Monitoring Agency Report

November 2, 2026 To, To, BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers, Limited Dalal Street, Exchange Plaza, C-1, Block-G, Mumbai 400001 Bandra-Kurla Complex, Bandra (East), Scrip Code : 507205 Mumbai-400 051 Symbol : TI Sub : Monitoring Agency Report for the quarter ended September, 2026 on the utilisation of proceeds raised through Preferential Issue of equity shares and convertible share warrants of the Company 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 Report for the quarter ended September 30, 2026, issued by CRISIL Ratings Limited (Monitoring Agency) in respect of the utilization of proceeds raised through Preferential Issue of Equity Shares and Convertible Share Warrants by the Company, duly reviewed by the Audit Committee and Board of Directors of the Company in their meetings held on October 30, 2026. This intimation along with the Monitoring Agency Report is also being uploaded on the Company’s website www.tilind.com Kindly take the same on your record. For Tilaknagar Industries Ltd. Minuzeer Bamboat Company Secretary and Compliance Officer M. No. 73014 Encl: a/a Monitoring Agency Report Tilaknagar Industries Limited for the quarter ended September 30, 2026 CRL/MAR/ TINAIN/2025-26/2109 November 02, 2026 Tilaknagar Industries Limited P. O. Tilaknagar, Tal. Shrirampur, Dist. Ahmednagar, Maharashtra, 413720 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue of Tilaknagar Industries Limited (“the Company”) Pursuant to Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated July 21, 2025, 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 Preferential Issue 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: Tilaknagar Industries 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 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: 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: Tilaknagar Industries Limited Names of the promoter: a. Mr. Amit Dahanukar b. Mrs. Shivani Amit Dahanukar c. Mrs. Priyadarshini A Dahanukar d. Mrs. Anupama Arun Dahanukar Industry/sector to which it belongs: Breweries & Distilleries 2) Issue Details Issue Period: September 20, 2025 to September 30, 2025 Type of issue (public/rights): Preferential Issue Type of specified securities: Equity shares & Convertible Warrants Grading, if any: NA Issue size: Gross Proceeds of Rs 2295.63 crores * Preferential Issue size comprises of convertible warrants of Rs 1,746.31 crore and preferential equity shares of Rs. 549.32 crores (Refer Note 1) *Crisil Ratings shall be monitoring the issue proceeds amount. Note 1: Issue of 1,43,80,000 preferential equity shares at a price of Rs 382/- per share, aggregating to Rs 549.32 crores to non-promoter categories and Issue of 4,57,15,000 convertible warrants within 18 months at Rs 382/- per share aggregating to Rs 1,746.31 crore to promoters and non-promoters. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of Comments of considered by the Particulars Reply the Board of Monitoring Agency Monitoring Directors for preparation of Agency report Management undertaking, Statutory No Proceeds Auditor Certificate^, were utilized Notice to shareholders towards the Whether all utilization is as per the disclosures yes dated August 20th, objects of the No comments in the Offer Document? 2025 (hereinafter issue during referred as “Offer the reported document”), Bank quarter Statements Whether shareholder approval has been obtained in case of material deviations from NA No Comments No comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed No No Comments No comments objects of the issue has changed? Is there any major deviation observed over the NA No Comments No comments earlier monitoring agency reports? Management Whether all Government/statutory approvals NA undertaking, No Comments No comments related to the object(s) have been obtained? Statutory Auditor Certificate^ Whether all arrangements pertaining to technical assistance/collaboration are in NA No Comments No comments operation? Are there any favorable events improving the NA No Comments No comments viability of these object(s)? Are there any unfavorable events affecting the No No Comments No comments viability of the object(s)? Is there any other relevant information that may materially affect the decision making of No No Comments No comments the investors? NA represents Not Applicable ^ Certificate dated October 22, 2026, issued by M/s Harshil Shah & Company, Chartered Accountants (Firm Registration Number: 141179W), Statutory Auditors of the Company. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Comments of the Board of Original information/ Directors cost Revised certification Comments of Particular Sr. (as per the Cost Item considered by the Monitoring Reason of Proposed s of firm No. Offer (Rs in Head MA for Agency Cost financing arrange- Document) crore) preparation of revision option ments (Rs in crore) report made Management 1 [Showing first 8,000 characters — download PDF for full document]