Monitoring Agency Report

November 05, 2026 The National Stock Exchange of India Limited Department of Corporate Services/Listing Exchange Plaza, 5th Floor, BSE Limited Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Fort, Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: APOLLOPIPE SCRIP Code: 531761 Dear Sir/Madam, Sub: Monitoring Agency Report as per Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended September 30, 2026 Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Monitoring Agency report issued by CARE Ratings Limited (Monitoring Agency) duly reviewed and approved by Audit Committee in its meeting held on November 05, 2026. Kindly take the above information on your records. Thanking you Yours faithfully, For Apollo Pipes Limited Gourab Kumar Nayak Company Secretary & Compliance Officer Encl: A/a No. CARE/NRO/GEN/2026-27/1161 Mr. Ajay Jain Chief Financial Officer Apollo Pipes Limited 37, Hargobind Enclave Vikas Marg, Karkadooma, Delhi,110092 November 05, 2026 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue of Apollo Pipes Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 110.00 crore of the Company and refer to our duties cast under Regulation 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 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 January 27, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Sahil Goyal Associate Director Sahil.Goyal@careedge.in CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Off Eastern Express Highway, Sion (East), Mumbai - Gautam Budh Nagar, Uttar Pradesh -201301 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: Apollo Pipes 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: Nil 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 after 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: Sahil Goyal Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Off Eastern Express Highway, Sion (East), Mumbai - Gautam Budh Nagar, Uttar Pradesh -201301 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 1) Issuer Details: Name of the issuer : Apollo Pipes Limited Name of the promoter : Mr. Sameer Gupta and Mrs. Meenakshi Gupta Industry/sector to which it belongs : The Company manufactures varieties of cPVC, uPVC, and HDPE pipes & fittings, water storage tanks, PVC taps, fittings and solvents, etc. 2) Issue Details Issue Period : 18 months (ending in October, 2026) from date of allotment (April 23, 2025) Type of issue (public/rights) : Preferential issue of Warrants Type of specified securities : Warrants convertible into equity shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 110.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of Directors preparation of report The company received Rs. 27.50 crore in Q1FY26 and utilized the same until Q2FY26, out of which Rs. 11.03 crore was incurred during Q1FY26 itself and the balance Rs. 16.47 crore was incurred in Q2FY26. No funds were received thereafter. CA Certificate*, Bank Statement and Thus, the utilization during Q2FY27 was nil. The Whether all utilization is as per the disclosures in the No comments Yes Special Resolution dated February management expects that the balance amount of Rs. 82.50 Offer Document? received 26th 2025 crore is expected to be received to be received before the due date that is October 22nd, 2026. Allottee has 18 months i.e. (till 22.10.2026) from the date of allotment of warrants (23.04.2025) for conversion into equity shares. Whether shareholder approval has been obtained in case Not No comments Management Undertaking Not applicable of material deviations# from expenditures disclosed in Applicable received CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Off Eastern Express Highway, Sion (East), Mumbai - Gautam Budh Nagar, Uttar Pradesh -201301 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of Directors preparation of report the Offer Document? Whether the means of finance for the disclosed objects No comments No Management Undertaking Nil of the issue have changed? received Is there any major deviation observed over the earlier No comments No Monitoring Agency Report No deviations over the earlier monitoring agency report monitoring agency reports? received Whether all Government/statutory approvals related to No comments Yes Management Undertaking Nil the object(s) have been obtained? received Whether all arrangements pertaining to technical No comments Yes Management Undertaking Nil assistance/collaboratio [Showing first 8,000 characters — download PDF for full document]