Monitoring Agency Report

October 29, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Listing Operation Department, Plot No. C/1, G Block, 20th Floor, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai - 400 051 Mumbai – 400 001 Maharashtra, India Maharashtra, India NSE Code: KALPATARU BSE Code: 544423 Dear Sir/ Madam, Subject: Monitoring Agency Report for the quarter ended September 30, 2026 Reference: Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“SEBI Listing Regulations”) Pursuant to Regulation 32(6) of the SEBI Listing Regulations read with Regulation 41(4) of Securities and Exchange Board of India (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, Monitoring Agency, appointed for monitoring the utilization of proceeds of the Initial Public Issue (IPO) of the Company. This report is also being uploaded on the Company's website at Kalpataru | Investor Corner. We request you to take the above information on record. Thanking You, Yours faithfully, For Kalpataru Limited Gajendra Mewara Company Secretary & Compliance Officer Encl: as above KALPATARU LIMITED CIN No.: L45200MH1988PLC050144 91, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (E), Mumbai 400 055. India. Tel +91 22 3064 5000 ◼ www.kalpataru.com ◼ investor.cs@kalpataru.com M onitoring Agency Report No. CARE/PRO/GEN/2026-27/1069 The Board of Directors Kalpataru Limited 91, Kalpataru Synergy, Opp. Grand Hyatt, Santacruz (East), Mumbai – 400055 October 29, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of Kalpataru Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.1,590 crore of the Company and refer to our duties cast under Regulation 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 June 18, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Sayani Mukherjee Associate Director Sayani.mukherjee@careedge.in Report of the Monitoring Agency Name of the issuer: Kalpataru Ltd For quarter ended: September 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: Sayani Mukherjee Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Kalpataru Limited Name of the promoter : Mofatraj P. Munot , Parag M. Munot Industry/sector to which it belongs : Realty 2) Issue Details Issue Period : June 24, 2025 to June 26, 2025 Type of issue (public/rights) : Initial Public Offer (IPO) Type of specified securities : Equity Shares IPO Grading, if any : None Issue size (in crore) : Rs. 1,590 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report The utilized proceeds are in line with the The utilization of issue disclosures mentioned in the offer document proceeds is in line with the Bank Statements, CA and subsequent Board Resolutions. There objects stated in the Whether all utilization is as per the disclosures in the Offer Yes Certificate*, Management has been co-mingling of funds to the tune of Prospectus and the Board Document? Certificate, Board Resolutions. Rs.11,549.36 in order to facilitate the final Resolution in the meetings utilisation of the residual amount and held on 6th February, 2026 closure of the Monitoring Account. and 15th April, 2026. Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Not Applicable Not Applicable Not Applicable No comments received Document? Whether the means of finance for the disclosed objects of No Management Certificate None No comments received the issue have changed? Is there any major deviation observed over the earlier Previous Monitoring Agency No None No comments received monitoring agency reports? Report Whether all Government/statutory approvals related to the Not Applicable Management Certificate Not Applicable No comments received object(s) have been obtained? Whether all arrangements pertaining to technical Not Applicable Management Certificate Not Applicable No comments received assistance/collaboration are in operation? Are there any favorable/unfavorable events affecting the No Management Certificate None No comments received viability of these object(s)? Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report Is there any other relevant information that may materially No Management Certificate None No comments received affect the decision making of the investors? * The details are verified by KKC & Associates vide its CA certificate dated October 20, 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 – Source of information Original cost Comments of the Board of Directors Revised / certifications (as per the Particulars of Sr. Item Cost [Showing first 8,000 characters — download PDF for full document]