Monitoring Agency Report

INFRASTRUCTURE LTD. Regd. Office: JSW Centre, Bandra Kurla Complex, Bandra (East) Mumbai – 400 051. Phone : 022-42861000 Fax : 022-42863000 CIN: L45200MH2006PLC161268 Website: www.jsw.in Email id: infra.secretarial@jsw.in 21st July, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejebhoy Towers “Exchange Plaza” Dalal Street Bandra-Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400051 Scrip Code (BSE): 543994 Symbol: JSWINFRA Sub: Monitoring Agency Report for the quarter ended 30th June, 2026 Dear Sir(s)/Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (‘Listing Obligations and Disclosure Requirements’) Regulations, 2015read with Regulation 41(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith Monitoring Agency Report issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended 30th June, 2026 in respect of utilization of proceeds of the Initial Public Offer of the Company. The above is for your information and record. Thanking you, Yours sincerely, For JSW Infrastructure Limited Hitesh Kanani Company Secretary and Compliance Officer Membership No. F6188 Encls. As above India International Exchange (IFSC) Limited Unit No. 101, 1st Floor, Signature Building No. 13B, Road 1C Zone 1, Gift SEZ, Gift City Gandhinagar- 382355 Scrip code (India INX): 1100026 Moni toring Agency Report Draft Monitoring Ag e ncy Report No. CARE/ARO/GEN/2025-26/1099 The Board of Directors JSW Infrastructure Limited JSW Centre, Bandra Kurla Complex Bandra (East), Mumbai City, Maharashtra, India, 400051 July 21, 2026 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offering of Equity Shares of JSW Infrastructure Limited (“the Company”) We write in our capacity of Monitoring Agency for the Fresh Issue of 235,294,117 equity shares aggregating to Rs. 2,800 crore of the Company and refer to our duties cast under Section 41 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 September 13, 2023. Request you to kindly take the same on records. Thanking you, Yours faithfully, Setu Gajjar Associate Director Setu.gajjar@careedge.in Report of the Monitoring Agency (MA) Name of the issuer: JSW Infrastructure 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 of the Authorized Signatory: Setu Gajjar Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : JSW Infrastructure Limited Name of the promoter : Mr. Sajjan Jindal Industry/sector to which it belongs : Port and Port services 2) Issue Details Issue Period : September 25, 2023, to September 27, 2023 Type of issue (public/rights) : Public-Fresh issue Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in `crore) : Rs. 2,800 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report There is delay in implementation of financing capital Whether all utilization is as per the disclosures in the Offer CA Certificate*, Bank Statement, Yes expenditure objects No comments received Document? RHP against the timelines mentioned in offer document. There are no deviations No comments received Whether shareholder approval has been obtained in case of from expenditures material deviations# from expenditures disclosed in the Offer Not applicable CA Certificate and RHP disclosed in the Offer Document? Document No change in the means No comments received Whether the means of finance for the disclosed objects of the No Not Applicable of finance for the objects issue have changed? of the issue. No comments received No deviation observed Is there any major deviation observed over the earlier No Not Applicable over the earlier Monitoring monitoring agency reports? agency reports. The status of approvals No comments received Whether all Government/statutory approvals related to the obtained as well as to be In Progress RHP object(s) have been obtained? obtained are provided in Whether all arrangements pertaining to technical No comments received Not applicable - Nil assistance/collaboration are in operation? Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report Are there any favourable/unfavourable events affecting the No such favourable/ No comments received No - viability of these object(s)? unfavourable events. There is delay in No comments received implementation of financing capital Is there any other relevant information that may materially expenditure objects No - affect the decision making of the investors? against the timelines mentioned in offer document. The extent of delay is not ascertainable. * Chartered Accountant certificate from M/s Shah Gupta & Co. Chartered Accountants (Statutory auditor) dated July 16, 2026 # Where material deviation may be defined to mean: a) deviation in the objects or purposes for which the funds have been raised b) deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer documents Please note that, the company has transferred the issue proceeds from public account to monitoring account (Axis Bank) to various Fixed deposits which were th [Showing first 8,000 characters — download PDF for full document]