Monitoring Agency Report

Date: October 29, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544606 NSE Scrip Symbol: PINELABS Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Ratings Limited, (the “Monitoring Agency”), appointed to monitor the utilization of proceeds of the Initial Public Issue (IPO) of the Company. The above report has been placed before and considered by the Board of Directors & Audit Committee at their respective meetings held today i.e. on October 29, 2026. The above information will also be available on the website of the Company at https://www.pinelabs.com/investor-relations. We request you to kindly take the above on record. Thanking you, For Pine Labs Limited Neerav Mehta Company Secretary and Compliance Officer Membership Number: A20949 Encl. a/a No. CARE/NRO/GEN/2026-27/1141 The Board of Directors Pine Labs Limited 4th and 5th Floor, Tower 6, Techspace, Plot No. B2, Arko Rd, Block B, Noida-201309, Uttar Pradesh October 29, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended Sep 30, 2026 - in relation to the IPO of Pine Labs Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offer (IPO) for the amount aggregating to Rs. 2,080.00 crore 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 October 30, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Jatin Arora Associate Director Jatin.arora@careedge.in CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC07169 Report of the Monitoring Agency Name of the issuer: Pine Labs Limited For quarter ended: Sep 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (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: Jatin Arora Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC07169 1) Issuer Details: Name of the issuer : Pine Labs Limited Name of the promoter : No Promotors Industry/sector to which it belongs : Fintech Company 2) Issue Details Issue Period : November 07, 2025, to November 11, 2025 Type of issue (public/rights) : Initial Public Officer Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 2,080.00 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 During Q2FY27, the proceeds from IPO were utilised towards investment in IT assets and cloud infrastructure, procurement of DCPs and technology development Whether all utilization is as per the disclosures in the Offer Chartered Accountant certificate*, Bank Yes initiatives. No comments Document? statements and Management certificate For amount utilised in Q2FY27, all the payments are made through CC/OD accounts from Mar-2026 to Aug- 2026 and later reimbursed from monitoring account in Sep-2026. CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC07169 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 Whether shareholder approval has been obtained in case of Not applicable Management certificate and Chartered material deviations# from expenditures disclosed in the Offer Accountant certificate* No material deviation No comments Document? Whether the means of finance for the disclosed objects of the No Management certificate and Chartered No change in means of finance No comments issue have changed? Accountant certificate* No Management certificate and Chartered Is there any major deviation observed over the earlier No major deviation observed Accountant certificate*; previous MA No comments monitoring agency reports? reports Whether all Government/statutory approvals related to the Not applicable Management certificate and Chartered Not applicable No comments object(s) have been obtained? Accountant certificate* Whether all arrangements pertaining to technical Not applicable Management certificate and Chartered Not applicable No comments assis [Showing first 8,000 characters — download PDF for full document]