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Methodhub Software Limited — Capital/Financing Update 2026
May 13, 2026
59939_rns_2026-05-13_ffe6d713-3ea3-4dcd-aca4-f1af36b3fb29.pdf
Capital/Financing Update
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BRICKWORK™ RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
Second Monitoring Agency Report for MethodHub Software Limited for the quarter ended March 31, 2026
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
No. BWR/2026-27/IPM/MSL/02
May 4, 2026
To
Mr. Ravi Sharma
Chief Financial Officer
MethodHub Software Limited
Unit No. 109, 1st Floor,
Prestige Meridian – 1, No. 29,
M.G. Road, Bengaluru
Karnataka, India – 560 001
Dear Sir,
Second Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Fresh Issue and Offer for Sale of Equity Shares of MethodHub Software Limited (“the Company”)
Pursuant to Regulation 262 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Engagement Letter dated October 29, 2025, Brickwork Ratings (BWR) has prepared the Second Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilisation of proceeds of funds raised, for the quarter ended March 31, 2026.
The funds raised by the Company were through Fresh Issue and Offer for Sale of Equity Shares aggregating to Rs.102.49 Crore of the Company.
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 November 10, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours Faithfully,
NIRAJ KUMAR RATHI
Digitally signed by NIRAJ KUMAR RATHI
Date: 2026.05.04
14:44:39 +05'30'
Mr Niraj Kumar Rathi
Senior Director, Ratings - Brickwork Ratings
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
Report of the Monitoring Agency (MA)
Name of the issuer: MethodHub Software Limited.
For quarter ended: March 31, 2026
Name of the Monitoring Agency: Brickwork Ratings India Private Limited
(a) Deviation from the objects: No
(b) Range of Deviation: Not Applicable
Declaration:
We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, we further declare that this report provides a true and fair 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.
We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/directors/management and 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.
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 a 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 after 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.
NIRAJ KUMAR RATHI
Digitally signed by NIRAJ KUMAR RATHI
Date: 2026.05.04
14:45:09 +05'30'
Signature:
Name of the Authorized Signatory: Mr Niraj Kumar Rathi
Designation of Authorized Person/Signing Authority: Senior Director, Ratings - Brickwork Ratings
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK
RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
1) Issuer Details:
Name of the issuer: MethodHub Software Limited.
Names of the promoter: Mr. Ahobilam Nagasundaram and Mr. Jayakumar Ammasaikutty
Industry / sector to which it belongs: Information Technology (IT) Services
2) Issue Details:
Issue period: For anchor investors- 4 December 2025
For others – 5 December 2025 to 9 December 2025
Type of issue (public/ rights): Fresh Issue and Offer for Sale of Equity shares
Type of specified securities: Equity Shares
IPO Grading, if any: Not Applicable
Issue size (in ₹ Crore): 102.49
| Particulars | Total Number of Securities | Price (₹) | Value as per Offer Document (₹ Crore) | Amount Received (₹ Crore) |
|---|---|---|---|---|
| Equity Shares-Fresh Issue | 45,10,200 | 194 | 87,49,78,800 | 102.49 |
| Equity Shares-Offer for sale | 7,72,800 | 194 | 14,99,23,200 | |
| Total | 52,83,000 | 194 | 102,49,02,000 | 102.49 |
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK
RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
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 Monitoring Agency | Comments of Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? | Yes | Bank Statements, Invoices, Company's Letter, CA Certificate. | Nil | Nil |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? | Not Applicable | Nil | Nil | Nil |
| Whether the means of finance for the disclosed objects of the issue has changed? | No | Nil | Nil | Nil |
| Is there any major deviation observed over the earlier monitoring agency reports? | Not Applicable | Nil | Nil | Nil |
| Whether all Government/statutory approvals related to the object(s) have been obtained? | Yes | Company's letter | Nil | Nil |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | Not Applicable | Nil | Nil | Nil |
| Are there any favourable events improving the viability of these object(s)? | No | Company's letter | Nil | Nil |
| Are there any unfavourable events affecting the viability of the object(s)? | No | Company's letter | Nil | Nil |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | Not Applicable | Nil | Nil |
Notes: Above details are verified from CA certificate from N R Krishnamoorthy & co. FRN no. 001492S dated May 2, 2026, and Company statement dated May 4, 2026.
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 utilised by more than 10% of the amount projected in the offer documents.
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK
RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
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 (₹ Crore) | Revised Cost (₹ Crore) | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason of cost revision | Proposed financing option | Particulars of firm arrangements made | ||||||
| 1. | Repayment and / or prepayment in full of certain outstanding loans (including foreclosure charges if any) availed by Company | Bank Statements, Company Letter, CA Certificate | 13.60 | No | Nil | Nil | Nil | Nil |
| 2 | Augmentation of long-term working capital requirements of our Company | Bank Statements, Company Letter, CA Certificate | 25.00 | No | Nil | Nil | Nil | Nil |
| 3. | Investment in wholly owned subsidiary MethodHub Consulting Inc. (USA) for augmentation of long-term working capital requirements in MethodHub Consulting Inc. (USA) | Bank Statements, Company Letter, CA Certificate | 4.00 | No | Nil | Nil | Nil | Nil |
| 4. | Unidentified inorganic acquisitions and GCP | Bank Statements, Company Letter, CA Certificate | 30.59 | No | Nil | Nil | Nil | Nil |
| 5 | Issue Expenses | Bank Statements, Company Letter, CA Certificate | 14.30 | No | Nil | Nil | Nil | Nil |
| 6 | Any other purpose approved by board | NA | NA | NA | NA | NA | NA | Nil |
The above details are taken from the Prospectus dated December 10, 2025, page number 120.
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK
RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
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 in ₹ Crore (A) | Amount utilized in ₹ Crore (B) | Total Unutilised amount in ₹ Crore as on 31st March 2026 (C) A-B | Comments of the Monitoring Agency | ||
|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in ₹ Crore | During the quarter in ₹ Crore | At the end of the quarter in ₹ Crore | ||||||
| 1. | Repayment and / or prepayment in full of certain outstanding loans (including foreclosure charges if any) availed by Company | Bank Statements, Company Letter, CA Certificate | 13.6 | 1.39 | 12.21 | 13.60 | 0.000000003 | Nil |
| 2 | Augmentation of long-term working capital requirements of our Company | Bank Statements, Company Letter, CA Certificate | 25.00 | 4.58 | 6.63 | 11.22 | 13.79 | Nil |
| 3. | Investment in wholly owned subsidiary MethodHub Consulting Inc. (USA) for augmentation of long-term working capital requirements | Bank Statements, Company Letter, CA Certificate | 4.00 | 0.00 | 4.00 | 4.00 | 0.00 | Nil |
| 4. | Unidentified inorganic acquisitions and GCP | Bank Statements, Company Letter, CA Certificate | 30.59 | 0.00 | 12.67 | 12.67 | 17.92 | Nil |
| 5 | Issue Expenses | Bank Statements, Company Letter, CA Certificate | 14.30 | 8.23 | 5.71 | 13.94 | 0.35 | Nil |
| 6 | Any other purpose approved by board | NA | NA | NA | NA | NA | NA | Nil |
Above details are verified by CA certificate from N R Krishnamoorthy & co. FRN no. 001492S dated May 2, 2026, and Company statement dated May 4, 2026.
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK
RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
iii. Deployment of unutilised issue proceeds:
| Sr. No. | Type of instrument and name of entity invested in | Amount Invested (₹ Crore) | Maturity date | Earning (₹ Crore) | Return on Investment (%) | Market Value as at the end of the quarter |
|---|---|---|---|---|---|---|
| 1 | Axis Bank Monitoring Account (925020053578442) | 1.14** | - | - | - | - |
| 2 | HDFC C/A (50200130825750) | 0.089 | - | - | - | - |
| 3 | FD A/c no 925040115018697 | 1 | 27-12-2026 | 1.06 | 6.25 | - |
| 4 | FD A/c no 925040115021156 | 1 | 11-01-2027 | 1.06 | 6.25 | - |
| 5 | FD A/c no 925040115141739 | 1 | 17-12-2026 | 1.06 | 6.25 | - |
| 6 | FD A/c no 50301282531363 | 1 | 25-01-2027 | 1.06 | 6.25 | - |
| 7 | FD A/c no 50301282533484 | 1 | 22-01-2027 | 1.06 | 6.25 | - |
| 8 | FD A/c no 50301282534600 | 1 | 23-01-2027 | 1.06 | 6.25 | - |
| 9 | FD A/c no 50301282536415 | 1 | 24-01-2027 | 1.06 | 6.25 | - |
| 10 | FD A/c no 50301282537418 | 1 | 26-01-2027 | 1.06 | 6.25 | - |
| 11 | FD A/c no 50301282660280 | 1 | 22-01-2027 | 1.06 | 6.25 | - |
| 12 | FD A/c no 50301282662948 | 1 | 22-01-2027 | 1.06 | 6.25 | - |
| 13 | FD A/c no 50301282685859 | 1 | 22-01-2027 | 1.06 | 6.25 | - |
| 14 | FD A/c no 50301282686289 | 1 | 22-01-2027 | 1.06 | 6.25 | - |
| 15 | FD A/c no 50301282686658 | 1 | 22-01-2027 | 1.06 | 6.25 | - |
| 16 | FD A/c no 50301297392346 | 1 | 31-07-2027 | 1.10 | 6.45 | - |
| 17 | FD A/c no 50301297394658 | 1 | 31-07-2027 | 1.10 | 6.45 | - |
| 18 | FD A/c no 50301297397262 | 1 | 31-07-2027 | 1.10 | 6.45 | - |
| 19 | FD A/c no 50301297399265 | 1 | 31-07-2027 | 1.10 | 6.45 | - |
| 20 | FD A/c no 50301297402590 | 1 | 31-07-2027 | 1.10 | 6.45 | - |
| 21 | FD A/c no 50301313342714 | 1 | 28-04-2026 | 1.006 | 4.25 | - |
| 22 | FD A/c no 50301313343542 | 1 | 28-04-2026 | 1.006 | 4.25 | - |
| 23 | FD A/c no 50301313345111 | 1 | 28-04-2026 | 1.006 | 4.25 | - |
| 24 | FD A/c no 50301313346038 | 1 | 28-04-2026 | 1.006 | 4.25 | - |
| 25 | FD A/c no 50301313347347 | 1 | 28-04-2026 | 1.006 | 4.25 | - |
| 26 | FD A/c no 50301327522905 | 1 | 27-03-2027 | 1.06 | 6.25 | - |
| 27 | FD A/c no 50301327523717 | 1 | 28-03-2027 | 1.06 | 6.25 | - |
| 28 | FD A/c no 50301327526179 | 1 | 29-03-2027 | 1.06 | 6.25 | - |
| 29 | FD A/c no 50301327527742 | 1 | 30-03-2027 | 1.06 | 6.25 | - |
| 30 | FD A/c no 50301327529583 | 1 | 31-03-2027 | 1.06 | 6.25 | - |
| 31 | FD A/c no 50301328098058 | 1.5 | 24-04-2026 | 1.503 | 2.75 | - |
| 32 | FD A/c no 50301328098542 | 1.5 | 24-04-2026 | 1.503 | 2.75 | - |
Note;
**Amount consists of interest on FD's redeemed i.e. Rs. 17.06 Lakhs.
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
iv. Delay in Implementation of Objects:
| Object(s) Name | Completion Date | Delay | Comments of Board of Directors | ||
|---|---|---|---|---|---|
| As per Offer Document | Actual | No. of Days/ Months | Reason of Delay | Proposed course of Action | |
| Repayment and / or prepayment in full of certain outstanding loans (including foreclosure charges if any) availed by Company | Up to Financial Year 2025-26 | Completed | - | - | - |
| Augmentation of long-term working capital requirements of our Company | Up to Financial Year 2026-27 | Ongoing | - | - | - |
| Investment in wholly owned subsidiary MethodHub Consulting Inc. (USA) for augmentation of long-term working capital requirements | Up to Financial Year 2025-26 | Completed | - | - | - |
| Unidentified inorganic acquisitions and GCP | Up to Financial Year 2025-26 | Ongoing* | - | - | - |
| Issue Expenses | - | - | - | - | - |
| Any other purpose approved by the board, if any | NA | NA | NA | NA | NA |
**As per stated on Page no. 120 or Prospectus, the objective was set to complete by FY 2025-2026, but at the end of it some amount remains unutilised at the end of quarter ending March 31, 2026.
As per clarified on page no 121,
In the event, the Net Proceeds are not utilized (in full or in part) for the Objects of the Offer during the period stated above due to factors such as (i) the timely of completion of the Offer; (ii) market conditions outside the control of our Company; and (iii) any other economic, business and commercial considerations, the remaining Net Proceeds shall be utilized (in part or full) in subsequent fiscals as may be determined by our Company, in accordance with applicable laws.
Above details are verified by CA certificate from N R Krishnamoorthy & co. FRN no. 001492S dated May 2, 2026, and Company statement dated May 4, 2026.
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Item head | Amount in Rs. Crore (As on March 31,2026) | Remarks |
|---|---|---|
| General corporate purpose* | 12.67 | Nil |
Above details are verified by the CA certificate from N R Krishnamoorthy & co. FRN no. 001492S dated May 2, 2026, and Company statement dated May 4, 2026.
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591
BRICKWORK RATINGS
Brickwork Ratings India Private Limited
3rd Floor, Raj Alkaa Park, Kalena Agrahara
Bannerghatta Road, Bengaluru - 560 076
P: +91 80 4040 9940/9999
Disclaimer
a) This Report is prepared by Brickwork Ratings India Private Limited (hereinafter referred to as “BWR” or “Monitoring Agency” or “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 with 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 (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.
e) 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.
f) 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.
g) BWR is an independent Monitoring Agency and may determine, apply and amend its approach, processes and procedures in its sole discretion from time to time provided the same are in line with the SEBI ICDR Regulations
[email protected] | www.BrickworkRatings.com | CIN: U67190KA2007PTC043591