Monitoring Agency Report for the quarter ended March 31, 2026

Crisil Ratings Limited, the monitoring agency, has issued its final report for Anand Rathi Share and Stock Brokers' IPO proceeds utilization. The IPO raised Rs 7,450 million (gross) in September 2025, with net proceeds of Rs 7,039.35 million after issue expenses. Actual issue expenses came in at Rs 410.65 million versus the estimated Rs 415 million, saving Rs 4.35 million which was added to General Corporate Purposes (GCP). As of March 31, 2026, all proceeds have been fully deployed: Rs 5,500 million used for long-term working capital (margin trading facility, trade receivables, and bank balances) and Rs 1,539.35 million for GCP. The quarter also saw Rs 40.02 million reimbursed from the monitoring account to the company's current account for IPO expenses. No deviations from the stated objects were observed, and no delays were reported.