Enclosed

CRISIL Ratings Limited, as monitoring agency, has submitted its report on utilization of Rs 2,006.80 million net proceeds raised through Qualified Institutional Placement (QIP) in March 2025. Of the total proceeds, Rs 1,406.70 million (70%) has been utilized as of March 31, 2026, with Rs 600.10 million remaining unutilized. The loan repayment object of Rs 1,149.92 million has been fully utilized. Capital expenditure for equipment purchase has seen Rs 256.78 million utilized out of Rs 349.68 million allocated, with Rs 92.90 million still pending. General Corporate Purposes (Rs 507.20 million) remains completely unutilized. The company has modified its vendor arrangements and equipment purchased for capital expenditure. There is a delay in implementation compared to the prospectus, with the company having utilized only Rs 256.78 million against the planned Rs 849.55 million for fiscal 2026.