Monitoring Agency Report

BOROSI L BOROSIL RENEWABLES LIMITED R g e. Opp MCA Clb, Bocka il Complee renewables I%Sf?é.a(s)'.m\m;a 0005 ndis. ' = £ 49122 6740 6300 F 549122 6740 6514 W : www.borosilrenewables.com Email : bri@borosil.com October 30, 2026 BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai — 400 001 Bandra (East), Mumbai — 400 051 Scrip Code: 502219 Symbol: BORORENEW Dear Sirs, Sub: Monitoring Agency Reports for the quarter ended September 30, 2026 Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Reports for the quarter ended September 30, 2026. The aforesaid Report(s) have been issued by ICRA Limited and CARE Ratings Limited, Monitoring Agencies, in respect of the utilization of proceeds raised through Preferential Issue(s) undertaken by the Company in the month of February, 2025 and October, 2025, respectively. You are requested to take the same on record. Yours faithfully, For Borosil Renewables Limited Kishor Talreja Company Secretary & Compliance Officer (Membership no. FCS - 7064) Encl: as above I ‘ R A September 2026 Insights that empower MONITORING AGENCY REPORT Name of the Issuer: Borosil Renewables Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: ICRA Limited (a) Deviation from the objects of the issue: No deviation - The utilization of the issuance proceeds is in line with the objects of the issue. (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 we do not perceive any conflict of interest in such relationship/ interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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: Digitally signed Pa I'Ul by Parul Goyal Goyal Narang Date: 2026.10.30 Narang 165942 +0530 Parul Goyal Narang Vice President & Head-Process Excellence Analyst: Dhwani Vinchhi Quality Analyst: Parul Narang I < R A September 2026 Insights that empower 1. Issuer Details Name of the Issuer: Borosil Renewables Limited Name(s) of the promoters: Promoters Shreevar Kheruka Pradeep Kumar Kheruka Source: BSE Industry/ sector to which it belongs: - Solar Glass & Glass product Sector 2. Issue Details Issue Period: Opening date- February 06,2025 Closing date- February 13, 2025 Type of Issue: Preferential Issue Type of specified securities: Equity and Warrants fully convertible into Equity shares. IPO Grading, if any: Not Applicable, since it’s a preferential Issue Issue Size (Rs. Crore): INR 700.00 Crore (1,13,20,754 warrants + 18,86,793 equity * 530 each) revised to INR 517.66 Crore* (78,80,436 warrants + 18,86,793 equity *530 each) further revised to INR 513.19 Crore * *As per the resolution passed through circulation by the board of directors on March 05, 2025 the preferential Issue size was initially reduced from INR 700.00 Crores to INR 697.56 Crore due to the ineligibility of two proposed allottees for warrants, and further reduced to INR 517.66 Crore due to under subscription. Further, pursuant to the resolution passed by circulation on August 14, 2026, the Board approved forfeiture of 1,12,578 Unexercised Warrants held by the 2 warrant holders, owing to their failure to exercise the conversion option/pay the balance consideration within the stipulated period and consequent forfeiture of upfront subscription money, the issue size stands revised from INR 517.66 Crore to INR 513.19 Crore With OFS portion: NA Excluding OFS portion: NA Net proceeds: INR 513.19 Crore Note: Proceeds credited to equity and warrant account INR 513.19 Crore up to 30" September 2026, which includes partial payments received for the subscription of warrants, balance amount for the conversion of warrants, and full payments for the subscription of equity shares. Hence ICRA will be monitoring INR 513.19 Crore in Q2FY2027. ICRA September 2026 Insights that empower 3. Details of the arrangement made to ensure the monitoring of issue proceeds. Source of information, Comments of certifications considered Comments of the Monitoring the Issuer’s Particulars Reply by the Monitoring Agency Board of Agency for the Directors preparation of report The preferential issue size was initially ~ reduced from INR 700.00 Crores to INR 697.56 Crore due to the ineligibility of two proposed allottees for warrants and further reduced to INR 517.66 Crore due to under subscription. -Peer Reviewed CA- Further, pursuant to the Certificate resolution passed by circulation -Confirmation from on August 14, 2026, the Board management approved forfeiture of 1,12,578 Whether all utilization is as per the disclosures in the Offer Yes -Bank statement of Unexercised Warrants held by Equity/Warrant account the 2 warrant holders, owing to Document? -Corresponding bank their failure to exercise the statement conversion option/pay the balance consideration within the stipulated period and consequent forfeiture of upfront subscription money, the issue size stands revised from INR 517.66 Crore to INR 513.19 Crore Additionally, please refer to Note 1 under Section 4fii) - Progress under the objects’. Whether shareholder approval has been obtained in case of Not As confirmed by the material deviations’ from No comments Applicable Issuer’s management expenditures disclosed in the Offer Document? Whether the means of finance As confirmed by the for the disclosed objects of the No No deviation observed. Issuer’s management issue has changed? Is there any major deviation No No comments observed over the earlier I < R A September 2026 Insights that empower Source of information, st A Comments of certifications considered P . S Comments of the Monitoring the Issuer’s Particulars Reply by the Monitoring i forth Agency Board of ency for the f\l Directors preparation of report monitoring agency reports? No Deviation Observed Whether all Government/ statutory approvals related to Not As confirmed by the As understood from the Issuer’s the object(s) have been Applicable Issuer’s management management obtai [Showing first 8,000 characters — download PDF for full document]