NSB BPO Solutions Limited — Capital/Financing Update 2026

Feb 14, 2026

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Date: 14.02.2026

To, Head of the Department, Department of Listing Operation, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001

SCRIP Code: 544571 ISIN: INE0SLP01017

Sub.: Monitoring Agency Report for the quarter ended December 31, 2025 – Utilization of funds raised through Public Issue

Dear Sir/Madam,

Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) read with Regulation 41(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”), as amended from time to time, we hereby submit the Monitoring Agency Report dated February 12, 2026, issued by NSB BPO Solutions Limited, the Monitoring Agency appointed by the Company.

In terms of the ICDR Regulations, the Monitoring Agency is required to submit its report in respect of the utilization of issue proceeds, and the Company is required to place and submit the same to the Stock Exchange(s) within the prescribed timelines until the proceeds are fully utilized.

The enclosed report pertains to the utilization of funds raised through the Public Issue of the Company and confirms that the utilization is in accordance with the objects stated in the Offer Document, with no deviation or variation.

The aforesaid information is also being made available on the website of the Company at www.nsbbpo.com.

Yours faithfully,

FOR NSB BPO SOLUTIONS LIMITED

ANJALI Digitally signed by ANJALI SHUKLA SHUKLA Date: 2026.02.14 13:11:48 +05'30' ANJALI SHUKLA COMPANY SECRETARY

Encl.: Monitoring Agnecy Report

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First Monitoring Agency Report for NSB BPO Solutions Limited for the quarter ended December 31, 2025

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No. BWR/2025-26/IPM/NBSL/01

February 12, 2026

To Mr. Santosh Rao Dongre Chief Financial Officer NSB BPO Solutions Limited 3rd Floor, Plot No. 13, Railway Colony, E-8, Arera Colony, Trilanga, Bhopal, Huzur, Madhya Pradesh, India 462039

Dear Sir,

First Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Fresh Issue of Equity Shares of NSB BPO Solutions 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 September 8, 2025, Brickwork Ratings (BWR) has prepared the First Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilisation of proceeds of funds raised, for the quarter ended December 31, 2025.

The funds raised by the Company were through Fresh Issue of Equity Shares aggregating to Rs.64.13 Crore of the Company.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended December 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated September 8, 2025.

Request you to kindly take the same on records.

Thanking you, Yours Faithfully,

Digitally signed by NIRAJ KUMAR NIRAJ KUMAR RATHI RATHI Date: 2026.02.12 18:33:50 +05'30'

Mr Niraj Kumar Rathi

Senior Director, Ratings - Brickwork Ratings

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Report of the Monitoring Agency (MA)

Name of the issuer: NSB BPO Solutions Limited

For quarter ended: December 31, 2025

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: 2026.02.12 18:34:49 +05'30'

Signature:

Name of the Authorized Signatory: Mr Niraj Kumar Rathi

Designation of Authorized Person/Signing Authority: Senior Director, Ratings - Brickwork Ratings

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1) Issuer Details:

NSB BPO Solutions Limited.

Name of the issuer: NSB BPO Solutions Limited. Name of the promoter: Mr. Narendra Singh Bapna Industry / sector to which it belongs: Information Technology (IT) & BPM

2) Issue Details:

Issue period: 23 September 2025 to 7 October 2025

Type of issue (public/ rights): Fresh Issue of Equity shares Type of specified securities: Equity Shares IPO Grading, if any: Not Applicable Issue size (in ₹ Crore): 64.13

Particulars	Total Number of Securities	Price (₹)	Value as per Offer Document (₹ Crore)	Amount Received (₹ Crore)
Equity Shares-Fresh Issue	53,00,000	121	64,13,00,000	64.13
Total	53,00,000	121	64,13,00,000	64.13

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

Particulars	Reply	Source of information / certifcations considered by Monitoring Agency for preparation of report	Comments	Comments of Board of Directors
			of
			Monitoring
			Agency
Whether all utilization is as per the disclosures in the Ofer Document?	Yes	Bank Statements, Invoices, Company’s Letter,CA Certifcate	Nil	Nil
Whether shareholder approval has been obtained in case of material deviations#from expenditures disclosed in the Ofer Document?	Not Applicable	Nil	Nil	Nil
Whether the means of fnance 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	Monitoring is being done for the frst time	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 afecting the viability of the object(s)?	No	Company’s letter	Nil	Nil
Is there any other relevant information that may materially afect the decision making of the investors?	No	Not Applicable	Nil	Nil

Notes: CA certificate from B.C.P. Jain & co. FRN no. 000802C #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.

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4) Details of object(s) to be monitored:

i. Cost of object(s):

Sr. No	Item Head	Source of information / certifcations considered by Monitoring Agency for preparation of report	Original Cost as per the Ofer Document (₹ Crore)			Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
				Revised Cost (₹ Crore)	Comments of the Monitoring Agency
						Reason of cost revision	Proposed fnancing option	Particulars of frm arrangements made
1.	Re-payment/pre- payment, in full or in part, of certain borrowings availed by our Company	Bank Statements, Company Letter, CA Certifcate	21.88	No	Nil	Nil	Nil	Nil
2	Funding Capital expenditure for new project	Bank Statements, Company Letter, CA Certifcate	13.00	No	Nil	Nil	Nil	Nil
3.	Additional Working Capital requirements for our existing business	Bank Statements, Company Letter, CA Certifcate	9.00	No	Nil	Nil	Nil	Nil
4.	Long-Term Working Capital requirements for our new project	Bank Statements, Company Letter, CA Certifcate	16.00	No	Nil	Nil	Nil	Nil
5	Issue Expenses	Bank Statements, Company Letter, CA Certifcate	4.25	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 October 8, 2025, page number 79.

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ii. Progress in the object(s):

Sr. No.	Item Head	Source of information/ certifcations considered by Monitoring Agency for preparation of report	Amount as proposed in the Ofer Document in ₹ Crore (A)	Amount utilized in ₹ Crore (B)	Amount utilized in ₹ Crore (B)	Amount utilized in ₹ Crore (B)	Total Unutilised amount in ₹ Crore as on 31st December 2025 (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.	Re-payment/pre- payment, in full or in part, of certain borrowings availed by our Company	Bank Statements, Company Letter, CA Certifcate	21.88	0.00	21.88	21.88	0.00	Nil
2	Funding Capital expenditure for new project	Bank Statements, Company Letter, CA Certifcate	13.00	0.00	13.00	13.00	0.00	Nil
3.	Additional Working Capital requirements for our existing business	Bank Statements, Company Letter, CA Certifcate	9.00	0.00	9.00	9.00	0.00	Nil
4.	Long-Term Working Capital requirements for our new project	Bank Statements, Company Letter, CA Certifcate	16.00	0.00	13.97	13.97	2.03	Nil
5	Issue Expenses	Bank Statements, Company Letter, CA Certifcate	4.25	0.00	4.15	4.15	0.10	Nil
6	Any other purpose approved by board	NA	NA	NA	NA	NA	NA	Nil

Above details are verified by CA certificate from B.C.P. Jain & co. FRN no. 000802C, and Company statement dated February 9, 2026.

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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 thequarter
1	IndusInd Bank Public Issue Escrow A/c 255106740797	2.13	-	-	-	-

Above details are verified by CA certificate from B.C.P. Jain & co. FRN no. 000802C, and Company statement dated February 9, 2026.

iv. Delay in Implementation of Objects:

Object(s) Name	Completion Date	Completion Date	Delay	Comments of Board of Directors	Comments of Board of Directors
	As per Ofer Document	Actual	No. of Days/ Months	Reason of Delay	Proposed course of Action
Re-payment/pre-payment, in full or in part, of certain borrowings availed by our Company	Up to Financial Year 2025-26	Completed	-	-	-
Funding Capital expenditure for newproject	Up to Financial Year 2025-26	Completed	-	-	-
Additional Working Capital requirements for our existing business	Up to Financial Year 2025-26	Completed	-	-	-
Long-Term Working Capital requirements for our newproject	Up to Financial Year 2025-26	Ongoing	-	-	-
Issue Expenses	-	-	-	-	-
Any other purpose approved by the board, if any	NA	NA	NA	NA	NA

Above details are verified by the Company statement dated February 9, 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 December 31, 2025)	Remarks
General Corporate Purpose	0.00	Nil

Above details are verified by CA certificate from B.C.P. Jain & co. FRN no. 000802C dated February 9, 2026.

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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.

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