Monitoring Agency Report

HDB Financial Services Limited HDB House, Tukaram Sandam Marg, A - Subhash Road, Vile Parle (E), Mumbai – 400057. Web: www.hdbfs.com Tel: 022 – 4911 6350 Fax: 022 – 4911 6666 CIN: L65993GJ2007PLC051028 Email: investorcommunications@hdbfs.com HDB/SLC/2026/1539 October 14, 2026 To, To, Listing Compliance Department Listing Compliance Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No C/1, Block G, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Fort, Mumbai - 400051 Mumbai - 400001 Scrip Code: HDBFS Scrip Code: 544429 Dear Sir / Madam, Sub.: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited (Monitoring Agency), in respect to utilization of the proceeds raised through issuance of equity shares by way of Public Issue of the Company for the quarter ended September 30, 2026. This is for your information and appropriate dissemination. Thanking you, For HDB Financial Services Limited Dipti Jayesh Khandelwal Company Secretary and Compliance Officer Membership No. F11340 Encl.: As above Registered Office: Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad - 380 009. Monitoring Agency Report No. CARE/HO/GEN/2026-27/1164 The Board of Directors HDB Financial Services Limited HDB House, Tukaram Sandam Marg, A – Subhash Rd, Navpada, Vile Parle East, Mumbai, Maharashtra – 400057 October 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of HDB Financial Services Limited We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to ₹2,500 crore (gross proceeds) of the Company and refer to our duties cast under 41 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 September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated June 12, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Shaik Saleem Associate Director Shaik.Saleem@careedge.in Report of the Monitoring Agency Name of the issuer: HDB Financial Services Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No material deviation (b) Range of Deviation: Up to 10% 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. Signature: Name and designation of the Authorized Signatory: Shaik Saleem Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : HDB Financial Services Ltd Name of the promoter : HDFC Bank Limited Industry/sector to which it belongs : Non-Banking Financial Companies (NBFC) 2) Issue Details Issue Period : June 27, 2025, to June 29, 2025 Type of issue (public/rights) : Initial Public Offer Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : ₹12,500 crores (of which fresh issue aggregating to Rs. 2,500 crore and Rs. 10,000 crore is related to offer for sale) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of Directors preparation of report All the proceeds from IPO have been Whether all utilization is as per the disclosures in the Offer Offer document, Chartered Accountant Yes utilized appropriately as per offer No Comments Document? Certificate*, Bank Statements document. No material deviation. However, ₹2 crore which was pending Whether shareholder approval has been obtained in case of to be utilized as part of augmentation material deviations# from expenditures disclosed in the Offer Chartered Accountant Certificate* of Tier-I capital has been allocated to No Comments Applicable Document? issue / offer related expenses. The same has been approved in the board meeting dated January 14, 2026. Whether the means of finance for the disclosed objects of the No Chartered Accountant Certificate* No comments No Comments issue have changed? Is there any major deviation observed over the earlier monitoring No Chartered Accountant Certificate* No comments No Comments agency reports? Whether all Government/statutory approvals related to the Yes Chartered Accountant Certificate* No comments No Comments object(s) have been obtained? ^ Whether all arrangements pertaining to technical Not Chartered Accountant Certificate* No comments No Comments assistance/collaboration are in operation? Ascertainable Are there any favorable/unfavorable events affecting the viability There have not been any such events No Chartered Accountant Certificate* No Comments of these object(s)? so far. Is there any other relevant information that may materially affect No Chartered Accountant Certificate* No comments No Comments the decision making of the investors? *Chartered Accountant certificate from G D Apte & Co Chartered Accountants dated October 07, 2026 #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of objects – Source of information / Comments of the Board of Directors Original cost certifications Particulars of - Sr. Item (as per the Offer Revised Cost Comments of the Monitoring co [Showing first 8,000 characters — download PDF for full document]