Monitoring Agency Report for the quarter ended June 30, 2026

Date: August 08, 2026 To, To, BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai- 400001 Bandra (E), Mumbai – 400 051 Scrip Code: 544258; Scrip Symbol: WCIL ISIN: INE0CJF01024 Dear Sir/Madam, Sub: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Initial Public Offer (IPO) of the Company for the quarter ended June 30, 2026. Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report issued by CRISIL Ratings Limited (Monitoring Agency) for the quarter ended June 30, 2026, in respect to utilization of the proceeds raised through issuance of equity shares by way of IPO of the Company. We request you to kindly take the same on records. Thanking you, Yours faithfully, For Western Carriers (India) Limited Sapna Kochar Company Secretary & Compliance Officer ICSI Mem. No.: A56298 Place: Kolkata, West Bengal Monitoring Agency Report Western Carriers (India) Limited for the quarter ended June 30, 2026 CRL/MAR/ WTNC/2026-27/1950 August 04, 2026 Western Carriers (India) Limited 2/6 Sarat Bose Road 2nd Floor, Kolkata 700 020 West Bengal, India Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026- in relation to the Initial Public Offer (“IPO”) of Western Carriers (India) Limited (“the Company”) Pursuant to Regulation 41(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated August 29, 2024, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Western Carriers (India) Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (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: Name and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Western Carriers (India) Limited Names of the promoter: Mr. Rajendra Sethia and Mr. Kanishka Sethia Industry/sector to which it belongs: Logistics Solution provider 2) Issue Details Issue Period: 13 September 2024 to 19 September 2024 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 4,928.80 million (Fresh issue - Rs 4,000.00* million and OFS of Rs 928.80 million) *Note: Particulars Amount (Rs. In million) Gross proceeds of the Fresh Issue 4,000.00# Less: Issue Expenses 370.62 Net Proceeds 3,629.38 #Crisil Ratings shall be monitoring the gross proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments of the Comments of certifications considered Particulars Reply Monitoring the Board of by Monitoring Agency Agency Directors for preparation of report Utilization is as per the objects of Management undertaking, the issue i.e. Statutory Auditor’s Funding of certificate^, Prospectus Whether all utilization is as per the capital Yes dated September 20, 2024 No Comments disclosures in the Offer Document? expenditure (hereinafter referred as requirements of “Offer document”), Bank Company as Statements specified in the offer document Source of information/ Comments of the Comments of certifications considered Particulars Reply Monitoring the Board of by Monitoring Agency Agency Directors for preparation of report Whether shareholder approval has been obtained in case of material NA No Comments No Comments deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue has NA No Comments No Comments changed? Is there any major deviation observed over the earlier monitoring No No Comments No Comments Management agency reports? undertaking, Statutory Auditor’s Whether all Government/statutory certificate^ approvals related to the object(s) NA No Comments No Comments have been obtained? Whether all arrangements pertaining to technical assistance/collaboration NA No Comments No Comments are in operation? Are there any favorable events improving the viability of these NA No Comments No Comments object(s)? Are there any unfavorable events NA No Comments No Comments affecting the viability of the object(s)? Is there any other relevant information that may materially No No Comments No Comments affect the decision making of the investors? NA represents Not Applicable ^Based on Certificate dated July 16, 2026, issued by M/S D C Dharewa & Co., Chartered Accountants (Firm Registration Number:322617E), Statutory Auditors of the Company. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised Comment certification (as per the Sr. Cost of the Particulars of Item considered by Offer Reason Proposed No. (Rs. In Monitoring firm Head MA for Document) of Cost financing million) Agency arrangements preparation of (Rs. In revision option made report million) Prepayment or scheduled re-payment of a portion of 1 certain outstanding 1,635.00 NA NA NA revision borrowings availed by Company Funding of capital expenditure requirements No of Company towards revision purchase of (I) commercial during the 2 vehicles; (ii) 40 feet 1,517.10 NA quarter NA NA Management [Showing first 8,000 characters — download PDF for full document]