Statement of deviation(s) or variation(s) under Reg. 32

November 03, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400051 Scrip Code: 543223 Name of Scrip: MAXIND Sub: Statement of deviation or variation of funds for the quarter ended September 30, 2026. Dear Sir/Madam, Pursuant to Regulation 32(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm that there is no deviation or variation in the utilization of proceeds of Rights Issue & preferential issue during the quarter ended September 30, 2026 from the objects as stated in Letter of Offer. A copy of Statement of deviation is enclosed as Annexure- You are requested to kindly take the same on record. Thanking you, Yours faithfully, For Max India Limited Trapti Company Secretary & Compliance Officer MAX INDIA LIMITED CIN: L74999DL2019PLC464953 Corporate Office: Landmark House, 3rd Floor, Plot No. 65, Sector-44, Gurgaon - 122003, Haryana | www.maxindia.com +91 124 6984444 | Regd. Office: Max House, 1, Dr. Jha Marg, Okhla, New Delhi, India – 110020 MAXIINDIA ~ LIMITED Annexure-A Statement of Deviation / Variation in utilisation of funds raised Particulars Rights Issue Preferential Issue ------- --- Name of listed entity Max India Limited j Max India Limited Mode of fund raising Rights Issue Preferential Issue Date of raising funds ________ May 23, 2025 September 24, 2025 Amount raised Rs. 124.23 Crores (Unutilized Rs.80.35 Crores (Unutilized amount: Rs. 4.31 Crore) amount: Rs. 40.35 Crore) -----+--- Report filed for quarter ended September 30, 2026 September 30, 2026 Monitoring agency Applicable Not Applicable --+------------ Monitoring agency name, if applicable CARE Ratings Limited Not Applicable Is there a deviation / variation in use of funds No No raised If yes, whether the same is pursuant to change in Not Applicable Not Applicable terms of a contract or objects, which was approved by the shareholders If yes, date of shareholder approval Not Applicable Not Applicable (However, shareholders' approval was obtained on July 12, 2026, for the reallocation of the unutilized issue proceeds among the sub- categories, as detailed in Note 2 of the Monitoring Agency Report.) Explanation for the deviation / variation Not Applicable Not Applicable Comments of the Audit Committee after review The Committee has no adverse The Committee has no adverse observations on the utilization of observations on the utilization proceeds. of proceeds. Objects for which funds have been raised and where there has been a deviation (Rights Issue) (Rs. In Crores) Original Object \. Modified Object, Original Modified Funds J Amount of Deviation/Variation T Remarks if any Allocation Allocation Utilised for the quarter Deviation or variation could mean: (a) Deviation in the objects or purposes for which the funds have been raised, or (b) Deviation in the amount of funds actually utilised as against what was originally disclosed, or (c ) Change in terms of a contract referred to in the fund raising document, i.e. prospectus, letter of offer, etc. Yours faithfully, For Max India Limited Sandeep Pathak Chief Financial Officer MAX INDIA LIMITED CIN: L74999DL2019PLC464953 Corporate Office: Landmark House, 3rd Floor, Plot No. 65, Sector-44, Gurgaon -122003, Haryana I w :J1a c0111 +91124 6984444 I Regd. Office: Max House, 1, Dr. Jha Marg, Okhla, New Delhi, India - 110020