Monitoring Agency Report

WALCHANDNAGAR INDUSTRIES LIMITED Walchandnagar: 413 114, Dist. Pune, Maharashtra, India Tel: 02118-252 235/252 236/252 237/252 238 Fax: 02118-252 584 Website: www.walchand.com Email: wil@walchand.com Date : November 3, 2026 National Stock Exchange of India Ltd. BSE Ltd. Exchange Plaza, 5th floor, Phiroze Jeejeebhoy Towers, Plot No. C/1, G Block, Dalal Street, Bandra Kurla Complex, Bandra (East) Mumbai 400 001. Mumbai 400 051. Fax: 22723121/2039/2037 Fax :26598237/38, 66418126/25/24 Scrip Code : 507410 Scrip Code : WALCHANNAG Sub.: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/Madam, Pursuant to Regulation 32 (6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82 (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report for the quarter ended September 30, 2026, issued by ICRA Limited. Further, we hereby confirm that there has been no deviation or variation in the use of proceeds raised through Preferential Issue from the objects stated in the “Letter of Offer” for Preferential Issue. We request you to take the same on record. Thanking you, For Walchandnagar Industries Limited G. S. Agrawal Whole Time Director & Company Secretary DIN: 00404340 REGD OFFICE: Siddharth Towers (Tower No.1), S.No.12/3-B, Office 908 to 910, Kothrud, Pune- 411 038, Maharashtra, India. Tel: 020-2543 8585 Fax: 020-2543 8585 CIN: L74999PN1908PLC255621 ICRA Limited Date: November 02, 2026 Mr. Kaushal Dalal Deputy General Manager (Finance) Walchandnagar Industries Limited Siddharth Towers, Building No. 1, 9th Floor, S. No. 12/3-B, GA Kulkarni Path, Kothrud, Pune- 411038 Dear Sir, Re: Final Monitoring Agency report of Walchandnagar Industries Limited for Q2 FY2027. Please refer to agreement dated November 21, 2023, appointing ICRA Limited as the Monitoring Agency (MA) for Walchandnagar Industries Limited referential Issue. After due consideration, ICRA has prepared the attached final Monitoring Agency report as per SEBI (Issue of Capital and Disclosure Requirements) Regulations for Q2 FY2027. Please note that the Monitoring Agency report does not constitute a commentary on the quality of the objects of the issue, appropriateness or reasonableness of costs or spending by Walchandnagar Industries Limited against any objects / heads or assurance on outcome of such spending. We thank you for your kind cooperation extended during the course of Q2 FY2027. Should you require any clarification, please do not hesitate to get in touch with us. We look forward to your communication and assure you of our best services. With kind regards For ICRA Limited Parul Goyal Narang Vice President & Head- Process Excellence Parul.goyal@icraindia.com Sensitivity Label : Confidential September 2026 MONITORING AGENCY REPORT Name of the Issuer: Walchandnagar Industries Limited For quarter ended: September 30, 2026. Name of the Monitoring Agency: ICRA Limited (a) Deviation from the objects of the issue: No Deviation - Utilization is different from the objects stated in the offer document but in line with change of objects approved by Board resolution. (b) Range of deviation1: No deviation. 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 creditrelated 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 repor subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. Management/Board. Signature: Parul Goyal Narang Vice President & Head- Process Excellence Analyst: Subhechha Banerjee Quality Analyst: Parul Narang Sensitivity Label : Confidential September 2026 1. Issuer Details Name of the Issuer: Walchandnagar Industries Limited Name(s) of the promoter: Promoters Champa C Doshi Walchand Kamdhenu Commercials Pvt. Ltd. Chakor L Doshi Source: BSE Industry/ sector to which it belongs: - Heavy Engineering 2. Issue Details Issue Period: Opening Date: NA Closing Date: NA Type of Issue: Preferential Issue Type of specified securities: Preferential Issue IPO Grading, if any: Not Applicable Issue Size (Rs. Crore): Issue Size: INR 247.59 crores (2,17,18,023 warrants @ Rs. 114 each) Including OFS: NA Excluding OFS: NA Net Proceeds as per the Placement Document: INR 216.00 The Company have allotted 2,17,18,023 Fully Convertible Equity Warrants of face value of Rs. 02/- each fully paid up to 33 warrant holders, consequent to the Warrant holders having exercised their right for conversion of Share Warrants into equity shares. Net Proceeds as per the EOGM Notice: INR 216 Crores (Excluding conversion of Unsecured Loan into equity of Promoter Group) *The proceeds credited to the net proceeds account stood at INR 216.00 Crore as on 30th September 2026, ICRA will be monitoring INR 216.00 Crore for Q2FY2027. Sensitivity Label : Confidential September 2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information, certifications considered by Comments of the Particulars Reply the Monitoring Agency for Monitoring Agency Board of Directors the preparation of report Board resolution dated -Statutory Auditor October 17, 2024 has The utilization of Funds is Certificate Whether all utilization is as per in line with the approved -Confirmation from been passed to consider the disclosures in the Offer Yes* objects of issue and management and approve alterations Document? reallocation of Funds as -Bank statements in objects for utilization Approved by the Board. -Board Resolution copy of funds. Whether shareholder approval has Board Resolution was been obtained in case of material Not As confirmed by the passed regarding deviations# from expenditures Applicable alteration in objects for Not Applicable disclosed in the Offer Document? utilization of funds. Whether the means of finance for As confirmed by the the disclosed objects of the issue No No comments No has changed? Is there any major deviation observed over the earlier No No deviation observed No comments No monitoring agency reports? No specific approvals are Whether all Government/ Not As confirmed by the required for incurring statutory approvals related to the Not Applicable Applicable capex as the capex is object(s) have been obtained? general in nature Whether all arrangements Not As confirmed by the pertaining to technical assistance/ No comments Not Applicable Applicable collaboration are in ope [Showing first 8,000 characters — download PDF for full document]