Physicswallah Limited has informed the exchange regarding Monitoring Agency Report for the quarter ended June 30, 2026

PHYSICSWALLAH LIMITED Date: August 14, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 051 India Mumbai – 400 001 India Scrip Code: 544609 Symbol: PWL Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Dear Sir/Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report for the quarter ended June 30, 2026, issued by CARE Ratings Limited, the Monitoring Agency appointed to monitor the utilization of the proceeds of the Initial Public Offering (IPO) of the Company. The disclosure will also be hosted on the Company's website viz. https://www.pw.live/investor-relations Request you to kindly take the same on record. Thank you. Yours sincerely, For Physicswallah Limited Ajinkya Jain Group General Counsel, Company Secretary & Compliance Officer Membership No.: A33261 Physicswallah Limited (Formerly known as ‘Physicswallah Private Limited’) Plot No. B-8, Tower A 101-119, Noida One, Noida, Sector 62, Dadri, Gautam Buddha Nagar, Uttar Pradesh - 201309; CIN: L80900UP2020PLC129223; Contact: 0120-6618164; Website: www.pw.live; Email Id: compliance@pw.live No. CARE/NRO/GEN/2026-27/1118 The Board of Directors Physicswallah Limited Plot no. B-8, tower A 101-119, Noida One, Noida Sector 62,Gautam Buddha Nagar, Dadri, Uttar Pradesh, India -201309 August 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the IPO of Physicswallah Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs. 3,100 crore of the Company and refer to our duties cast under 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 October 31, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Name of Sahil Goyal Associate Director Sahil.goyal@careedge.in 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Off Eastern Express Highway, Sion (East), Mumbai - Gautam Budh Nagar, Uttar Pradesh -201301 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in Report of the Monitoring Agency Name of the issuer: Physicswallah Ltd For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No deviation (b) Range of Deviation: NA 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 and designation of the Authorized Signatory: Sahil Goyal Designation of Authorized person/Signing Authority: Associate Director 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Off Eastern Express Highway, Sion (East), Mumbai - Gautam Budh Nagar, Uttar Pradesh -201301 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in 1) Issuer Details: Name of the issuer : Physicswallah Ltd Name of the promoter : Alakh Pandey and Prateek Boob Industry/sector to which it belongs : Other Consumer Services – E-Learning 2) Issue Details Issue Period : November 11, 2025 to November 13, 2025 Type of issue (public/rights) : IPO Type of specified securities : Equity shares IPO Grading, if any : NA Issue size (in crore) : Rs. 3100 crores (excluding offer for sale of Rs. 380 crores) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Comments of Source of information / certifications Comments of the the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of preparation of report Directors Prospectus dated November 13, 2025, CA During Q1 FY27, the company No comments Whether all utilization is as per the disclosures in the Offer Yes Certificate*, Management Utilisation utilized Rs. 291.35 crore towards Document? Certificate and Bank statements the objects of the issue. Whether shareholder approval has been obtained in case of Management Utilisation Certificate No comments material deviations# from expenditures disclosed in the Not Applicable Applicable Offer Document? Whether the means of finance for the disclosed objects of Management Utilisation Certificate No comments No Nil the issue have changed? Is there any major deviation observed over the earlier Not Management Utilisation Certificate; Last No major deviation observed over No comments monitoring agency reports? Applicable monitoring agency report the last monitoring agency report Whether all Government/statutory approvals related to the Not Management Utilisation Certificate Nil No comments 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Noida, Off Eastern Express Highway, Sion (East), Mumbai - Gautam Budh Nagar, Uttar Pradesh -201301 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in Comments of Source of information / certifications Comments of the the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of preparation of report Directors object(s) have been obtained? Applicable Whether all arrangements pertaining to technical Not Management Utilisation Certificate No comments assistance/collaboration are in operation? Applicable Are there any favorable/unfavorable events affecting the Management Utilisation Certificate No comments No Nil viability of these object(s)? Is there any other relevant [Showing first 8,000 characters — download PDF for full document]