Enclosed herewith Monitoring Agency Report for the Quarter ended March 31, 2026, Issued by ICRA Limited.

ICRA Limited has issued its final monitoring agency report for Walchandnagar Industries' INR 216 crore preferential issue of equity warrants. The report confirms no material deviation in fund utilization, though the company did reallocate INR 21 crore from Capital Expenditure to Working Capital and Loan Repayment via a Board Resolution dated October 17, 2024. As of March 31, 2026, INR 202.71 crore (94%) of the proceeds have been utilized, with INR 13.29 crore remaining unutilized. The unutilized funds (INR 16.71 crore including interest) are parked in Fixed Deposits with SBI earning around 5% return. Repayment of loans and General Corporate Purposes are fully completed, while Capital Expenditure and Working Capital are on schedule.