Monitoring Agency Report

November 02, 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 - 400051 Scrip Code: 544868 Scrip Symbol: MILKYMIST Dear Sir/Madam, Subject: Monitoring Agency Report on the utilization of proceeds raised through issuance of equity shares by way of Public Issue of the Company Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations”) please find enclosed the Monitoring Agency Report issued by CRISIL Ratings Limited (Monitoring Agency), in respect to utilization of the proceeds raised through issuance of equity shares by way of Public Issue of the Company for the quarter ended September 30, 2026. The above disclosure is also being made available on the website of the Company at https://www.milkymist.com This is for your information and records. Thanking You, For Milky Mist Dairy Food Limited (formerly Known as Milky Mist Dairy Food Private Limited) S Prakash Company Secretary and Compliance Officer Membership No: A22495 Monitoring Agency Report Milky Mist Dairy Food Limited for the quarter ended September 30, 2026 CRL/MAR/MMDFPL/2026-27/2108 November 02, 2026 Milky Mist Dairy Food Limited SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode District – 638 057, Tamil Nadu, India Dear Sir/Ma’am Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Initial Public Offer (“IPO”) and Pre-IPO proceeds of Milky Mist Dairy Food Limited (“the Company”) Pursuant to Regulation 41 of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated July 21, 2026, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO and pre-IPO for the quarter ended September 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Milky Mist Dairy Food Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not Applicable (b) Range of Deviation: Not applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds and pre-IPO 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 and pre-IPO 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: Name and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Milky Mist Dairy Food Limited Names of the promoter: a. Mr. T Sathishkumar b. Ms. S Anitha Industry/sector to which it belongs: Dairy Products 2) Issue Details 2.1 For proceeds raised from Initial Public Offer Issue Period: Tuesday, August 11, 2026, to Thursday, August 13, 2026 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: 1,428.00 crore (Refer Note 1) Note 1: Particulars Amount (Rs in crore) Gross proceeds from the Fresh Issue 1,428.00* Less: Issue Expenses 99.97 Net Proceeds 1,328.03 2.2 For Pre-IPO proceeds: Allotment date: April 2026 Type of issue (public/rights): Private placement Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 357.00 crore *Crisil Ratings shall be monitoring the gross proceeds from the Fresh Issue and Pre-IPO Proceeds totalling to Rs 1,785.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications considered Comments of the Comments of the Particulars Reply by Monitoring Board of Monitoring Agency Directors Agency for preparation of report IPO Proceeds: Proceeds utilized towards funding Statutory capital Auditor’s expenditure, Certificate^, Repayment of Management borrowings and undertaking, Prospectus Whether all utilization is as per the dated August Yes Pre-IPO Proceeds: No Comments disclosures in the Offer Document? 13, 2026 Entire proceeds (herein were utilized till referred as the reported “Offer quarter towards document”), funding capital Bank expenditure, Statements Repayment of borrowings and Whether shareholder approval has been obtained in case of material deviations NA No Comments No Comments from expenditures disclosed in the Offer Document? Whether the means of finance for the No No Comments No Comments disclosed objects of the issue has changed? Statutory Is there any major deviation observed over NA Auditor’s No Comments No Comments the earlier monitoring agency reports? Certificate^, Whether all Government/statutory Management approvals related to the object(s) have been NA No Comments No Comments undertaking obtained? Whether all arrangements pertaining to technical assistance/collaboration are in Yes No Comments No Comments operation? Are there any favorable events improving No No Comments No Comments the viability of these object(s)? Source of information/ certifications considered Comments of the Comments of the Particulars Reply by Monitoring Board of Monitoring Agency Directors Agency for preparation of report Are there any unfavorable events affecting No No Comments No Comments the viability of the object(s)? Is there any other relevant information that may materially affect the decision making No No Comments No Comments of the investors? NA represents Not Applicable ^ On the basis of the certificate dated October 26, 2026, issued by M/s VKS Aiyer & Co, Chartered Accountants (Firm Registration Number: 000066S), Statutory Auditors of the Company 3. Details of object(s) to be monitored: i. Cost of the object(s): Original Comments of the Board of Source of cost Directors information/ (as per Revised Comment Particu Sr. cer [Showing first 8,000 characters — download PDF for full document]