Monitoring Agency Report

November 05, 2026 The Manager, The Manager, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra-Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 BSE Scrip Code: 544664 NSE Symbol: KSHINTL Sub.: Monitoring Agency Report for the quarter ended September 30, 2026. Ref.: Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 41(4) of the SEBI (Initial Capital and Disclosure Requirements) Regulations, 2018. Dear Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith Monitoring Agency Report dated November 04, 2026, issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended September 30, 2026 (“Monitoring Agency Report”), in respect of utilization of proceeds of the Initial Public Offer (‘IPO’) of the Company. The Monitoring Agency Report will be hosted on Company’s website at www.kshinternational.com/investor-relations. You are requested to take the submission on record. Thanking you, For KSH International Limited Nakul Shivaji Patil Company Secretary and Compliance Officer Head – Secretarial & Legal Membership No.: A39990 Encl.: As above. Monitoring Agency Report No. CARE/PRO/GEN/2026-27/1084 The Board of Directors KSH International Limited 201, Tower 2, Montreal Business Centre, Off Pallod Farms, Baner, Pune, Maharashtra – 411 045 November 04, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of KSH International Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.420.00 crore of the Company and refer to our duties cast under Regulation 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated December 06, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ashish Kashalkar Associate Director Ashish.kashalkar@careedge.in t Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: KSH International Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (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 there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. 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: Ashish Kashalkar Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : KSH International Limited Name of the promoter : Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rajesh Kushal Hegde and Rohit Kushal Hegde Industry/sector to which it belongs : Industrial Products - Cables - Electricals 2) Issue Details Issue Period : December 16, 2025 to December 18, 2025 Type of issue (public/rights) : Public Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs.420.00 crore (Refer to Note below) Note: The company had initially offered 1,67,82,501 shares which was a combination of fresh issue of 1,09,37,500 shares aggregating to Rs.420.00 crore and an offer for sale of 58,45,001 shares aggregating to Rs.224.45 crore. Subsequently, the issue was undersubscribed, the Company has allotted 1,63,11,303 shares (fresh issue of 1,09,37,500 shares and OFS of 53,73,803 shares) to the applicants for total consideration of Rs.626.35 crore. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report • There has been a delay in the utilization of • No Comments funds for the objects ‘Setting up of a rooftop solar power plant for power generation at Supa Facility’ and ‘General Corporate Purpose’, as per the letter of CA Certificate* Prospectus^, Bank Whether all utilization is as per the disclosures in the Offer offer. However, the company, via Board No statements, Supporting invoices Document? Resolution dated May 14, 2026, has taken and Management Certificate an approval from the board for extension of timelines for these objects. (Refer note 1 below table 4(iv)). • As per the board resolution dated • No Comments February 07, 2026, the quantum of Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report utilization of funds towards the purposes under GCP is determined, and the same has been utilized subsequent to the board resolution in line with the approved allocation. (Refer note 2 below table 5). • Company has changed some of its • No Comments vendors as compared to prospectus towards for object “Funding the capital expenditure requirements” which was approved by Board via Board resolution dated February 07, 2026. • The utilization of proceeds is as per the • No Comments disclosures in the offer document and board resolutions. Whether shareholder approval has been obtained in case of Not Prospectus^ and Management material deviations# from expenditures disclosed in the Offer Nil No Comments applicable Certificate Document? Whether the means of finance for the disclosed objects of the Prospectus^ and Management No Nil No Comments issue have changed? Certificate Is there any major deviation observed over the earlier monitoring Not Previous monitoring agency No major deviation observed. No Comments agency reports? applicable report Whether all Governm [Showing first 8,000 characters — download PDF for full document]