Pursuant to Regulation 32 of the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") read with Regulation ....

August 14, 2026 BSE Limited, P.J. Towers, Dalal Street, Mumbai – 400 001. Dear Sir / Madam, Scrip Code : 506640 Sub : Monitoring Agency Report for the quarter ended June 30, 2026 Pursuant to Regulation 32 of the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") read with Regulation 173A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we have enclosed herewith the Monitoring Agency Report for the quarter ended June 30, 2026, issued by Crisil Ratings Limited ("Monitoring Agency"), in respect of the utilization of proceeds raised through Preferential Issue by the Company, duly reviewed by the Audit Committee and taken on record by the Board of Directors. We request you to kindly take these submissions on your record and disseminate the same. For ZR2 Bioenergy Limited (Formerly known as Gujchem Distillers India Limited) Jimmy Olsson Managing Director Registered Office: 307 Ashirwad Paras – 1, S.G. Highway, Makarba, Ahmedabad 380 051 Corporate Office: 1102 Lodha Supremus, Senapati Bapat Marg, Mumbai, 400 013 Tel: +91 83560 34700 Email: CIN No:L32909GJ1939PLC002480 Monitoring Agency Report ZR2 BIOENERGY LIMITED (formerly known as Gujchem Distillers India Limited) for the quarter ended June 30, 2026 CRL/MAR/GDS6823/2026-27/1924 August 14, 2026 ZR2 Bioenergy Limited (Formerly known as Gujchem Distillers India Limited) 307, Third Floor, Ashirwad Paras-1, Kanti Bharwad PMT, Opposite Andaz Party Plot, Makarba, Ahmedabad, Gujarat, 380051 Dear Sir, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 – in relation to the Preferential Issue of ZR2 Bioenergy Limited (Formerly known as Gujchem Distillers India Limited) (“the Company”) Pursuant to Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”) and Monitoring Agency Agreement dated October 25, 2024, entered with the Company, we enclose the Monitoring Agency Report, issued by Crisil Ratings Limited, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of Preferential Issue 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: ZR2 BIOENERGY LIMITED (formerly known as Gujchem Distillers India Limited) For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable. Refer qualification/observations mentioned below. (b) Range of Deviation: Not applicable Qualification: The Company's shareholders notice dated May 16, 2024 did not disclose the mode of deployment of unutilized proceeds, as required under BSE Notice No. 20221213-47 dated December 13, 2022. However, during the quarter ended December 31, 2024, the Company deployed unutilized issue proceeds of Rs 18.50 crore through a short-term deposit arrangement with M/s Sukhmehar Finance Private Limited. As per the RBI's list of registered NBFCs as of December 31, 2024 and June 30, 2026, M/s Sukhmehar Finance Private Limited is a non-deposit taking NBFC. The aforesaid deployment is in variation from the prevailing industry practice of investing unutilized proceeds in low-risk liquid instruments such as fixed deposits with scheduled commercial banks or low risk mutual funds. While the arrangement was approved by the Board on December 18, 2024, the deployment has continued for over 18 months as of June 2026, and no subsequent Board approval for its continuation has been provided to the Monitoring Agency. This is to bring to the attention of the stakeholders that the said deployment may have implications for the future availability of funds for utilization towards the stated objects of the issue. Further details are provided under the head "Deployment of Unutilized Issue Proceeds" on page 8 of the Monitoring Agency Report. 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: ZR2 BIOENERGY LIMITED Names of the promoter: ZR2 Group Holdings Limited Industry/sector to which it belongs: Commodity Chemicals 2) Issue Details Issue Period: 13 August 2024 Type of issue: Preferential Issue Type of specified securities: Compulsory Convertible Debentures (hereon referred as “CCDs”) & Convertible warrants Issue Grading, if any: NA Issue size: Total issue proceeds* amounting to Rs. 248.77 crore (Refer Note 4 given in page no. 7) *Crisil Ratings shall be monitoring the total issue proceeds as per the notice to shareholder dated May 16, 2024 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 for Monitoring Agency Board of preparation of report Directors Bank Statement, Notice to shareholder No utilisation (hereinafter referred as Whether all utilization is as per the reported during the No Yes “Offer document”), disclosures in the offer document? quarter ended June Comments Management Undertaking, 30, 2026 Statutory Auditor’s Certificate^ Whether shareholder approval has been obtained in case of material deviations# No NA No Comments from expenditures disclosed in the offer Comments document? Management Undertaking, Statutory Auditor’s Whether the means of Finance for the No No Certificate^ No Comments disclosed objects of the issue has changed? Comments Is there any major deviation observed over the earlier monitoring agency No No Comments Comments reports? Source of information / Comments certifications considered Comments of the of the Particulars Reply by Monitoring Agency for Monitoring Agency Board of preparation of report Directors Whether all Government/statut [Showing first 8,000 characters — download PDF for full document]