Monitoring Agency Report

Date: October 29, 2026 To, To, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block-G, BKC, Dalal Street, Mumbai – 400001 Bandra (East), Mumbai – 400051 Scrip Code: 544256 Symbol: PNGJL Subject: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith Monitoring Agency Report for the quarter ended September 30, 2026 issued by India Ratings and Research Private Limited. You are requested to take the above information on your records. Thanking You. Yours Sincerely, For P N Gadgil Jewellers Limited Prakhar Gupta Company Secretary & Compliance Officer P N Gadgil Jewellers Limited Registered Office.: PNG House, 694, Narayan Peth, Kunte Chowk, Laxmi Road,Pune, - 411030. Maharashtra, India. Tel. No. +91 20 24435005 I Fax: +91 20 244305011 Toll Free no.: 1800 233 5005 (1 1 A.M. - 7 P.M.) I www.pngjewellers.com I info@pngadgil.com I CIN: L36912PN2013PLC149288 I INDIA I USA India Ratings Fitch Group &Researcli Date:29thOctober 2026 P N Gadgil Jewellers Limited PNG House 694, Narayan Peth, Kunte Chowk, Laxmi Road, Pune 411030, Maharashtra, India. Subject: Monitoring Agency Report for the quarter ended 30thSeptember 2026in relation to Qualified InstitutionsPlacement(QIP). Dear Sir, Pursuant to Regulation 173A(2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations,2018 ("SEBI ICDR Regulations") and Monitoring Agency Agreement dated 29th July 2026,please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP for the quarter ended September 30, 2026. Request you to kindly take the same on records. Thanking You, For and on behalf of India Ratings & Research Private Limited SHRIKANT Digitally signed by SH RI KANT GANDHI DEV GANDHI DEV Date:2026.10.2915:04:31 +05'30' Name: Shrikant Dev Designation: Company Secretary IndiaRatings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in India Ratings Fitch Group &Researcli Report of the Monitoring Agency(MA) Name of the issuer: P N Gadgil Jewellers Limited For quarter ended: 30thSeptember 2026 Name of the Monitoring Agency: India Ratings & Research Private Limited (a) Deviation from the objects: No Deviation from the objects. Based on the Management undertaking and as per Statutory Auditor certificate dated 28thOctober 2026 issued by GDA & Associates, Chartered Accountants (FRN 135780W) having UDIN 26142951WCYSOS1975* and other documents provided to us, no deviation from the objects has been observed. *The reference to the Statutory Auditor certificate anywhere in the MA report refers to the said certificate. (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 tothe 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: SHRIKANT Digitally signed by SHRIKANTGANDHI DEV GANDHI DEV Date: 2026.10.29 15:05:25 +05'30' Name and designation of the Authorized Signatory:Shrikant Dev (Company Secretary) Date:29thOctober2026. Page 1of 8 India Ratings Fitch Group &Researcli 1) Issuer Details: Name of the issuer: P N Gadgil Jewellers Limited("the Company") Names of the promoter: • Saurabh Vidyadhar Gadgil • Radhika Saurabh Gadgil • SVG Business Trust Industry/sector to which it belongs: Jewellery Business 2) Issue Details: Issue Period: 30thJuly 2026 to 3rdAugust 2026 Type of issue (public/rights): Qualified InstitutionsPlacement (QIP) Type of specified securities: 1,14,94,252 Equity Shares of FV ~ 10each@~ 609per Equity Share IPO Grading, if any: Not Applicable Issue size: INR 7,000.00 Mn 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments Comments certifications considered by of the of the Particulars Reply Monitoring Agency for Monitoring Board of preparation of report Agency Directors Management undertaking, Whether all utilization is as per the Statutory Auditor certificate, No No disclosures in the Offer Document? Placement Document, Comments Comments Relevant Bank Statements. Whether shareholder approval has been obtained in case of material deviations No No NA Management undertaking. from expenditures disclosed in the Offer Comments Comments Document? Whether the means of finance for the No No disclosed objects of the issue has No Management undertaking. Comments Comments changed? Is there any major deviation observed No No over the earlier monitoring agency No NA Comments Comments reports? Whether all Government/statutory No No approvals related to the object(s) have NA Management undertaking. Comments Comments been obtained? Page 2of 8 India Ratings Fitch Group &Researcli Source of information / Comments Comments certifications considered by of the of the Particulars Reply Monitoring Agency for Monitoring Board of preparation of report Agency Directors Whether all arrangements pertaining to No No technical assistance/collaboration are in NA Management undertaking. Comments Comments operation? Are there any favorable events No No improving the viability of these No Management undertaking. Comments Comments object(s)? Are there any unfavorable events No No No Management undertaking. affecting the viability of the object(s)? Comments Comments Is there any other relevant information No No that may materially affect the decision No Management undertaking. Comments Comments making of the investors? Page 3of 8 India Ratings Fitch Group &Researcli 4) Details of object(s) to be monitored: i. Cost of object(s)- Source of Comments of the information / Board of Directors certifications Original Particulars [Showing first 8,000 characters — download PDF for full document]