Security Cover Certificate as on September 30, 2026

MCSL/SEC/26-27/268 November 05, 2026 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited Dalal Street, Exchange Plaza, C-1, Block G, Mumbai - 400 001, Maharashtra Bandra Kurla Complex, Bandra (E), Scrip Code (Equity) - 511766 Mumbai - 400 051, Maharashtra Scrip Code (Debenture and CP) : 975282, Trading Symbol - MUTHOOTCAP 975513, 975662, 976146, 976183, 976213, 976233, 976363, 976458, 976806, 976898, 976933, 976965, 978079, 978198, 977164, 977929, 978321, 729732, 729733, 730251 and 732701 Dear Sir / Ma’am, Sub: Security Cover Certificate as on September 30, 2026 Pursuant to Regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Security Cover Certificate as on September 30, 2026, as certified by M/s. Sundaram & Srinivasan, Chartered Accountants, (Firm Registration No. 004207S), Statutory Auditors of the Company. This is for your kind information and records. Thanking You, Yours Faithfully, For Muthoot Capital Services Limited Deepa G Company Secretary & Compliance Officer (Membership No.: A68790) Encl: As above Muthoot Capital Services Limited, Registered Office: 3rd Floor, Muthoot Towers, M.G. Road, Kochi - 682 035, Kerala, India P: +91-484-6619600, 6613450, F: +91-484-2381261, Email: secretarial@muthootcap.com, www.muthootcap.com CIN: L67120KL1994PLC007726 23, C.P. Ramaswamy Road SUNDARAM & SRINIVASAN Alwarpet, Chennai – 600 018 CHARTERED ACCOUNTANTS 2498 8762 Offices: Chennai - Mumbai - Bangalore - Madurai Telephone 2498 8463 4210 6952 E-Mail: sundaramandsrinivasan1948@gmail.com Website: www.sundaramandsrinivasan.com The Board of Directors, Muthoot Capital Services Limited, Kochi Independent Auditor's Certificate on the Statement of maintenance of security cover in respect of secured listed Non-Convertible Debentures('NCD') as at 30 September 2026 1. We have been requested by the Company to examine the accompanying Statement showing 'Asset Cover' for the listed non-convertible debt securities as at September 30, 2026 (the "Statement") which has been prepared by the Company from the financial results and other relevant records and documents maintained by the Company as at and for the half year ended September 30, 2026 pursuant to the requirements of the Regulation 56(1)(d) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, (the "SEBI Regulations) 2. The Statements have been prepared in compliance with the Regulation 54 read with Regulation 56(1)(d) of the Securities and Exchange Board of India (the "SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) and the SEBI circular no. HO/17/11 /12(2)2026-DDHS-POD1 /1/22420/2026 dated September 28, 2026 (the "Regulations") for onward submission to National Stock Exchange (NSE), BSE Limited and to Vardhaman Trusteeship Private Limited (the "Debenture Trustee") and Catalyst Trusteeship Limited (the "Debenture Trustee"), and has been initialled by us for identification purpose only. Management Responsibility: - 3. The preparation of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation, and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 4. The Management of the Company is also responsible for ensuring that the Company complies with all the relevant requirements of the SEBI circular, SEBI Regulations, Companies Act, 2013 and other applicable laws and regulations, as applicable. 5. The Management is also responsible to ensure that Security Cover Ratio as at September 30, 2026 is in compliance with SEBI circular no. HO/17 /11/12(2)2026-DDHS-PODl/1/22420/2026 dated September 28, 2026 with the minimum security cover as per the SEBI Regulations as given in Annexure I attached to this certificate. SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore – Madurai Auditor’s Responsibility: - 6. Our responsibility for the purpose of this certificate is to verify the particulars contained in the Statement, based on the reviewed financial results and other relevant records and documents maintained by the Company and to certify asset cover ratio is minimum hundred percent as per the minimum requirement stated in SEBI Regulations. 7. We have reviewed the Financial Results for the quarter ended 30th September 2026, prepared by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and issued an unqualified conclusion dated 5th November 2026. Our Review of these financial results for the quarter ended 30th September 2026, was conducted as per Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI") respectively. 8. We conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 9. We have complied with the relevant applicable requirements of the Standard on Quality Control (“SQC”) Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. 10. Summary of works performed: - a. Obtained and read the Debenture Term Sheet and the Information Memorandum in respect of the secured Debenture and noted the asset cover percentage required to be maintained by the Company in respect of such Debenture. b. Traced and agreed the principal amount of the Debentures outstanding as on 30th September 2026 to the unaudited financial results of the Company and unaudited books of account maintained by the Company as at 30th September 2026. c. Traced the value of assets indicated in Annexure 1 of the Statement to the unaudited financial results of the Company and unaudited books of account maintained by the Company as on 30th September 2026. d. Obtained the list of security created in the register of charges maintained by the Company and Form CHG-9 filed with Ministry of Corporate Affairs. Traced the value of charge created against assets to the asset cover. e. Obtained the list and value of assets placed under lien or encumbrance for the purpose of obtaining any other loan and determined that such assets are not included in the calculation of asset cover in respect of the Debentures. f. Examined and verified the arithmetical accuracy of the computation of asset cover indicated in Annexure 1 of the Statement. g. Traced general and financial covenants from debenture term sheet on a test check basis and verified whether those are complied with. 11. We have no responsibility to update this certificate for events and circumstances occurring after the date of this certificate. SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore – Madurai Conclusion: - 12. (A) Based on the procedures performed by us, as referred to in paragraph 10 above and according to the information and explanations received and Management representations obtained, nothing has come to our attention that causes us to believe that the Company has not maintained hundred percent asset cover or asset cover as per the terms of the Debenture Term Sheet and Information Memorandum. (B) Nothing has come to our attention that causes us to believe that the Company has not complied material respects with General* and Financial Covenants as stated in the respective debenture [Showing first 8,000 characters — download PDF for full document]