Monitoring Agency report for the 2nd Quarter and half year ended September 30, 2026 of FY 2026-27

November 05, 2026 The BSE Limited The National Stock Exchange of India Limited 1st Floor, New Trading Wing, Rotunda Building, Exchange Plaza, 5th Floor, C – 1, Block G, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Bandra – Kurla Complex, Bandra East, Security Code: 532884 Symbol: REFEX Mumbai – 400001, Maharashtra, India Mumbai – 400051, Maharashtra, India Ref.: Regulation 162A (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Subject Monitoring Agency Reports for the 2nd quarter and half year ended September 30, 2026 for FY 27 D ear Sir/Ma’am, Pursuant to Regulation 162A (4) of Chapter V of Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements), 2015, we are enclosing herewith Monitoring Agency Reports issued by CARE Ratings Limited, Monitoring Agency, for the 2 quarter and half year ended September 30, 2026 for FY 2026-27 in relation to utilisation of funds raised pursuant to the issue of equity shares and warrants on pre ferential basis as per details given below: Annexure-A i. Preferential issue of equity shares and warrants to promoter vide EGM dated March 27, 2024 and as v aried in the Annual General Meeting held on July 31, 2026 as ; Annexure-B ii. Preferential issue of equity shares and warrants to promoter & non-promoters vide EGM dated October 26, 2024 as . The reports are also placed on the Company’s website at https://www.refex.co.in/investors Kindly take the same on records. Thanking you. Refex Industries Limited Yours faithfully, For & on behalf of Ankit Poddar Company Secretary & Compliance Officer Membership No.- ACS – 25443 No. CARE/CRO/GEN/2026-27/1016 The Board of Directors Refex Industries Limited 2nd floor, No. 313 Refex Towers, Sterling Road, Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu- 600034 04/11/2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential issue of Refex Industries Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue of 50,00,000 equity shares and preferential issue of 1,25,75,000 warrants which are convertible into equivalent number of equity shares of face value of Rs. 2 each for the amount aggregating to Rs.62.50 crores and Rs. 157.19 crores respectively, of the Company and refer to our duties cast under 162A 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 March 26,2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ali Monish P E Assistant Director AliMonish.P@careedge.in Report of the Monitoring Agency Name of the issuer: Refex Industries Limited For quarter ended: 30/09/2026 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 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. Ali Monish P E Assistant Director AliMonish.P@careedge.in 1) Issuer Details: Name of the issuer : Refex Industries Limited Name of the promoter : M/s. Refex Holding Private Limited (Erstwhile M/s Sherisha Technologies Private Ltd) Industry/sector to which it belongs : Industrial Gases, coal and ash handling 2) Issue Details Issue Period : March 27,2024 to April 11, 2024 Type of issue (public/rights) : Preferential issue Type of specified securities : Equity shares and warrants IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 220 crores 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 Pursuant to the approval of shareholders at the 24th Annual No comments General Meeting held on July 31, 2026, Refex Industries Limited has reallocated ₹19.07 crore of unutilized proceeds Chartered Accountant Whether all utilization is as per the from the Capital Expenditure object to Working Capital. No Certificate* disclosures in the Offer Document? Consequently, the allocation towards Capital Expenditure Bank statements stands reduced from ₹19.68 crore to ₹0.62 crore, while the allocation towards Working Capital stands increased from ₹96.00 crore to ₹115.06 crore. Whether shareholder approval has been No comments obtained in case of material deviations# from Stock exchange filings Yes Not applicable expenditures disclosed in the Offer Document? Chartered Accountant No comments Whether the means of finance for the No Certificate, Management Not applicable disclosed objects of the issue have changed? Undertaking Chartered Accountant No comments Is there any major deviation observed over No Certificate, Management Not applicable the earlier monitoring agency reports? Undertaking Chartered Accountant No comments Whether all Government/statutory approvals Not applicable Certificate, Management Not applicable related to the object(s) have been obtained? Undertaking Whether all arrangements pertaining to Not applicable Chartered Accountant Not applicable No comments 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 technical assistance/collaboration are in Certificate, Management operation? Undertaking Pursuant to the approval of shareholders at the 24th Annual No comments General Meeting held on July 31, 2026, Refex Industrie [Showing first 8,000 characters — download PDF for full document]