Monitoring Agency Report

28th October, 2026 BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Wing, Exchange Plaza, 5th Floor, Rotunda Building, P.J. Towers, Plot No. C/1, G – Block, Dalal Street, Fort, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 BSE Scrip Code: 544597 NSE Symbol: PIRAMALFIN Dear Sir / Madam, Sub.: Monitoring Agency Report for the quarter ended September 30, 2026 Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report issued by CARE Ratings Limited, Monitoring Agency, in respect of the utilization of proceeds raised through Qualified Institutional Placement, for the quarter ended September 30, 2026. Kindly take the same on record. Thanking you. Yours faithfully, For Piramal Finance Limited (Formerly known as Piramal Capital & Housing Finance Limited) Bipin Singh Company Secretary Encl.: As above Monitoring Agency Report No.CARE/HO/RL/2026-27/3299 The Board of Directors Piramal Finance Limited (erstwhile Piramal Capital & Housing Finance Limited) 601, 6th floor, Amity Building, PiramalCorporate Park, LBS Marg, Opposite Fire station, Mumbai Maharashtra 400070 October28, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September30, 2026 -in relation to Qualified Institutions Placementof Piramal Finance Limited(“the Company”) We write in our capacity of Monitoring Agency for the Qualified Institutions Placement for the amount aggregating to ₹2,100.00 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 September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 24, 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: Piramal FinanceLimited For quarter ended: September30, 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 ofinterest 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: Shreekiran Rao Director Shreekiran.rao@careedge.in 1)Issuer Details: Name of the issuer : Piramal Finance Limited Name of the promoter :Ajay Piramal Industry/sector to which it belongs :Non-Banking Financial Company 2)Issue Details Issue Period :August 24, 2026 and closed on August 28, 2026 Type of issue (public/rights) :Qualified Institutions Placement Type of specified securities :Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : ₹2,100 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 -Placement Document -ICICI Bank Escrow account -ICICI Bank Monitoring account The utilization of the issue proceeds is -SBI Bank Master account in line with the objects specified in the Whether all utilization is as per the disclosures in the Offer -Other Bank Accounts offer document. Yes No comment Document? -Investment deal slips Rs.39.79croreremains unutilised as -Invoices, Challans on September 30, 2026in respect of -Board Resolution issue expense. -CA certificate* Management certificate Whether shareholder approval has been obtained in case of There were no deviations from material deviations# from expenditures disclosed in the Offer Not applicable Not applicable expenditures disclosed in the No comment Document? Placement Document. -Placement Document Whether the means of finance for the disclosed objects of the The means of finance for the disclosed No -CA certificate* No comment issue have changed? objects of the issue have not changed Management certificate Is there any major deviation observed over the earlier monitoring Not applicable since it is first Not applicable Not applicable No comment agency reports? Monitoring Agencyreport Whether all Government/statutory approvals related to the -CA certificate* No approvals required, as certified by Not applicable No comment object(s) have been obtained? Management certificate the management Whether all arrangements pertaining to technical -CA certificate* Not applicable, as certified by the Not applicable No comment assistance/collaboration are in operation? Management certificate management Are there any favorable/unfavorable events affecting the viability -CA certificate* (cid:69)(cid:381) Nil No comment of these object(s)? Management certificate Is there any other relevant information that may materially affect (cid:69)(cid:381) -CA certificate* Piramal Finance Limited allotted No comment 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 the decision making of the investors? Management certificate 82,94,000 preferential warrants to promoter group entity Nithyam Realty Private Limited for a total consideration of ₹1,750.03 crore on October 5, 2026(25% paid upfront). *Chartered Accountant certificate from D Dadheech and Co. Chartered Accountants dated October 16, 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 objec [Showing first 8,000 characters — download PDF for full document]