Everest Industries Limited Withdraws ICRA Credit Rating Service for Rs. 440.00 Crore Bank Facilities

Everest Industries Limited has voluntarily requested the withdrawal of credit rating services from ICRA Limited for its bank facilities worth Rs. 440.00 crore, effective April 10, 2026. The company informed stock exchanges about this development through a regulatory filing under SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Credit Rating Withdrawal Details

The company had been obtaining credit ratings for its bank finances from both CRISIL Ratings and ICRA Limited. Out of these two credit rating agencies, Everest Industries Limited voluntarily chose to discontinue services with ICRA while continuing with CRISIL Ratings.

ICRA Limited processed the withdrawal request and communicated the rating action through their letter dated April 10, 2026. The withdrawal covers multiple financial instruments across different categories.

Withdrawn Financial Instruments

The credit rating withdrawal encompasses various banking facilities that were previously rated by ICRA:

Instrument Type	Rated Amount (Rs. crore)	Previous Rating	Action Taken
Long Term Fund Based Cash Credit	130.00	[ICRA]A(Negative)	Withdrawn
Short Term Non-Fund Based Others	250.00	[ICRA]A2+	Withdrawn
Long Term/Short Term Unallocated	60.00	[ICRA]A(Negative)/[ICRA]A2+	Withdrawn
Total Facilities	440.00		All Withdrawn

ICRA's Withdrawal Process

ICRA Limited confirmed that the rating withdrawal was processed in accordance with their policy on withdrawal of credit ratings. The agency stated that the withdrawal was executed at the company's request and based on the no objection certificate received from the bankers involved.

According to ICRA's communication, they do not have information suggesting that the credit profile has changed since the rating was last reviewed. The withdrawal follows standard procedures and regulatory requirements for discontinuing credit rating services.

Company's Financial Performance Context

The rating agency's documentation revealed key financial indicators for Everest Industries Limited based on consolidated financials:

Financial Metric	FY2024	FY2025	9MFY2026
Operating Income (Rs. crore)	1575.50	1722.80	1089.80
PAT (Rs. crore)	18.00	-3.60	-54.50
OPBDIT/OI	2.60%	1.70%	-1.10%
PAT/OI	1.10%	-0.20%	-5.00%

About Everest Industries Limited

Everest Industries Limited, incorporated in 1934, operates as an established player in the domestic Fibre Cement sheet industry with over eight decades of operational experience. The company's business is divided into two main divisions: Building Products and Steel Buildings/PEB.

The Building Products division encompasses roofing solutions, ceiling solutions, wall solutions, floor solutions, cladding solutions, door solutions, and solid wall panels. The Steel Buildings division provides customized building solutions including design, manufacturing, and installation services primarily for industrial buildings and warehouses.

As of September 30, 2025, the company maintains a capacity of 9,85,147 MTPA for Building Products and 54,000 MTPA for Steel Buildings operations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+7.03%	+4.23%	-4.87%	-47.21%	-20.08%	+22.00%

Everest Industries Limited has filed its quarterly compliance certificate with stock exchanges for the quarter ended March 31, 2026. The company submitted the mandatory certificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 on April 8, 2026.

Regulatory Filing Details

The compliance certificate was simultaneously filed with both major Indian stock exchanges where the company's shares are listed. Company Secretary and Compliance Officer Amruta Avasare signed and submitted the documentation on behalf of Everest Industries Limited.

Exchange Details:	Information
NSE Scrip Code:	EVERESTIND
BSE Scrip Code:	508906
Filing Date:	April 8, 2026
Quarter Covered:	March 31, 2026

Certificate Confirmation

MCS Share Transfer Agent Limited, acting as the company's Registrar and Share Transfer Agent, issued the compliance certificate. The certificate confirms adherence to regulatory requirements regarding dematerialization of securities during the quarter.

The registrar certified that within 15 days of receipt of securities for dematerialization:

Securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
Certificates have been duly verified, mutilated and cancelled after proper verification
The depository's name has been substituted in records as the registered owner

Regulatory Compliance Framework

This quarterly filing represents part of the ongoing regulatory compliance framework under SEBI regulations. The certificate ensures transparency in the dematerialization process and confirms proper handling of investor securities during the reporting period.

The submission demonstrates the company's commitment to maintaining regulatory compliance and providing necessary documentation to market regulators and investors regarding share transfer and dematerialization activities.