Monitoring Agency Report

November 4, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai – 400 001. Mumbai – 400 051. BSE Scrip Code: 544916 NSE Scrip Symbol: MPIMANIPAL 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 41(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find the attached Monitoring Agency Report for the quarter ended September 30, 2026, issued by Crisil Ratings Limited, the Monitoring Agency, appointed to monitor the utilisation of the proceeds raised by the Company through the fresh issue of equity shares in its Initial Public Offer (IPO). The above information will also be available on the website of the Company at: https://mpimanipal.com/investor-corner Request you to kindly take the same on record. Thanking you, Yours sincerely, For Manipal Payment and Identity Solutions Limited Dattatri Manjunatha Hardur Company Secretary and Compliance Officer Membership No.: F7799 Monitoring Agency Report Manipal Payment and Identity Solutions Limited for the quarter ended September 30, 2026 CRL/MAR/ MCTCT/2026-27/2065 November 04, 2026 Manipal Payment and Identity Solutions Limited Udayavani Building, Press Corner Manipal 576 104, Karnataka, India Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Manipal Payment and Identity Solutions 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 August 27, 2026, 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: Manipal Payment and Identity Solutions 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: Manipal Payment and Identity Solutions Limited Names of the promoter: Mr. Tonse Gautham Pai Mr. T Satish U Pai Mrs. Sandhya S Pai Industry/sector to which it belongs: Financial Technology (Fintech) 2) Issue Details Issue Period: September 09, 2026, to September 11, 2026 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 3,200.00 million* *Note: Particulars Amount (Rs in million) Gross proceeds 3,200.00# Less: Issue Expenses 246.78 Net Proceeds 2,953.22 #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 Independent Chartered Whether all utilization is as per Accountant No Utilization during the No the disclosures in the Offer NA certificate^, reported quarter comments Document? Prospectus dated 11/09/2026 (hereinafter referred to as “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 NA No comments comments monitoring agency reports? Management Whether all Government/ Undertaking, Peer No statutory approvals related to the NA No comments reviewed comments object(s) have been obtained? Independent Whether all arrangements Chartered pertaining to technical No NA Accountant No comments assistance/collaboration are in comments certificate^ 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 13, 2026, issued by M/S Shetty & Bhat, Chartered Accountants (Firm Registration Number: 019354S), Peer reviewed Independent Chartered Accountant. 4) Details of object(s) to be monitored: i. Cost of the object(s): Comments of the Board of Source of Original Directors information/ cost Revised Comment Particul certification (as per the Sr. Cost of the ars of Item considered by Offer Reason Proposed No. (Rs in Monitorin firm Head MA for Document) of Cost financing million) g Agency arrange preparation of (Rs in revision option ments report million) made Funding the capital expenditure requirements of the Company towards purchasing and setting up of new and second hand equipment at (a) card manufacturing facility, personalization bureau and cheque printing facility in Manipal, Karnataka, (b) personalization bureau and cheque printing facility in Chennai, Tamil Nadu, Noida, Management No 1 2,384.26 - No comments Uttar Pradesh, and undertaking, revision pers [Showing first 8,000 characters — download PDF for full document]