Monitoring Agency Report

Date: November 05, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Bandra Kurla Complex, Mumbai- 400001 Bandra (E), Mumbai - 400 051 Scrip Code: 532967 Scrip ID: KIRIINDUS Dear Sir/Madam, Sub: Monitoring Agency Report for the quarter ended on September 30, 2026 Ref: Funds raised by issuance of Warrants Convertible into Equity Shares on a Preferential Basis Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Monitoring Agency Report issued by CRISIL Ratings Limited in respect of the utilization of proceeds of Preferential Issue for the quarter ended on September 30, 2026, is enclosed herewith. You are kindly requested to take note of the same. Thanking you, Yours faithfully, For Kiri Industries Limited Suresh Gondalia Company Secretary M. No.: F7306 Encl: As stated CIN No.: L24231GJ1998PLC034094 Monitoring Agency Report Kiri Industries Limited for the quarter ended September 30, 2026 CRL/MAR/KDACPL/2026-27/2035 November 05, 2026 Kiri Industries Limited Hasubhai Chambers, 7th Floor, Opp. Town Hall Ellis Bridge, Ahmedabad, Gujarat - 380006 Dear Sir, Final Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential issue (“PI”) of Kiri Industries Limited (“the Company”) Pursuant to Regulation 164A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”) and Monitoring Agency Agreement dated September 02, 2024, entered with the Company, we enclose herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, as per Schedule XI of the SEBI ICDR Regulations towards utilization of PI proceeds 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: Kiri 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 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: Kiri Industries Limited Names of the promoter: Mr. Manish Kiri Industry/sector to which it belongs: Dyes and Pigments 2) Issue Details Issue Period: Friday, September 27, 2024, to Tuesday, October 15, 2024 Type of issue (public/rights): Preferential issue (PI) Type of specified securities: Convertible Warrants IPO Grading, if any: NA Issue size: Rs. 492.02 Crores* *Crisil Ratings shall be monitoring the issue proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds^: Source of information / certifications Comments of Comments of the Particulars Reply considered by the Monitoring Board of Directors Monitoring Agency for Agency preparation of report Independent Chartered Accountant Certificate^, During the Management reported quarter, undertaking, Notice to proceeds were EGM dated utilized for Whether all utilization is as per the Yes September 04, 2024, and working capital No Comments disclosures in the Offer Document? Corrigendum to EGM requirements, dated September 26, financial 2024 assistance and (Hereinafter referred GCP. as “Offer document”, Bank Statements Whether shareholder approval has been Independent Chartered obtained in case of material deviations NA Accountant No Comments No Comments from expenditures disclosed in the Offer Certificate^, Document? Source of information / certifications Comments of Comments of the Particulars Reply considered by the Monitoring Board of Directors Monitoring Agency for Agency preparation of report Whether the means of finance for the Management disclosed objects of the issue has No undertaking No Comments No Comments changed? Is there any major deviation observed over the earlier monitoring agency No No Comments No Comments reports? Independent Chartered Whether all Government/statutory Accountant Certificate^ approvals related to the object(s) have NA No Comments No Comments Management been obtained? undertaking Whether all arrangements pertaining to technical assistance/collaboration are in NA No Comments No Comments operation? Are there any favorable events improving No No Comments No Comments the viability of these object(s)? Independent Chartered Are there any unfavorable events No Accountant Certificate^ No Comments No Comments affecting the viability of the object(s)? Management Is there any other relevant information undertaking that may materially affect the decision No No Comments No Comments making of the investors? NA represents Not Applicable ^Certificate dated November 04, 2026, issued by M/s VKJD & Associates, Chartered Accountants (Firm Registration Number: 128985W), Peer Reviewed Independent Chartered Accountants Note: The Company has issued warrants at a price of Rs 369/- per share (as per Notice of EGM dated September 19, 2024) whereas the current market price per share as on November 02, 2026, stands at Rs 521.60/- 4) Details of object(s) to be monitored: i. Cost of the object(s)^: Source of Comments of the Board of informatio Original Directors n/ cost Revised certificatio (as per the Particulars Sr. Item Cost Comments ns Offer Reason Proposed of firm No Head (Rs in of the MA considered Document) of Cost financing arrangeme crore) by MA for (Rs in revision option nts preparation crore) made of report Independen t Chartered Accountant Repayment of debts Certificate^, together with interest Manageme thereon or any other Refer Note 1 nt 125.00 122.35 No Comments secured or unsecured 1 undertakin debt availed by the g, Notice to Company Shareholder Worki [Showing first 8,000 characters — download PDF for full document]