Monitoring Agency Report

GRANULES Date: July 21, 2026 National Stock Exchange of India Limited & BSE Limited. Scrip Code: NSE- GRANULES; BSE-532482. Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Ref: Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Mam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby enclose the Monitoring Agency Report with this letter for the quarter ended June 30, 2026, issued by M/s. India Ratings & Research Private Limited, Monitoring Agency, in respect of the utilization of proceeds raised by the Company through Preferential Issue. We request you take the above information on record. Thanking You. For GRANULES INDIA LIMITED CHAITANYA TUMMALA (COMPANY SECRETARY & COMPLIANCE OFFICER) Encl: As above REGISTERED OFFICE Granules India Limited CIN: L24110TG1991PLC012471 15 Floor, Granules Tower, Botanical Garden Road, Kondapur, Hyderabad - 500084, Telangana, India Contact Us: Tel: +9140 69043500 | Fax: +91-40-23115145 | mail@granulesindia.com www.granulesindia.com Date: 21st July 2026. Granules India Limited 15th Floor, Granules Tower, Botanical Garden Road, Kondapur, Hyderabad – 500084, Telangana, India. Subject: Monitoring Agency Report for the quarter ended 30th June 2026 in relation to Preferential Issue. Dear Sir, Pursuant to Regulation 162A (2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 12th January 2026, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of Preferential issue for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking You, For and on behalf of India Ratings & Research Private Limited Name: Shrikant Dev Designation: Company Secretary India Ratings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in Report of the Monitoring Agency (MA) Name of the issuer: Granules India Limited For quarter ended: 30th June 2026 Name of the Monitoring Agency: India Ratings & Research Private Limited (a) Deviation from the objects: No deviation from the objects. Based on the Management undertaking and as per the Statutory Auditor Certificate dated 17th July 2026 issued by S.R. Batliboi & Associates LLP, Chartered Accountants (FRN – 101049W/E300004) having UDIN 26102328XXWXYJ7704* and other documents provided to us, no deviation from the objects has been observed. *The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate. (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 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: Shrikant Dev (Company Secretary) Date: 21st July 2026. Page 1 of 9 1) Issuer Details: Name of the issuer: Granules India Limited (“the Company”) Names of the promoter/Promoter • Krishna Prasad Chigurupati Group: • Chigurupati Uma Devi • Chigurupati Priyanka • Harsha Chigurupati • Pragnya Chigurupati • Suseela Devi Chigurupati • Santhi Sree Ramanavarapu • Kalidindi Abinav Verma • Venkata Mahesh Krishna Narra • Nikhila Reddy Yedaguri • Tyche Investments Private Limited Industry/sector to which it belongs: Pharmaceutical 2) Issue Details: Issue Period: 10th February 2026 to 23rd February 2026 Type of issue (public/rights): Preferential Issue Type of specified securities: 51,28,205 Equity Shares of face value of ₹ 1/- @INR 585/- per Equity Share. 2,50,00,000 Convertible Warrants (each convertible into one equity shares of face value ₹ 1/- each) @ INR 585/- per convertible warrant. IPO Grading, if any: Not Applicable Issue size: INR 1,762.50 Crores* * It is the total issue size. However, the actual subscription of Equity Shares and Convertible warrants and the amount received by the Company as on 30th June 2026 is as below: Issue subscribed Issue proceeds received as on 30th Jun’26 Value Value (INR in Security No. Rate (INR in No. Rate Crores) Crores) Equity Shares 51,28,205 585 300.00 51,28,205 585 300.00 Convertible 2,50,00,000 585 1,462.50 2,50,00,000 146.25^ 365.63 Warrants Total 1,762.50 665.63 ^The Company has received 25% of the value of the convertible warrants i.e. INR 146.25 per warrant, as upfront consideration/subscription amount. Balance 75% (INR 438.75 per warrant) will be received as and when the conversion option is exercised by the warrant holder to convert warrant into equity shares during the tenure of 18 months of the warrants. Page 2 of 9 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments certifications considered by Comments of the of the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors Management undertaking, Notice to Shareholders for Whether all utilization is as per EGM along with Corrigendum No the disclosures in the Offer Yes No Comments to the Notice to EGM, Comments Document? Statutory Auditor Certificate, Relevant Bank Statements. Whether shareholder approval has been obtained in case of material deviations from NA Management undertaking. NA Comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the No Management undertaking. No Comments Comments issue has changed? Is there any major deviation observed over the earlier No NA No Comments Comments monitoring agency reports? Whether all Government/Statutory No NA Management undertaking. No Comments approvals related to the Comments object(s) have been obtained? Whether a [Showing first 8,000 characters — download PDF for full document]