Pursuant to Regulation 32 of SEBI (LODR) Regulations, 2015 and Regulation 41 of SEBI (ICDR) Regulations, 2018, please find enclosed Monitoring Agency Report for the quarter ended June 30, 2026.

Cement Limited JSW Centre Opp. MMRDA Ground, Bandra Kurla Comp lex, Bandra (East), Mumbai - 400 051. Tel : +91-22-4286 1000 Fax : 26502001 W CIe Nb s :–it e w 57w Mw H.js 2w 00c 6em PLe Cnt 1.i 6n 0 839 Date: 13.08.2026 BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers, Limited Exchange Plaza, C-1, Block G, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai 400 001, Mumbai - 400 051 Maharashtra, India Maharashtra, India Scrip Code: 544480 Symbol: JSWCEMENT Sub.: Monitoring Agency Report for the quarter ended 30th June, 2026 Ref.: Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Monitoring Agency Report towards utilization of proceeds of the Initial Public Offer for the quarter ended 30th June, 2026, issued by Crisil Ratings Limited, Monitoring Agency. The above is for your information and record. Thanking you, For and on behalf of JSW Cement Limited Sneha Bindra Company Secretary & Compliance Officer Monitoring Agency Report JSW Cement Limited for the quarter ended June 30, 2026 CRL/MAR/ JSWCM/2026-27/1856 August 13, 2026 JSW Cement Limited JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of JSW Cement 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 July 31, 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: JSW Cement 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: JSW Cement Limited Names of the promoter: Mr. Sajjan Jindal, Mr. Parth Jindal, Mrs. Sangita Jindal, Adarsh Advisory Services Private Limited, and Sajjan Jindal Family Trust Industry/sector to which it belongs: Cement and Cement Products 2) Issue Details Issue Period: August 07, 2025, to August 11, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 16,000.00 million* *Note: Particulars Amount (Rs. million) Gross proceeds 16,000.00# Less: Issue Expenses 532.04 Net Proceeds 15,467.96 #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 certifications considered Comments of the of the Particulars Reply by Monitoring Agency Monitoring Agency Board of for preparation of report Directors Management undertaking, Statutory Proceeds were utilized Auditor certificate^, Whether all utilization is as per towards capital Prospectus dated August No the disclosures in the Offer Yes expenditure, general 11, 2025 (hereinafter comments Document? corporate purpose and referred to as “Offer issue expenses document”), Bank Statements Whether shareholder approval has been obtained in case of material deviations from NA No comments comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue No No comments comments has changed? Is there any major deviation observed over the earlier No No comments comments monitoring agency reports? Whether all Government/ statutory approvals related to the NA No comments comments object(s) have been obtained? Management Whether all arrangements Undertaking* pertaining to technical No NA No comments assistance/collaboration are in comments operation? Are there any favorable events improving the viability of these No No comments comments object(s)? Are there any unfavorable events affecting the viability of the No No comments comments object(s)? Is there any other relevant information that may materially No No No comments affect the decision making of the comments investors? NA represents Not Applicable ^Certificate dated August 12, 2026, issued by M/s Deloitte Haskins & Sells LLP, Chartered Accountants (Firm Registration Number: 117366W/W-100018), Statutory auditors of the Company. *The Monitoring Agency has relied solely on the management undertaking as the Statutory Auditors has not expressed an opinion on these aspects. 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 Particulars certification (as per the Sr. Cost of the Reason of Proposed of firm Item considered by Offer No. (Rs in Monitoring Cost financing arrangement Head MA for Document) million) Agency revision option s preparation of (Rs in made report million) Part financing the cost of establishing a new No No No No 1 integrated cement unit 8,000.00 NA revision comments comments comments at Nagaur, Rajasthan Prepayment or repayment, in full or in part, of all or a Management No No No No 2 portion of certain undert [Showing first 8,000 characters — download PDF for full document]