Monitoring Agency Report for the Quarter ended June 30, 2026

spare SPARC/Sec/SE/2026-27/27 August 10, 2026 National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, 5th Floor, Market Operations Dept. Plot No. C/1, G Block, P. J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol: SPARC Scrip Code: 532872 Dear Sir/ Madam, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”), please find enclosed herewith the Monitoring Agency Report for the quarter ended June 30, 2026, in respect of the Preferential Issue of Convertible Warrants. The report has been issued by Acuité Ratings & Research Limited, the Monitoring Agency appointed by the Company to monitor the utilization of the proceeds raised from the said issue. This is for your information and record. Thanking you, Yours faithfully, For Sun Pharma Advanced Research Company Ltd. Kajal Damania Company Secretary and Compliance Officer SunPharmaAdvancedResearchCompanyLtd. 17/B,MahalIndustrialEstate,OffMahakaliCavesRoad,Andheri(East),Mumbai400093,Maharashtra,India. Tel.:(91-22)66455645 |Fax.:(91-22)66455685|CIN:L73100GJ2006PLC047837|Website:www.sparc.life Registeredoffice:Plotno.5&6/1,SavliGIDCEstate,Manjusar391775,District:Vadodara,Gujarat,India. Report of the Monitoring Agency (MA) Name of the issuer : Sun Pharma Advanced Research Company 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 (c) Any other material fact to be highlighted : None 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. Vikas Y Digitally signed by Vikas Y Mishra Mishra Date: 2026.08.10 13:23:30 +05'30' Signature: Vikas Mishra Deputy Vice President - Process Excellence Report Date: August 10, 2026 Acuite^ RATINGS & RESEARCH 1. Issuer Details: Name of the issuer : Sun Pharma Advanced Research Company Limited Names of the promoter : Mr. Dilip Shanghvi Industry/sector to which it belongs : Pharmaceuticals & Biotechnology/ Healthcare 2. Issue Details: Issue Period : May 8, 2026 to May 23,2026 Type of issue : Preferential Issue Type of specified securities : Share Warrants IPO Grading, if any : Not Applicable Issue size (INR Crs.) : 599.98 Report Date: July 28, 2026 Acuite^ RATINGS & RESEARCH 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information/ certifications Comments the Particulars Reply from the issuer considered by Monitoring Comments of the Monitoring Agency Board of Directors Agency for preparation of report 1. Whether all utilization is as per the Refer comments given in section 4.2 Yes No comments disclosures in the Offer Document? against object no.1 2. Whether shareholder approval has been obtained in case of material deviations from Not Applicable No material deviation is observed. No comments expenditures disclosed in the Offer Document? 3. Whether the means of finance for the No No change is observed. No comments disclosed objects of the issue has changed? 4. Is there any major deviation observed over The issuer has not appointed any Not Applicable No comments the earlier monitoring agency reports? other Monitoring Agency earlier. 5. Whether all Government/statutory approvals related to the object(s) have been Yes Documents provided by the No Government / Statutory approval No comments obtained? issuer, Bank Statement, is required for objects. Invoices and independent No arrangement pertaining to 6. Whether all arrangements pertaining to Auditors Certificate etc. technical assistance / collaboration technical assistance/collaboration are in Not Applicable No comments is required with reference to the operation? object. No favorable event is observed that 7. Are there any favorable events improving Not Applicable may improve the viability of these No comments the viability of these object(s)? objects. No unfavorable event is observed 8. Are there any unfavorable events affecting Not Applicable affecting the viability of these No comments the viability of the object(s)? objects. 9. Is there any other relevant information that No relevant information is evident may materially affect the decision making of Not Applicable that may materially affect the No comments the investors? decision making of the investors. Report Date: July 28, 2026 Acuite^ RATINGS & RESEARCH 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 Crs.] Cost financing arrangement revision option Towards part repayment of No change is 1 outstanding Working 150.00 - observed. Capital loan. Towards conducting As per the documents research and provided by the issuer, No change is Not Applicable 2 development activities including Independent 300.00 - observed. including clinical trial Auditors Certificate. activities. General Corporate No change is 3 149.98 - Purpose observed. Total 599.98 - Report Date: July 28, 2026 Acuite^ RATINGS & RESEARCH ii. Progress in the object(s) – Source of Amount utilized Comments of the Issuer’s Board of Directors information Amount as (INR Crs.) Total / certifications proposed in Amount Sr. unutilized Comments of the Item Heads considered by the the Offer raised As at At the end No. During the amount Monitoring Agency Proposed course of Monitoring Agency Document (INR Crs.) beginning of of the Reasons for idle funds quarter (INR Crs.) action for the preparation (INR Crs.) the quarter quarter of report As per the Offer Document, the issue proceeds were proposed to [Showing first 8,000 characters — download PDF for full document]