Afcons Infrastructure Limited — Capital/Financing Update 2025

Nov 12, 2025

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Date: November 12, 2025

To

BSE Limited

Corporate Relationship Dept., Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001.

To National Stock Exchange of India Ltd

Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051.

Scrip Code: 544280 Symbol: AFCONS

Subject: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company.

Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), please find enclosed the Monitoring Agency Report issued by Crisil Ratings Limited (Monitoring Agency), in respect to utilization of the proceeds raised through issuance of equity shares by way of Public Issue of the Company for the quarter ended September 30, 2025.

The above information will be made available on the website of the Company www.afcons.com

Kindly take the information on record.

Thanking you,

Yours faithfully,

For Afcons Infrastructure Limited

Digitally signed by GAURANG GAURANG MAHESHCHA MAHESHCHANDRA PAREKH NDRA PAREKH Date: 2025.11.12 19:10:04 +05'30' ___

Gaurang Parekh Company Secretary and Compliance Officer Membership No.: F8764

Afcons Infrastructure Limited

Regd. O�ice: Afcons House, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, Andheri(W), Mumbai - 400 053, India, Tel.: +91-22-6719 1000, Email: secretarial@afcons.com www.afcons.com | CIN No.: L45200MH1976PLC019335

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Monitoring Agency Report for Afcons Infrastructure Limited for the quarter ended September 30, 2025

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CRL/MAR/AFCOINL/2025-26/1545

November 12, 2025

To

Afcons Infrastructure Limited

Afcons House, 16 Shah Industrial Estate, Veera Desai Road, Andheri (West), Mumbai, Maharashtra, 400053, India

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Initial Public Offer (“IPO”) of Afcons Infrastructure Limited (“the Company”)

Pursuant to Regulation 41(2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“ SEBI ICDR Regulations ”) and Monitoring Agency Agreement dated October 18, 2024, 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 September 30, 2025.

Request you to kindly take the same on records.

Thanking you,

For and on behalf of Crisil Ratings Limited

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Shounak Chakravarty

Director, Ratings (LCG)

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Report of the Monitoring Agency (MA)

Name of the issuer: Afcons Infrastructure Limited

For quarter ended: September 30, 2025

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.

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Signature:

Name and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG)

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1) Issuer Details:

Name of the issuer:

Afcons Infrastructure Limited

Names of the promoter: M/s Goswami Infratech Private Limited M/s Shapoorji Pallonji and Company Private Limited M/s Floreat Investment Private Limited Mr. Shapoorji Pallonji Mistry Mr. Firoz Cyrus Mistry Mr. Zahan Cyrus Mistry

Industry/sector to which it belongs : Civil Construction

2) Issue Details

Issue Period:

25[th] October 2024 to 29[th] October 2024

Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA

Issue size:

Rs 12,500/- million (refer below note)

Note:

Particulars	**Amount(Rs. million) **
Grossproceeds of the Fresh Issue	12,500.00#
Less: Issue Expenses	353.63
Net Proceeds	12,146.37*

#Crisil Ratings shall be monitoring the gross proceeds amount.

*During the quarter ended March 31, 2025, Net proceeds were revised from Rs 12,061.17 million to Rs. 12,146.37 million, as issue expenses has been revised from Rs 438.83 million to Rs 353.63 million. Surplus issue expenses of Rs.85.20 million were added to GCP, hence GCP has been revised from Rs 2,061.17 million to Rs 2,146.37 million.

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3) Details of the arrangement made to ensure the monitoring of issue proceeds:

Particulars		Source of information/ certifications	Comments of the Monitoring Agency	Comments of the Board of Directors
	Reply	considered by
		Monitoring Agency for preparation of report
Whether all utilization is as per the disclosures in the Offer Document?	Yes	Management undertaking, Statutory Auditor certificate^, Prospectus dated 29/10/2024 (“offer document”), Bank Statements	Proceeds utilized in line with offer document	No Comments
Whether shareholder approval has been obtained in case of material deviations from expenditures disclosed in the Offer Document?	NA	Management undertaking, Statutory Auditor certificate^	No Comments	No Comments
Whether the means of finance for the disclosed objects of the issue has changed?	NA		No Comments	No Comments
Is there any major deviation observed over the earlier monitoringagencyreports?	No		No Comments	No Comments
Whether all Government/statutory approvals related to the object(s) have been obtained?	NA		No Comments	No Comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	NA		No Comments	No Comments
Are there any favorable events improving the viability of these object(s)?	No		No Comments	No Comments
Are there any unfavorable events affecting the viabilityof the object(s)?	No		No Comments	No Comments
Is there any other relevant information that may materially affect the decision makingof the investors?	No		No Comments	No Comments

NA represents Not Applicable

^ Certificate dated October 29, 2025, issued by M/s HDS & Associates, LLP, Chartered Accountants (Firm Registration Number: W100144), joint Statutory Auditors of the Company.

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4) Details of object(s) to be monitored:

i) Cost of the object(s):

Sr. No.	Item Head	Source of information/	Original cost (As per the Offer Document) (Rs in million)	Revised Cost	Comment of the	Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
								Particu
		certification
						R f	Pd	-lars of
		considered by MA for preparation of report
				(Rs in	Monitoring	eason o Cost	ropose financing	firm
				million)	Agency	revision	option	arrange -ments
								made
1	Capital expenditure towards the purchase of construction equipments	Management undertaking, Statutory Auditor certificate^, offer document	800.00	800.00	No revision	No Comments	No Comments	No Comments
2	Funding long-term working capital requirements		3,200.00	3,200.00	No revision	No Comments	No Comments	No Comments
3	Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed bythe Company		6,000.00	6,000.00	No revision	No Comments	No Comments	No Comments
4	General corporate purposes		2,061.17	2,146.37	Refer Note	No Comments	No Comments	No Comments
	Subtotal		12,061.17	12,146.37	-	-	-	-
5	Issue related expenses		438.83	353.63	Refer Note	No Comments	No Comments	No Comments
	Total		12,500.00	12,500.00	-

^ Certificate dated October 29, 2025, issued by M/s HDS & Associates, LLP, Chartered Accountants (Firm Registration Number: W100144), joint Statutory Auditors of the Company.

Note: During the quarter ended March 31, 2025, Net proceeds were revised from Rs 12,061.17 million to Rs. 12,146.37 million, as issue expenses has been revised from Rs 438.83 million to Rs 353.63 million. Surplus issue expenses of Rs.85.20 million were added to GCP, hence GCP has been revised from Rs 2,061.17 million to Rs 2,146.37 million.

#The amount utilized for general corporate purposes does not exceed 25% of the Gross Proceeds (amounting to Rs 3,125.00 million)

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ii) Progress in the object(s):

				Amount utilized	Amount utilized	Amount utilized			Comments of the	Comments of the
		Source of	Revised
		information/	Amount as	(Rs in million)					Board of Directors
Sr		certifications considered by Monitorin	proposed in the Offer	As at	During	At the end	Total
							unutiliz ed	Comments of the
. No.	Item Head#	g Agency for preparation of	Document (Rs in	beginning of the t	the quarter	of the quarter	amount (Rs in Million)	Monitoring Agency	Reasons for idle funds	Proposed course of action
		report	million)	quarer
1	Capital expenditure towards purchase of construction equipments	Management undertaking, Statutory Auditor certificate^, offer document, Bank Statements	800.00	631.16	168.84	800.00	0.00	Proceeds fully utilized till quarter ended Sep 30, 2025 (Refer Note 1)	No Comments
2	Funding long-term working capital requirements		3,200.00	3,200.00	0.00	3,200.00	0.00	Proceeds fully utilized till quarter ended Dec 31, 2024	No Comments
3	Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed bythe Company		6,000.00	6,000.00	0.00	6,000.00	0.00	Proceeds fully utilized till quarter ended Dec 31, 2024	No Comments
4	General corporate purposes		2,146.37	2,146.37	0.00	2,146.37	0.00	Proceeds fully utilized till quarter ended March 31, 2025	No Comments
	Subtotal		12,146.37	11,977.53	168.84	12146.37	0.00	Fully Utilised
5	Expenses in relation to the Fresh Issue		353.63	352.94	0.00	352.94	0.69	No utilization during the reported quarter	No Comments
	Total		12,500.00	12,330.47	168.84	12,499.31	0.69*	-

^ Certificate dated October 29, 2025, issued by M/s HDS & Associates, LLP, Chartered Accountants (Firm Registration Number: W100144), joint Statutory Auditors of the Company.

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Note 1: The company has transferred proceeds amounting to Rs 168.84 million from the company's monitoring account to its SBI account and UBI account for utilization towards capital expenditure, for operational ease. The transferred proceeds stand fully utilized as at the quarter ended September 30, 2025.

Note 2: During the quarter ended September 30, 2025, Rs 47.44 million were transferred from the Monitoring account of the Company to its bank account maintained with Union Bank of India as reimbursement for the payments made towards aforementioned objects during the month of July 2025.

*All figures are rounded off to nearest two decimal places

iii) Deployment of unutilised proceeds^:

Sr. No.	Type of instrument* and name of the entity invested in	Amount invested (Rs in million)	Maturity date	Earnings (Rs in million)	Return on Investment (%)	Maturity value as at the end of the Period (Rs in million)
1	Public Issue Account of the company (Refer Note 1)	0.69	-	-	-	0.69
Total(Refer note 3)		0.69		-		0.69

^ Certificate dated October 29, 2025, issued by M/s HDS & Associates, LLP, Chartered Accountants (Firm Registration Number: W100144), joint Statutory Auditors of the Company.

*The Company has not encumbered any of the unutilized funds as lien for any purpose as per the management undertaking and statutory auditor’s certificate.

Note 3: The balance in public issue account is towards issue related expenses.

iii) Delay in implementation of the object(s)^:

	Completion Date			Comments of the Board of Directors
			Delay
	As per the Offer	Actual
			(no. of days/	Reason of
Object(s)	Document	(Rs in			Proposed course of action
			months)	delay
	(Rs in million)	million)
	Not Applicable

^ Certificate dated October 29, 2025, issued by M/s HDS & Associates, LLP, Chartered Accountants (Firm Registration Number: W100144), joint Statutory Auditors of the Company.

5) Details of utilization of proceeds stated as General Corporate Purpose amount in the offer document^:

S. No.	Item heads	Amount (Rs in million)	Remarks
Not Applicable

^ Certificate dated October 29, 2025, issued by M/s HDS & Associates, LLP, Chartered Accountants (Firm Registration Number: W100144), joint Statutory Auditors of the Company.

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Disclaimers:

• a) This Report is prepared by Crisil Ratings Limited (hereinafter referred to as "Monitoring Agency” / “MA" / “CRL”) . The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. 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.

• b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like Statutory Auditor’s (or from peer reviewed CA firms) appointed by the Issuer believed by it to be accurate and reliable.

• c) Nothing contained in this Report is capable or 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 MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.

• d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from auditors (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.

• e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

• f) The MA report is intended for the jurisdiction of India only. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as CRL providing or intending to provide any services in jurisdictions outside India, where it does not have the necessary licenses and/or registration to carry out its business activities referred to above.

• g) Access or use of this report does not create a client relationship between CRL and the user.

• h) CRL is not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In preparing this report, MA has not taken into consideration the objectives or particular needs of any particular user.

• i) It is made abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The report should not be a basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

• j) The report comprises professional opinion of CRL as of the date they are expressed, based on the information received from the issuer and other sources considered reliable by CRL. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. The report does not constitute statements of fact or recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions.

• k) Neither CRL nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents guarantee the accuracy, completeness or adequacy of the report, and shall not have any liability for any errors, omissions or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the report. CRL and each aforesaid party disclaims any and all express or implied warranties,

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including but not limited to any warranties of merchantability, suitability or fitness for a particular purpose or use or use. In no event shall CRL or any aforesaid party be liable to any user for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.

• l) CRL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with the preparation of this report. CRL has in place a code of conduct and policies for managing conflict of interest.

• m) Unless required under any applicable law, this report should not be reproduced or redistributed to any other person or in any form without prior written consent from CRL.

• n) By accepting a copy of this Report, the recipient accepts the terms of this Disclaimer, which forms an integral part of this Report.

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