Monitoring Agency Report

August 01, 2026 The BSE Limited The National Stock Exchange of India Limited 1st Floor, New Trading Wing, Rotunda Building, Exchange Plaza, 5th Floor, C – 1, Block G, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Bandra – Kurla Complex, Bandra East, Mumbai – 400001, Maharashtra, India Mumbai – 400051, Maharashtra, India Security Code: 532884 Symbol: REFEX Ref.: Regulation 162A (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Subject: Monitoring Agency Reports for the quarter ended June 30, 2026 Dear Sir/Ma’am, Pursuant to Regulation 162A (4) of Chapter V of Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements), 2015, we are enclosing herewith Monitoring Agency Reports issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended June 30, 2026 in relation to utilisation of funds raised pursuant to the issue of equity shares and warrants on preferential basis as per details given below: i. Preferential issue of equity shares and warrants to promoter vide EGM Notice dated March 27, 2024 as Annexure-A; ii. Preferential issue of equity shares and warrants to promoter & non-promoters vide EGM Notice dated October 26, 2024 as Annexure-B. The reports are also placed on the Company’s website at https://refex.co.in/investors/ Kindly take the same on records. Thanking you. Yours faithfully, For & on behalf of Refex Industries Limited Ankit Poddar Company Secretary & Compliance Officer Membership No.- ACS – 25443 Annexure - A No. CARE/CRO/GEN/2026-27/1010 The Board of Directors Refex Industries Limited 2nd floor, No. 313 Refex Towers, Sterling Road, Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu- 600034 31/07/2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Preferential issue of Refex Industries Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue of 50,00,000 equity shares and preferential issue of 1,25,75,000 warrants which are convertible into equivalent number of equity shares of face value of Rs. 2 each for the amount aggregating to Rs.62.50 crores and Rs. 157.19 crores respectively, of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated March 26,2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ratheesh Kumar Associate Director Ratheesh.kumar@careedge.in Report of the Monitoring Agency Name of the issuer: Refex Industries Limited For quarter ended: 30/06/2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Nil 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. Ratheesh Kumar Associate Director Ratheesh.kumar@careedge.in 1) Issuer Details: Name of the issuer : Refex Industries Limited Name of the promoter : M/s. Refex Holding Private Limited (Erstwhile M/s Sherisha Technologies Private Ltd) Industry/sector to which it belongs : Industrial Gases, coal and ash handling 2) Issue Details Issue Period : March 27,2024 to April 11, 2024 Type of issue (public/rights) : Preferential issue Type of specified securities : Equity shares and warrants IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 220 crores 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report Chartered Accountant Whether all utilization is as per the disclosures in the Offer Yes Certificate* Not applicable No Comments Document? Bank statements Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer No Not applicable Not applicable No Comments Document? Whether the means of finance for the disclosed objects of the issue No Not applicable Not applicable No Comments have changed? Is there any major deviation observed over the earlier monitoring No Not applicable Not applicable No Comments agency reports? Whether all Government/statutory approvals related to the Not applicable Not applicable Not applicable No Comments object(s) have been obtained? Whether all arrangements pertaining to technical Not applicable Not applicable Not applicable No Comments assistance/collaboration are in operation? The Board of Directors has approved and recommended the reallocation of Rs 19.07 crore from the unutilized Are there any favorable/unfavorable events affecting the viability of proceeds originally earmarked for Yes AGM Notice dated July 8, 2026 No Comments these object(s)? capital expenditure to working capital requirements, subject to the approval of the shareholders. Pursuant to the proposed reallocation, the allocation Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report towards capital expenditure is proposed to be reduced from Rs 19.68 crore to Rs 0.62 crore, while the allocation towards working capital requirements is proposed to be increased from ₹96.00 crore to Rs 115.06 crore The Income Tax Department conducted search operations at the registered office of the company and certain other locations linked to the Group from December 9 to December 13, 2025. As per the company, Ref [Showing first 8,000 characters — download PDF for full document]