Monitoring Agency Report

Date: 04/08/2026 National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Mumbai- 400 051 Dalal Street, Mumbai- 400 001 Symbol: MOREPENLAB Scrip Code: 500288 Subject: Monitoring Agency Report for the quarter ended 30th June 2026 Dear Sir/ Madam, Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Report dated 4th August, 2026, for the quarter ended 30th June 2026, issued by Care Ratings Limited, the Monitoring Agency appointed to monitor utilization of proceeds of the qualified institutions placement issue. Kindly take aforesaid on record. Thanking you, Yours faithfully, For Morepen Laboratories Limited Vipul Kumar Srivastava Company Secretary F-12148 Encl.: a/a. Morepen Laboratories Limited CIN NO. L24231 HP1984PLC006028 Corp. Off.: 2nd Floor, Tower C, DLF Cyber Park, Udyog Vihar-III, Sector-20, Gurugram, Haryana-122016, INDIA TEL.: +91 124 4892000, E-mail: corporate@morepen.com, Website: www.morepen.com Regd. Off.: Morepen Village, Malkumajra, Nalagarh Road, Baddi, Distt. Solan (H.P.) -173205, INDIA Tel.: +91 1795 266401-03, 244590, Fax: +91 1795 244591, E-mail: plants@morepen.com No. CARE/NRO/GEN/2026-27/1086 The Board of Directors Morepen Laboratories Limited Morepen Village, Nalagarh Road, Near Baddi, Distt. Solan Himanchal Pradesh-173205 August 04, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the QIP of Morepen Laboratories Limited (“the Company”) We write in our capacity of Monitoring Agency for the QIP Issue for the amount aggregating to Rs. 200.00 crore of the Company and refer to our duties cast under 173A 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 August 01, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Sandeep Aggarwal Associate Director Sandeep.aggarwal@careedge.in CARE Ratings Limited Plot no. C-001 A/2 Sector 16B, Berger Tower, Gautam Corporate Office :4th Floor, Godrej Coliseum, Budh Nagar, Noida, (UP) - 201301 Somaiya Hospital Road, Off Eastern Express Phone: +91-120-4452000 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 1 of 11 Report of the Monitoring Agency Name of the issuer: Morepen Laboratories Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (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: Sandeep Aggarwal Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited Plot no. C-001 A/2 Sector 16B, Berger Tower, Gautam Corporate Office :4th Floor, Godrej Coliseum, Budh Nagar, Noida, (UP) - 201301 Somaiya Hospital Road, Off Eastern Express Phone: +91-120-4452000 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 2 of 11 1) Issuer Details: Name of the issuer : Morepen Laboratories Limited Name of the promoter : Sushil Suri Industry/sector to which it belongs : Pharmaceuticals 2) Issue Details Issue Period : 01/08/2024 to 05/08/2024 Type of issue (public/rights) : QIP Type of specified securities : Equity IPO Grading, if any : - Issue size (in crore) : Rs. 200.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of the certifications considered by Comments of the Particulars Reply Board of Monitoring Agency for Monitoring Agency Directors preparation of report • The issue proceeds of the QIP have been utilised in accordance with the objects given as per offer document, as supported by the management and CA certificate. However, during Q1FY27, owing to the company’s operations across multiple plant and office locations, ₹1.50 crore was transferred from the monitoring account to its various current accounts to facilitate local disbursements. While we Management Certificate, CA have reviewed the bank statements, the commingling of funds has Whether all utilization is as per the Certificate*, Offer document, Bank No comments Yes restricted our ability to directly ascertain the end-use of the issue disclosures in the Offer Document? Statements, Resolution approved by received proceeds. Accordingly, we rely on management representation and the QIP Committee the CA certificate. This excludes utilisation of ₹2.96 crore, comprising interest income and capital gains realised on debt mutual fund investments made out of unutilised QIP proceeds. • As per the offer document, the proceeds earmarked for the object of capital expenditure were originally scheduled to be utilized by March 31, 2026. However, there were delays in capex CARE Ratings Limited Plot no. C-001 A/2 Sector 16B, Berger Tower, Gautam Budh Nagar, Noida, (UP) - 201301 Phone: +91-120-4452000 Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 3 of 11 Source of information / Comments of the certifications considered by Comments of the Particulars Reply Board of Monitoring Agency for Monitoring Agency Directors preparation of report implementation and subsequently these timelines were extended twice by the QIP committee vide resolutions dated April 22, 2025, and April 07, 2026. Whether shareholder approval has been obtained in case of material deviations# [Showing first 8,000 characters — download PDF for full document]