Monitoring Agency Report

Monitoring Agency Report for Gujarat Kidney and Super Speciality Limited for the quarter ended June 30, 2026 No. BWR/2026-27/IPM/GKASSL/03 August 14, 2026 Bhavikaben Mitesh Patel Chief Financial O(cid:431)icer Gujarat Kidney and Super Speciality Limited Plot No. 1, City Sarve No. 1537/A, Jetalpur Road, Gokak Mill Compound, Alkapuri, Vadodara- 390020, Gujarat Dear Ma’am, Third Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Fresh Issue of Equity Shares of Gujarat Kidney and Super Speciality Limited (“the Company”) Pursuant to Regulation 41 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Engagement Letter dated August 19, 2025, Brickwork Ratings (BWR) has prepared the Third Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilisation of proceeds of funds raised, for the quarter ended June 30, 2026. The funds raised by the Company were through Fresh Issue of Equity Shares aggregating to Rs. 250.80 Crore of the Company. 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 August 20, 2025. Request you to kindly take the same on records. Thanking you, Yours Faithfully, Mr Niraj Kumar Rathi Senior Director, Ratings - Brickwork Ratings Report of the Monitoring Agency (MA) Name of the issuer: Gujarat Kidney and Super Speciality Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Brickwork Ratings India Private Limited (a) Deviation from the objects: No (b) Range of Deviation: Not Applicable Declaration: We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, we further declare that this report provides a true and fair 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. We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/directors/management and also 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. 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 a(cid:431)iliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its a(cid:431)iliates may have a 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: Mr Niraj Kumar Rathi Designation of Authorized Person/Signing Authority: Senior Director, Ratings - Brickwork Ratings 1) Issuer Details: Name of the issuer: Gujarat Kidney and Super Speciality Limited Names of the promoter: Pragnesh Yashwantsinh Bharpoda, Bhartiben Pragnesh Bharpoda, Yashwantsingh Motisinh Bharpoda & Anitaben Yashwantsinh Bharpoda Industry / sector to which it belongs: Hospitals 2) Issue Details: Issue period: For anchor investors – 19 December 2025 For others - 22 December 2025 to 24 December 2025 Type of issue (public/ rights): Fresh Issue of Equity shares Type of specified securities: Equity Shares IPO Grading, if any: Not Applicable Issue size (in ₹ Crore): 250.80 Amount Total Number Value as per Offer Document Particulars Price (₹) Received of Securities (₹ Crore) (₹ Crore) Equity Shares-Fresh Issue 2,20,00,000 114 250.80 250.80 Total 2,20,00,000 114 250.80 250.80 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments Comments certifications of of Particulars Reply considered by Monitoring Board of Monitoring Agency Agency Directors for preparation of report Whether all utilization is as per the Bank Statements, disclosures in the O(cid:431)er Yes Invoices, Company’s Nil Nil Document? Letter, CA Certificate Whether shareholder approval has been obtained in case of material Not Nil Nil Nil deviations# from expenditures Applicable disclosed in the O(cid:431)er Document? Whether the means of finance for the disclosed objects of the issue No Nil Nil Nil has changed? Is there any major deviation observed over the earlier Nil Nil Nil Applicable monitoring agency reports? Whether all Government/statutory approvals related to the object(s) Yes Company’s letter Nil Nil have been obtained? Whether all arrangements pertaining to technical Not Nil Nil Nil assistance/collaboration are in Applicable operation? Are there any favorable events improving the viability of these No Company’s letter Nil Nil object(s)? Are there any unfavorable events a(cid:431)ecting the viability of the No Company’s letter Nil Nil object(s)? Is there any other relevant information that may materially No Not Applicable Nil Nil a(cid:431)ect the decision making of the investors? Note: CA Certificate from Y.M. Shah & Co. Chartered Accountant #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 o(cid:431)er documents. 4) Details of object(s) to be monitored: i. Cost of object(s): Source of Comments of the Board of Directors information / Original Cost certifications Comments (as per the Revised* Sr. considered by of the Particulars of Item Head O(cid:431)er Cost Reason Proposed No. Monitoring Monitoring firm Document) (₹ Crore) of cost financing Agency for Agency arrangements (₹ Crore) revision option preparation of made report Proposed acquisition of Bank Statements, 1. Parekhs Hospital at Company Letter, 77.00 NA Nil Nil Nil Nil Ahmedabad CA Certificate Part-payment of purchase Bank Statements, consideration for the 2 Company Letter, 12.40 NA Nil Nil Nil Nil already acquired “Ashwini CA Certificate Medical Centre” Acquisition of additional shareholding in our Bank Statements, subsidiary namely 3. Company Letter, 10.78 NA Nil Nil Nil Nil “Harmony Medicare CA Certificate Private Limited” at Bharuch Funding of capital expenditure requirements Bank Statements, 4. of our Company towards Company Letter, 30.10 4.95 Nil Nil Nil Nil setting up of a new CA Certificate hospital in Vadodara Buying robotics equipment for our Bank Statements, 5. hospital Gujarat Kidney & Company Letter [Showing first 8,000 characters — download PDF for full document]