Monitoring Agency Report

August 13, 2026 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Symbol: HONASA Scrip Code: 544014 Sub.: Monitoring Agency Report Dear Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report issued by ICRA Limited, Monitoring Agency, for the quarter ended June 30, 2026. Kindly take the same on record. This disclosure will also be hosted on the Company's website viz. www.honasa.in. Thanking you, Yours truly, For Honasa Consumer Limited Gaurav Pandit Company Secretary and Compliance Officer Encl.: As above Honasa Consumer Limited Registered Office: Unit No - 404, 4th Floor, City Centre, Plot No 05, Sector-12, Dwarka, New Delhi - 110075 Corporate Office: 10th & 11th Floor, Capital Cyberscape, Sector-59, Gurugram, Haryana - 122102 Email: info@mamaearth.in; Phone: 011 - 44123544 | Website: www.honasa.in | CIN: L74999DL2016PLC306016 | June 2026 MONITORING AGENCY REPORT Name of the Issuer: Honasa Consumer Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: ICRA Limited (a) Deviation from the objects of the issue: No deviation - The utilization of the issuance proceeds is in line with the objects of the issue. (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: Parul Goyal Narang Vice President & Head- Process Excellence Analyst: Adrita Sadhukhan Quality Analyst: Parul Narang Sensitivity Label : Public June 2026 1. Issuer Details Name of the Issuer: Honasa Consumer Limited Name(s) of the promoters: Promoters Varun Alagh Ghazal Alagh Source: BSE Industry/ sector to which it belongs: - Personal Care 2. Issue Details Issue Period: Opening date- October 31, 2023 Closing date- November 02, 2023 Type of Issue: Initial Public Offer Type of specified securities: Equity shares IPO Grading, if any: No credit rating agency registered with SEBI has been appointed in respect of obtaining grading for the offer. Issue Size (Rs. Crore): INR 1,701.440 Crore With OFS portion: INR 1,701.44 Crore Excluding OFS portion: INR 365.00 Crore. Net proceeds: INR 350.492 (Excluding Issue Related Expenses) Sensitivity Label : Public June 2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds. Source of information, Comments of certifications considered Comments of the Monitoring the Issuer’s Particulars Reply by the Monitoring Agency Board of Agency for the Directors preparation of report - Statutory Auditor Certificate Whether all utilization is as per Please Refer -Confirmation from the disclosures in the Offer No Comments Note 1 management No comments Document? -Bank statement of the proceeds account Whether shareholder approval has been obtained in case of As confirmed by the material deviations# from No No comments No Comments Issuer’s management expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the No As confirmed by the No comments No Comments issue has changed? Issuer’s management Is there any major deviation observed over the earlier No No deviation observed. No comments No Comments monitoring agency reports? Whether all Government/ statutory approvals related to Not As confirmed by the No comments No Comments the object(s) have been Applicable Issuer’s management obtained? Whether all arrangements pertaining to technical Not As confirmed by the No comments No Comments assistance/ collaboration in Applicable Issuer’s management operation? Are there any favorable events As understood from the Issuer’s improving the viability of these No As confirmed by the No Comments management object(s)? Issuer’s management Are there any unfavorable As understood from the Issuer’s events affecting the viability of No As confirmed by the No Comments management the object(s)? Issuer’s management Is there any other relevant information that may materially As confirmed by the As understood from the Issuer’s No No Comments affect the decision making of the Issuer’s management management investors? # Where material deviation is defined to mean: Sensitivity Label : Public June 2026 (a) Deviation in the objects or purposes for which the funds had been raised. (b) Deviation in the amount of funds utilized by more than 10% of the amount specified in the offer document. 4. Details of the object(s) to be monitored. (i) Cost of object(s) Source of Comments of the Issuer’s Board of information, Original Directors certifications cost (as Comments S. considered by per the Revised cost of the Particulars Item Head Reason for Proposed N. the Monitoring offer [Rs. Crore] Monitorin of firm cost financing Agency for the document) g Agency arrangeme revision option preparation of [Rs. Crore] nts made report Advertisement expenses towards Not No No No No 1 Prospectus 182.000 enhancing the Applicable comments Comments Comments Comments awareness and visibility of brands Capital expenditure to be incurred by Not No No No No 2 Company for Prospectus 20.6000 Applicable comments Comments Comments Comments setting up new EBOs Investment in Subsidiary, BBlunt Not No No No No 3 Prospectus 26.000 for setting up new Applicable comments Comments Comments Comments salons General corporate purposes and Not No No No No 4 unidentified Prospectus 121.892 Applicable comments Comments Comments Comments inorganic acquisition Total 350.492 Sensitivity Label : Public June 2026 (ii) Progress in the object(s) Source of Comments of the Amount utilized information, Amount Issuer’s Board of [Rs. Crore] certifications as Directors Total considered proposed Comments unutilized by the in the of the S.N. Item Head* As at the amount Monitoring offer During At the Monitoring Reasons Proposed beginning [Rs. Agency for document the end of the Agency for idle course of of the Crore] the [Rs. quarter quarter funds action [Showing first 8,000 characters — download PDF for full document]