Monitoring Agency Report

Ref: NEPHROPLUS/SE/98 November 3, 2026 To To BSE Limited National Stock Exchange of India Limited P.J. Towers, Dalal Street, 5th Floor, Exchange Plaza, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544647 Scrip Symbol: NEPHROPLUS Through: BSE Listing Centre Through: NEAPS Sub.: Monitoring Agency Report for the quarter ended September 30, 2026 Ref: Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 Dear Sir/Madam, Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report on the utilisation of proceeds of the Initial Public Offer for the quarter ended September 30, 2026, issued by Crisil Ratings Limited, which was duly reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on November 3, 2026. A copy of the said report is also made available on the website of the Company www.nephroplus.com Kindly take the same on record. Yours faithfully, For Nephrocare Health Services Limited (Formerly Nephrocare Health Services Private Limited) Kishore Kathri Company Secretary & Head Legal Membership No.: F9895 Encl: a/a Monitoring Agency Report Nephrocare Health Services Limited for the quarter ended September 30, 2026 CRL/MAR/NEHSPL/2026-27/2056 November 03, 2026 Nephrocare Health Services Limited 5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad 500 081, Telangana, India Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Nephrocare Health Services Limited (“the Company”) Pursuant to Regulation 41 (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated December 01, 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 IPO 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: Nephrocare Health Services 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: Nephrocare Health Services Limited Names of the promoter: a.) Mr. Vikram Vuppala b.) Investcorp Private Equity Fund II c.) Investcorp India Alternatives Fund - Investcorp Growth Opportunity Fund d.) Bessemer Venture Partners Trust e.) Healthcare Parent Limited f.) Edoras Investment Holdings Pte Ltd Industry/sector to which it belongs: Healthcare Service Provider 2) Issue Details Issue Period: December 10, 2025, to December 12, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 3,534.05 million* *Note: Particulars Amount (Rs. million) Gross proceeds 3,534.05# Less: Issue Expenses 282.52 Net Proceeds 3,251.53 #Crisil Ratings shall be monitoring the gross proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments certifications Comments of the Monitoring of the Particulars Reply considered by Agency Board of Monitoring Agency Directors for preparation of report Management undertaking, Peer-reviewed ICA Certificate^, Proceeds were utilized towards Whether all utilization is as per Prospectus dated funding capital expenditure, No the disclosures in the Offer Yes 12/12/2025 general corporate purposes and comments Document? (hereinafter referred issue expenses “Offer document”), Bank Statements Whether shareholder approval has been obtained in case of material deviations from NA No comments comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue No No comments comments has changed? Is there any major deviation observed over the earlier No No comments comments monitoring agency reports? Whether all Government/ statutory approvals related to the NA Management No comments comments object(s) have been obtained? Undertaking, Whether all arrangements Peer-reviewed ICA pertaining to technical Certificate^, No NA No comments assistance/collaboration are in comments operation? Are there any favorable events improving the viability of these No No comments comments object(s)? Are there any unfavorable events affecting the viability of the No No comments comments object(s)? Is there any other relevant information that may materially No No No comments affect the decision making of the comments investors? NA represents Not Applicable ^Certificate dated October 26, 2026, issued by M/s Agarwal and Ladda, Chartered Accountants (Firm Registration Number: 012510S), Peer-reviewed Independent Chartered Accountant. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised Comment certification (as per the Particulars Sr. Cost of the Item considered by Offer Reason of Proposed of firm No. (Rs in Monitoring Head MA for Document) Cost financing arrangement million) Agency preparation of (Rs in revision option s report million) ma [Showing first 8,000 characters — download PDF for full document]