Monitoring Agency Report

October 21, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 BSE Scrip Code: 544311 NSE Symbol: IGIL Subject: Monitoring Agency Report for quarter ended September 30, 2026 Dear Sir/Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Monitoring Agency Report issued by ICRA Limited for the quarter ended September 30, 2026. Kindly take the same on record. Thanking you, Yours faithfully, For International Gemological Institute Limited Nitika Dalmia Company Secretary and Compliance Officer Encl: a/a September 2026 MONITORING AGENCY REPORT Name of the Issuer: International Gemological Institute Limited (formerly Known as International Gemmological Institute (India) Limited) For quarter ended: September 30, 2026 Name of the Monitoring Agency (MA): 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: Parul Goyal Narang Vice President & Head- Process Excellence Analyst: Arshi Naz Quality Analyst: Dhwani Vinchhi Sensitivity Label : Confidential September 2026 1. Issuer Details Name of the Issuer: International Gemological Institute Limited (formerly known as International Gemmological Institute (India) Limited) Name(s) of the promoters: Promoters BCP ASIA II TOPCO PTE LTD Source: BSE Industry/ sector to which it belongs: Diversified Commercial Services 2. Issue Details Issue Period: Opening date - December 13, 2024 Closing date - December 17, 2024 Type of Issue: Initial Public Offer Type of specified securities: Equity shares IPO Grading, if any: No credit rating agency registered with SEBI has been appointed in respect of obtaining grading for the offer. Issue Size (Rs. Crore): 4,225.000 With OFS portion: INR 4,225.000 Crore Excluding OFS portion: INR 1,475.000 Crore Net proceeds as per Prospectus: INR 1,409.740 Crore (Excluding Issue Related Expenses) Note: ICRA has monitored INR 1,475.000 crore as on September 30, 2026. Sensitivity Label : Confidential September 2026 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 Issuer’s Particulars Reply the Monitoring Agency for Monitoring Agency Board of the preparation of report Directors -Peer reviewed CA certificate -Confirmation from Whether all utilization is as per the management No deviation Yes No comments disclosures in the Offer Document? - Bank statement of the observed. proceeds account/ corresponding accounts Whether shareholder approval has been obtained in case of material Not As confirmed by the Issuer’s No comments No comments deviations# from expenditures Applicable management disclosed in the Offer Document? Whether the means of finance for the As confirmed by the Issuer’s disclosed objects of the issue has No No comments No comments management changed? Is there any major deviation observed over the earlier monitoring agency No No deviation observed. No comments No comments reports? Whether all Government/ statutory RBI Approval for As confirmed by the Issuer’s approvals related to the object(s) have Yes remittance of No comments management been obtained? Fund. Whether all arrangements pertaining Not As confirmed by the Issuer’s to technical assistance/ collaboration No comments No comments Applicable management are in operation? Are there any favorable events As understood Not As confirmed by the Issuer’s improving the viability of these from the Issuer’s No comments Applicable management object(s)? management As understood Are there any unfavorable events Not As confirmed by the Issuer’s from the Issuer’s No comments affecting the viability of the object(s)? Applicable management management Is there any other relevant information As understood As confirmed by the Issuer’s that may materially affect the decision No from the Issuer’s No comments management making of the investors? management # Where material deviation is defined to mean: (a) Deviation in the objects or purposes for which the funds had been raised. (b) Deviation in the amount of funds utilized by more than 10% of the amount specified in the offer document. Sensitivity Label : Confidential September 2026 4. Details of the object(s) to be monitored. (i) Cost of object(s) Source of Comments of the Issuer’s Board of information, Directors Original certifications Comments cost (as per Revised considered by of the Particulars of S.N. Item Head the offer cost Reason Proposed the Monitoring Monitoring firm document) [Rs. Crore] for cost financing Agency for the Agency arrangement [Rs. Crore] revision option preparation of s made report Payment of the purchase consideration for the Not No 1 acquisition of the IGI Prospectus 1,300.000 No comments Applicable Comments Belgium Group and IGI Netherlands Group from Promoter General corporate Not No 2 Prospectus 109.740 No comments purposes Applicable Comments Total 1,409.740 Sensitivity Label : Confidential September 2026 (ii) Progress in the object(s) Source of Comments of the Amount utilized information, Amount as Issuer’s Board of [Rs. Crore] Total certifications proposed Directors unutilized Comments of the S.N. Item Head considered by the in the offer As at the At the amount Monitoring Agency Reasons Proposed Monitoring Agency document beginning During the end of the [Rs. Crore] for idle course of for the preparation of [Rs. Crore] of the quarter quarter funds action report quarter Majority of the issue- related expenses have -Peer reviewed CA The issuer has utilized been disbursed by the certificate the proceeds of INR Company. Remaining - Bank statement of 0.990 crore as a few in [Showing first 8,000 characters — download PDF for full document]