Monitoring Agency Report from Crisil Rating Limited for the Quarter ended June 30, 2026.

August 12, 2026 To, To, The Listing Department The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400001 Mumbai – 400051 Scrip Code: 544587 Symbol: MIDWESTLTD Dear Sir / Madam, Subject: Monitoring Agency Report for the quarter ended June 30, 2026 on the utilization of proceeds raised through Initial Public Offer (IPO) Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, please find enclosed Monitoring Agency Report dated August 12, 2026 issued by CRISIL Ratings Limited, Monitoring Agency, for the quarter ended June 30, 2026 with respect to the utilization of proceeds of the Initial Public Offer (‘IPO’) of the Company. The Monitoring Agency Report is also available on website of the Company www.midwest.in Kindly take the same on record. Thanking you, Yours faithfully, For Midwest Limited K. Achyutanand Reddy Company Secretary Mem. No.: A44619 Monitoring Agency Report Midwest Limited for the quarter ended June 30, 2026 CRL/MAR/MGPVTLTD/2026-27/1902 August 12, 2026 Midwest Limited Level 19, Wing A, Sky One, Prestige Skytech, Financial Distric, Nanakramguda, Telangana, India - 500032 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Midwest 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 October 03, 2025, 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: Midwest 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: Midwest Limited Names of the promoter: Mr. Kollareddy Rama Raghava Reddy Mr. Kollareddy Ramachandra Mrs. Kukreti Soumya Mrs. Uma Priyadarshini Kollareddy Industry/sector to which it belongs: Granites & Marbles 2) Issue Details Issue Period: Wednesday, October 15, 2025, to Friday, October 17, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 2,500.00 million* *Note: Particulars Amount (Rs. million) Gross proceeds 2,500.00# Less: Issue Expenses 203.75 (Refer Note 1) Net Proceeds 2,296.25 #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 certifications considered by Comments of the Particulars Reply Monitoring Monitoring Agency for Board of Directors Agency preparation of report Peer Reviewed Independent Proceeds utilized Chartered Accountant towards capital Whether all utilization is certificate^, Management expenditure at as per the disclosures in Yes No comments undertaking, Prospectus dated subsidiary level, the Offer Document? October 17, 2025, Bank repayment and Statements issue expenses Source of information/ Comments of the certifications considered by Comments of the Particulars Reply Monitoring Monitoring Agency for Board of Directors Agency preparation of report Whether shareholder approval has been obtained in case of NA No comments No comments material deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed No No comments No comments objects of the issue has changed? Is there any major deviation observed over NA No comments No comments the earlier monitoring agency reports? Whether all Government/ Peer Reviewed Independent statutory approvals Chartered Accountant NA No comments No comments related to the object(s) certificate^, Management have been obtained? undertaking Whether all arrangements pertaining to technical NA No comments No comments assistance/collaboration are in operation? Are there any favorable events improving the No No comments No comments viability of these object(s)? Are there any unfavorable events affecting the No No comments No comments viability of the object(s)? Is there any other relevant information that may materially affect the No No comments No comments decision making of the investors? NA represents Not Applicable ^Certificate dated August 10, 2026, issued by M/s Eswaraiah & Co., Chartered Accountants (Firms’ Registration No. 006157S), 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 of certification (as per the Particulars of Sr. Cost the Reason Proposed Item considered by Offer firm No. (Rs in Monitoring of Cost financing Head MA for Document) arrangements million) Agency revision option preparation of (Rs in made report million) Investment in Midwest Neostone Private Limited (“Midwest Neostone”), the wholly owned subsidiary, by way of a loan, towards 1 1,302.98 1,302.98 No revision funding capital expenditure for Phase II of the quartz grit and powder processing plant (the “Phase II Quartz Processing Peer Plant”) Reviewed Capital expenditure Independent for purchase of Chartered electric dump trucks Accountant No comments (“Electric [Showing first 8,000 characters — download PDF for full document]