Revathi Equipment India Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The submission was made to both major stock exchanges on April 9, 2026, fulfilling the company's regulatory obligations.

Regulatory Compliance Details

The certificate was submitted pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates listed companies to provide quarterly confirmations regarding the handling of securities received for dematerialization during the reporting period.

Registrar and Transfer Agent Confirmation

MUFG Intime India Private Limited (formerly Link Intime India Private Limited), serving as the company's Registrar and Transfer Agent, issued the compliance certificate on April 3, 2026. The certificate was signed by Ashok Shetty, Sr. Vice President-Corporate Registry.

The registrar confirmed that securities received from depository participants for dematerialization during the quarter were properly processed and confirmed to the depositories within prescribed timelines. The certificate also verified that security certificates received for dematerialization were mutilated and cancelled after due verification, with depositories' names substituted in the register of members as registered owners.

Stock Exchange Submissions

The compliance certificate was simultaneously submitted to both major Indian stock exchanges where the company's shares are listed:

Company Information

Revathi Equipment India Limited, formerly known as Renaissance Corporate Consultants Limited, operates from its registered office at 331, Pollachi Road, Coimbatore. The company maintains its compliance obligations through its Company Secretary and Compliance Officer, Nishant Ramakrishnan, who digitally signed the submission on April 9, 2026.

This quarterly filing represents part of the company's ongoing regulatory compliance framework, ensuring transparency in securities handling and maintaining investor confidence through proper documentation of dematerialization processes.

Revathi Equipment India Limited has received a credit rating downgrade from CARE Ratings Limited, reflecting the company's weakened financial performance and operational challenges. The rating agency announced the revision on February 14th, 2026, citing significant deterioration in the company's operating metrics.

Rating Downgrade Details

CARE Ratings has implemented comprehensive downgrades across the company's banking facilities:

The rating agency has maintained a stable outlook despite the downgrades, indicating expectations that the company will sustain a comfortable capital structure and adequate liquidity.

Financial Performance Deterioration

The company's financial metrics show significant decline across key parameters:

The company reported operating losses in 9MFY26, with operating income moderating significantly. Export performance weakened due to geopolitical and logistics-related disruptions, while domestic revenues were impacted by reduced order inflows from mine developer-operators.

Key Rating Factors

CARE Ratings highlighted several factors influencing the downgrade:

Strengths:

• Experienced management team led by Executive Chairman Abhishek Dalmia
• Long operational track record of over four decades in drilling equipment manufacturing
• Established market position in the drilling equipment segment
• Comfortable capital structure and adequate liquid investments

Weaknesses:

• Moderation in financial and operational performance with lower production volumes
• High client concentration risk, with top five customers contributing ~88% of sales in 9MFY26
• Working capital intensive operations with an elongated operating cycle of 162 days in FY25
• Exposure to group company Semac Construction Limited

Company Background

Revathi Equipment India Limited manufactures mining equipment, primarily blast hole drills ranging from 63 mm to 349 mm in size, catering to both domestic and export markets. The company was incorporated in 2020 following a demerger from Revathi Equipment Limited and got listed on stock exchanges on September 11, 2024. The drilling business originally commenced operations in 1977 with technical collaboration from Chicago Pneumatic of USA.

Liquidity Position

Despite operational challenges, the company maintains adequate liquidity with average working capital utilization at 63.42% for the 12 months ended January 2026. The current ratio stood at 1.75x as of March 31, 2025, providing some financial cushion during the challenging period.