Garuda Construction and Engineering Limited — Capital/Financing Update 2025

Aug 13, 2025

Date: July 13, 2025

BSE Limited National Stock Exchange of India Limited Phiroze Jeejebhoy Towers “Exchange Plaza” Dalal Street Bandra-Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400051 Scrip Code: 544271 Symbol: GARUDA

Sub.: Monitoring Agency Report for the quarter ended June 30, 2025

Dear Sir / Ma'am,

Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 read with Regulation 41(4) of SEBI (Issue of capital and Disclosure Requirements) Regulation, 2018, please find enclosed herewith Monitoring Agency Report issued by Acuite Ratings & Research Limited, Monitoring Agency for the quarter ended June 30, 2025 in respect of utilization of proceeds of Initial Public offer of the company.

You are requested to take the above information on your records.

For Garuda Construction and Engineering Limited

PRAVIN KUMAR Digitally signed by PRAVIN BRIJENDRA KUMAR KUMAR BRIJENDRA AGARWAL KUMAR AGARWAL

Pravin Kumar Brijendra Kumar Agarwal Managing Director and Chairman DIN: 00845482

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Report of the Monitoring Agency (MA)

Name of the issuer : Garuda Construction and Engineering Limited For quarter ended : Q1 FY2025-26 Name of the Monitoring Agency : Acuité Ratings and Research Limited (a) Deviation from the objects : No Deviation is observed. (b) Range of Deviation * : Not Applicable (c) Any other material fact to be highlighted : None (Based on publicly available information)

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.

Digitally signed Vikas Y by Vikas Y Mishra Date: 2025.08.13 Mishra 16:50:14 +05'30'

Signature :

Vikas Mishra

Deputy Vice President - Process Excellence

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Report Date: August 13, 2025

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1. Issuer Details:

Name of the issuer

: Garuda Construction and Engineering Limited

Names of the promoter:

Promoters

Mr. Pravin kumar Brijendra kumar Agarwal PKH Ventures Limited Makindian Township Private Limited

Industry/sector to which it belongs

: Civil Construction/ Construction

2. Issue Details:

Issue Period Type of issue (Public/Rights/Qualified Institutional Placement) Type of specified securities IPO Grading, if any Issue size (INR Crore)

: October 08, 2024 to October 10, 2024 : Public Placement

: Equity Share : Not Applicable

: INR 264.10 Crores (Fresh Issue aggregating to INR 173.85 Crores and Offer for sale of INR 90.25 Crores)*

• Refer the below table for issue size.

Particular	No. of Equity Share	Offer Price/Share	Issue size (INR Crore)
Fresh Issue	1,83,00,000	95.00	173.85
Offer for Sale-by the Promoter Selling Shareholder	95,00,000	95.00	90.25
Total	2,78,00,000		264.10

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Report Date: August 13, 2025

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

Particulars	Reply from the issuer	Source of information/ certifications considered by Monitoring Agency for preparation of report	Comments of the Monitoring Agency	Comments the Board of Directors
1. Whether all utilization is as per the disclosures in the Offer Document?	Yes	As per the documents provided by the issuer, including Independent Auditors Certificate.	Yes, utilisations in the respective objects are as per disclosures by the company.	No Comments
2. Whether shareholder approval has been obtained in case of material deviations from expenditures disclosed in the Offer Document?	Not Applicable		No material deviation is observed.	No Comments
3. Whether the means of finance for the disclosed objects of the issue has changed?	Not Applicable		No change is observed.	No Comments
4. Is there any major deviation observed over the earlier monitoringagencyreports?	Not Applicable		The issuer has not appointed any other MonitoringAgencyearlier.	No Comments
5. Whether all Government/statutory approvals related to the object(s) have been obtained?	Not Applicable		No Government/Statutory approval is required for objects.	No Comments
6. Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not Applicable		No arrangement pertaining to technical assistance / collaboration is required with reference to the object.	No Comments
7. Are there any favorable events improving the viability of these object(s)?	Not Applicable		No favorable event is observed that may improve the viability of these objects.	No Comments
8. Are there any unfavorable events affecting the viability of the object(s)?	Not Applicable		No unfavorable event is observed affecting the viability of these objects.	No Comments
9. Is there any other relevant information that may materially affect the decision making of the investors?	Not Applicable		No relevant information is evident that may materially affect the decision making of the investors.	No Comments

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Report Date: August 13, 2025

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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				Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
			Original cost (as
			per the Offer Document) [INR Crore]	Revised Cost	Comments of the Monitoring Agency
						Reason of Cost revision	Proposed financing option	Particulars of firm arrangement
1	Working Capital	As per the documents provided by the issuer, including Independent Auditors Certificate.	100.00	-	No change is observed.			No Comments
2	General Corporate Purposes including unidentified inorganic acquisitions		59.67	-	No change is observed.			No Comments
	Total		159.67*	-

• Refer the below table for Net Proceeds.

Particular	INR in Crores
Gross Proceeds	173.85
Less: Issue Related Expenses	14.18
Net Proceeds	159.67

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Report Date: August 13, 2025

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ii. Progress in the object(s) –

Sr. No.	Item Heads	Source of information / certifications considered by the Monitoring Agency for the preparation of report	Amount as proposed in the Offer Document (INR Crore)	Amount raised (INR Crore)	Amount utilized [INR Crore]	Amount utilized [INR Crore]	Amount utilized [INR Crore]	Total unutilized	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
						[INR Crore]
					As at beginning of the quarter	During the quarter	At the end of the quarter			Reasons for idle funds	Proposed course of action
								amount
								[INR
								Crore]
1	Working Capital	As per the documents provided by the issuer, including Independent Auditors Certificate*	100.00	100.00	80.00	20.00	100.00	Nil	The company has fully utilized INR 100.00 Crores towards this object.		No Comments
2	General Corporate Purposes including unidentified inorganic acquisitions		59.67**	59.67	51.57	8.10	59.67	Nil	The company has fully utilized INR 59.67 Crores towards this object.		No Comments
	Total		159.67	159.67	131.57	28.10	159.67

* Statutory Auditors Certificate issued by the M/s Agarwal Tibrewal & Co. (Firm Registration Number: 328977E) dated July 18, 2025 .

• ** The breakup of the General Corporate Purposes including unidentified inorganic acquisitions amount is as follows:

Particular	INR in Crores
General Corporate Purposes	43.46
Unidentified inorganic acquisitions	16.21
Total	59.67

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Report Date: August 13, 2025

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iii. Deployment of unutilised IPO/FPO/Rights Issue Proceeds: Not Applicable

Sr. No.	Type of instrument and name of the entity invested in	Type of instrument and name of the entity invested in	Type of instrument and name of the entity invested in	Amount invested (INR Cr)	Amount invested (INR Cr)	Maturity date	Earning (INR Cr)	Return on Investment (%)	Return on Investment (%)	Market Value as at the end of quarter (INR Cr)
1	-			-		-	-	-		-
	Total			-		-	-	-		-
Delay in implementation of the object(s):Not Applicable
Object(s)		Completion date			Delay [Number of days or months]		Comments of the Issuer’s Board of Directors
		As per the offer document	Actual				Reason for delay		Proposed course of action
Not Applicable		-	-		-				No Comments

iv. Delay in implementation of the object(s): Not Applicable

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Report Date: August 13, 2025

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

Sr. No.	Item Head	Amount (INR Cr)	Source of information/certifications considered by Monitoring Agency for preparation of report	Comments of The Monitoring Agency	Comments of the Board of Directors
1	General Corporate Purposes	43.46	As per the documents provided by the issuer, including Independent Auditors Certificate.	The company has fully utilized INR 43.46 Crores towards this object.	No Comments
	Total	43.46

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Report Date: August 13, 2025

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Disclaimer:

• a) This Report is prepared by Acuité Ratings & Research Limited (hereinafter referred to as “Monitoring Agency/MA”). 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 auditors 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, 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.

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Report Date: August 13, 2025

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About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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Report Date: August 13, 2025