Monitoring Agency Report for the quarter ended 30th September 2026.

INDUSTRIES LTD. C IN: L24111UR1985PLC015063 Date: 4th November 2026 BSE Limited (BSE) National Stock Exchange of India Limited (NSE) Department of Corporate services Exchange Plaza, Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Dalal Street, Mumbai – 400001 Bandra (E), Mumbai – 400051 Scrip Code: 500136 Symbol: ESTER Dear Sir/Madam, Subject: Report of the Monitoring Agency for the quarter ended on 30th September 2026 for Preferential Issue of Warrants Pursuant to the Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Report of Monitoring Agency for the quarter ended 30th September 2026, issued by CRISIL Ratings Limited, for monitoring the utilisation of proceeds of the Preference Issue of the fully convertible warrants by the Company. Please take the same on your records. Thanking you Yours faithfully For Ester Industries Limited Poornima Gupta Company Secretary & Compliance Officer Membership No.: A49876 Encl: As above Monitoring Agency Report Ester Industries Limited for the quarter ended September 30, 2026 CRL/MAR/ESTER/2026-27/2020 November 03, 2026 Ester Industries Limited Sohan Nagar, P. O. Charubeta, Khatima – 262308, Dist. Udham Singh Nagar, Uttarakhand Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue (“PI”) of Ester Industries Limited (“the Company”) Pursuant to Regulation 162 of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated November 18, 2024, 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 PI 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: Ester Industries 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 Statutory 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: Ester Industries Limited Names of the promoter: Arvind Singhania, Wilemina Finance Corp. Industry/sector to which it belongs: Packaging 2) Issue Details Issue Period: November 05, 2024 to November 12, 2024 Type of issue (public/rights): Preferential Issue (PI) Type of specified securities: Convertible warrants PI Grading, if any: NA Issue size: Rs 165.25 crore (Revised from Rs. 174.99 crore)* * Total proceeds received till the quarter ended September 30, 2026 is Rs 165.25 crore. Proceeds amounting to Rs. 9.74 crore has not been received by the company due to the non-exercise and consequent lapse of conversion rights attached to warrants as at the date of conversion, i.e. May 13, 2026. Crisil Ratings shall monitor the revised issue proceeds received through issue of fully convertible warrants. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments Comments certifications of the of the Particulars Reply considered by Monitoring Board of Monitoring Agency Agency Directors for preparation of report Peer reviewed Proceeds are Independent utilised Chartered Accountant towards Whether all utilization is as per the Certificate^, No Yes objects disclosures in the Offer Document? Management Comments disclosed in undertaking, Notice to the Notice to Shareholders, Bank Shareholders Statements Source of information/ Comments Comments certifications of the of the Particulars Reply considered by Monitoring Board of Monitoring Agency Agency Directors for preparation of report Whether shareholder approval has been obtained in case of material deviations from No No expenditures disclosed in the Offer Comments Comments Document? Whether the means of finance for the No No disclosed objects of the issue has changed? Comments Comments Is there any major deviation observed over No No the earlier monitoring agency reports? Comments Comments Whether all Government/statutory approvals No No related to the object(s) have been obtained? Comments Comments Peer reviewed Whether all arrangements pertaining to Independent No No technical assistance/collaboration are in NA Chartered Accountant Comments Comments operation? Certificate^, Management Undertaking Are there any favorable events improving the No No viability of these object(s)? Comments Comments Are there any unfavorable events affecting the No No viability of the object(s)? Comments Comments Is there any other relevant information that No No may materially affect the decision making of No Comments Comments the investors? NA represents Not Applicable ^On the basis of certificate dated October 21, 2026, issued by M/s A G R A & Co., Chartered Accountants (Firm Registration Number: 030057C), Peer-reviewed Independent Chartered Accountant. Details of object(s) to be monitored: i. Cost of the object(s): Source of Comments of the Board of information/ Original cost Directors Comment certification (as per the Particular Sr. Revised Cost of the Item Head considered by Offer Reason Proposed s of firm No. (Rs in crore) Monitoring MA for Document) of Cost financing arrangem Agency preparation of (Rs in crore) revision option ents report made Investment in Joint Venture Company namely Ester Loop Infinite Refer note 1 159.99 150.25 No Comments Technologies below Private Limited, Peer reviewed in the form of Independent equity and/or Chartered unsecured loan Accountant Certificate^, M [Showing first 8,000 characters — download PDF for full document]