International combustion (India) Limited has announced key changes in its leadership structure with the resignation of its Company Secretary and the appointment of a new successor. The company communicated these developments to the Bombay Stock Exchange in compliance with regulatory requirements under SEBI regulations.

Company Secretary Transition

P.R. Sivasankar has tendered his resignation from the position of Company Secretary, citing personal reasons. His resignation will take effect from the close of business hours on March 31, 2026, following a three-month notice period that commenced on December 31, 2025.

New Appointment

The Board of Directors, after considering recommendations from the Nomination & Remuneration Committee, has approved the appointment of Kundan Jaiswal as the new Company Secretary. Jaiswal will assume his duties on April 1, 2026, ensuring seamless continuity in the company's secretarial functions.

Professional Background

Kundan Jaiswal brings substantial experience to his new role. He holds a B.Com (Hons.) degree and is an Associate Member of the Institute of Company Secretaries of India with membership number A25867. His professional experience spans over 19 years across both listed and unlisted companies.

Jaiswal's expertise covers multiple sectors and specialized areas:

• Sector Experience: Real estate, infrastructure, manufacturing, and railway civil engineering
• Core Competencies: Corporate governance, regulatory compliance, mergers and amalgamations
• Specialized Skills: NCD listing, insolvency and bankruptcy matters, legal and regulatory litigation
• Capital Markets: IPO-related processes, DRHP filings, and pre-IPO due diligence

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication also referenced SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, demonstrating the company's adherence to regulatory disclosure requirements.

The position of Company Secretary is classified as Key Managerial Personnel under Section 203 of the Companies Act, 2013, highlighting the significance of this appointment for the company's governance structure.

International combustion (India) Limited has received a credit rating reaffirmation from CRISIL Ratings Limited, maintaining its existing ratings on working capital facilities. The announcement was made through a regulatory filing dated February 27, 2026, in compliance with SEBI listing regulations.

Credit Rating Details

CRISIL has reaffirmed the company's credit ratings across both long-term and short-term facilities. The rating agency maintained its assessment while providing specific outlook guidance for the company's financial obligations.

The CRISIL BBB rating signifies a moderate degree of safety regarding timely servicing of financial obligations and carries moderate credit risk. The CRISIL A3+ short-term rating indicates a moderate degree of safety but carries higher credit risk compared to instruments rated in the two higher categories.

Rating Rationale and Company Strengths

CRISIL's assessment highlighted several key strengths supporting the rating decision. The rating agency emphasized the company's established market position and operational capabilities in the engineering sector.

Key strengths identified by CRISIL include:

• Strong track record in operations
• Extensive management experience in engineering and capital goods industry
• Diversified product profile across multiple segments
• Broad end-user industry base
• Healthy financial risk profile

Risk Factors and Challenges

The rating agency also identified specific challenges that partially offset the company's strengths. These factors contribute to the negative outlook on the long-term rating and influence the overall credit assessment.

CRISIL noted the following risk factors:

• Susceptibility to cyclicality in demand patterns
• Volatility in raw material prices affecting margins
• Large working capital requirement impacting cash flows

These factors reflect the broader challenges faced by companies in the engineering and capital goods sector, particularly regarding market dynamics and operational efficiency.

Regulatory Compliance

The credit rating reaffirmation was communicated to the Bombay Stock Exchange through a formal disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company maintains transparency in sharing material information with stakeholders regarding its financial standing and credit profile.