Monitoring Agency Report for the quarter ended March 31, 2026

CRISIL Ratings Limited, the Monitoring Agency, has submitted its quarterly report on the utilization of IPO proceeds for Krystal Integrated Services Limited. The IPO, which raised Rs 3,001.25 million (net proceeds of Rs 1,633.69 million), has been fully deployed as per the Offer Document. The report confirms no proceeds were utilized during Q4 FY2026 as all funds had already been deployed in prior quarters - repayment of borrowings (Rs 100 million), working capital (Rs 1,000 million), capital expenditure (Rs 100 million), and general corporate purposes (Rs 433.69 million). Rs 6.45 million remains in the public offer account for pending issue expenses. No deviations or material concerns were identified.