Indegene Limited — Capital/Financing Update 2026

Apr 29, 2026

INDGN/SE/2026-27/10

April 29, 2026

BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001, India. Scrip Code: 544172	National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051, India. Trading symbol: INDGN

Dear Sir / Madam,

Sub: Intimation of Monitoring Agency Report for the quarter ended March 31, 2026

Pursuant to Regulation 32(6) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find attached Monitoring Agency Report for the quarter ended March 31, 2026, issued by Care Edge Ratings, Monitoring Agency, appointed to monitor the utilisation of proceeds of the Public Issue (IPO) of the Company.

This will also be posted on the company's website https://www.indegene.com/.

This is for your information and records.

Thanking you,

Yours Sincerely,

For Indegene Limited

SRISHTI
RAMESH
KAUSHIK

Digitally signed by
SRISHTI RAMESH
KAUSHIK
Date: 2026.04.29
21:29:15 +05'30'

Srishti Ramesh Kaushik
Company Secretary and Compliance officer

Encl: As above

indegene

Indegene Limited

Third Floor, Aspen G-4 Block, Manyata Embassy

Business Park (SEZ), Outer Ring Road, Nagawara, Bengaluru-

560 045, Karnataka, India

Phone: +91 80 4674 4567, +91 80 4644 7777

www.indegene.com

CIN: L73100KA1998PLC102040

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Monitoring Agency Report

Careedge

RATINGS

No. CARE/HO/GEN/2026-27/1018

The Board of Directors

Indegene Limited

Aspen Block G4, 3rd Floor,

Manyata Embassy Business Park, Outer Ring Road,

Nagawara, Bengaluru – 560 045, Karnataka, India.

April 28, 2026

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Initial Public Offering (IPO) of Indegene Limited (“the Company”)

We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs. 760.00 crores of the Company and refer to our duties cast under Regulation 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated April 25, 2024.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

Darshan Shah

Assistant Director

Darshan.shah@careedge.in

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Monitoring Agency Report

Careedge

Report of the Monitoring Agency

Name of the issuer: Indegene Limited

For quarter ended: March 31, 2026

Name of the Monitoring Agency: CARE Ratings Limited

(a) Deviation from the objects: NIL
(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:

Name of the Authorized Signatory: Darshan Shah

Designation of Authorized person/Signing Authority: Assistant Director

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Careedge

RATINGS

1) Issuer Details:

Name of the issuer
: Indegene Limited

Name of the promoter
: The company does not have an identifiable promoter in terms of the SEBI ICDR Regulations and the Companies Act.

Industry/sector to which it belongs
: Healthcare Services - Healthcare Research, Analytics & Technology

2) Issue Details

Issue Period
: May 06, 2024, to May 08, 2024

Type of issue (public/rights)
: Initial Public Offer (IPO)

Type of specified securities
: Equity Shares

IPO Grading, if any
: Not Applicable

Issue size (in crore)
: Rs. 760.00 crores

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

Particulars	Reply	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of the Monitoring Agency	Comments of the Board of Directors
Whether all utilization is as per the disclosures in the Offer Document?	No	Prospectus, Bank Statement, Management Certificate, Management Authorization Letter, Special Resolution*, Board Resolution and Invoices.	Refer Note 1 and Note 2 below the table	No comment received
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	Yes	Special Resolution*	Refer Note 1 below the table	No comment received
Whether the means of finance for the disclosed objects of the issue have changed?	Not Applicable	Management Certificate	-	No comment received
Is there any major deviation observed over the earlier monitoring agency reports?	No	Previous Monitoring Agency report	There is no major deviation in the previous Monitoring Agency report.	No comment received
Whether all Government/statutory approvals related to the object(s) have been obtained?	Not Applicable	Prospectus and Management Certificate	-	No comment received
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not Applicable	Management certificate	-	No comment received
Are there any favorable/unfavorable events affecting the viability of these object(s)?	Yes	Prospectus, Bank Statement	There has been delay in deployment of funds for the Object namely ‘Funding the capital expenditure	No comment received

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Careedge

RATINGS

Particulars	Reply	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of the Monitoring Agency	Comments of the Board of Directors
			requirements of the company and one of their material subsidiaries, Indegene Inc.’ for the milestone ending as on March 31, 2026.
Is there any other relevant information that may materially affect the decision making of the investors?	Not Applicable	Management certificate	-	No comment received

Where material deviation may be defined to mean:

a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.

*The company has passed Special Resolution dated August 12, 2025, for approval of variation in utilization of Initial Public Offering (IPO).

• Note 1: Utilization of gross proceeds in the reporting quarter is under ‘Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.’ and ‘General Corporate Purposes and Inorganic Growth’ these are the Objects stated in the Prospectus, and utilization towards the same is as per the Prospectus.

Subsequently, allocation towards the Object - ‘Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.’ was modified relative to the Prospectus. To give effect to such modification, Members have passed a special resolution dated August 12, 2025, approving such variation in utilization of initial public offering proceeds. A total of Rs. 38.65 crore was carved out from the Object – ‘Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.’ Out of which, Rs. 3.67 crore was adjusted towards the Object – ‘Repayment/prepayment of indebtedness of one of their material subsidiaries, ILSL Holdings, Inc.’ on account of excess loan payment due to foreign exchange rate fluctuation and balance Rs. 34.99 crore was allocated towards new Object – ‘Technology, Cybersecurity and Cloud infrastructure related cost’.

• Note 2: The excess reimbursement of issue expenses of Rs. 0.50 crore related to OFS has been made from Fresh Issue proceeds. The offer related expenses pertaining to Fresh Issue are lower than the estimated expenses in Prospectus. As per management undertaking, the total offer related expenses incurred for OFS and Fresh Issue are within the estimates detailed in the Prospectus and they would accord the treatment of reduction issue expenses and resultant surplus in net proceeds with the Board. They have also provided legal opinion dated July 15, 2025, for the same. For further explanation on the matter, refer comment under the “Deployment of unutilized proceeds” table.

In Q4FY26, the utilisation towards issue-related expenses was completed. Issue-related expenses pertaining to (a) the Fresh Issue remained lower by Rs. 0.83 crore, while (b) expenses pertaining to Selling Shareholders were higher by Rs. 0.61 crore as of March 31, 2026. Based on the legal opinion dated July 15, 2025, and the subsequent Board Resolution dated January 29, 2026 which contained quantification as above, the company offset the higher issue expenses pertaining to Selling Shareholders against the surplus in Fresh Issue-related expenses. After this adjustment, the company’s overall surplus in issue-related expenses stood at Rs. 0.22 crore. As per the same Board Resolution dated January 29, 2026, this surplus was allocated towards office civil and interior works, which, as per the Prospectus, forms part of the stated object of ‘Funding the capital expenditure requirements of the company and one of its material subsidiaries, Indegene Inc.’ After obtaining Board approval, the Monitoring Agency considered the earlier excess transfer of Rs. 0.50 crore undertaken in Q1FY26 as utilization in Q4FY26.

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Careedge

RATINGS

4) Details of objects to be monitored:
(i) Cost of objects –

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Original cost (as per the Offer Document) in Rs. Crore	Revised Cost in Q2FY26 in Rs. Crore	Revised Cost in Q4FY26 in Rs. Crore	Comments of the Monitoring Agency	Comments of the Board of Directors
							Reason for cost revision	Proposed financing option	Particulars of -firm arrangements made
1	Repayment/prepayment of indebtedness of one of their material subsidiaries, ILSL Holdings, Inc.	CA Certificate^, Prospectus*	391.33	395.00	395.00	Members have passed a special resolution dated August 12, 2025, approving variation in utilization of initial public offering proceeds. Board has passed a Resolution as on January 29, 2026, approving adjustment of surplus in IPO expense to be added to office civil and interior works which as per the Prospectus forms part of the Object namely ‘Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.’	No comment received	No comment received	No comment received
2	Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.	CA Certificate^, Prospectus*, Board Resolution&	102.92	64.26	64.49		No comment received	No comment received	No comment received
3	Technology, Cybersecurity and Cloud infrastructure related cost	CA Certificate^, Special Resolution	0.00	34.99	34.99		No comment received	No comment received	No comment received
4	General corporate purposes and inorganic growth	CA Certificate^, Prospectus*	230.12	230.12	230.12		No comment received	No comment received	No comment received
5	Issue Expenses	CA Certificate^, Prospectus, Board Resolution&	35.63	35.63	35.40		No comment received	No comment received	No comment received
Total			760.00	760.00	760.00

• Sourced from page 100 of the Prospectus
  ^ The above details are verified by Manian and Rao, Chartered Accountants vide its CA Certificate dated April 23, 2026.
  @ The company has passed Special Resolution dated August 12, 2025, for approval of variation in utilization of Initial Public Offering (IPO).
  & The company has passed a Board Resolution dated January 29, 2026, for approval of adjustment of Initial Public Offering (IPO) expenses surplus and its utilisation for office civil and interior works.

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Careedge

RATINGS

(ii) Progress in the objects –

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Offer Document in Rs. Crore	Revised Cost in Q4FY26 in Rs. Crore	Amount utilised in Rs. Crore			Total unutilised amount in Rs. crore	Comments of the Monitoring Agency	Comments of the Board of Directors
					As at beginning of the quarter in Rs. Crore	During the quarter in Rs. Crore	At the end of the quarter in Rs. Crore			Reasons for idle funds	Proposed course of action
1	Repayment/prepayment of indebtedness of one of their material subsidiaries, ILSL Holdings, Inc.	CA Certificate^, Prospectus*, Bank Statement, Invoices, Special Resolution@	391.33	395.00	395.00	0.00	395.00	0.00	The company has entirely utilised the amount towards the Object.	No comment received	No comment received
2	Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.	CA Certificate^, Prospectus, Bank Statement, Invoices, Management Confirmation, Special Resolution@ and Board Resolution*	102.92	64.49	44.30	13.47	57.77	6.72	The company has utilized issue proceeds towards interior works, purchasing computers and peripherals for the Company. Payment to vendors has been directly transacted via the Monitoring account, however payment component pertaining to TDS has been routed through the current account.	No comment received	No comment received
3	Technology, Cybersecurity and Cloud infrastructure related cost	CA Certificate^, Bank Statement, Invoices, Management Confirmation and Special Resolution@	0.00	34.99	0.00	25.26	25.26	9.73	The company has utilized issue proceeds towards subscription and license fee for copilot, azure etc. for the company. Payment to vendors has been directly transacted via the Monitoring account, however payment component pertaining to TDS has been routed through the current account.	No comment received	No comment received
4	General corporate purposes and inorganic growth	CA Certificate^, Prospectus*, Share Purchase Agreement, Bank Statement and Special Resolution@	230.12	230.12	229.31	0.00	229.31	0.81	There is no utilization during the quarter under reporting.	No comment received	No comment received
5	Issue Expenses	CA Certificate^, Prospectus*, Bank Statement, Invoices,	35.63	35.40	34.71	0.69**	35.40	0.00	The company has utilized issue proceeds towards ASBA brokerage/commission and bank processing fee. The company has	No comment received	No comment received

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Careedge

RATINGS

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Offer Document in Rs. Crore	Revised Cost in Q4FY26 in Rs. Crore	Amount utilised in Rs. Crore			Total unutilised amount in Rs. crore	Comments of the Monitoring Agency	Comments of the Board of Directors
					As at beginning of the quarter in Rs. Crore	During the quarter in Rs. Crore	At the end of the quarter in Rs. Crore			Reasons for idle funds	Proposed course of action
		Special Resolution® and Board Resolution**							entirely utilised the issue expenses.
Total			760.00	760.00	703.32	39.42	742.74	17.26

• Sourced from page 100 of the prospectus
  ^ The above details are verified by Manian and Rao Chartered Accountants vide its CA Certificate dated April 23, 2026
  @ The company has passed Special Resolution dated August 12, 2025, for approval of variation in utilization of Initial Public Offering (IPO)
  ** As per the earlier submission by the company, issue related expenses pertaining to Selling Shareholders had increased by Rs. 0.50 crore till June 30, 2025, which has resulted in the excess reimbursement taken by the company to that extent from fresh issue proceeds. As per management, there would be lower issue expenses related to fresh issues as compared to estimates and those excess funds as per their estimate are being utilized for issue expenses related to OFS. It has caused difference in the unutilized proceeds between the amount mentioned in the above table and shown under 'Table 4(ii) Progress in the objects'. For allowability of such excess reimbursement, the Monitoring Agency has relied upon the Legal Opinion and Management Undertaking shared by the company which states - "the overrun in SS share of IPO expenses may be adjusted against the surplus in Company's share of IPO expenses. Since this is not a variation of objects, no approval of shareholders is required under Companies Act, 2013. The same be approved by the board while taking note of the increase in Net Proceeds and approving the net surplus amount of Rs. 1.22 million that will be added to one of the objects of the issue (other than GCP)." In this regard, the management has provided an undertaking that the company intends to seek Board approval for this treatment.
  In Q4FY26, the utilisation towards issue-related expenses was completed. Issue-related expenses pertaining to (a) the Fresh Issue remained lower by Rs. 0.83 crore, while (b) expenses pertaining to Selling Shareholders were higher by Rs. 0.61 crore as of March 31, 2026. Based on the legal opinion dated July 15, 2025, and the subsequent Board Resolution dated January 29, 2026 which contained quantification as above, the company offset the higher issue expenses pertaining to Selling Shareholders against the surplus in Fresh Issue-related expenses. After this adjustment, the company's overall surplus in issue-related expenses stood at Rs. 0.22 crore. As per the same Board Resolution dated January 29, 2026, this surplus was allocated towards office civil and interior works, which, as per the Prospectus, forms part of the stated object of 'Funding the capital expenditure requirements of the company and one of its material subsidiaries, Indegene Inc.' After obtaining Board approval, the Monitoring Agency considered the earlier excess transfer of Rs. 0.50 crore undertaken in Q1FY26 as utilization in Q4FY26.

(iii) Deployment of unutilized proceeds:

Sr. No.	Type of instrument and name of the entity invested in	Amount invested (Rs. Crore)	Maturity date	Earning	Return on Investment (%)	Market Value as at the end of quarter (Rs. Crore)
1.	Fixed Deposit – ICICI Bank	15.10	June 06, 2026	-	6.50% p.a.	15.10
2.	ICICI Bank Monitoring Agency Bank Account	2.75	-	-	-	2.75
3.	Kotak Mahindra Public Offer Account	0.23	-	-	-	0.23
4.	Less: Interest credited to Monitoring Agency Account	-0.82
	Total Funds	17.26				18.08

FD Receipts as provided
The above details are verified by Manian and Rao Chartered Accountants vide its CA Certificate dated April 23, 2026.

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Careedge

RATINGS

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

Objects	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
Repayment/prepayment of indebtedness of one of their material subsidiaries, ILSL Holdings, Inc.	March 31, 2025	June 27, 2024	No delay	No comment received	No comment received
Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.	March 31, 2025	May 05, 2025	Delay (35 days)	No comment received	No comment received
	March 31, 2026	Ongoing	Delay (Exact number of days of delay not ascertainable)§	No comment received	No comment received
	March 31, 2027	Ongoing	Not applicable	No comment received	No comment received
Technology, Cybersecurity and Cloud infrastructure related cost	Not applicable*	Ongoing	Not applicable	No comment received	No comment received
General corporate purposes and inorganic growth	March 31, 2025	August 28, 2024	No delay	No comment received	No comment received
	March 31, 2026	October 29, 2024	No delay	No comment received	No comment received
	March 31, 2027	Ongoing	Not applicable	No comment received	No comment received
Issue Expenses	Not applicable	Not applicable	Not applicable	No comment received	No comment received

§Under 'Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.', scheduled deployment till March 31, 2026, as per the Prospectus was Rs.58.05 crore against which the company has utilized Rs. 57.77 crore.
*As per postal ballot notice for approval of variation in utilization of Initial Public Offering (IPO) proceeds, timeline mentioned for utilization of proceeds towards this object is FY27.

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

Sr. No	Item Head^	Amount in Rs. Crore	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of Monitoring Agency	Comments of the Board of Directors
Not Applicable as there is no utilization towards GCP during the current quarter.

^Section from the offer document related to GCP: "Our Company proposes to deploy up to ₹2,301.20 million towards funding our general corporate purposes and inorganic growth initiatives, subject to such amount not exceeding 35% of the amount being raised in the Offer and the total amount utilized towards inorganic growth by way of acquisition of targets that have not been identified in this Prospectus not exceeding 25% of the amount being raised in the Offer, in compliance with the SEBI ICDR Regulations. The general corporate purposes for which our Company proposes to utilise the Net Proceeds include, but not limited to, strategic initiatives, expansion initiatives and meeting exigencies, brand building, and meeting expenses incurred by our Company in the ordinary course of business, as may be applicable."

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Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (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 peer reviewed audit firm 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 peer reviewed audit firm (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.