Revised Monitoring Agency Report for Q2 ended September 2026.

Date: November 5, 2026 To, To, BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th floor, Plot no. C/1, G Block Dalal Street – Fort Bandra Kurla Complex, Bandra (East), Mumbai 400 001 Mumbai - 400 051 Scrip Code: 544578 NSE Symbol: RUBICON ISIN: INE506V01022 Ref: Revised Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/Madam, Further to our earlier intimation dated November 5, 2026, please find enclosed the revised Monitoring Agency Report issued by India Ratings and Research Private Limited, regarding the utilization of the proceeds raised through issuance of equity shares by way of Initial Public Offering of the Company, for the quarter ended September 30, 2026 (“Monitoring Agency Report”). The report submitted earlier contained a calculation error, whereby the total amount utilized as at the end of the quarter was inadvertently stated as Rs. 4,169.33 million instead of Rs. 4,329.07 million. The said discrepancy has now been rectified, and the revised Monitoring Agency Report reflecting the correct utilization amount is enclosed herewith. Kindly take the above information on record. Thanking you, Yours faithfully, For Rubicon Research Limited Deepashree Tanksale Company Secretary M. No. A28132 Encl. as above Rubicon Research Limited (formerly known as Rubicon Research Private Limited) | CIN: L73100MH1999PLC119744 Registered Office: Plot No. B-75, MedOne House, Road No. 33, Wagle Estate, Thane West, PIN – 400 604, Maharashtra, India (cid:46433)(cid:46434) +91-22-61414000 / 50414000 | (cid:46475)(cid:46476)(cid:46477)(cid:46478)(cid:46479) reachus@rubicon.co.in | (cid:35075) www.rubicon.co.in Date:05thNovember2026 Rubicon ResearchLimited. MedOne House,B-75,Road No.33, Wagle Estate,Thane 400604, Maharashtra, India. Subject: Monitoring Agency Report for the quarter ended 30th September 2026 in relation to Initial Public Offer(IPO). Dear Sir, Pursuant to Regulation 41 (2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 01st October 2025, please find enclosedherewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO, for the quarter ended September30, 2026. Request you to kindly take the same on records. Thanking You, For and on behalf of India Ratings & Research Private Limited Name: Shrikant Dev Designation: Company Secretary IndiaRatings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in Report of the Monitoring Agency(MA) Name of the issuer: Rubicon ResearchLimited For quarter ended: 30thSeptember2026 Name of the Monitoring Agency: India Ratings & Research Private Limited (a) Deviation from the objects: No deviation from the objects. Based on the Management Representation and as per the Statutory Auditor Certificate dated 05th November 2026 issued by Deloitte Haskins & Sells LLP, Chartered Accountants (FRN 117366W/W- 100018)having UDIN26113918EDTEFG3000*and other documents provided to us, no deviation from the objects has been observed. *The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate. (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 of Directors subsequent tothe 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 Signature: Name and designation of the Authorized Signatory: Shrikant Dev (Company Secretary) Date: 05thNovember 2026. Page 1of 8 1) Issuer Details: Name of the issuer: Rubicon ResearchLimited Names of the promoters: Pratibha Sudhir Pilgaonkar Sudhir D Pilgaonkar Parag Suganchand Sancheti Surabhi Parag Sancheti Sumant Pilgaonkar General Atlantic Singapore RRPte Ltd. Industry/sector to which it belongs: Pharmaceutical 2) Issue Details: Issue Period: 09thOctober 2025 to 13thOctober 2025. Type of issue (public/rights): Initial Public Offer(IPO) Type of specified securities: 1,03,13,058Equity Shares(Fresh Issue) 1each. IPO Grading, if any: Not Applicable Issue size: INR 5,000 Million* *It is the Fresh Issue size. The issue consisted of offer for sale of INR 8,775.00Mn and fresh issue of INR 5,000.00 Mn aggregating to total issue size of INR 13,775.00Mn 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments certifications considered by Comments of the of the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors There is anextension Management of thetimeline for the Whether all utilization is as per Representation, Statutory utilization of the issue No the disclosures in the Offer Yes Auditor Certificate, proceeds, as approved Comments Document? Prospectus, Relevant Bank byBOD of the Statements Company. Whether shareholder approval has been obtained in case of Management No material deviations from NA No Comments Representation Comments expenditures disclosed in the Offer Document? Page 2of 8 Source of information / Comments certifications considered by Comments of the of the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors Whether the means of finance Management No for the disclosed objects of the No No Comments Representation Comments issue has changed? Is there any major deviation observed over the earlier NA NA No Comments Comments monitoring agency reports? Whether all Government/Statutory Management No NA No Comments approvals related to the Representation Comments object(s) have been obtained? Whether all arrangements pertaining to technical Management No NA No Comments assistance/collaboration are in Representation Comments operation? Are there any favorable events Management No improving the viability of these No No Comments Representation Comments object(s)? Are there any unfavorable Management No events affecting the viability of No No Comments Representation Comments the object(s)? Is there any other relevant information that may materially Management No No No Comments affec [Showing first 8,000 characters — download PDF for full document]