Monitoring Agency Report

RL/SE/26-27/75 October 27, 2026 The Department of Corporate Services - CRD The National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor P.J. Towers, Dalal Street Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 500330 Symbol: RAYMOND Dear Sir/Madam, Sub: Monitoring Agency Report issued by M/s. CARE Ratings Limited, Monitoring Agency, for the quarter ended September 30, 2026, in respect of the preferential issue of convertible warrants. Dear Sir/ Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, please find enclosed herewith the Monitoring Agency Report issued by M/s. CARE Ratings Limited, Monitoring Agency, for the quarter ended September 30, 2026, in respect of the utilization of proceeds raised through the preferential issue of Convertible Share Warrants allotted on July 09, 2026. The aforesaid Monitoring Agency Report was considered by the Audit Committee and the Board of Directors of the Company at their respective meetings held today, i.e., October 27, 2026. The said information is also available on the website of the Company, i.e., https://www.raymond.in. Please take the above information on record. Thanking you. Yours faithfully, For Raymond Limited Rakesh Darji Company Secretary Encl: A/a Monitoring Agency Report No. CARE/HO/GEN/2026-27/1182 The Board of Directors Raymond Limited Plot No. 156/H. No.2, Village Zadgaon, Ratnagiri - 415 612, Maharashtra. October 27, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended 30/09/2026 - in relation to the Preferential Issue of Convertible Warrants of Raymond Limited (“the Company”) We write in our capacity of Monitoring Agency for the preferential issue of convertible warrants aggregating up to ₹330.88 crore of the Company and refer to our duties cast under Regulation 162A (Chapter V) 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 25/05/2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Arti Roy Associate Director arti.roy@careedge.in Report of the Monitoring Agency Name of the issuer: Raymond Limited For quarter ended: 30/09/2026 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. Signature: Name and designation of the Authorized Signatory: Arti Roy Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Raymond Limited Name of the promoter : Mr. Gautam Hari Singhania and the Promoter Group Industry/sector to which it belongs : Diversified engineering, comprising precision engineering, aerospace and defence, and automotive components. 2) Issue Details Issue Period : July 09, 2026 Type of issue (public/rights) : Preferential issue on a private-placement basis Type of specified securities : Convertible warrants, with each warrant convertible into one fully paid-up equity share of face value ₹10 IPO Grading, if any : Not applicable Issue size (in crore) : Up to ₹330.88 crore 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 Board of Monitoring Agency preparation of report Directors Yes CA Certificate* and Management Certificate As on September 30, 2026, the company had not utilised the upfront warrant proceeds of ₹82.72 crore, Whether all utilization is as per the disclosures in the Offer towards the stated objects of the - Document? preferential issue. ₹80.00 crore was parked in fixed deposits, while ₹2.72 crore was invested in mutual funds. Whether shareholder approval has been obtained in case of Not Management Certificate material deviations# from expenditures disclosed in the Offer Applicable Not applicable - Document? Whether the means of finance for the disclosed objects of the No CA Certificate* No comments - issue have changed? Is there any major deviation observed over the earlier Not Not applicable This is the first monitoring agency monitoring agency reports? applicable report. Whether all Government/statutory approvals related to the Not Not applicable Not applicable - object(s) have been obtained? applicable Whether all arrangements pertaining to technical Not Not Applicable Not applicable - Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors assistance/collaboration are in operation? Applicable Are there any favorable/unfavorable events affecting the No Management certificate and CA certificate * No comments - viability of these object(s)? Is there any other relevant information that may materially No Management certificate and CA certificate * No comments - affect the decision making of the investors? *The above details are verified by M/s. Price Waterhouse Chartered Accountants LLP (statutory auditor) vide CA certificate dated October 26, 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 – Comments of the Board of Directors Source of information / Original cost Comments of Particulars of - Sr. Item certifications considered by (as per the Offer Revised Cost the Reason [Showing first 8,000 characters — download PDF for full document]