Monitoring Agency Report

Ref. No: HSCL / Stock-Ex/2026-27/45 Date: 15/07/2026 E-mail: monika@himadri.com Ref: Listing Code: 500184 Ref: Listing Code: HSCL BSE Limited National Stock Exchange of India Ltd Department of Corporate Services Exchange Plaza, C-1, Block-G P. J. Towers, 25th Floor, Bandra Kurla Complex, Dalal Street, Bandra (E) Mumbai- 400 001 Mumbai- 400 051 Sub: Monitoring Agency Report for the quarter ended 30 June 2026 Dear Sir/ Madam, Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report for the quarter ended 30 June 2026, issued by ICRA Limited regarding monitoring the utilization of proceeds of the Preferential Issue of Warrants. The above information will be made available on the Company’s website at www.himadri.com Thanking You, Yours faithfully, For Himadri Speciality Chemical Ltd Monika Saraswat Company Secretary & Compliance Officer ACS: 29322 Enclosed: as above ICRA Limited Date: July14, 2026 Mr. Anurag Choudhary CMD& CEO Himadri Speciality Chemical Ltd 23A, Netaji Subhas Road, 8th Floor Kolkata–700001 Dear Sir, Re: Final Monitoring Agency report of Himadri Speciality Chemical LtdforQ1FY2027 Please refer to agreement dated March 15, 2024,appointing ICRA Limited as the Monitoring Agency (MA) forHimadri Speciality Chemical Ltd’s Preferential Issue. After due consideration, ICRA has prepared the attached final Monitoring Agency report as per SEBI (Issue of Capital and Disclosure Requirements) Regulations for Q1FY2027. Please note that the Monitoring Agency report does not constitute a commentary on the quality of the objects of the issue, appropriateness or reasonableness of costs or spending by Himadri Speciality Chemical Ltd against any objects / heads or assurance on outcome of such spending. We thank you for your kind cooperation extended during the course of Q1FY2027. Should you require any clarification, please do not hesitate to get in touch with us. We look forward to your communication and assure you of our best services. With kind regards For ICRA Limited SUPRIO Digitally signed by SUPRIO BANERJEE BANERJEEDate: 2026.07.14 18:50:19 +05'30' Suprio Banerjee Vice President & Co-Group Head supriob@icraindia.com Building No. 8, 2ndFloor, Tower A Tel.: +91.124 .4545300 Website: www.icra.in DLF Cyber City, Phase II CIN : L749999DL1991PLC042749 Email: info@icraindia.com Gurugram –122002, Haryana Helpdesk: +91 9354738909 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41 RATING ● RESEARCH ● INFORMATION Sensitivity Label : Internal June 2026 MONITORING AGENCY REPORT Name of the Issuer: Himadri Speciality Chemical Ltd For quarter ended: June 30, 2026 Name of the Monitoring Agency: ICRA Limited (a) Deviation from the objects of the issue: No deviation - the utilization of the issuance proceeds is in line with the objects of the issue. (b) Range of deviation: Not Applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that we do not perceive any conflict of interest in such relationship/ interest while monitoring and reporting the utilization of the issue proceeds by the issuer. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: SUPRIO Digitally signed by SUPRIO BANERJEE BANERJEEDate: 2026.07.14 18:51:36 +05'30' Suprio Banerjee Vice President & Co-Group Head Analyst: Sweety Shaw QA: Dhwani Vinchhi June 2026 1. Issuer Details Name of the Issuer: Himadri Speciality Chemical Ltd Name(s) of the promoters: Promoters Mr. Shyam Sundar Choudhary Mr. Anurag Choudhary Mr. Amit Choudhary Source: Postal Ballot Notice Industry/ sector to which it belongs: Speciality Chemicals 2. Issue Details Issue Period: Opening date- Not Applicable Closing date- Not Applicable Type of Issue: Preferential Issue Type of specified securities: Warrants fully convertible into Equity shares Issue Size (Rs. Crore): 341.8172 Crore# (108,17,000 warrants @INR 316 each) With OFS portion: Not Applicable; Excluding OFS portion: Not Applicable. Net proceeds: INR 341.8172 Crores June 2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds. Source of information, Comments of certifications considered Comments of the Monitoring the Issuer’s Particulars Reply by the Monitoring Agency Board of Agency for the Directors preparation of report - Peer reviewed CA Certificate -Confirmation from Whether all utilization is as per management the disclosures in the Offer Yes No deviation observed No Comments -Bank statement of Document? escrow account and corresponding bank account Whether shareholder approval has been obtained in case of Not As confirmed by the material deviations# from No comments No comments Applicable Issuer’s management expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the No As confirmed by the No Comments No comments issue has changed? Issuer’s management Is there any major deviation observed over the earlier No No deviation observed. No comments No comments monitoring agency reports? Whether all Government/ statutory approvals related to Not As confirmed by the As understood from the Issuer’s No comments the object(s) have been Applicable Issuer’s management management obtained? Whether all arrangements pertaining to technical Not As confirmed by the As understood from the Issuer’s No comments assistance/ collaboration are in Applicable Issuer’s management management operation? Are there any favorable events As understood from the Issuer’s improving the viability of these No As confirmed by the No comments management object(s)? Issuer’s management Are there any unfavorable As understood from the Issuer’s events affecting the viability of No As confirmed by the No comments management the object(s)? Issuer’s management Is there any other relevant information that may materially As confirmed by the As understood from the Issuer’s No No comments affect the decision making of the Issuer’s management management investors? June 2026 4. Details of the object(s) to be monitored. (i) Cost of object(s) Source of Comments of the Issuer’s Board of Directors information, Original cost certifications (as per the Revised Comments of S.N. [Showing first 8,000 characters — download PDF for full document]