Monitoring Agency Report

August 7, 2026 Compliance Department, Compliance Department, BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower, Exchange Plaza, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra - (E), Mumbai - 400 051 Scrip Code: 539889 NSE Symbol: PARAGMILK Dear Sir / Madam, Sub: Monitoring Agency Report for quarter ended June 30, 2026 Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby enclose Monitoring Agency Report for quarter ended June 30, 2026, issued by Ms. India Ratings & Research Private Limited in respect of utilisation of funds raised by the Company through preferential issue of convertible share warrants on May 23, 2025. This intimation along with the Monitoring Agency Report is also being made available on the Company’s website i.e. www.paragmilkfoods.com. Kindly take the same on records. Thanking you. For Parag Milk Foods Limited Virendra Varma Company Secretary & Compliance Officer FCS No: 10520 Encl: As above Date: 07thAugust 2026 Parag Milk Foods Limited 10thFloor, Nirmal Building, Nariman Point, Mumbai 400 021, Maharashtra. Subject: Monitoring Agency Report for the quarter ended 30thJune2026 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 10thApril 2025, 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 SHRIKANT Digitally signed by SHRIKANT GANDHI GANDHI DEV Date: 2026.08.07 13:15:29 +05'30' Name: Shrikant Dev Designation: Company Secretary IndiaRatings & 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.i Report of the Monitoring Agency (MA) Name of the issuer: Parag Milk FoodsLimited For quarter ended: 30thJune2026 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 03rdAug 2026 issued by Sharp & Tannan.,Chartered Accountants (FRN –109982W) having UDIN 26043385TXIRFQ9895* 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 tothe 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: SHRIKANT Digitally signed by SHRIKANT GANDHI DEV GANDHI DEVDate: 2026.08.07 13:16:06 +05'30' Name and designation of the Authorized Signatory:Shrikant Dev (Company Secretary) Date:07thAugust 2026. Page 1of 8 1) Issuer Details: Name of the issuer: Parag Milk FoodsLimited(“the Company”) Names of the promoter: (cid:120) Mr. Devendra Prakash Shah (cid:120) Mr. Pritam Prakash Shah Industry/sector to which it belongs: Food Industry 2) Issue Details: Issue Period: 15thMay 2025 to 23rdMay 2025 Type of issue (public/rights): Convertible share warrants on preferential basis Type of specified securities: 90,00,000 Convertible warrants, at price of INR 179.10 (including premium of INR 169.10) per share warrant. IPO Grading, if any: Not Applicable Issue size: INR 161.19 Crores* * It is the total issue size. However, the actual subscription of Convertible warrants and the amount received by theCompany as on 30thJune2026is as below: Issue subscribed Issue proceeds received as on 30th June’26 Value Value (INR Security No. Rate (INR No. Rate Crores) Crores) Convertible 90,00,000 179.10 161.19 90,00,000 44.78^ 40.30 Warrants Total 161.19 40.30 ^The Company has received 25% of the value of the convertible warrants i.e. INR 44.78 per warrant, as upfront consideration/subscription amount. Balance 75% (INR 134.33per warrant) will be received as and when the conversion option is exercised by the warrant holder to convert warrants into equity shares during the tenure of 18 months of the warrant. Page 2of 8 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, Whether all utilization is as per Statutory Auditor Certificate, the disclosures in the Offer Yes Notice to Shareholders for No Comments Comments Document? EGM along with Corrigendum, Relevant Bank Statements. Whether shareholder approval has been obtained in case of Management undertaking, No material deviations from NA NA Statutory Auditor Certificate Comments expenditures disclosed in the Offer Document? Whether the means of finance Management undertaking, No for the disclosed objects of the No No Comments Statutory Auditor Certificate Comments issue has changed? Is there any major deviation observed over the earlier NA NA No Comments Comments monitoring agency reports? Whether all Government/Statutory Management undertaking, No NA No Comments approvals related to the Statutory Auditor Certificate Comments object(s) have been obtained? Whether all arrangements pertaining to technical Management undertaking, No NA No Comments assistance/collaboration are in Statutory Auditor Certificate Comments operation? Are there any favorable events Management undertaking, No improving the viability of these No No Comments Statutory Auditor [Showing first 8,000 characters — download PDF for full document]