Monitoring Agency Report

Ref: AHCL/2026-27/C033 August 04, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No C/1, G Block, Dalal Street, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai – 400 051 Scrip Code – 544350 Symbol : AGARWALEYE Dear Sir / Madam, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Ref: Regulation 32(6) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 Pursuant to the captioned subject and reference, we enclose herewith, the Monitoring Agency Report dated August 03, 2026 issued by ICRA Limited, Monitoring Agency, for the quarter ended June 30, 2026, with respect to the utilization of proceeds of the Initial Public Offer of the Company. The above mentioned Monitoring Agency Report is also made available on the website of the Company at: https://dragarwals.co.in/dr-agarwals-health-care/#corporate-announcement For Dr. Agarwal’s Health Care Limited Thanikainathan Arumugam Company Secretary and Compliance Officer Encl.: as above. DR. ACARWAL'S HEALTH CARE LIMITED Registered Office: 6th Floor, Menon Eternity, 1st Main Road, Austin Nagar, Alwarpet, Chennai - 600 018. Tel: +91444378 7777 I CIN: L85100TN2010PLC075403 I GST No: 33AADCD4418MlZO Email: info@dragarwal.com I Website: www.dragarwals.co.in ICRA June 2026 MONITORING AGENCY REPORT Name of the Issuer: Dr. Agarwal's Health Care Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: ICRA Limited (a) Deviation from the objects of the issue: No Material Deviation -The utilization of the issuance proceeds is in line with the objects of the issue. (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: Parul Digitally signed by Parul Goyal Goyal Na rang Date: 2026.08.03 Narang 11 :45:18 +05'30' Parul Goyal Narang Vice President & Head-Process Excellence Analyst: Sumana Guha Quality Analyst: Dhwani Vinchhi ICRA June 2026 1. Issuer Details Name of the Issuer: Dr. Agarwal's Health Care Limited Name(s) of the promoters: Promoters Dr. Ashar Agarwal Dr. Ashvin Agarwal Dr. Adil Agarwal Dr. Amar Agarwal Dr. Anosh Agarwal Dr. Athiya Agarwal Dr. Agarwal's eye institute (p) ltd Adil Agarwal, Anosh Agarwal, Ashvin Agarwal holding on behalf of Dr. Agarwal's Eye Institute Anosh Agarwal holding on behalf of Dr. Adil Agarwal Family Trust Anosh Agarwal holding on behalf of Dr. Ashar Agarwal Family Trust Anosh Agarwal holding on behalf of Dr. Ashvin Agarwal Family Trust Anosh Agarwal holding on behalf of Dr. Anosh Agarwal Family Trust Anosh Agarwal holding on behalf of Dr. Amar Agarwal Family Trust Source: BSE Industry/ sector to which it belongs: Healthcare 2. Issue Details Issue Period: Opening date-January 29, 2025 Closing date-January 31, 2025 Type of Issue: Initial Public Offer Type of specified securities: Equity shares IPO Grading, if any: No credit rating agency registered with SEBI has been appointed in respect of obtaining grading for the offer. Issue Size (Rs. Crore): 3,027.260 Crore With OFS portion: 3,027.260 Crore Excluding OFS portion: 300.00 Crore. Net proceeds: 272.466 (Excluding Issue Related Expenses) Note: ICRA monitored gross proceeds of INR 300.000 Crore in Ql FY2027. ICRA June 2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds. Source of information, certifications Comments of considered by the Comments of the Monitoring the Issuer's Particulars Reply Monitoring Agency for Agency Board of the preparation of Directors report -Peer Reviewed CA- Certificate The offer-related expenses have -Confirmation from decreased from INR 27.354 crore to Whether all utilization is as per management INR 12.650 crore due to which the the disclosures in the Offer Yes -Bank statement - General Corporate Purpose amount Document? escrow has been revised by the issuer to INR account/Monitoring 92.350 crore from INR 77.466 crore. account/corresponding account Revision in GCP amount by 19.21% is Whether shareholder* approval on actual offer related expenditure has been obtained in case of Not As confirmed by the being lower than estimated by INR material deviations# from - Applicable Issuer's management 12.650 Crore. expenditures disclosed in the However, the revised amount is Offer Document? within the limit of 35% of Gross Proceeds Whether the means of finance for the disclosed objects of the No As confirmed by the No comments - issue has changed? Issuer's management Is there any major deviation observed over the earlier No No deviation observed No comments - monitoring agency reports? Whether all Government/ statutory approvals related to Not As confirmed by the As understood from the Issuer's management the object(s) have been Applicable Issuer's management obtained? Whether all arrangements pertaining to technical Not As confirmed by the As understood from the Issuer's management assistance/ collaboration are in Applicable Issuer's management operation? Are there any favorable events As confirmed by the As understood from the Issuer's improving the viability of these No - Issuer's management management object(s)? Are there any unfavorable As confirmed by the As understood from the Issuer's events affecting the viability of No - Issuer's management management the object(s)? ICRA June 2026 Source of information, certifications Comments of considered by the Comments of the Monitoring the Issuer's Particulars Reply Monitoring Agency for Agency Board of the preparation of Directors report Is there any other relevant information that may materially As confirmed by the As understood from the Issuer's No - affect the decision making of Issuer's management management the investors? *Board Approval has been taken 4. Details of the object(s) to be monitored. (i) Cost of object(s) Source of I Comments of the Issuer's Board of information, Directors Original cost I certifications T (as per the Revised Comments of [Showing first 8,000 characters — download PDF for full document]