Pursuant to Reg 32 of SEBI LODR Regulations, 2015 read with Reg 41 of SEBI ICDR Regulations, 2018, please find enclosed Monitoring Agency Report for the quarter ended March 31, 20256

Nephrocare Health Services (Nephroplus), a dialysis clinic chain, has filed its first Monitoring Agency Report post-IPO. The IPO raised Rs 3,534.05 million in December 2025. As of March 31, 2026, Rs 1,756.54 million (49.7%) of gross proceeds have been utilized, leaving Rs 1,777.51 million parked in fixed deposits and current accounts. Rs 455 million was used to repay borrowings during the quarter (full Rs 1,359.99 million target now met). However, capex for new dialysis clinics is significantly delayed — only Rs 37.22 million utilized against a planned Rs 131.51 million for FY2026, due to centers being at various stages of finalization and not materializing as planned. GCP spending of Rs 218.69 million was approved by the board on May 13, 2026, covering employee salaries and nephrologist commissions. Vendor arrangements for clinic setup have also been modified compared to the prospectus, though the company says this is within disclosed flexibility. The report was issued by Crisil Ratings Limited and independently certified by M/s Agarwal and Ladda, Chartered Accountants.