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CARYSIL LIMITED Capital/Financing Update 2025

Nov 10, 2025

61456_rns_2025-11-10_44fdcc48-5a2a-482b-bb6f-f1796142ba82.pdf

Capital/Financing Update

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November 10, 2025

To, To, BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Plot No. C/1 Phiroze Jeejeebhoy Towers, 'G' Block, Bandra – Kurla Complex Dalal Street, Bandra East, Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 524091 Trading Symbol: CARYSIL

Sub: Monitoring Agency Report issued by ICRA Limited for the utilization of funds raised through Qualified Institutions Placement for quarter ended September 30, 2025

In compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the Monitoring Agency Report for the quarter ended September 30, 2025. This report has been issued by ICRA Limited, the Monitoring Agency appointed by the Company, to monitor the utilization of funds raised through the Qualified Institutions Placement (QIP).

You are requested to take the same on record.

Thanking you, Yours Faithfully,

For CARYSIL LIMITED

REENA Digitally signed by REENA TEJAS TEJAS SHAH Date: 2025.11.10 SHAH 14:21:16 +05'30' REENA SHAH COMPANY SECRETARY & COMPLIANCE OFFICER

Encl.: a/a

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ICRA Limited

Date: November 10, 2025

Ms. Reena Shah Company Secretary and Compliance Officer

Carysil Limited

Survey No. 312, Navagam Vartej 364060 Bhavnagar, (Gujarat) India

Dear Ma’am,

Re: Final Monitoring Agency report of Carysil Limited for Q2 FY2026

Please refer to agreement dated July 01, 2024, appointing ICRA Limited as the Monitoring Agency (MA) for Carysil Limited’s QIP Issue.

After due consideration, ICRA has prepared the attached final Monitoring Agency report as per SEBI (Issue of Capital and Disclosure Requirements) Regulations for Q2 FY2026.

Please note that the Monitoring Agency report does not constitute a commentary on the quality of the objects of the issue, appropriateness or reasonableness of costs or spending by Carysil Limited against any objects / heads or assurance on outcome of such spending.

We thank you for your kind cooperation extended during the course of Q2 FY2026. Should you require any clarification, please do not hesitate to get in touch with us.

We look forward to your communication and assure you of our best services.

With kind regards

For ICRA Limited

Digitally signed PARUL by PARUL GOYAL GOYAL NARANG Date: NARANG 2025.11.10 10:44:37 +05'30'

Parul Goyal Narang Vice President & Head- Process Excellence [email protected]

Building No. 8, 2[nd] Floor, Tower A DLF Cyber City, Phase II Gurugram – 122002, Haryana

Tel.: +91.124 .4545300 CIN : L749999DL1991PLC042749

Website: www.icra.in Email: [email protected] Helpdesk: +91 9354738909

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41

RATING ● RESEARCH ● INFORMATION

Sensitivity Label : Internal

September 2025

MONITORING AGENCY REPORT

Name of the Issuer: Carysil Limited For quarter ended: September 30, 2025

Name of the Monitoring Agency: ICRA Limited

  • (a) Deviation from the objects of the issue:

No material deviation - the utilization of the issuance proceeds is in line with the objects of the issue.

  • (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.

Signature:

PARUL Digitally signed by PARUL GOYAL GOYAL NARANG NARAN Date: 2025.11.10 G 10:43:54 +05'30'

Parul Goyal Narang Vice President & Head-Process Excellence

Analyst: Sweety Shaw QA: Dhwani Vinchhi

1

September 2025

1. Issuer Details

Name of the Issuer : Carysil Limited Name(s) of the promoters:

Promoters

Mr. Chirag Ashwinbhai Parekh Ms. Shetal Chirag Parekh Source: Letter of Offer

Industry/ sector to which it belongs : Manufacturing and selling kitchen sinks, kitchen appliances, faucets, wash basins, WC, tiles, etc.

2. Issue Details

Issue Period : Opening date- July 01, 2024

Closing date- July 03, 2024

Type of Issue : QIP Issue

Type of specified securities : Equity shares

Issue Size (Rs. Crore): 125.00 Crore

With OFS portion: Not Applicable; Excluding OFS portion: Not Applicable.

Net Proceeds as per prospectus: INR 121.70 Crore (Excluding Issue Related Expenses amounting INR 3.30 crore)

*Net proceeds have been revised at INR 121.65 Crore owing to Issue related expenses (IRE) being higher by 0.05 crore as on 30th September 2025.

2

September 2025

3. Details of the arrangement made to ensure the monitoring of issue proceeds.

Particulars Reply Source of information,
certifications considered
by the Monitoring
Agency for the
preparation of report		 Comments of the Monitoring
Agency		 Comments of
the Issuer’s
Board of
Directors
Whether all utilization is as per
the disclosures in the Offer
Document?		 Yes -Offer Letter
- Confirmation from
management
-Bank statement of the
proceeds accounts and
corresponding account
-Peer Reviewed CA
Certificate		 The net proceeds have been
revised to INR 121.65 Crore
owing to issue related expenses
(IRE) being higher by 0.05 crore		 No Comments
Whether shareholder approval
has been obtained in case of
material deviations#from
expenditures disclosed in the
Offer Document?		 NA As confirmed by the
Issuer’s management		 No comments No comments
Whether the means of finance
for the disclosed objects of the
issue has changed?		 No As confirmed by the
Issuer’s management		 No comments No comments
Is there any major deviation
observed over the earlier
monitoring agency reports?		 No No deviation observed No comments No comments
Whether all Government/
statutory approvals related to
the object(s) have been
obtained?		 Yes As confirmed by the
Issuer’s management		 No comments No comments
Whether all arrangements
pertaining to technical
assistance/ collaboration are in
operation?		 Yes As confirmed by the
Issuer’s management		 No comments No comments
Are there any favorable events
improving the viability of these
object(s)?		 No As confirmed by the
Issuer’s management		 As understood from the Issuer’s
management		 No comments
Are there any unfavorable
events affecting the viability of
the object(s)?		 No As confirmed by the
Issuer’s management		 As understood from the Issuer’s
management		 No comments
Is there any other relevant No As understood from the Issuer’s No comments

3

September 2025

Particulars Reply Source of information,
certifications considered
by the Monitoring
Agency for the
preparation of report		 Comments of the Monitoring
Agency		 Comments of
the Issuer’s
Board of
Directors
information that may materially
affect the decision making of the
investors?		 As confirmed by the
Issuer’s management		 management

4

September 2025

4. Details of the object(s) to be monitored.

(i) Cost of object(s)

S.N. Item Head Source of
information,
certifications
considered by
the Monitoring
Agency for the
preparation of
report		 Original
cost (as per
the offer
document)
[Rs. Crore]		 Revised
cost
[Rs. Crore]		 Comments of the
Monitoring
Agency		 Comments of the Issuer’s Board of
Directors		 Comments of the Issuer’s Board of
Directors		 Comments of the Issuer’s Board of
Directors
Reason
for cost
revision		 Propos
ed
financi
ng
option		 Particulars of
firm
arrangements
made
1 Funding the capital
expenditure towards
procurement and
installation of
machines, equipment
and moulds required
for the /or new
manufacturing
_facility(ies). _		 Offer Letter 62.50 Not
Applicable		 No comments N.A. N.A. N.A.
2 Funding the
company’s working
capital requirements		 Offer Letter 31.25 Not
Applicable		 No comments N.A. N.A. N.A.
3 General corporate
purposes		 Offer Letter 27.95 27.90 revision in the
general corporate
purpose is due to
an increase in
issue-related
expenses (IRE) by
INR 0.05 crore		 N.A. N.A. N.A.
Total 121.70 121.65

5

September 2025

(ii) Progress in the object(s)

S.N. Item Head* Source of
information,
certifications
considered
by the
Monitoring
Agency for
the
preparation
of report		 Amount
as
proposed
in the
offer
document
[Rs.
Crore]		 Amount utilized
[Rs. Crore]		 Amount utilized
[Rs. Crore]		 Amount utilized
[Rs. Crore]		 Total
unutilized
t		 Comments
of the
Monitoring
Agency		 Comments of the
Issuer’s Board of
Directors		 Comments of the
Issuer’s Board of
Directors
As at the
beginning
of the
quarter		 Reasons
for idle
funds		 Proposed
course of
action
Di At th
e amoun
[R
urng
th		 d f
en o s.
C]
e
t		 th
e rore
quarer quarter
1 Funding the
capital
expenditure
towards
procurement
and
installation of
machines,
equipment
and moulds
required for
the /or new
manufacturing
facility(ies).		 -Offer Letter
-Bank
statement of
the proceeds
accounts and
corresponding
accounts
-Peer
Reviewed CA
Certificate		 62.50 14.52 3.27 17.79 44.71 No
comments		 No
comments		 No
comments
2 Funding the
company’s
working
capital
requirements		 Same as
above		 31.25 31.25 - 31.25 NIL No
comments		 No
comments		 No
comments
3 General
corporate
purposes		 Same as
above		 27.90 27.90 - 27.90 NIL No
comments		 No
comments		 No
comments
Total 121.65 73.67 3.27 76.94 44.71

Note: Revised cost as per point no 4(i) above.

6

September 2025

(iii) Deployment of unutilized proceeds

S.N. Type of instrument and name
of the entity invested in		 Amount
invested
[Rs.
Crore]		 Maturity date Earning
[Rs. Crore]		 Return on
Investment
[%]		 Market Value as
at the end of
quarter
[Rs. Crore]
1 Fixed Deposit with HDFC Bank
Account Number-
50301173263133		 2.000 11th Sep 2026 0.010 6.60% 2.010
2 Fixed Deposit with HDFC Bank
Account Number-
50301205844237		 2.500 24th Aug 2026 0.010 6.25% 2.510
3 Fixed Deposit with HDFC Bank
Account Number-
50301206537990		 2.500 31st Aug 2026 0.020 6.25% 2.520
4 Fixed Deposit with HDFC Bank
Account Number-
50301207021128		 2.500 1stSep 2026 0.020 6.25% 2.520
5 Fixed Deposit with HDFC Bank
Account Number-
50301207813386		 2.500 4th Sep 2026 0.020 6.25% 2.520
6 Fixed Deposit with HDFC Bank
Account Number-
50301208311723		 2.500 9th Sep 2026 0.010 6.25% 2.510
7 Fixed Deposit with HDFC Bank
Account Number-
50301208936925		 2.500 14th Sep 2026 0.010 6.25% 2.510
8 Fixed Deposit with HDFC Bank
Account Number-
50301211032341		 2.500 25th Nov 2026 0.010 6.25% 2.510
9 Fixed Deposit with HDFC Bank
Account Number-
50301210243057		 2.500 20th Nov 2026 0.010 6.25% 2.510
10 Fixed Deposit with HDFC Bank
Account Number-
50301211454363		 2.500 30th Nov 2026 0.010 6.25% 2.510
11 Fixed Deposit with HDFC Bank
Account Number-
50301212003531		 2.500 5th Dec 2026 0.010 6.35% 2.510
12 Fixed Deposit with HDFC Bank
Account Number-
50301212551702		 2.500 10th Dec 2026 0.010 6.35% 2.510
13 Fixed Deposit with HDFC Bank
Account Number-		 2.500 20th Feb 2027 0.010 6.35% 2.510

7

September 2025

50301213015198
14 Fixed Deposit with HDFC Bank
Account Number-
50301214550946		 2.500 25th Feb 2027 0.010 6.35% 2.510
15 Fixed Deposit with HDFC Bank
Account Number-
50301215102014		 2.500 2nd Mar 2027 0.010 6.35% 2.510
16 Fixed Deposit with HDFC Bank
Account Number-
50301215509086		 2.500 7th Mar 2027 0.010 6.35% 2.510
17 Balance in HDFC Monitoring
Account- 57500001522173		 0.006 - - - 0.006
18 Balance in the Current
Account with Citi Bank-001		 5.210 - - - 5.210
Total 44.716 0.190 44.906

Source: As certified by Park & Company

(iv) Delay in the implementation of the object(s)

Completion date Completion date Comments of the Issuer’s Board of
Directors		 Comments of the Issuer’s Board of
Directors
Object(s) As per the offer
document		 Actual^ Delay
[Number of days or
months]		 Reason for delay Proposed course of
action
Funding the capital
expenditure towards
procurement and
installation of machines,
equipment and moulds
required for the /or new
manufacturing
facility(ies)		 -INR 37.50 crore
in fiscal year
ended 31st March
2025
- INR 25.00 crore
in fiscal year
ended 31st March
2026		 -INR 7.41 crore
has been utilized
till the fiscal year
ended 31st March
2025
-INR 17.79 crore
has been utilized
till 30th September
2025		 INR 44.71 crore is
expected to be
utilized by fiscal
year ended 31st
March 2026		 No Comments No Comments
Funding the company’s
working capital
requirements		 -INR 31.25 crore
in fiscal year
ended 31st March
2025		 On Schedule N.A. No Comments No Comments
General corporate
purposes		 -INR 27.90* crore
in fiscal year
ended 31st March
2025		 On Schedule N.A. No Comments No Comments

Source: As confirmed by the Issuer’s management

* Revision in the amount of general corporate purpose at INR 27.90 crore is on account of issue related expenses (IRE) have increased by INR 0.05 crore.

8

September 2025

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

S.N. Item Head Amount
[Rs. Crore]		 Source of information,
certifications considered
by the Monitoring Agency
for the preparation of
report		 Comments of the
Monitoring Agency		 Comments of the
Issuer’s Board of
Directors
1 Advertising & Publicity
Expenses		 2.22* -Bank statement of the
proceeds accounts and
corresponding account
-Peer Reviewed CA
Certificate		 No Comments No Comments
2 Acrysil USA Loan Payment 2.81^ Same As Above No Comments No Comments
3 Raising Funds-Right Issue CSL 4.25^ Same As Above No Comments No Comments
4 Supplier’s Payment 18.20^ Same As Above No Comments No Comments
5 Sales Promotion Expenses 0.42^ Same As Above No Comments No Comments
Total 27.90

  • The said utilization was made in Q3 FY2025

  • ^ The said utilization was made in Q4 FY2025

9

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