Monitoring Agency Report from CRISIL Ratings Limited for the quarter ended March 31, 2026

Midwest Limited submitted its Q4 FY2026 monitoring agency report for the Rs 2,500 million IPO completed in October 2025. CRISIL Ratings confirmed all utilization is as per the offer document with no material deviations. As of March 31, 2026, Rs 821.16 million (32.8%) has been deployed of the Rs 2,500 million raised. Significant delays are noted: only Rs 17.80 million of Rs 1,302.98 million was used for the Phase II Quartz Processing Plant (~1.4% utilized), electric dump trucks and solar energy projects remain at zero utilization. Rs 543.28 million of Rs 562.23 million was used for debt repayment (96.6%). The unutilized Rs 1,678.84 million is parked in FDs with RBL Bank and Kotak Mahindra, earning 7% and 3.5% returns respectively. Issue expenses came in lower than estimated (Rs 174.35 million vs Rs 203.75 million), freeing Rs 50.16 million which was added to general corporate purposes.