Monitoring Agency Report

WEL/SEC/2026 November 05, 2026 BSE Limited National Stock Exchange of India Limited Scrip Code: 532553 NSE Symbol: WELENT Dear Madam / Sir, Sub: Submission of the Monitoring Agency Report for the quarter ended September 30, 2026 Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, enclosed herewith is the Monitoring Agency Report (“Report”) for quarter ended September 30, 2026, issued by CRISIL Ratings Limited, Monitoring Agency, in respect of the utilization of proceeds raised through Preferential Issue of convertible warrants by the Company. The aforesaid Report has been considered by the Audit Committee and Board of Directors at their respective meetings held on November 05, 2026. The above Report is also available on the website of the Company at www.welspunenterprises.com Request you to take the above on record. Thanking you. Yours faithfully, For Welspun Enterprises Limited Nidhi Tanna Company Secretary ACS-30465 Encl.: As above Monitoring Agency Report Welspun Enterprises Limited for the quarter ended September 30, 2026 CRL/MAR/VITPL/2026-27/2088 November 05, 2026 Welspun Enterprises Limited Welspun City, Village Versamedi, Taluka Anjar, District Kutch, Gujarat - 370 110, India Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue (“PI”) of Welspun Enterprises Limited (“the Company”) Pursuant to Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated November 26, 2025, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of PI 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: Welspun Enterprises 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 Statutory 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: Welspun Enterprises Limited Names of the promoter: Mr. Balkrishan Goenka, Mrs. Dipali B. Goenka, Mr. Rajesh R Mandawewala, Welspun Group Master Trust through its Trustee Balkrishan Goenka Industry/sector to which it belongs: Civil construction 2) Issue Details Issue Period: 25% of the warrants issue price were received during the period, November 26, 2025, to December 01, 2025. (Refer note 1 below) Type of issue (public/rights): Preferential Issue (PI) Type of specified securities: Convertible warrants IPO Grading, if any: NA Issue size: Rs 1,000.002 crore (Issue proceeds)* *Crisil Ratings shall be monitoring the Issue proceeds amount. Note 1: Out of the issue proceeds of Rs 1,000.00 crore, Rs 750.00 crore is yet to be received from the warrant holders. As per the notice to shareholders dated October 15, 2025, and Corrigendum dated October 29, 2025, the warrant holders have the option to convert the warrants into equity shares within 18 months from the date of allotment of the convertible warrants. Note 2: All figures are rounded off to two decimal places. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments Comments of the considered by of the Particulars Reply Monitoring Monitoring Agency Board of Agency for preparation of Directors report Statutory Auditors Certificate^, Management Proceeds utilised undertaking, Notice to Whether all utilization is as per the towards infusion in No Yes Shareholders dated disclosures in the Offer Document? subsidiary for EPC Comments October 15, 2025, and contract payments Corrigendum dated October 29, 2025, Bank Statements Source of information/ certifications Comments Comments of the considered by of the Particulars Reply Monitoring Monitoring Agency Board of Agency for preparation of Directors report Whether shareholder approval has been obtained in case of material deviations No NA No Comments from expenditures disclosed in the Offer Comments Document? Whether the means of finance for the disclosed objects of the issue has No No Comments Comments changed? Is there any major deviation observed over the earlier monitoring agency NA No Comments Comments reports? Statutory Auditors Whether all Government/statutory Certificate^, approvals related to the object(s) have NA Management No Comments Comments been obtained? undertaking Whether all arrangements pertaining to technical assistance/collaboration are in NA No Comments Comments operation? Are there any favorable events No No No Comments improving the viability of these object(s)? Comments Are there any unfavorable events No No No Comments affecting the viability of the object(s)? Comments Is there any other relevant information that may materially affect the decision No Refer note 3 Comments making of the investors? NA represents Not Applicable ^Certificate dated October 23, 2026, issued by M/s Suresh Surana and Associates LLP, Chartered Accountants (Firm Registration Number: 121750W/W-100010), Statutory Auditors of the Company. Note 3: The Company has issued warrants at a price of Rs 525/- per share (as per Notice of EGM dated October 15, 2025) whereas the current market price per share as on October 26, 2026, stands at Rs 633.35/- 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Comments of the Board of information/ Original cost Directors Comment certification (as per the Particular [Showing first 8,000 characters — download PDF for full document]