Monitoring Agency Report

S an%s‘#‘i fl"a¢ r Limited Regd. & Corp. Office : “Sanstar House" Nr. Parimal Under Bridge, Opp. Suvidha Shopping Centre, Paldi, Ahmedabad — 380007. Gujarat (India) Phone : +91 79-26651819 /20 / 21 CIN : L10621GJ1982PLC072555 E-Mail : sanstar@sanstar.in Website : www.sanstar.in Date: 06 November, 2026 To, To, BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Bandra-Kurla Complex, Mumbai — 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 544217 Symbol - SANSTAR Dear Sir/Madam, Sub: Monitoring Agency Report for the second quarter and half year ended September 30, 2026 of the Company Ref: 1) Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 2) Regulation 41(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 Pursuant to the above referred, please find enclosed the Monitoring Agency Report for the second quarter and half year ended September 30, 2026 dated 6% November, 2026, issued by Acuité Ratings and Research Limited to monitor the utilization of proceeds of the Public Issue. The above is being made available on the Company's website i.e. www.sanstar.in You are hereby requested to take the above information on your records. Thanking you. Yours faithfully, For, SANSTAR LIMITED FAGUN SHAH COMPANY SECRETARY & COMPLIANCE OFFICER Membership No.: -62163 Encl: - Monitoring Agency Report Factory (1) : Gulabpura. Village : Karvand, Taluka : Shirpur, Dist. : Dhu—l 42e5 405. Maharashtra (India) (2) : “Sanstar Nagar” Sukhpar Road, Post Sukapar, Village Morgar, Taluka Bhachau. Dist. Kutch-370 020. Gujarat (India) Acuite RATINGS & RESEARCH Name of the issuer Sanstar Limited For quarter ended September 2026 Name of the Monitoring Agency Acuité Ratings and Research Limited (a) Deviation from the objects No deviation is observed. (b) Range of Deviation Not applicable (c) Any other material fact to be highlighted None 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/ cerfifications/ statements it receives. This Report is not infended fo 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 infended 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 orifs affiiates may have credit rating or other commercial fransactions with the entity fo 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 fransactions 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 fitle *Comments of the Board of Directors”, that shall be captured by the Issuer's Management / Audit Committee Acuite RATINGS & RESEARCH of the Board of Directors subsequent to the MA submitting their report fo 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. Digitally signed i by VikasY Vlkas YMishra . Date: Mishra 26261106 13:34:34 +05'30" Signature: Signing Authority: Vikas Mishra Designation: Deputy Vice President - Process Excellence Report Date: November 06, 2026 Acuité Ratings & Research Limited SEBI Registered | RBI Accredited 708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai — 400 042 +91 99698 98000 | www.acuite.n | info@acuite.in | CIN: U74999MH2005PLC155683 Certified Acuite RATINGS & RESEARCH 11 Name of the issuer Sanstar Limited Mr. Gouthamchand Sohanlal Chowdhary, Sambhav Gautam Chowdhary and Mr. Shreyans Gautam 1.2 Names of the promoter Chowdhary 1.3 Promoter Group 14 Industry/sector to which it belongs Other Agricultural Products / Fast Moving Consumer Goods 21 Issue Period June 23, 2026 to June 25, 2026 22 Type of issue Preferential Issue 23 Type of specified securities Equity Shares 24 IPO Grading, if any Not applicable 25 Issue size (INR Cr.) 198.27 Acuite RATINGS & RESEARCH Source of information/cerfifications Reply from the Sr. considered by Monitoring Comments of the Monitoring Agency Comments of the Issuer’s Audit Particulars issuer No. Agency for preparation of Committee report Utilizattions in the respective objects are as Whether all ufilization is as per the No comment Yes per disclosures by the Issuer. disclosures in the Offer Document2 Whether shareholder approval has been obtained in case of material deviations Not applicable No comment from expendifures disclosed in the Offer Material deviation is not observed. Document? Whether the means of finance for the No comment disclosed objects of the issue has No change is observed changed? No deviation has been reported in any of No comment Is there any maijor deviation observed the MA reports issued for the preceding over the earfier monitoring agency As per documents submitted reporting periods. reports? by the lIssver, including Further, no other MA has been appointed Disclosures published on Stock to monitor the objects of this issue. Exchange, Invoices, Statutory Whether all Govemment/statutory approvals related to the object(s) have Not applicable Auditors Certificate issued by Govemment / Statutory approval is not No comment M/s SC. Bapna and required for the objects. been obicined? Associates, efc Whether all arangements pertaining fo Armangement pertaining fo technical No comment technical assistance/collaboration are Not applicable assistance / collaboration is not required in operationz with reference fo the objects. No favorable events have been observed Ae there any favorable events that would improve the viabilty of the No comment improving the viability of these object(s) No objects No unfavorable events have been Are there any unfavorable events No comment observed that would improve the viability affecting the viability of the object(s)? No of the object No relevant information is evident that may Is there any other relevant information No comment materially affect the decision making of the that may materially affect the decision No investors making of the investors2 Acuite RATINGS & RESEARCH i. Cost of object(s): ) Source of Original ) Comments of the Issuer's Audit Committee information/cerffications cost (as per Revised sr. i atia Comments of the . Htem Head considered by Monitoring the Offer Cost Aomments - Agency for preparation of Document) (INR Cr.) SO AT Reasonof Proposed R report (INR Cr.) Sot Endncing amangement revision option ) ’ As per documents submitied by | Working Capital the Issuer, including Disclosures 14920 - No Change NA NA Requirements s publihed on Stock Exchange, ) i e e No change is observed General Coporate NVoices, Stafufory — Audiitors 2 P urposes BCearptinfai caatned Aissssoucedi a) tbeys, Me/fcs, S.C. 49.07 - No Change NA NA Total 198.27 - Timelines for utilization of Issue [Showing first 8,000 characters — download PDF for full document]