Vaibhav Agarwal, representing all promoters and promoter group shareholders of Incredible Industries Limited , has submitted a formal declaration dated 3rd April 2026 under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 2011. The declaration confirms that no encumbrance — direct or indirect — was created on the equity shares held by the promoters and promoter group during the financial year 2025-26, except for those already disclosed, if any.

Regulatory Declaration Details

The declaration has been filed in compliance with SEBI's takeover regulations, which mandate promoters to disclose the encumbrance status of their shareholding on an annual basis. The key details of the filing are summarised below:

Exchanges and Authorities Notified

The declaration has been formally communicated to the following regulatory bodies and internal authority:

• BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001
• National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051
• The Calcutta Stock Exchange Limited, 7, Lyons Range, Kolkata – 700 001
• Audit Committee of Incredible Industries Limited, 14, N. S. Road, 2nd Floor, Kolkata – 700 001

Compliance Background

Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 2011 requires promoters and members of the promoter group to submit an annual declaration regarding the encumbrance status of their equity shareholding in the listed company. This declaration is intended to ensure transparency and protect the interests of public shareholders by keeping stock exchanges and regulatory bodies informed of any pledging or other encumbrances on promoter-held shares. The declaration by Vaibhav Agarwal, digitally signed on 3rd April 2026, affirms full compliance with this regulatory requirement for the financial year 2025-26.

Incredible Industries Limited has announced a credit rating downgrade by Infomerics Valuation and Rating Private Limited (IVRPL) in a regulatory filing dated 13th April, 2026. The downgrade was communicated to the company via email on 10th April, 2025, citing non-submission of requisite information as the primary reason for the rating action.

Credit Rating Downgrades

The credit rating agency has downgraded both long-term and short-term banking facilities of the company, with both ratings now carrying an "Issuer Not Cooperating" tag.

The long-term facilities rating has been downgraded from IVR BBB with Stable outlook to IVR BBB- with Negative outlook, while the short-term facilities rating moved from IVR A3+ to IVR A3, both now carrying the "Issuer Not Cooperating" designation.

Alternative Credit Rating Arrangements

Despite the downgrade from IVRPL, Incredible Industries Limited has clarified that it continues to maintain a valid and live external credit rating from Acuité Ratings & Research Limited. The company stated that it is continuing its credit facilities under this alternative rating arrangement, ensuring operational continuity.

Withdrawal Process Initiated

The company has proactively initiated the process for withdrawal of ratings from IVRPL and is currently awaiting the No Objection Certificate (NOC) from the concerned lenders. This step indicates the company's intention to formalize the discontinuation of its relationship with IVRPL as its credit rating agency.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company noted that IVRPL had already intimated the stock exchanges, including BSE Limited, National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited, on 10th April, 2026. The company's regulatory filing was submitted on the next working day due to intervening non-working days, as per SEBI circular dated 31st December, 2024.

The filing was signed by Rama Shankar Gupta, Chairman & Managing Director of Incredible Industries Limited, ensuring proper authorization and compliance with regulatory requirements.