Please find attached Monitoring Agency Report for the quarter ended June 30, 2026.

Date: August 07, 2026 To, To, BSE Limited National Stock Exchange India Limited 1st Floor, P. J Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai – 400001 Mumbai-400051, India Symbol: 506642 Symbol: SADHNANIQ Subject: Monitoring Agency Report for the Quarter ended June 30, 2026 – utilisation of the funds raised in the Rights Issue of the Company Dear Sir/ Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 read with Regulation 82(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we enclose herewith the second Monitoring Agency Report issued by Acuite Ratings and Research Limited, the Monitoring Agency, for the quarter ended June 30, 2026 in respect of utilization of proceeds of the Rights Issue of the Company which is self-explanatory. The Report was considered by the Audit Committee of the Company. We confirm that there is no Deviation and no Variation in utilisation of Funds. The same will also be available on the website of the company at www.sncl.com. This is for your information and records. Thanking You. Yours faithfully, FOR SADHANA NITROCHEM LIMITED Abhishek Asit Javeri Managing Director DIN: 00273030 Report of the Monitoring Agency (MA) Name of the issuer : Sadhana Nitro Chem Limited For quarter ended : Q1 FY2026-27 Name of the Monitoring Agency : Acuité Ratings and Research Limited (a) Deviation from the objects : No deviation is observed (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: Vikas Mishra Deputy Vice President - Process Excellence Report Date: August 05, 2026 1. Issuer Details: Name of the issuer : Sadhana Nitro Chem Limited Names of the promoter: Promoters Mr. Abhishek A. Javeri Mr. Asit D Javeri Industry/sector to which it belongs : Commodity Chemicals / Chemicals 2. Issue Details: Issue Period : February 27, 2026 to March 10, 2026 Type of issue : Right Issue Type of specified securities : Equity Share IPO Grading, if any : Not applicable Issue size (INR Crs.) : 263.53 Report Date: August 05, 2026 3. D etails of the arrangement made to ensure the monitoring of issue proceeds Source of information/ certifications Comments the Board of Particulars Reply from the issuer considered by Monitoring Comments of the Monitoring Agency Directors Agency for preparation of report Yes, utilization is as per 1. Whether all utilization is as per the disclosures in Yes, utilisations in the respective objects Yes disclosure in the offer the Offer Document? are as per disclosures by the company. document There is no deviation 2. Whether shareholder approval has been from object disclosed in obtained in case of material deviations# from Not Applicable Material deviation is not observed. the offer documents expenditures disclosed in the Offer Document? 3. Whether the means of finance for the disclosed No change in any No No change is observed. objects of the issue has changed? means of finance No other monitoring 4. Is there any major deviation observed over The issuer had not appointed any other No agency were appointed the earlier monitoring agency reports? Monitoring Agency earlier. earlier 5. Whether all Government/statutory approvals Government / Statutory approval is not Not Applicable Documents provided by the Not applicable related to the object(s) have been obtained? required for the objects. issuer - Bank Statement, Arrangement pertaining Invoices and Independent to technical assistance / 6. Whether all arrangements pertaining to Auditors Certificate etc. Arrangement pertaining to technical collaboration is not technical assistance/collaboration are in Yes assistance / collaboration is not required required with reference operation? with reference to the objects. to the objects. No favorable event is observed that 7. Are there any favorable events improving the No Favourable / Not Applicable may improve the viability of these viability of these object(s)? Unfavourable events objects. improving / affecting No unfavorable event is observed viability occurred during 8. Are there any unfavorable events affecting the Not Applicable affecting the viability of these objects. the period. viability of the object(s)? 9. Is there any other relevant information that may No relevant information is evident that There is no relevant materially affect the decision making of the No may materially affect the decision information / material investors? making of the investors. event to report. Report Date: August 05, 2026 4. Details of object(s) to be monitored: i. Cost of object(s) Source of information / Original cost (as Comments of the Board of Directors Comments of Sr. Item certifications considered by per the Offer Revised the Monitoring No. Head Monitoring Agency for Document) Cost Reason of Proposed Agency Particulars of firm preparation of report [INR Crore] Cost financing arrangement revision option Inter- No change is 1 Corporate 131.98 - observed. Deposit Promoters No change is 2 81.00 - Loan observed. No change is 3 Term Loan Documents provided by the 6.18 - observed. Not applicable - no revision in the cost for any object of the issuer - Bank Statement, Long-Term issue. Invoices and Independent No change is 4 Working 16.09 - Auditors Certificate etc. observed. Capital General No change is 5 corporate 27.00 observed. purposes Issue Related No change is 6 1.28 expenses observed. Total 263.53 - Report Date: August 05, 2026 ii. Progress in the object(s) – Source of Amount utilized Comments of the Issuer’s information (INR Cr.) Board of Directors / certifications Amount as Total considered by proposed in Amount NS or. . Item Heads th Ae gM e to n hn c ei yt o fr oin r g Dt (oh INe c R uO m Cff e re .n )r t (Ir Na Ris e Cd r. ) be oA g fis n t ha n et in g Du qr uin ag rt eth r e eA n tt h dt eh o e f u (an INmu Rt oi l Ci uze n r.td ) MC oo nm itom rie nn gt s A o gf e t [Showing first 8,000 characters — download PDF for full document]