Dr. Agarwal''s Health Care Limited - Monitoring Agency Report for the quarter ended March 31, 2026, is attached.

Dr. Agarwal's Health Care Limited filed its Q4 FY2026 Monitoring Agency Report, issued by ICRA Limited, covering the IPO proceeds utilization. The company's IPO (January 2025) raised a gross amount of Rs 3,027.26 crore, with Rs 300 crore in net proceeds being monitored. As of March 31, 2026, Rs 276.86 crore (92.3%) had been utilized — Rs 195 crore fully deployed toward repayment of borrowings, and Rs 69.21 crore of Rs 77.47 crore allocated to general corporate purposes (including purchase of medical equipment, interior works, acquisitions, and non-compete payments). Rs 23.14 crore remains unutilized, parked in fixed deposits with banks like Equitas, Axis, Union Bank, and Bajaj Finance, plus escrow/monitoring accounts. The monitoring agency confirmed no deviations from the offer document objects, no delays, and all utilization is on schedule. No adverse or favorable events affecting viability were noted.