NITCO
TILES MARBLE MOSAICO
NITCO/SE/2026-27/10
May 15, 2026

To,

Corporate Service Department	The Listing Department
BSE Limited	National Stock Exchange of India Limited
Jeejeebhoy Towers	Exchange Plaza, Bandra Kurla Complex, Bandra (E),
Dalal Street,	Mumbai – 400 051
Mumbai – 400 001	Script code: NITCO
Script code: 532722

Dear Sir/Madam,

Sub: Monitoring Agency Report under Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we have enclosed herewith Monitoring Agency Report for the quarter ended March 31, 2026, issued by Infomerics Valuation and Rating Limited (“Monitoring Agency”), in respect of the utilization of proceeds raised through Preferential Issue by the Company.

The aforesaid Monitoring Agency Report has been reviewed by the Audit Committee and taken on record by the Board of Directors.

Kindly take the above report on your records.

Thanking You,

Yours faithfully,

For Nitco Limited

RUPALI SWAMI
KAMBLI

Digitally signed by
RUPALI SWAMI KAMBLI
Date: 2026.05.15
14:31:36 +05'30'

Rupali Kambli
Company Secretary & Compliance Officer
Encl.: As above

Registered Office: NITCO Limited, 3/A, Recondo Compound, Sudam Kalu Ahire Marg, Glaxo, Worli Colony, Mumbai, Maharashtra, India, 400 030. Tel.: 91-22-25772800 | 25772790. CIN: L26920MH1966PLC016547.
Email: [email protected] Website: www. nitco.in
TUV NORD
TUV NORD
World Health Organization
180 955

Infometics Ratings

SEBI REGISTERED / RBI ACCREDITED / NSIC

EMPANIELLED CREDIT RATING AGENCY

Monitoring Agency Report

For NITCO Limited

for the quarter ended March 31, 2026

Infometrics Ratings

SEBI REGISTERED / RBI ACCREDITED / NSIC

EMPANELED CREDIT RATING AGENCY

Monitoring Agency Report

May 14, 2026

To,

NITCO Limited

3A Recondo Compound

Sudam kalu Ahire Marg Glaxo

Worli Colony

Mumbai - 400030

Dear Sir,

Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Preferential issue of NITCO Limited ("The Company")

We write in our capacity of Monitoring Agency for the Preferential Issue of equity shares & convertible warrants for the amount aggregating to Rs.625.21 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR 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 November 22, 2024.

Request you to kindly take the same on records.

Thanking you,

For and on behalf of Infometrics Valuation and Rating Limited

OM PARKASH JAIN
Digitally signed by OM PARKASH JAIN
Date: 2026.05.14 18:09:03 +05'30'

Om Parkash Jain

(Director - Ratings)

[email protected]

Infometics Ratings
SENI REGISTERED / RSI ACCREDITED / NSIC
EMPANIELLED CREDIT RATING AGENCY

Report of the Monitoring Agency

Name of the Issuer: NITCO Limited

For quarter ended: March 31, 2026

Name of the Monitoring Agency: Infometics Valuation and Rating Limited

(a) Deviation from the objects: Nil
(b) Range of Deviation: Nil

Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, 10–25%, 25-50%, 50-75%, 75-100%, not ascertainable etc.

Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes.

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 declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer.

We further declare that this report provides true and fair view of the utilization of issue proceeds.

Infometics Ratings

SEBI REGISTERED / RBI ACCREDITED / NSIC

EMPANIELLED CREDIT RATING AGENCY

OM PARKASH JAIN

Digitally signed by OM PARKASH JAIN
Date: 2026.05.14 18:09:40 +05'30'

Signature:

Name of the Authorized Person/Signing Authority: Om Parkash Jain
Designation of Authorized person/Signing Authority: Director - Ratings
Seal of the Monitoring Agency:
Date: May 14, 2026

Informatics Ratings
SUN REGISTERED / IRR ACERCIPATED / NICE
EMPHASILLED CREDIT RATING AGENCY

1) Issuer Details:

Name of the issuer: NITCO Limited

Names of the promoters of the issuer: Mr. Vivek Prannath Talwar
: Mrs. Rajeshwari Prannath Talwar

Industry/sector to which it belongs: The Company continue in the business of manufacturing ceramic (floor/wall) tiles, processing of marble, outsourcing of vitrified tiles and development of real estates

2) Issue Details: Preferential issue

Issue Period: Not Applicable

Type of issue (public/rights): Preferential Issue

Type of specified securities: Equity Shares & Convertible Warrants

Grading: Not Applicable

Issue size (Rs in Crores): Rs. 625.21 crores (Note No. 1)

Note 1

The company initially offered a preferential issue of 4,44,71,000 equity shares to proposed allotees (non-promoters & Promoter) at Rs.92.25 per share and 2,34,10,000 share warrants to proposed allotees (promoter) at Rs.92.25 per warrant aggregating to Rs.626.20 crore. However, one of the proposed allotees of 1,08,000 equity shares did not avail the offer of preferential issue worth Rs.0.99 crore. Accordingly, the company finally allotted 4,43,63,000 equity shares and 2,34,10,000 share warrants to the applicants aggregating to Rs.625.21 crore.

Informatics Ratings
SUN REGISTERED / IRR ACERCISTED / NICE
EMPHASIZED CREDIT RATING AGENCY

Each warrant is convertible into one (1) equity share and the conversion can be exercised at any time within a period of 18 months from date of allotment of warrants, in one or more tranches, as the case maybe and on such other terms and conditions applicable. Option for conversion of warrants into equity shares will be available upon payment of full price of warrant before such exercise of option.

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 the utilization is as per disclosure in Offer Document?	Yes	Bank Statement, CA Certificate, Extra-Ordinary General Meeting Special Resolution, Management Undertaking	During the quarter ended March 31, 2026, the company has utilised a proceed of Rs. 100.40 Crore towards the objects.
Refer Note - 1	No Comment Received
Whether Shareholder approval is obtained in case of material deviations from expenditures disclosed in Offer Document?	NA	Not Applicable	NA	No Comment Received
Whether means of finance for disclosed objects of the Issue has changed?	There is no change in the means of	Not applicable	No	No Comment Received

Informatics Ratings
SUN REGISTERED / IRR ACERCIPATED / NICE
EMPHASILLED CREDIT RATING AGENCY

	finance for disclosed objects
Any major deviation observed over the earlier monitoring agency reports?	No	Not Applicable	Not Applicable	No Comment Received
Whether all Government / Statutory approvals related to the object(s) obtained?	Yes	In-Principal approval from the NSE & BSE	No Comments	No Comment Received
Whether all arrangements pertaining to technical assistance/collaboration in operation?	Not Applicable	Not applicable	Not Applicable	No Comment Received
Any favourable events improving object(s) viability	No	Not applicable	Nil	No Comment Received
Any unfavourable events affecting object(s) viability	No	Not applicable	Nil	No Comment Received
Any other relevant information that may materially affect the decision making of the investors	No	Not applicable	Nil	No Comment Received

The above details are verified by M M Nissim & Co. LLP (FRN: 107122W/W100672) vide its CA certificate dated May 08, 2026 who are the statutory auditor of the company.

Informatics Ratings
SUN REGISTERED / IRR ACERCICIATED / NICE
EMPHASIZED CREDIT RATING AGENCY

Auditor's remark: No deviations from expenditure disclosed in the Offer document.

^ Material Deviation would mean
a) deviation in the objects or purposes for which the funds have been raised
b) deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer document

4) Details of object(s)s to be monitored:
(i) Cost of object(s)-

Sl. 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 Rs. Crore	Comments of Monitoring Agency	Comments of Board of Directors
						Reason of cost revision	Proposed financing option	Particulars of firm arrangements made
1	Repayment of existing debt and redemption of existing non-convertible	Resolution passed in the EGM dated Nov 15, 2024	200.00	200.00	Nil	N.A	N.A	N.A

Informatics Ratings
SUN REGISTERED / IRB ACCESSORIES / NSS
EMPHASILLED CREDIT RATING AGENCY

	debentures issued by the Company				Nil
2	Payment of outstanding dues payable to operational creditors	Resolution passed in the EGM dated Nov 15, 2024	50.00	50.00		N.A	N.A	N.A
3	Meeting Working Capital requirements for tiles and marble business	Board Resolution passed on dated June 30, 2025	50.00	98.06	The company has changed the allocation of fund between various object of the issue.	N.A	N.A	N.A
4	Acquisition of real estate / land and/or corporate entities holding real estate / land from promoters/ Promoter group in order to propel the growth of the	Board Resolution passed on dated June 30, 2025	300.00	251.94	The company has changed the allocation of fund between various object of the issue.	N.A	N.A	N.A

Informatics Ratings
SUN REGISTERED / IRR ACERCIPATED / NICE
EMPHASILLED CREDIT RATING AGENCY

	Borrower and expansion the business operations of the Borrower
5	General Corporate Purposes	Resolution passed in the EGM dated Nov 15, 2024	25.21	25.21	Nil	N.A	N.A	N.A
	TOTAL		625.21	625.21

The company had previously allotted 15,68,63,000 equity shares and 2,34,10,000 convertible warrants on January 27 and 29, 2025, following shareholder approval at the EGM held on November 15, 2024.

The Board of Directors of NITCO Limited at its meeting held on March 23, 2026, approved the allotment of 1,14,00,000 equity shares pursuant to conversion of share warrants issued on preferential basis to promoter Mr. Vivek Prannath Talwar.

The Board of Directors of NITCO Limited at its meeting held on June 30, 2025, approved the reallocation of unutilized preferential allotment.

Out of the total proceeds of ₹625.21 crores, Rs 300 cores originally earmarked for acquisition of real estate/land and/or corporate entities holding real estate/land, out of which an amount of ₹48.06 crores has been reallocated towards meeting working capital requirements for the company's tiles and marble business, based on current business priorities and the recommendation of the Audit Committee and approved in the Board of Directors meeting on 30.06.25.

Informatics Ratings
SUN REGISTERED / IRR ACERCISTED / NOC
EMPHASILLED CREDIT RATING AGENCY

The company received the full amount of preferential issue of 4,43,63,000 equity shares i.e., Rs.409.25 crore and 25% of preferential issue of 2,34,10,000 shares warrant in 1st tranche i.e., Rs.53.99 crore till Q3FY26.

The company received ₹78.87 crore towards the balance 75% subscription amount payable on exercise of the 1,14,00,000 warrants. Post conversion, 1,20,10,000 warrants remain outstanding and can be converted up to July 26, 2026, in accordance with SEBI ICDR Regulations.

The amount utilised for general corporate purposes does not exceed 25% of 2026, Gross Proceeds (amounting to Rs 625.21 Crore) from the Preferential Issue.

Informatics Ratings
SUN REGISTERED / IRR ACERCERTS / NOC
EMPHASILLED CREDIT RATING AGENCY

(ii) Progress in the object(s)-
(Give Item by Item Description for all the Objects Stated in Offer Document separately in the following format)

Sl. 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	Amount raised till March 31, 2026 (Rs. crore)	Amount utilized			Unutilised amount in Rs. crore	Comments of Monitoring Agency	Comments of Board of Directors
					As at Beginning of the quarter	During the quarter	At the end of the quarter			Reason of idle funds	Proposed Course of Action
1	Repayment of existing debt and redemption of existing non-convertible	Bank Statement, CA Certificate, Management Undertaking.	200.00		200.00	-	200.00	-	The company has fully utilised the proceeds till quarter ended	-	-

Informatics Ratings
SON REGISTERED / IRR ACERCICIOS / NOC
EMPHASIZED CREDIT RATING AGENCY

	debentures issued by the Company						September 2025.
2	Payment of outstanding dues payable to operational creditors	Bank Statement, CA Certificate, Invoices	50.00	50.00	-	50.00	The company has fully utilised the proceeds till quarter ended September 2025.	-	-
3	Meeting Working Capital requirements for tiles and marble business	Bank Statement, CA Certificate, Invoices	98.06	90.42	7.64	98.06	The company has utilised the amount Majorly towards purchase of rough marble block.	-	-
4	Acquisition of real estate / land and/or corporate	Bank Statement, CA Certificate,	251.94	89.98	78.87**	168.85	The company has utilised the	-	-

Informatics Ratings
SUN REGISTERED / IRB ACCESSOYED / NGC
EMPHASILLED CREDIT RATING AGENCY

	entities holding real estate / land, in order to propel the growth of the Borrower and expansion the business operations of the Borrower								proceeds as an advance payment for the purchase of Property during the quarter ended March 31, 2026
5	General Corporate Purposes	Bank Statement, CA Certificate,	25.21		11.31	13.90	25.21	-	The company has utilised the Proceeds towards this object during the quarter ended March 31, 2026	-	-

Informatics Ratings
SON REGISTERED / IRR ACERCIPATED / NICE
EMPHASIZED CREDIT RATING AGENCY

TOTAL	625.21	542.11	441.71	100.40	542.11	83.09

The above details are verified by M M Nissim & Co. LLP ((FRN: 107122W/W100672) vide its CA certificate dated May 08, 2026, who are the statutory auditor of the company.

Note 1: The classification of utilised funds against the issue proceeds received is at the discretion of company management and it is not proportionate to the object of the issue.

*Brief description of Object(s):

S.no	Name of the object(s)	Brief description of the object(s)
1	Repayment of existing debt and redemption of existing non-convertible debentures issued by the Company	The Description of the Objects is not mentioned in the Offer Documents.
2	Payment of outstanding dues payable to operational creditors	The Description of the Objects is not mentioned in the Offer Documents.
3	Meeting Working Capital requirements for tiles and marble business	The Description of the Objects is not mentioned in the Offer Documents.

Informatics Ratings
SUN REGISTERED / IRR ACONCEITED / NOC
EMPHASIZED CREDIT RATING AGENCY

4	Acquisition of real estate / land and/or corporate entities holding real estate / land, in order to propel the growth of the Borrower and expansion the business operations of the Borrower	The Description of the Objects is not mentioned in the Offer Documents.
5	General Corporate Purposes	The Description of the Objects is not mentioned in the Offer Documents.

(iii) Deployment of unutilized Preferential Issue proceeds- Nil, as no utilised Proceeds stood at the end of March 2026.

Sl. no.	Type of instrument where amount invested*	Amount invested (in Crores)	Maturity date	Earnings	Return on Investment (ROI %)	Market Value as at the end of quarter**

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

Object(s) Name	Completion Date	Delay (No. of days/months)	Comments of Board of Directors

Informatics Ratings
SUN REGISTERED / IRR ACERCIPATED / NICE
EMPHASILLED CREDIT RATING AGENCY

	As per Offer Document	Actual *		Reason of delay	Proposed Course of Action
Repayment of existing debt and redemption of existing non-convertible debentures issued by the Company	Within 6 Months from Receipt of Funds	Completed	Nil	No Comments	No Comments
Payment of outstanding dues payable to operational creditors	Within 6 Months from Receipt of Funds	Completed	Nil	No Comments	No Comments
Meeting Working Capital requirements for tiles and marble business	Within 6 Months from Receipt of Funds	Completed	Nil	No Comments	No Comments

Informatics Ratings
SUN REGISTERED / IRR ACONCEPTS / NOC
EMPHASILLED CREDIT RATING AGENCY

Acquisition of real estate / land and/or corporate entities holding real estate / land, in order to propel the growth of the Borrower and expansion the business operations of the Borrower	Within 6 Months from Receipt of Funds	Ongoing	Nil	No Comments	No Comments
General Corporate Purposes	Within 6 Months from Receipt of Funds	Completed	Nil	No Comments	No Comments

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

S.No	Item Head	Amount in Rs. Crore	Source of Information/Certifications Considered by the Monitoring agency for preparation of report	Comments of Monitoring Agency	Comments of the Board of Directors
1	Purchase of Raw Materials, Freight Expenses, Custom Duty	8.46	Bank Statement, Chartered Accountant Certificate.	The Amount has been utilised towards the Object of the Issue.	None

Informatics Ratings
SUN REGISTERED / IRR ACERCIPATED / NOC
EMPHASILLED CREDIT RATING AGENCY

	Salaries, EPF, TDS, ESIC, Professional Tax	5.44	Bank Statement, Chartered Accountant Certificate.	The Amount has been utilised towards the Object of the Issue.

*The above details are verified by M M Nissim & Co. LLP ((FRN: 107122W/W100672) vide its CA certificate dated May 08, 2026, who are the statutory auditor of the company.

Infometics Ratings
SENI REGISTERED / RSI ACCREDITED / NSIC
EMPANIELLED CREDIT RATING AGENCY

DISCLAIMERS:

This Report is prepared by Infometics Valuation and Rating Limited (hereinafter referred to as "Monitoring Agency" / "MA" / "IVR"). 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.
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/independent chartered accountant appointed by the Issuer believed by it to be accurate and reliable.
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.
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.
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.
The MA report is intended for the jurisdiction of India only. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as MA providing or intending to provide any services in jurisdictions outside India, where it does not have the necessary licenses and/or registration to carry out its business activities referred to above.
Access or use of this report does not create a client relationship between MA and the user.
MA is not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In preparing this report, MA has not taken into consideration the objectives or particular needs of any particular user.
It is made abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not an offer to sell or an offer to purchase or subscribe for

Informatics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY

any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains.

The report comprises professional opinion of MA as of the date they are expressed, based on the information received from the issuer and other sources considered reliable by MA. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. The report does not constitute statements of fact or recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions.
Neither MA nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents guarantee the accuracy, completeness or adequacy of the report, and shall not have any liability for any errors, omissions or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the report. MA and each aforesaid party disclaims any and all express or implied warranties, including but not limited to any warranties of merchantability, suitability or fitness for a particular purpose or use or use. In no event shall MA or any aforesaid party be liable to any user for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.
MA has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with the preparation of this report. MA has in place a code of conduct and policies for managing conflict of interest.
Unless required under any applicable law, this report should not be reproduced or redistributed to any other person or in any form without prior written consent from MA.
By accepting a copy of this Report, the recipient accepts the terms of this Disclaimer, which forms an integral part of this Report.

AI assistant

Nitco Ltd. Regulatory Filings 2026

62410_rns_2026-05-15_a71d24ff-193e-4245-ba56-5a7edcd46bea.pdf

Monitoring Agency Report

Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Preferential issue of NITCO Limited ("The Company")

Report of the Monitoring Agency

Declaration:

OM PARKASH JAIN

1) Issuer Details:

2) Issue Details: Preferential issue

Note 1

DISCLAIMERS:

AI assistant

Nitco Ltd. — Regulatory Filings 2026

62410_rns_2026-05-15_a71d24ff-193e-4245-ba56-5a7edcd46bea.pdf

Monitoring Agency Report

Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Preferential issue of NITCO Limited ("The Company")

Report of the Monitoring Agency

Declaration:

OM PARKASH JAIN

1) Issuer Details:

2) Issue Details: Preferential issue

Note 1

DISCLAIMERS:

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