

<"yP

( 1ryY

)#n')l

Purohit

Senior Manger

i pu ro h it@ i nfomerics. comprathamesh. m i rash i@inform erics. comDisclaimer: lnfomerics ratings are independent opinions on the credit risk of the issue/issuer as

of the dafethey are assigned and do not constitute statements of fact

oT recommendations to buy, hold or sell

securities. The rating reflects Inforrerics' opinion on the relative credit risk of the rated instrument or entity at

the time it is assigned. Infomerics reserves the right to change orwithdraw the credit ratings at any point in

time. Infomerics ratings are based on information and data provided by the issuer or obtained from sources

believed by lnfomerics to be accurate and reliable. lnfomerics does not conduct any audit, due diligence or

independent verification of the rated issuer or of the information provided to it unless specifically required

r-rnder applicable regulatory guidelines The credit ratings are not recommendations to sanction, renew,

disburse, or recall the concerned bank facilities. While reasonable care has been taken to ensure the

accuracy of the information herein, it is provided on an'as is'basis and to the maximum extent permitted by

law without warranty of any kind. lnfomerics makes no representation or warranty, express or implied',

regarding the accuracy, adequacy, timeliness, or completeness of any information contained in this report.All

entities whose bank facilities/instruments are rated by us have paid a credit rating fee, based on the

amount and type of bank facilities/instruments. lnfomerics, or any of its group companies, may have

provided other permissible services other than credit ratings to the rated issuer in the ordinary course of

busitress. To the maximum extent permitted by applicable law, in no event shall lnfomerics, its affiliates, or

their respective directors, officers, shareholders, employees, or agents be Iiable to any party for any direct,

indirect, incidental, exemplary, compensatory, punitive, special, or consequential damages, costs, expenses,

legal fees, or Iosses (including, without limitation, lost income, lost profits, or opportunity costs) arising from

any use of this report. Any person accessing or using this report shall do so at their own risk. lnfomerics

shall have no obligation to update, revise or supplement this report after its publication except as required

under applicable regulatory guidelines. The ratings and reports issued by lnfomerics are intended for use in

accordance with applicable laws and regulatory requirements governing credit rating agencies in India.

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Continuation Sheef No.

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^Kindly note thatgrievance/dispute

not be available

for activities or instruments

redressal mechanisms and

Annexure I

falling under the purview of FSRs other than SEBI, the

investor protection mechanisms provided by SEBI shall

Annexure ll: List of activities / instruments and names of regulators

I

Lencier

Name

Name of

Facility/

/Security

tst

N

Date

of

lssua

nce

Coup

on

Ratei

IRR

Mat

u rit

v

Dat

e

Size of

Facilit

v(Rs.

Crore)

Rating

Assigne

dt

Outlook

Listing

Status

Regul

ator^

Complexitv

lndicator

Canara

BankTerm Loan51.04

IVR

BBB-/

Neqative

Not

Applica

ble

RBISimple

Canara

Ban k

Term Loan

6.49

IVR

BBB-/

Negative

Not

Applica

ble

RBISimple

Canara

Bank

uanara

Ban k

Term Loan

0.89

IVR

BBB-/

Neqative

Not

Applica

ble

RBISimple

Term Loan

34.73

IVR

BBB-/

Neqative

Not

Applica

ble

RBISimple

Canara

Bank

Term Loan

80.00

IVR

BBB./

Neqative

Not

Applica

ble

RBISimple

Canara

Ba nk

Term Loan

-7 04IVRBBB_/

Neqative

Not

Applica

ble

RBISimple

Canara

Bank

Term Loan

15.83

IVR

BBB-/

Neqative

Not

Applica

ble

RBISimple

Canara

BankCash Credit50.00

IVR

BBB-/

Neqative

Not

Applica

ble

RBISimple

Canara

Bank

Bank

Guarantee22.46IVR 43

Not

Applica

ble

RBISimple

Sr.

No.

lnstrument / activity NameRegulator of

the instrument

1Listed/Proposed to be listed Bonds/Debentures/preference SharesSEBI

2Unlisted/Proposed to be unlisted Bonds/Debentures/ preference SharesMCA

3Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) "SEBI

4Listed PTCs / Securitisation Notes (originatecl by entities not regulated by RBI)SEBI

5Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) -RBI

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18

tg

IU-21 -

23

Footnotes.

-*

l,',"ludrt trcuritisation transactions involving ass/gnee payout, acquirer's payout.-

The rated instruntent may involve rssuance of different instruments such as debt securities (tisted or

othentvise), bank loans, contntercial paper (listed or otheruise), etc. The regulator of tlte instrurnent may

accordingly be SEBI, RBI or MCA and can only be detennined upon issuance. /n Press Re/ease(s)

subsequent fo rssuance(s), CRA shall separately capture the rated quantum details along wiilt nanes of

re spe ctive reg u I ators.ll Therc is no instnrment

being rated and hence, Regulator of the lnstrument is not applicable. The

ralinq scala and definitions are being followed as stipulated in SEBI Master Circular for CRAs."

lncltrrlcs bttnk facilities suc/r as liquidity facility, second loss facility that are part of securitisation

transaction s.

@ fhese ratings were assigned during regulatory reginie prior to the introcluction of SEBI CRA Circutardated Feb 10,2026

and accordingly, investorside regulators have been included.

Note: For activities or instruments falling under the purview of FSRs other than SEBI, the

grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI

shaii noi be avaiiable.

22

Sr.

No.

lnstrument / activity NameRegulator of

the instrument

Listed Commercial Paper and NCDs with origrnal maturity less than 1 yearRBI

Unlisted Commercial Paper and NCDs with original maturity less than 1 yearRBI

Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ Fls ^RBI

oExternal Commercial Borrowings/Loans from overseas lenders/Loans from

MultilateralsRBI

'10Certificates of DepositRBI

tlFixed Deposits raisecj i.ry NBFCs, tsanks, HFCs, FIsRBI

12Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FlsMCA

13lnter Corporate Deposits/Loans extended by CorporatesIV]CA

14Borrowing programme -Refer foot note

tclssuer Ratings #Refer foot note

16Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and

AlFs)SEBI

17Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AlFsSEBI

Listed Security ReceiptsSEBI

Unlisted Security ReceiptsRBI

lndependent Credit Evaluation (lCE)RBI

Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from

Banks/N BFCs/NHB/Fls)RBI

Expected Loss Ratlngs (Listed / Proposed to be listed Bonds / Debentures /

Preference Shares (all securities))SEBI

Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures /

Preference Shares (all securities))MCA

aAUnlisted PTCs / Securitisation Notes (originated by entities not regulated by

RBr) @

lnvestor-side

Regulator such

as lRDA|,

PFRDA

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