Monitoring Agency Report for the quarter ended September 30, 2026

SPARC/Sec/SE/2026-27/46 November 02, 2026 National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, 5th Floor, Market Operations Dept. Plot No. C/1, G Block, P. J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol: SPARC Scrip Code: 532872 Dear Sir/ Madam, Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Report issued by Acuité Ratings and Research Limited (Monitoring Agency), , in respect of utilization of proceeds of the Preferential Issue of Warrants by the Company during the quarter ended September 30, 2026, which has been duly reviewed by the Audit Committee and the Board of Directors of the Company. This is for your information and record. Thanking you, Yours faithfully, For Sun Pharma Advanced Research Company Ltd. Kajal Damania Company Secretary and Compliance Officer Report of the Monitoring Agency (MA) for Quarter ended September, 2026 Name of the issuer Sun Pharma Advanced Research Company Limited For quarter ended September, 2026 Name of the Monitoring Agency Acuité Ratings and Research Limited (a) Deviation from the objects No deviation is observed (b) Range of Deviation Not Applicable (c) Any other material fact to be highlighted None 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. Vikas Y Digitally signed by Vikas Y Mishra Mishra Date: 2026.11.02 18:57:43 +05'30' Signature: Signing Authority: Vikas Mishra Designation: Deputy Vice President - Process Excellence Report Date: November 02, 2026 Acuité Ratings & Research Limited SEBI Registered | RBI Accredited 708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai – 400 042 +91 99698 98000 | www.acuite.in | info@acuite.in | CIN: U74999MH2005PLC155683 1 Issuer Details 1.1 Name of the issuer Sun Pharma Advanced Research Company Limited 1.2 Names of the promoter Mr. Dilip Shanghvi 1.3 Promoters/Promoter Group - 1.4 Industry/sector to which it belongs Pharmaceuticals & Biotechnology/ Healthcare 2 Issue Details 2.1 Issue Period May 8, 2026 to May 23,2026 2.2 Type of issue Preferential Issue 2.3 Type of specified securities Share Warrants 2.4 IPO Grading, if any Not Applicable 2.5 Issue size (INR Cr.) 599.98 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information/certifications Sr. Reply from the Comments of the Issuer’s Particulars considered by Monitoring Comments of the Monitoring Agency No. issuer Audit Committee Agency for preparation of report Whether all utilization is as per the Utilizations in the respective objects are 1 Yes No comments disclosures in the Offer Document? as per disclosures by the company. Whether shareholder approval has been obtained in case of material 2 NA No material deviation is observed. No comments deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the 3 disclosed objects of the issue has No No change is observed. No comments changed? Is there any major deviation observed The issuer has not appointed any other 4 over the earlier monitoring agency NA No comments Monitoring Agency earlier. reports? Management undertaking Whether all Government/statutory and independent No Government / Statutory approval is 5 approvals related to the object(s) have Yes No comments auditors Certificate. required for objects. been obtained? Whether all arrangements pertaining to No arrangement pertaining to technical 6 technical assistance/collaboration are NA assistance / collaboration is required with No comments in operation? reference to the object. Are there any favorable events No favorable event is observed that may 7 improving the viability of these NA No comments improve the viability of these objects. object(s)? Are there any unfavorable events No unfavorable event is observed 8 NA No comments affecting the viability of the object(s)? affecting the viability of these objects. Is there any other relevant information No relevant information is evident that 9 that may materially affect the decision NA may materially affect the decision No comments making of the investors? making of the investors. 4. Details of object(s) to be monitored: i. Cost of object(s): Source of Original cost Comments of the Issuer’s Board of Directors information/certifications (as per the Revised Sr. Comments of the Item Head considered by Monitoring Offer Cost No. Agency for preparation of Document) (INR Cr.) Monitoring Agency Reason of Proposed Particulars of firm report (INR Cr.) Cost financing arrangement revision option Towards part repayment 1 of outstanding Working 150.00 - Capital loan. Towards conducting Management research and undertaking and No change is Not Applicable 2 development activities independent auditor 300.00 - observed. including clinical trial certificate. activities. General Corporate 3 149.98 - Purpose d Total 599.98 ii. Progress in the object(s): Source of Amount utilized Comments of the Issuer’s information/ Amount as (INR Cr.) Total Audit Committee certifications proposed Amount NS or. . Item Heads M fooc rn o pitn ro es ri pid n ae g rr ae A td g io eb nny oc fy i Dn (o It Nh ce Ru m CO e rf .f n )e tr (Ir Na Ris e Cd r. ) be oA g fis n t ha n et in g Du qr uin ag rt eth r e eA n tt h dt eh o e f u (an INmu Rt oi l Ci uz ne r.td ) MC oo nm itom rie nn gt s A o gf e t nh ce y R ie da les o fun ns dfo s r P cr o ao u cp r to s ioes ne o d f report quarter quarter Towards part Funds allocated for repayment of this object were 1 outstanding 150.00 150.00 150.00 - 150.00 - fully utilized in Q1 Working FY 2026-27. Capital loan. Towards No additional conducting warrants were research and subscri [Showing first 8,000 characters — download PDF for full document]