Monitoring Agency Report dated 14.08.2026 for the quarter ended on 30.06.2026.

Date: 14.08.2026 BSE Limited Department of Corporate Services 25th Floor, PJ Towers, Dalal Street, Mumbai, 400001 SCRIP CODE: 544755 SYMBOL: RECODE ISIN: INE2B6701015 Subject: Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the IPO of Recode Studios Limited (“the Company”). Respected Sir/Madam, Pursuant to Regulation 262 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), CARE Ratings Limited, in its capacity as the Monitoring Agency, has prepared the Monitoring Agency Report in accordance with the applicable provisions of the SEBI ICDR Regulations, with respect to the utilisation of the proceeds raised by the Company through its Initial Public Offering (“IPO”). The IPO proceeds amounted to ₹39.55 crore, and the Monitoring Agency has reviewed the utilisation of such proceeds for the quarter ended June 30, 2026, in accordance with the prescribed regulatory requirements. In this regard, the Monitoring Agency Report dated August 14, 2026, covering the utilisation of the IPO proceeds for the quarter ended June 30, 2026, is enclosed herewith for your information and records. Kindly acknowledge and take the same on records. Thanking You, Yours Faithfully, For RECODE STUDIOS LIMITED (Karan Bansal) Whole Time Director DIN: 10574287 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1151 The Board of Directors Recode Studios Limited R-89, Phase V, Focal Point, Ludhiana, Punjab, India - 141O10 August 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the IPO (whichever is applicable) of Recode Studios Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregated to Rs. 39.55 crore of the company and refer to our duties cast under 262 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 February 24, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ashish A Kambli Associate Director Ashish.k@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Recode Studios Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Yes The company has paid issue expenses in excess of Rs. 0.08 crore which was pertaining to promoter selling shareholders out of fresh issue proceeds. As per the prospectus, “the promoter selling shareholders agreed that they shall reimburse the Company for any expenses in relation to the Offer”. MA note that the same has not been reimbursed by the promoter selling shareholder resulting in the shortfall in the unutilized proceeds by Rs.0.08 as on June 30, 2026. (b) Range of Deviation: Up to 10% (Rs. 0.08 crore) 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: Ashish A. Kambli Designation of Authorized person/Signing Authority: Associate Director Monitoring Agency Report 1) Issuer Details: Name of the issuer : Recode Studios Limited Name of the promoter : Preeti Trehan, Shalini Trehan, Rahul Sachdeva, Dheeraj Bansal, Shelly Bansal and Karan Bansal Industry/sector to which it belongs : Beauty and Personal Care 2) Issue Details Issue Period : May 5, 2026 and closed on May 7, 2026 Type of issue (public/rights) : Initial Public Offer - SME Type of specified securities : Equity Shares IPO Grading, if any : NA Issue size (in crore) : Rs. 39.55 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Board of Directors Monitoring Agency preparation of report The company has paid issue expenses in excess of Rs. 0.08 crore which With reference to the deviation noted, the was pertaining to promoter selling shareholders out of fresh issue company has received individual cheques proceeds. As per the prospectus, “the promoter selling shareholders of Rs. 2,50,125 from each of the three agreed that they shall reimburse the Company for any expenses in promoter selling shareholders, totaling Rs. Management Confirmation, CA Whether all utilization is as per the disclosures in the relation to the Offer”. MA note that the same has not been reimbursed 7,50,375. These cheques are currently in No certificate*, Bank Statements and Offer Document? by the promoter selling shareholder resulting in the shortfall in the hand and are being processed for deposit Prospectus. unutilized proceeds by Rs.0.08 as on June 30, 2026. The same has been into the bank account shortly. Upon considered as deviation in the report. successful clearance, the Rs. 0.08 crore The balance utilization during the quarter remains in line with the offer shortfall in the unutilized fresh issue document. proceeds will be fully regularized. Whether shareholder approval has been obtained in Management Confirmation, CA No comments received case of material deviations# from expenditures certificate*, Bank Statements and No comments applicable disclosed in the Offer Document? Prospectus. Whether the means of finance for the disclosed Management Confirmation and CA No comments received No No comments objects of the issue have changed? certificate* Is there any major deviation observed over the Not No comments received Not applicable Not applicable as this is the first monitoring agency report earlier monitoring agency reports? applicable Whether all Government/statutory approvals Management Confirmation and CA No The required approvals are under process as per the offer document No comments received related to the object(s) have been obtained? certificate* and prospectus Whether al [Showing first 8,000 characters — download PDF for full document]