Monitoring Agency Report for the quarter ended June 30, 2026

Ref: SSFL/Stock Exchange/2026-27/045 July 23, 2026 To To BSE Limited, National Stock Exchange of India Limited, Department of Corporate Services Listing Department P. J. Towers, 25th Floor, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Scrip Code: 542759 and 890221 Symbol: SPANDANA and SSFLPP Dear Sir/Madam, Sub: Monitoring agency report for the quarter ended June 30, 2026 Pursuant to the Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 82(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring agency report, for the quarter ended June 30, 2026 issued by CARE Ratings Limited, in respect of utilization of proceeds raised through the rights issue of equity shares. The aforesaid information shall also be made available on the website of the Company at www.spandanasphoorty.com. Kindly take the same on record. Thanking you. Yours sincerely, For Spandana Sphoorty Financial Limited Vinay Prakash Tripathi Company Secretary Encl: As Above Spandana Sphoorty Financial Limited CIN - L65929TG2003PLC040648 Galaxy, Wing B, 16th Floor, Plot No.1, Sy No 83/1, Hyderabad Knowledge City, TSIIC, Raidurg Panmaktha, Hyderabad – 500081, Telangana Ph: +9140-48126666 | contact@spandanasphoorty.com | www.spandanasphoorty.com Monitoring Agency Report No. CARE/HO/GEN/2026-27/1089 The Board of Directors Spandana Sphoorty Financial Limited 16th Floor, Wing B, Galaxy Aurobindo Realty, Plot No.1, Survey No.83/1, Knowledge City, TSIIC, Hyderabad Telangana 500081 July 23, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to Rights issue of Spandana Sphoorty Financial Limited (“the Company”) We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to ₹400.00 crore of the Company and refer to our duties cast under Regulation 82 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated April 25, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Shreekiran Rao Director Shreekiran.rao@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Spandana Sphoorty Financial Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: None (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 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 credit rating or other commercial transactions with the entity. 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. Shreekiran Rao Director Shreekiran.rao@careedge.in 1) Issuer Details: Name of the issuer : Spandana Sphoorty Financial Limited Name of the promoter : Kangchenjunga Limited and Kedaara Capital Fund III LLP Industry/sector to which it belongs : Non-Banking Financial Company 2) Issue Details Issue Period : August 01, 2025 to March 31, 2027 Type of issue (public/rights) : Rights Issue Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : ₹400 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of certifications considered by Comments of the the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors CA Certificate*, Management Till Q4FY26, all utilization was as per certificate the disclosures in offer document. In Whether all utilization is as per the disclosures in the Offer Not applicable Q1FY27, SSFL has neither received nor No comments Document? utilized any incremental amount from the rights issue. Whether shareholder approval has been obtained in case of CA Certificate*, Management material deviations# from expenditures disclosed in the Offer Not applicable certificate No comments No comments Document? Whether the means of finance for the disclosed objects of the CA Certificate*, Management Not applicable No comments No comments issue have changed? certificate No, there are no major/material Is there any major deviation observed over the earlier monitoring Earlier monitoring agency No deviations observed from the last No comments agency reports? report monitoring agency report Whether all Government/statutory approvals related to the CA Certificate*, Management Not applicable No comments No comments object(s) have been obtained? certificate Whether all arrangements pertaining to technical CA Certificate*, Management Not applicable No comments No comments assistance/collaboration are in operation? certificate Are there any favorable/unfavorable events affecting the viability CA Certificate*, Management No No comments No comments of these object(s)? certificate The company's AUM declined from ₹11,973 crore as on March 31, 2024, Stock Exchange, CA Is there any other relevant information that may materially affect to ₹3,940 crore as on December 31, Yes Certificate*, Management No comments the decision making of the investors? 2025, before recovering to ₹4,420 certificate crore as on March 31, 2026. Operating performance has also shown Source of information / Comments of certifications considered by Comments of the the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors improvement in recent quarters. Disbursements have increased sequentially since Q2FY26, supporting a recovery in AUM during Q4FY26. Profitability started improving from Q3FY26 onwards, with the company reporting a marginal net profit in Q4FY26 after six consecutive quarters of losses. Profitability is expected to remain moderate in the near term due to residual portfolio stress, while sustained improvement in asset quality and profitability remains a key monitorable. The funding profile is fur [Showing first 8,000 characters — download PDF for full document]