Monitoring Agency Report

July 16, 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 June 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 June 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 June 2026 MONITORING AGENCY REPORT Name of the Issuer: Borosil Renewables Limited For quarter ended: June 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: Parul Goyal Narang Vice President & Head-Process Excellence Analyst: Dhwani Vinchhi Quality Analyst: Parul Narang June 2026 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) *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. With OFS portion: NA Excluding OFS portion: NA Net proceeds: INR 517.66 Crore Note: Proceeds credited to equity and warrant account INR 238.89 Crore up to 30th June 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 238.89 Crore in Q1FY2027. June 2026 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 -Peer Reviewed CA- Crores to INR 697.56 Crore due Certificate to the ineligibility of two -Confirmation from proposed allottees for warrants management Whether all utilization is as per and further reduced to INR -Bank statement of the disclosures in the Offer Yes 517.66 Crore due to under - Equity/Warrant account Document? subscription. -Corresponding bank statement Additionally, please refer to Note 1 under Section 4(ii) - 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 observed over the earlier No No Deviation Observed No comments - monitoring agency reports? Whether all Government/ statutory approvals related to Not As confirmed by the As understood from the Issuer’s management the object(s) have been Applicable Issuer’s management obtained? Whether all arrangements pertaining to technical Not As confirmed by the As understood from the Issuer’s management assistance/ collaboration are in Applicable Issuer’s management operation? Are there any favorable events No - improving the viability of these As confirmed by the As understood from the Issuer’s June 2026 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 object(s)? Issuer’s management management Are there any unfavorable As confirmed by the Please refer to Note 1 under events affecting the viability of No Issuer’s management Section 4(ii) - ‘Progress under - the object(s)? the objects’ Is there any other relevant information that may materially Yes Please refer to Note 1 under Section 4(ii) - ‘Progress under the - affect the decision making of the objects’ investors? # Where material deviation is defined to mean: (a) Deviation in the objects or purposes for which the funds had been raised (b) Deviation in the amount of funds actually utilized by more than 10% of the amount specified in the offer document 4. Details of the object(s) to be monitored. (i) Cost of object(s) Source of Comments of the Issuer’s Board of information, Directors Original certifications Particul cost (as per Comments of the considered by Revised cost ars of S.N. Item Head the offer Monitoring Proposed the Monitoring [Rs. Crore] Reason for firm document) Agency financing Agency for the cost r [Showing first 8,000 characters — download PDF for full document]