Monitoring Agency Report

To, Date: 03rd October, 2026 The Manager The Manager BSE Limited NSE Limited P. J. Towers, Dalal Street Exchange Plaza, Bandra Kurla Complex, Mumbai-400001 Bandra (E), Mumbai- 400051. (BSE Scrip Code: 544742) (NSE Symbol: SAIPARENT) Unit: Sai Parenterals Limited Sub: Monitoring Agency Report for the quarter ended 30th June, 2026 Dear Sir/Madam, Pursuant to Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Monitoring Agency Report dated 02nd October, 2026, issued by M/s. India Ratings & Research Private Limited, Monitoring Agency in respect of utilization of proceeds of IPO for the quarter ended 30th June, 2026. This is for the information and records of Exchanges. Thanking You, Yours faithfully For Sai Parenterals Limited Anil Kumar Karusala Managing Director (DIN- 01866646) Encl: As above. saiparenterals.com Regd. Office: D4, Phase-V, IDA, Jeedimetla, Hyderabad- 500055 E-mail: info@saiparenterals.com Science. Affordability. Innovation. Date: 2ND October 2026 SAI Parenteral’s Limited. 5th floor plot No: 38 Lavanya Arcade, Jayabheri Enclave Gachibowli, Hyderabad - 500032 Subject: Monitoring Agency Report for the quarter ended 30th June 2026 in relation to Initial Public Offer (IPO). Dear Sir, Pursuant to Regulation 41 (2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 12th February 2026, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO, for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking You, For and on behalf of India Ratings & Research Private Limited Name: Shrikant Dev Designation: Company Secretary India Ratings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in Report of the Monitoring Agency (MA) Name of the issuer: SAI Parenteral’s Limited For quarter ended: 30th June 2026 Name of the Monitoring Agency: India Ratings & Research Private Limited (a) Deviation from the objects: Yes, refer to our notes 1, 2, 3, and 4 given below and please also note that board of directors has provided its comments on page 4 & 5 of this report. (b) Range of Deviation: up to 10% (Deviation from issue proceeds amounting to INR 238.74 million which is highlighted in bold in the notes below). Note 1: We have observed that funds aggregating to INR 14.25 million were transferred from the Monitoring Account to other CC/CA for Object 1 – Capacity Expansion and utilized for the same. However, since the entire amount not utilized on same day, the same has been treated as deviation. Therefore, from a monitoring perspective, any fund transferred from the Monitoring Account to the Cash Credit Account that remains unutilized on the date of transfer continues to be treated as unutilized issue proceeds, resulting in a negative balance, which is not in line with the regulatory requirements. Please also refer our note on page no. 8 of this report for Delay in implementation for the objects. Note 2: The Company utilized INR 136.54 million towards object 3 - repayment of borrowings, which includes INR 1.28 million paid towards interest. As payment of interest is not covered under the object disclosed in the Prospectus, utilization of INR 1.28 million is not in line with the stated object. Hence the same has been treated as deviation. Note 3: The Company transferred issue proceeds aggregating to INR 189.91 million from the Monitoring Account to its Current Account / Cash Credit Account for utilization towards Object 6 – General corporate purposes.Out of the said amount, utilization of INR 149.21 million was routed through those common operating accounts (CC/CA) where issue proceeds were commingled with other operational funds. Accordingly, the Monitoring Agency could not independently ascertain the end utilization of INR 149.21 million against the specific object(s) stated in the Offer Document. However, The Company provided identified utilization entries for the entire amount transferred from the Monitoring Account. Break-up of above INR 149.21 million with our remarks is as below: Amount Particulars (Rs. Remarks Transactions pertaining to a Identified utilization entries relate to transactions period subsequent to the 44.15 executed after June 30, 2026. reporting period under review Identified utilization entries were mapped to bank Transactions identified from account(s) to which issue proceeds had not been bank account(s) which had not 58.90 transferred, and accordingly nexus with issue proceeds received issue proceeds could not be independently established. Not utilized on same day of Payment/utilization was not made on the same day of 46.16 transfer. transfer Consequently, utilization aggregating to Rs. 149.21 Total 149.21 million treated as deviation. Page 1 of 10 Note 4: Issue related Expenses include reimbursement of INR 124.40 million against expenses incurred and paid by Company’s internal/own funds. Out of the said amount, INR 4.28 million was identified as having been utilized after June 30, 2026. Hence the same has been treated as deviation. Additionally, the Company paid INR 100.00 million in aggregate (INR 69.72 million for fresh issue portion and INR 30.28 million for offer for sale portion) from escrow account to Arihant Capital Markets Limited (BRLM) which is not supported by invoices/ agreement. Hence the same has been treated as deviation. The Company has represented, supported by email confirmations, that the amount was a refundable security deposit towards IPO-related expenses and was subsequently refunded after the reporting period. The Company has delayed in submitting the required documents and clarifications related to utilization of issue proceeds for the quarter ended June 30, 2026. We hereby disclaim any responsibility and liability arising out of such breach of regulatory timelines, including delayed submission of the MA Report to relevant regulatory authorities, that may be attributed to the delay on the part of the issuer Company in providing relevant data and/or information necessary for the issuance of the MA report for the quarter ended June 30, 2026. 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 there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking [Showing first 8,000 characters — download PDF for full document]