Monitoring agency report for the quarter ended June 30, 2026

Ref No.: NACL/13/JULY/2026-27 July 29, 2026 To, To, BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai- 400 001 Bandra (E) Scrip: 544260 Mumbai – 400 051 Scrip: NORTHARC Sub: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Northern Arc Capital Limited (“The Company”). Ref: Intimation pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. With reference to above, please find enclosed the Monitoring Agency Report dated July 28, 2026, issued by CRISIL Ratings Limited (Monitoring Agency), in respect to utilization of the proceeds raised through issuance of equity shares by way of Public Issue of the Company for the quarter ended June 30, 2026. This intimation is also available at the website of the Company at https://www.northernarc.com/statement- of-deviations For Northern Arc Capital Limited Prakash Chandra Panda Company Secretary & Compliance Officer Encl: Monitoring agency Report Monitoring Agency Report Northern Arc Capital Limited for the quarter ended June 30, 2026 CRL/MAR/ IFMRC/2026-27/1933 July 28, 2026 Northern Arc Capital Limited No. 1, Kanagam Village 10th Floor, IITM Research Park Taramani, Chennai 600 113, Tamil Nadu, India Dear Sir/Madam, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Northern Arc Capital Limited (“the Company”) Pursuant to Regulation 41(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated August 22, 2024, 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 IPO for the quarter ended June 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: Northern Arc Capital Limited For quarter ended: June 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 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 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: Shaunak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Northern Arc Capital Limited Names of the promoter: Not applicable Industry/sector to which it belongs: Non-Banking Financial Company (NBFC) 2) Issue Details Issue Period: Monday, September 16, 2024, to Thursday, September 19, 2024 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 7,770 million (Fresh issue of Rs 5,000* million and OFS of Rs 2,770 million) *Note: Particulars Amount (Rs. million) Gross proceeds of the Fresh Issue 5,000.00# Less: Issue Expenses 501.55 4,498.45 Net Proceeds (Refer Note 1 & 2) #Crisil Ratings shall be monitoring the gross proceeds. Note 1: During the quarter ended September 30, 2024, Net proceeds have been revised from Rs 4,498.84 million to Rs 4,498.20 million as the actual proceeds for issue expenses are higher than estimated as per the offer document. Note 2: Further, during the quarter ended December 31, 2024, net proceeds were revised from Rs 4,498.20 million to Rs 4,498.45 million on account of further revision in the issue expense to Rs 501.55 million due to lower than estimated issue expenses. The aforementioned disclosure is based on management undertaking & certificate dated July 20, 2026, issued by M/s Kumbhat & Co LLP, Chartered Accountants (Firm Registration Number: 001609S), Peer-reviewed Independent Chartered Accountants. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments Comments certifications considered of the of the Particulars Reply by Monitoring Agency Monitoring Board of for preparation of report Agency Directors Management undertaking, Peer- reviewed Independent Proceeds Chartered Accountant utilized Whether all utilization is as per the disclosures certificate^, towards No in the Offer Document? Prospectus dated issue Comments 19/09/2024 related (hereinafter referred as expenses “Offer document”), Bank Statements Whether shareholder approval has been obtained in case of material deviations from No No expenditures disclosed in the Offer Comments Comments Document? Whether the means of finance for the disclosed No No objects of the issue has changed? Comments Comments Is there any major deviation observed over the No No earlier monitoring agency reports? Comments Comments Whether all Government/statutory approvals Management No No related to the object(s) have been obtained? undertaking, Peer- Comments Comments reviewed Independent Whether all arrangements pertaining to Chartered Accountant No No technical assistance/collaboration are in NA certificate^ Comments Comments operation? Are there any favorable events improving the No No viability of these object(s)? Comments Comments Are there any unfavorable events affecting the No No viability of the object(s)? Comments Comments Is there any other relevant information that No No may materially affect the decision making of No Comments Comments the investors? NA represents Not Applicable ^Certificate dated July 20, 2026, issued by M/s Kumbhat & Co LLP, Chartered Accountants (Firm Registration Number: 001609S), Peer-reviewed Independent Chartered Accountants. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors info [Showing first 8,000 characters — download PDF for full document]