Monitoring Agency Report

Date: November 10, 2026 To, To, The Listing Department, Department of Corporate Services National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex,Bandra (E) Dalal Street, Fort, Mumbai – 400 051 Mumbai - 400 001 NSE Symbol: PERNIASPOP BSE Scrip Code: 544901 Sub: Monitoring Agency Report for the quarter ended September 30, 2026. Dear Sir/Madam, Pursuant to Regulation 32 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulation”) read with Regulations 41 of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), as amended, please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited ("Monitoring Agency"), in respect of utilization of the proceeds of the Initial Public Offer (“IPO”) of the Company for the quarter ended on September 30, 2026, as reviewed by the Audit Committee and the Board of Directors of the Company at their respective meetings held on i.e., November 02, 2026. The copy of the said Monitoring Agency Report is also available on the Company’s website at https://www.purplestylelabs.com/. Thanking you, For and on Behalf of Purple Style Labs Limited Gulshan Mumtaz Khan Company Secretary and Compliance Officer Membership Number: A57061 Address: CTS No. 1081, Plot No. 110, TPS Village, Service Road, Western Express Highway, Vile parle (East), Mumbai, Maharashtra – 400057, India. Encl: As above No. CARE/NRO/GEN/2026-27/1167 The Board of Directors Purple Style Labs Limited CTS No.1081, Plot No.110, TPS Village, Service Road, Western Express Highway, Vile Parle (East), Mumbai - 400057 November 09, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO/QIP/Rights issue (whichever is applicable) of Purple Style Labs Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO aggregating to Rs.680.00 crore of the Company, for monitoring utilisation of Gross Proceeds under Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. In this connection, we are enclosing the draft Monitoring Agency Report for Q2FY27 (July 01, 2026, to September 30, 2026). Request you to kindly take the same on records. Thanking you, Yours faithfully, Akanksha Dutta Assistant Director Akanksha.dutta@careedge.in CARE Ratings Limited 9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-120-445 2000 - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: Purple Style Labs Limited For quarter ended: September 30, 2026; Q2FY27 (refers to period from July 01, 2026, to September 30, 2026) Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No (b) Range of Deviation: NA 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. Signature: Name and designation of the Authorized Signatory: Akanksha Dutta Designation of Authorized person/Signing Authority: Assistant Director CARE Ratings Limited 9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-120-445 2000 - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Issuer Details: Name of the issuer : Purple Style Labs Limited Name of the promoter : Mr. Abhishek Agarwal Industry/sector to which it belongs : Luxury fashion retail / omni-channel fashion platform 1) Issue Details Issue Period : August 31, 2026, to September 02, 2026 Type of issue (public/rights) : Public issue (IPO) Type of specified securities : Equity shares of face value Rs.10 each IPO Grading, if any : Not applicable Issue size (in crore) : Rs.680.00 crore 2) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Board of Particulars Reply Comments of the Monitoring Agency Monitoring Agency for Directors preparation of report The utilisation of issue proceeds during the quarter was in line with the objects stated in the Prospectus. Funds utilised towards CA Certificate; Management the specified objects were routed through Whether all utilization is as per the Certificate; Prospectus; bank Yes the designated monitoring account. No comments received disclosures in the Offer Document? statements; lender no-dues However, out of the amount earmarked letters under General Corporate Purposes, ₹53.00 crore utilised towards repayment of debt by PSL U.S.A. and ₹3.40 crore utilised towards CARE Ratings Limited 9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-120-445 2000 - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Source of information / certifications considered by Comments of the Board of Particulars Reply Comments of the Monitoring Agency Monitoring Agency for Directors preparation of report salary payments by PSL Retail Private Limited were transferred from the monitoring account of Purple Style Labs Limited to the respective subsidiary accounts and subsequently utilised by the subsidiaries. Further, sales and marketing expenses of Rs.1.90 crore have been done from current account of PSLL. Consequently, the funds were commingled with other operational cash flows at the subsidiary level, limiting direct traceability of the end utilisation. Nevertheless, based on t [Showing first 8,000 characters — download PDF for full document]