Nova Agritech Limited

Registered Office: Sy.No.251/A/1., Singannaguda Village Mulugu Mandal, Medak, Siddipet - 502279, Telangana, India

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CIN : L01119TG2007PLC053901

+91 84 5425 3446 • [email protected]

13[th] November, 2025

BSE Limited ,

Listing Department, P J Towers, Dalal Street, Mumbai – 400 001

Scrip Code: 544100

National Stock Exchange of India Limited ,

Listing Department, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051

Trading Symbol: NOVAAGRI

SUB: MONITORING AGENCY REPORT FOR THE QUARTER ENDED 30[TH] SEPTEMBER, 2025.

Ref: Regulation 32(6) of the SEBI (LODR) Regulations, 2015 read with Regulation 41(4) of SEBI (ICDR) Regulations, 2018.

Dear Sir/Madam,

With reference to the aforesaid cited, attached herewith is the Monitoring Agency Report w.r.t. utilization of proceeds of Initial Public Offer (IPO) of Nova Agritech Limited for the quarter ended 30[th] September, 2025, issued by CARE Ratings Limited, Monitoring Agency appointed by the Company in this regard.

The Monitoring Agency Report is also available on the website of the Company i.e. https://novaagri.in/investor-relations/notices-and-disclosures/.

Please take the same on record and suitably disseminate it to all concerned.

Thanking you!

For Nova Agritech Limited

NEHA Digitally signed by NEHA SONI Date: 2025.11.13 SONI 19:21:43 +05'30'

Neha Soni

Company Secretary & Compliance Officer

Encls: Monitoring Agency Report for the quarter ended 30[th] September, 2025

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No. CARE/HRO/GEN/2025-26/1033

Sy. No. 251/A/1, Singannanguda Village, Mulugu Mandal, Siddipet, Medak, Telangana- 502279

November 13, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the IPO of Nova Agritech Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to Rs. 143.81 crore 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 September 30,2025 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated December 28, 2023.

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Niraj Thorat

Assistant Director [email protected]

CARE Ratings Limited

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401, Ashoka Scintilla, 3-6-520, Himayat Nagar, Hyderabad - 500 029 Phone: +91-40-4010 2030

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

CIN-L67190MH1993PLC071691

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Report of the Monitoring Agency

Name of the issuer: Nova Agritech Limited For quarter ended: 09/30/2025 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:

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Name and designation of the Authorized Signatory: Niraj Thorat Designation of Authorized person/Signing Authority: Assistant Director

CARE Ratings Limited

401, Ashoka Scintilla, 3-6-520, Himayat Nagar, 4th Floor, Godrej Coliseum, Somaiya Hospital Hyderabad - 500 029 Road, Off Eastern Express Highway, Sion (East), Phone: +91-40-4010 2030 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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1) Issuer Details:

Name of the issuer : Nova Agritech Limited Name of the promoter

Name of the promoter : Suraksha Agri Retails (India) Private Limited Yeluri Family Trust Malathi S Kiran Kumar Atukuri Industry/sector to which it belongs : Agriculture (Agri Input Industry) Issue Details Issue Period : 01/23/2024 to 01/25/2024 Type of issue (public/rights) : Public Fresh Issue Type of specified securities : Equity Shares IPO Grading, if any : None Issue size (in crore) : Rs. 112.00 Crore

2) Issue Details

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?	Yes	CA certificate*, Bank statements	The net proceeds of the issue are Rs.100.95 crore out of which Rs. 100.95 crore was spent as on September 30, 2025.	No comments received
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	Not Applicable	Not Applicable	Not Applicable	No comments received
Whether the means of finance for the disclosed objects of the issue have changed?	No	Not Applicable	No	No comments received
Is there any major deviation observed over the earlier monitoring agency reports?	No	Not Applicable	All the proceeds from Fresh Issue have been utilized appropriately for the objectives mentioned in the offer document.	No comments received
Whether all Government/statutory approvals related to the object(s) have been obtained?	Some approval/renewal pending @	Not Available	NATL and NASPL have filed applications for the registration of insecticides, which are yet to be received.	No comments received

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CARE Ratings Ltd.

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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 arrangements pertaining to technical assistance/collaboration are in operation?	Not Applicable	Not Applicable	NA	No comments received
Are there any favorable/unfavorable events affecting the viability of these object(s)?	No	Not Applicable	No	No comments received
Is there any other relevant information that may materially affect the decision making of the investors?	No	Not Applicable	No	No comments received

*Chartered Accountant certificate from NSVR & Associates LLP dated November 4, 2025.

@ As per the offer document, NATL and NASPL have filed applications for the registration of insecticides, which are yet to be received. It may be noted that the company has achieved commencement of commercial operations in the expanded facilities from July 7, 2025, which were funded by the proceeds of this IPO.

4) Details of objects to be monitored:

4) Details of objects to be monit	4) Details of objects to be monit	ored:
(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 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	Investment in subsidiary, Nova Agri Sciences Private Limited for setting-up a new formulation plant	Chartered Accountant certificate*, Final Prospectus	14.20	Not Applicable	No Comments	No comments received	No comments received	No comments received
2	Funding Capital Expenditure by Company, towards expansion of existing formulation plant	Chartered Accountant certificate*, Final Prospectus	10.49	Not Applicable	No Comments	No comments received	No comments received	No comments received
3	Funding of working capital requirement of the company	Chartered Accountant certificate*, Final Prospectus	26.65	Not Applicable	No Comments	No comments received	No comments received	No comments received

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CARE Ratings Ltd.

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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 Rs. Crore	Comments of the Monitoring Agency	Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
						Reason for cost revision	Proposed financing option	Particulars of -firm arrangements made
4	Investment in the subsidiary, Nova Agri Sciences Private Limited, for funding working capital requirements.	Chartered Accountant certificate*, Final Prospectus	43.36	Not Applicable	No Comments	No comments received	No comments received	No comments received
5	General corporate purpose	Chartered Accountant certificate*, Final Prospectus	6.24	Not Applicable	As per the offer document, the original cost for GCP is mentioned as Rs 3.13 crore. However, the company has clarified that the amount was erroneously mentioned as Rs.3.13 crore as issue related expenses pertaining to offer for sale (Rs.3.12 crore) was considered along with issue related expenses of IPO. However, the same was rectified subsequently and GCP amount has increased to that extent. The same was informed to SEBI And a corrigendum^ has been issued by the company on direction of SEBI on January 29, 2024.	No comments received	No comments received	No comments received
Total			100.95

*Chartered Accountant certificate from NSVR & Associates LLP dated Nov 04, 2025.

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CARE Ratings Ltd.

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– (ii) Progress in the objects

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report		Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Total	Comments of the Monitoring Agency	Comments of the Board of Directors	Comments of the Board of Directors

			Amount as proposed in the Offer Document in Rs. Crore
				As at beginni ng 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
							unutilised
							amount in
							Rs. crore
1	Investment in subsidiary, Nova Agri Sciences Private Limited for setting-up a new formulation plant	CA certificate*, Bank statements	14.20	13.76	0.44	14.20	0	Rs. 0.44 crore was spent during quarter for stated object. In view of commingling of funds with cash credit accounts, CARE Ratings has relied on CA Certificate and Management declaration to ascertain usage of funds.	No comments received	No comments received
2	Funding Capital Expenditure by Company, towards expansion of existing formulation plant	CA certificate*, Bank statements	10.49	10.49	-	10.49	0	Entire amount was spent in the previous quarter.	No comments received	No comments received
3	Funding of working capital requirement of the company	CA certificate*, Bank statements	26.65	26.65	-	26.65	0	Entire amount was spent in the previous quarter.	No comments received	No comments received
4	Investment in the subsidiary, Nova Agri Sciences Private Limited, for funding working capital requirements.	CA certificate*, Bank statements	43.36	43.36	-	43.36	0	Entire amount was spent in the previous quarter.	No comments received	No comments received
5	General corporate purpose	CA certificate*	6.24	6.24	-	6.24	0	No comments	No comments received	No comments received
Total			100.95	100.95	0.44	100.95	0

*Chartered Accountant certificate from NSVR & Associates LLP dated Nov 4, 2025.

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CARE Ratings Ltd.

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(iii) Deployment of unutilized proceeds as on September 30, 2025:

Sr. No.	Type of instrument and name of the entity invested in	Amount invested	Maturity date	Earning	Return on Investment (%)	Market Value as at the end of quarter
1.	Balance in Monitoring agency account	0.00	-	-	-	0.00
2.	Funds Available with Public Issue Account	0.86	-	-	-	0.86
	Total unutilized amount	0.86	-	-	-	0.86
	Less: Balance in Public Issue account	0.86	-	-	-	0.86
	Total unutilized net proceeds	0.00	0.00	0.00	0.00	0.00

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CARE Ratings Ltd.

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

(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
Investment in subsidiary, Nova Agri Sciences Private Limited for setting up a new formulation plant	FY24: Rs 3.00 crore FY25: Rs 11.20 crore	FY24: Nil FY25: Rs 13.76 crore FY26: Rs. 0.44 crore	3 months 10 days	No comments received	No comments received
Funding Capital Expenditure by Company, towards expansion of existing formulation plant	FY24: Rs 2.50 crore FY25: Rs 7.99 crore	FY24: Nil FY25: Rs 7.89 crore FY26: 2.60 crore**	Not Applicable	No comments received	No comments received
Funding of working capital requirement of the company	FY24: Rs 4.77 crore FY25: Rs 12.26 crore FY26: Rs 9.62 crore	FY24: Rs 4.77 crore FY25: Rs 12.26 crore FY26: 9.62 crore	Not Applicable	No comments received	No comments received
Investment in the subsidiary, Nova Agri Sciences Private Limited, for funding working capital requirements.	FY24: Rs 9.06 crore FY25: Rs 22.03 crore FY26: Rs 12.27 crore	FY24: Rs 9.06 crore FY25: Rs 22.03 crore FY26: 12.27 crore	Not Applicable	No comments received	No comments received
General corporate purpose	Rs 6.24 Crore	Rs 6.24 crore	Not Applicable	No comments received	No comments received

^ The company has utilized entire Rs. 14.20 crore till end of Q2FY26. The offer document states that if funds are not utilized in the given time period, they can be used in the subsequent period.

* As per the offer document, the company was supposed to invest Rs 2.50 crore towards Nova Agritech Limited for the expansion of existing plant in FY24, and Rs 7.99 crore in FY25 but the company did not spend the specified amounts by March 2025. Balance Rs. 2.60 crore was utilized during Q1FY26. The offer document states that if funds are not utilized in the given period, they can be used in the subsequent period.

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CARE Ratings Ltd.

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



1) Sr.		Amount	Source of information / certifications		Comments of the
	^
No	Item Head	in Rs. Crore	considered by Monitoring Agency for	Comments of Monitoring Agency	Board of Directors
			ti f t
			preparaon o repor

1	General Corporate Purpose	6.24	CA certificate*, Bank Statement	GCP proceeds were utilized towards working capital requirements of Nova Agritech Limited. The company has clarified that the amount was erroneously mentioned as Rs.3.13 crore as issue related expenses pertaining to offer for sale (Rs.3.12 crore) was considered along with issue related expenses of IPO. However, the same was rectified subsequently and GCP amount has increased to that extent. The same was informed to SEBI And a corrigendum^ has been issued by the company on direction of SEBI on January 29, 2024.	No comments received
	Total	6.24

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CARE Ratings Ltd.

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*Chartered Accountant certificate from NSVR & Associates LLP dated November 4, 2025.

^Corrigendum Error! Reference source not found. )

^ Section from the offer document related to GCP:

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^Corrigendum Error! Reference source not found. )

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CARE Ratings Ltd.

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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 statutory auditor/internal auditor which is peer reviewed audit firm/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 statutory auditors/internal auditor which is peer reviewed audit firm/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.

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CARE Ratings Ltd.

AI assistant

Nova Agritech Limited Capital/Financing Update 2025

59150_rns_2025-11-13_dff9a5f1-3c5d-4dba-9e0e-826a039c968e.pdf

CIN : L01119TG2007PLC053901

BSE Limited ,

Scrip Code: 544100

National Stock Exchange of India Limited ,

Trading Symbol: NOVAAGRI

SUB: MONITORING AGENCY REPORT FOR THE QUARTER ENDED 30[TH] SEPTEMBER, 2025.

For Nova Agritech Limited

Neha Soni

No. CARE/HRO/GEN/2025-26/1033