Camlin Fine Sciences Ltd — Capital/Financing Update 2026

May 15, 2026

Camlin Fine Sciences

May 15, 2026

| To,
BSE Limited,
25, P. J. Towers,
Dalal Street,
Mumbai – 400 001
Ref: Company Scrip Code: 532834 | To,
Listing Department,
National Stock Exchange of India Ltd.,
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai- 400051
Ref: Symbol: CAMLINFINE || Series: EQ |
| --- | --- | --- | --- |

Sub: Report of the Monitoring Agency for the quarter ended March 31, 2026, for Rights Issue.

Dear Sir/Madam,

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 82 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Report for the quarter ended March 31, 2026 in respect of utilization of funds raised through Rights Issue of Equity Shares, issued by India Ratings & Research Private Limited, duly reviewed, approved and taken on record by the Audit Committee on May 12, 2026 and the Board of Directors of the Company on May 15, 2026.

Further, we hereby confirm that there has been no deviation in the utilization of Issue proceeds from the objects as stated in the Letter of Offer for Rights Issue.

This is for your kind information and record.

Thanking you,

Yours faithfully,

For Camlin Fine Sciences Limited

RAHUL

Digitally signed by RAHUL SAWALE

Date: 2026.05.15

17:13:01 +05'30'

SAWALE

Rahul Sawale

Company Secretary

& VP Legal

Encl.: a/a.

Registered Office:

Camlin Fine Sciences Limited, Floor 2 to 5, In G.S. Point, CST Road, Kalina, Santacruz (East), Mumbai 400 098.

CIN: L74100MH1993PLC075361

+91 22 6700 1000

+91 22 2832 4404

corporate@camlinfs.com

www.camlinfs.com

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IndiaRatings & Research

Fitch Group

Date: 15th May 2026

To,

Camlin Fine Sciences Limited.

Floor 2 to 5, In GS Point, CST Road,

Kalina, Santacruz East,

Mumbai – 400098.

Subject: Monitoring Agency Report for the quarter ended 31st March 2026 in relation to Rights Issue.

Dear Sir,

Pursuant to Regulation 82 (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 7th January 2025, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of Rights Issue, for the quarter ended March 31, 2026.

Request you to kindly take the same on records.

Thanking You,

For and on behalf of India Ratings & Research Private Limited

SHRIKANT
GANDHI DEV

Digitally signed by SHRIKANT
GANDHI DEV
Date: 2026.05.15 15:11:50
+05'30'

Name: Shrikant Dev

Designation: Company Secretary

India Ratings & Research Private Limited A Fitch Group Company

Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051

Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in

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IndiaRatings &Research

Fitch Group

Report of the Monitoring Agency (MA)

Name of the issuer: Camlin Fine Sciences Limited

For quarter ended: 31st March 2026

Name of the Monitoring Agency: India Ratings & Research Private Limited

(a) Deviation from the objects: No deviation from the objects.

Based on the Management undertaking and as per the Statutory Auditor Certificate dated 12th May 2026 issued by Kalyaniwalla & Mistry LLP, Chartered Accountants (FRN – 104607W/W100166) having UDIN 26121601SDRARG9510* and other documents provided to us, no deviation from the objects has been observed.

*The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate.

(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 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:

SHRIKANT
GANDHI DEV

Digitally signed by
SHRIKANT GANDHI DEV
Date: 2026.05.15 15:12:39
+05'30'

Name and designation of the Authorized Signatory: Shrikant Dev (Company Secretary)
Date: 15th May 2026.

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IndiaRatings &Research

Fitch Group

1) Issuer Details:

Name of the issuer:	Camlin Fine Sciences Limited
Names of the promoters:	Promoters: • Ashish Dandekar • Anagha Dandekar • Camart Finance Limited • Vibha Agencies Private Limited • Cafco Consultants Limited • MK Falcon Agro Tech Private Limited • Infinity Holdings • Infinity Direct Holdings • Infinity Direct Capital (erstwhile Infinity Direct Holdings Sidecar I) • Infinity Portfolio Holdings • Anfima NV
Industry/sector to which it belongs:	Manufacturing – Speciality Chemicals

2) Issue Details:

Issue Period:	17th January 2025 to 27th January 2025
Type of issue (public/rights):	Rights Issue
Type of specified securities:	2,04,26,244* Equity Shares of FV ₹ 1 each @ ₹ 110 per Equity Share.
IPO Grading, if any:	Not Applicable
Issue size:	INR 22,468.87 Lakhs*

*out of 2,04,26,244 Equity Shares, 439 Rights Equity Shares have been kept in abeyance pending regulatory/other clearances. Accordingly, amount received in Escrow a/c is INR 22,468.39 Lakhs (2,04,25,805 Equity Shares of FV ₹ 1 each @ ₹ 110 per Equity Share). The said amount is 100% utilized as on 31st Mar'26 and this is the last MA Report

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

Particulars	Reply	Source of information /certifications considered byMonitoring Agency forpreparation of report	Comments of theMonitoring Agency	Commentsof theBoard ofDirectors
Whether all utilization is as per the disclosures in the Offer Document?	Yes	Management undertaking,Statutory Auditor Certificate,Letter of Offer, Relevant BankStatements and Loan account Statements	No Comments	NoComments

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IndiaRatings &Research

Fitch Group

Particulars	Reply	Source of information /certifications considered byMonitoring Agency forpreparation of report	Comments of theMonitoring Agency	Commentsof theBoard ofDirectors
Whether shareholder approvalhas been obtained in case ofmaterial deviations fromexpenditures disclosed in theOffer Document?	NA	Management undertaking,Statutory Auditor Certificate	No Comments	NoComments
Whether the means of financefor the disclosed objects of theissue has changed?	No	Management undertaking,Statutory Auditor Certificate	No Comments	NoComments
Is there any major deviationobserved over the earliermonitoring agency reports?	No	NA	No Comments	NA
Whether allGovernment/Statutoryapprovals related to theobject(s) have been obtained?	NA	Management undertaking,Statutory Auditor Certificate	No Comments	NoComments
Whether all arrangementspertaining to technicalassistance/collaboration are inoperation?	NA	Management undertaking,Statutory Auditor Certificate	No Comments	NoComments
Are there any favorable eventsimproving the viability of thesesobject(s)?	No	Management undertaking,Statutory Auditor Certificate	No Comments	NoComments
Are there any unfavorableevents affecting the viability ofthe object(s)?	No	Management undertaking,Statutory Auditor Certificate	No Comments	NoComments
Is there any other relevantinformation that may materiallyaffect the decision making ofthe investors?	No	Management undertaking,Statutory Auditor Certificate	No Comments	NoComments

Page 3 of 8

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IndiaRatings &Research

Fitch Group

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

i. Cost of object(s)-

Sr. No.	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Original cost (as per the Offer Document) (INR Lakhs)	Revised Cost (INR Lakhs)	Comments of the Monitoring Agency	Comments of the Board of Directors
						Reason of Cost revision	Proposed financing option	Particulars of firm arrangements made
1	Prepayment and / or repayment, in full or in part, of certain borrowings availed by our Company	Management undertaking, Statutory Auditor Certificate, Letter of Offer, Relevant Bank Statements.	16,905.29	16,904.93	Refer Below*	No Comments
2	General Corporate Purposes		5,364.84	5,494.22	Refer Below*
3	Issue related expenses		198.74	69.24	Refer Below*
	TOTAL		22,468.87	22,468.39

*As per letter of offer, the total estimated issue expenses were INR 198.74 lakh. Of this, INR 69.24 lakh has been utilized from the Issue Allotment Account. As informed by the company, the remaining amount of INR 129.50 lakh is proposed to be utilized towards General Corporate Purposes since the company has spent the remaining issue expenses prior to the receipt of the issue proceeds.

Further, out of 2,04,26,244 Equity Shares, 439 Rights Equity Shares have been kept in abeyance pending regulatory/other clearances. Thus, INR 0.48 Lakh has not been received by the Company. The said amount is reduced from the amounts of object(s) (towards repayment of borrowings and general corporate purposes) in the same proportion as allocated in the object clause i.e., 76:24 respectively.

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IndiaRatings & Research

Fitch Group

ii. Progress in the object(s) –

Sr. No.	Item Head	Source of information/certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Offer Document (INR Lakhs)	Revised Allocation (INR Lakhs) (A)	Amount Utilized (INR Lakhs)			Total unutilized amount (INR Lakhs) (out of A)	Comments of the Monitoring Agency	Comments of the Board of Directors
					As at beginning of the quarter	During the quarter	At the end of the quarter			Reasons for idle funds	Proposed course of action
1	Prepayment and / or repayment, in full or in part, of certain borrowings availed by our Company	Management undertaking, Statutory Auditor Certificate, Letter of Offer, Relevant Bank Statements, Loan account Statements.	16,905.29	16,904.93	15,747.57	1,157.36	16,904.93	0.00	No Comments	No Comments
2	General Corporate Purposes		5,364.84	5,494.22	4,672.25	821.97	5,494.22	0.00
3	Issue related expenses		198.74	69.24	69.24	-	69.24	0.00
	TOTAL		22,468.87	22,468.39	20,489.06	1,979.33	22,468.39	0.00

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IndiaRatings &Research

Fitch Group

iii. Deployment of unutilized issue proceeds:

Sr. No.	Type of instrument and name of the entity invested in	Amount invested (INR Lakhs)	Maturity date	Earnings (INR Lakhs)	Return on Investment (%)	Market Value at the end of the quarter (INR Lakhs)
Nil

iv. Delay in implementation of the object(s)

Object(s)	Completion Date		Delay (no. of days/months)	Comments of the Board of Directors
	As per the Offer Document	Actual		Reason of Delay	Proposed Course of action
Prepayment and / or repayment, in full or in part, of certain borrowings availed by our Company	Fiscal 2025 – INR 12,063.74 Lakhs	Fiscal 2025 – INR 12,530.34 Lakhs	NA	NA
	Fiscal 2026 – INR 4,841.55 Lakhs	Fiscal 2026 – INR 4,374.59 Lakhs
General Corporate Purposes	Fiscal 2025 – INR 5,364.84 Lakhs	Fiscal 2025 – INR 3,073.43 Lakhs	11 Months & Completed	No Comments
		11M FY 2026 – INR 2,420.79 Lakhs

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

Sr. No.	Item Head	Amount (INR Lakhs)	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of the Monitoring Agency	Comments of the Board of Directors
1	Electricity	187.93	Management undertaking, Statutory Auditor Certificate, Letter of Offer, Relevant Bank Statements.	Refer Below*	No Comments
2	Salary	434.24	Management undertaking, Statutory Auditor Certificate, Letter of Offer, Relevant Bank Statements.		No Comments
3.	Vendor Payments	199.80	Management undertaking, Statutory Auditor Certificate, Letter of Offer, Relevant Bank Statements.		No Comments
	TOTAL	821.97

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IndiaRatings &Research

Fitch Group

*Brief description of General Corporate Purpose as mentioned in the Letter of Offer is as below:

"General Corporate Purposes: Our Company proposes to utilize the Net Proceeds to drive our business growth, including, amongst other things, investments for inorganic growth, capital expenditure, funding growth opportunities, including strategic initiatives, meeting our working capital requirements, payment of interest on borrowings, and, meeting of exigencies which our Company may face in its course of the business and any other purpose as permitted by applicable laws and as approved by our Board or a duly appointed committee thereof, subject to meeting regulatory requirements and obtaining necessary approvals/ consents, as applicable."

Disclaimers:

The MA Report is prepared by India Ratings. India Ratings 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.

India Ratings declare that the MA Report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018. This declaration forms part of and applies to each MA Report that is issued by India Ratings. The MA Report does not constitute an offer of services. Access or use of any MA Report does not create a client relationship between India Ratings and the Applicant or between India Ratings and User of the report.

This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments.

Please note that the information presented in the MA Report is based solely on the review of the requisite information, documents, papers, statements received from the Company with regard to the use of the Issue Proceeds including the status of implementation of the activities proposed to be funded out of the Issue proceeds as stated in the Prospectus. India Ratings has not verified any source of information such as invoices, ledgers or payment receipts and other documents either in normal course or in case of deviations from the objects, as the same is the duty of the management and the statutory auditors. India Ratings has relied in good faith and without any liability, upon the contents thereof. The user of the MA Report should understand that India Ratings does not perform an audit and undertakes no independent verification of any information/certifications/statements it receives from auditors, lawyers, chartered engineers or other experts, and relies on in its reports. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings. In issuing the MA Report, India Ratings may rely on the representations and certifications from the issuer and experts, including statutory auditors with respect to financial statements, attorneys with respect to legal and tax matters and other entities considered reliable by India Ratings. The Company shall be solely responsible and liable for any omission, commission, errors and misrepresentations in the contents of the Information provided to India Ratings. India Ratings disclaims any liability arising out of the contents of the information provided by the Company and in no event shall be held liable to anyone for any damages or claims arising out of such information.

India Ratings may rate the Company or any debt instruments or facilities issued or proposed to be issued by the Company that is subject matter of the MA Report.

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IndiaRatings &Research

Fitch Group

As India Ratings have only acted in the capacity of a monitoring agency, the MA Report does not, in any way, constitute an opinion regarding securities, expressed in the form of standard symbols or in any other standardized manner and does not include any qualitative and quantitative assessment of the probability of default on payment of interest and principal on a debt instrument. The content of the MA Report does not constitute any recommendation to buy, hold or sell any securities. The MA Report does not comment on the quality of the objects of the issue, reasonableness of costs or spending by the issuer against any objects / heads or assurance on outcome of such spending, the adequacy of market price or market liquidity, suitability of any security for an investor. The MA Report does not provide to any party any financial advice, or legal, auditing, accounting, appraisal, valuation or actuarial services and should not be viewed as a replacement for such advice or services.

The issuance of the MA Report by India Ratings shall not constitute consent by the agency to use its name as an expert in connection with any registration statement, offering document or other filings under any relevant securities laws.

India Ratings is neither construed to be nor acting under the capacity or nature of an 'expert' as defined under Section 2(38) of the Companies Act, 2013. It is issuing the MA Report solely in the capacity of a monitoring agency and that the same shall not be construed to be an opinion of an expert, as it relies on certificates, confirmations and representations of reliable stakeholders such as auditors, banks and others.

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