PAKKA LIMITED — Audit Report / Information 2026

Aug 16, 2025

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7/Govt/SE/2025-26/0024 16[th ] August, 2025

National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051 Trading Symbol: PAKKA

BSE Limited Department of Corporate Service Phiroze Jeejeebhoy Towers 25th Floor, Dalal Street Mumbai - 400 001 Scrip Code: 516030

Sub: Monitoring Agency Report for the 1[st] quarter ended June 30, 2025 - in relation to the Preferential issue of Equity shares and Fully Convertible warrants of Pakka Limited (“the Company”)

Dear Sir/Madam,

Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Monitoring Agency Report for the 1[st] quarter ended June 30, 2025, issued by Care Ratings Limited, the Monitoring Agency, as per Monitoring Agency Agreement dated October 9, 2024, appointed to monitor the utilization of proceeds raised through issuance of 54,00,000 Equity Shares and 36,00,000 fully convertible warrants by way of preferential issue.

Kindly take the above information on record. The information in the above notice is also available on the website of the Company https://www.pakka.com.

Kindly bring it to the notice of all concerned.

Thanking you,

Yours faithfully, f or Pakka Limited

Sachin Digitally signed by Sachin Kumar Kumar Srivastava Date: 2025.08.16 Srivastava 21:23:51 +05'30' Sachin Kumar Srivastava

Company Secretary & Legal Head

Encl.: as above

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No. CARE/NRO/GEN/2025-26/1080

The Board of Directors Pakka Limited

312, Plaza Kalpana Society, 24/147, B-49, Birhana Road, Kanpur – 208001, Uttar Pradesh, India

August 14, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended June 30, 2025 - in relation to the Preferential issue of Equity shares and Fully Convertible warrants of Pakka Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 244.80 crore (Preferential issue of equity share: Rs. 146.88 crore & Preferential issue of fully convertible share warrants: Rs.97.92 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.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated October 09, 2024.

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Sandeep Aggarwal

Associate Director

Sandeep.aggarwal@careedge.in

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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CIN-L67190MH1993PLC071691

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Report of the Monitoring Agency

Name of the issuer: Pakka Limited For quarter ended: June 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:

Name and designation of the Authorized Signatory: Sandeep Aggarwal Designation of Authorized person/Signing Authority: Associate Director

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Corporate Office :4th Floor, Godrej Coliseum, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Somaiya Hospital Road, Off Eastern Express Phone: +91-120-4452000 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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CIN-L67190MH1993PLC071691

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1) Issuer Details:

Name of the issuer Name of the promoter Industry/sector to which it belongs

: Pakka Limited : Mr. Ved Krishna : Paper, Forest & Jute Products - Paper & Paper Products

2) Issue Details

Issue Period (Equity shares) Issue Period (Share warrants) Type of issue (public/rights) Type of specified securities IPO Grading, if any Issue size of equity shares (in crore) Issue size of share warrants (in crore)

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC071691

: October 04, 2024, to October 11, 2024 (Date of allotment: October 14, 2024) : 12 months from the date of allotment i.e. October 13, 2025 : Preferential Issue : Equity shares and fully convertible warrants : Not Applicable : Rs. 146.88 crore : Rs. 97.92 crore

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Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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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	Management Certificate, Chartered Accountant certificate*, Bank statements	All the proceeds from the preferential issue have been utilized as per the objectives mentioned in the shareholder resolution, as supported bymanagement and CA certificate.	No comments received
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	No material deviation	Management Certificate	NA	No comments received
Whether the means of finance for the disclosed objects of the issue have changed?	No	Management Certificate	NA	No comments received
Is there any major deviation observed over the earlier monitoring agency reports?	No	Management certificate, Chartered Accountant certificate*,Bank statement	NA	No comments received
Whether all Government/statutory approvals related to the object(s) have been obtained?	No	Management certificate, Techno Economic Viability (TEV) Report on the project	As per TEV report, being an existing unit, the Company has obtained majority of the statutory approvals and remaining approvals regarding the capital expenditure project to be received before Commercial Operation Date.	No comments received
Whether all arrangementspertainingto	Yes	Management Certificate	The companyhas done technical collaboration	No comments received
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 CIN-L67190MH1993PLC071691		Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in 4

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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
technical assistance/collaboration are in operation?			with the project consultant named "SPB Projects And ConsultancyLtd”
Are there any favorable/unfavorable events affecting the viability of these object(s)?	Yes	Management Certificate, Bombay Stock Exchange website	The company's share price is trading below the share warrant exercise price, which may result in subscribers allowing the warrants to lapse, potentially impacting the viability of the objectives.	No comments received
Is there any other relevant information that may materially affect the decision making of the investors?	Yes	Management Certificate, Bombay Stock Exchange website	The company has published its standalone financials of FY25, however, consolidated financials for FY25 have been delayed	No comments received

• CA certificate from CNK & Associates LLP (Statutory Auditor) dated August 05, 2025

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/ shareholder resolution.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC071691

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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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	Revised		Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
			(as per the Offer Document) in Rs. Crore	Cost in Rs. Crore	Comments of the Monitoring Agency	Reason for cost revision	Proposed financing option	Particulars of -firm arrangements made
1	Investment in Plant & Machinery (Jagriti Project)	Shareholder Resolution1, Board Resolution copy2	190.00	NA	Not applicable	No comments received	No comments received	No comments received
2	Investment in Subsidiary	Shareholder Resolution1, Board Resolution copy2	30.00	NA	Not applicable	No comments received	No comments received	No comments received
3	General corporate purposes	Shareholder Resolution1, Board Resolution copy2	24.80	NA	Not applicable	No comments received	No comments received	No comments received
Total			244.80

1 Shareholder Resolution implies the special resolution passed in reference to the EGM Notice dated August 29, 2024, of the Company.

2Board Resolution copy implies the resolution passed by the Board of directors of the Company in their Meeting dated October 07, 2024 and November 09, 2024.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC071691

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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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								Comments of the Board of Directors	Comments of the Board of Directors
			Amount as proposed in the Offer Document in Rs. Crore		Amount utilised in Rs. Crore			Total	Comments of the Monitoring Agency	Board of
				Amount raised till date i.e. June 30, 2025
					As at beginning of the quarter in Rs. Crore					Reasons for idle funds	Proposed course of action
						During	At the
								unutilised
						the	end of
								amount
						quarter	the
								in Rs. crore
						in Rs.	quarter
						Crore	in Rs. Crore
1	Investment in Plant & Machinery (Jagriti Project)	Bank statements, CA Certificate, Management Certificate	190.00	171.36	97.79	29.01	126.80	2.76	During Q1FY26, the investment in plant & machinery of Rs. 29.01 crore has been made towards the procurement of machinery and spare parts/ accessories. The payment has been made to various vendors directly from the monitoring account.	No comments received	No comments received
2	Investment in Subsidiary	Bank statements, CA Certificate, Management Certificate	30.00		-	17.00	17.00		During Q1FY26, the investment in wholly owned subsidiary, named Pakka INC, USA of Rs. 17 crore has been made towards land acquisition and other expenses for setting up a unit. However we are unable to comment on the valuation of the overseas land acquisition cost. The company has confirmed that the funds were utilised in accordance	No comments received	No comments received
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000 CIN-L67190MH1993PLC071691						Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in 7

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Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report								Comments of the Board of Directors	Comments of the Board of Directors
			Amount as proposed in the Offer Document in Rs. Crore		Amount utilised in Rs. Crore			Total	Comments of the Monitoring Agency
				Amount raised till date i.e. June 30, 2025
					As at beginning of the quarter in Rs. Crore					Reasons for idle funds	Proposed course of action
						During	At the
								unutilised
						the	end of
								amount
						quarter	the
								in Rs. crore
						in Rs.	quarter
						Crore	in Rs. Crore
									with the objective, as supported by management and CA certificate.
3	General corporate purposes	Bank statements, CA Certificate, Management Certificate	24.80		24.80	-	24.80		Nil funds utilized by the company towards general corporate purposes in Q1FY26.	No comments received	No comments received
Total			**244.801 **	**171.362 **	122.59	46.01	168.60	2.76

*Chartered Accountant certificate from CNK & Associates LLP (Statutory Auditor) dated August 05, 2025

1[Company had come out with preferential issue of 54 lakh equity shares aggregating to Rs. 146.88 crore @ Rs. 272/- per share including securities premium of Rs.262 per share to the non-] promoters. Company had also come out with preferential share warrants issue of up to 36 lakh fully convertible warrants (convertible into equal number of equity shares) aggregating to Rs. 97.92 crore, at an issue price of Rs. 272 per warrant ((including share premium of Rs. 262 per warrant) including warrant subscription price of Rs. 68.00 and the warrant exercise price of Rs. 204.00 each on preferential basis to the persons/entities belonging to non-promoter category (“Allotees”). Total amount to be raised is Rs. 244.80 crore.

2[Till June 30, 2025, the fully convertible warrants have been fully subscribed from the proposed allottees (i.e. non-promoter category) with 25% of the issue price received as upfront payment ] aggregating to Rs. 24.48 Cr at the rate of Rs. 68 per warrant and balance 75% of the warrants exercise price to be received within 12 months from the date of allotment i.e. October 13, 2025. Nil warrants were exercised during Q1FY26. The preferential issue of equity shares has been fully subscribed, raising the entire amount of Rs. 146.88 crore.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC071691

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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(iii) Deployment of unutilized proceeds:

Sr. No.	Type of instrument and name of the entity invested in	Amount invested in Rs. crore	Maturity date	Earning in Rs. crore	Return on Investment (%)	Market Value as at the end of quarter
1	Closing balance of Monitoring Account at HDFC Bank Ltd	2.75	-	-	-	-
2	Closing balance of Monitoring Account at Axis Bank Ltd	0.01	-	-	-	-
3	Interest earned on FDRs withdrawn	2.02*	-	-	-	-
	Total	4.78

*Interest earned on FDRs withdrawn is parked at monitoring account of HDFC Bank Ltd

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

	Completion Date	Completion Date	Delay (no. of	Comments of the Board of Directors	Comments of the Board of Directors
Objects			days/		Proposed course of
	As per the offer document	Actual		Reason of delay
			months)		action
Investment in Plant & Machinery (Jagriti Project)	Within 12 months from receipt of funds for the warrants i.e October 13, 2025	Ongoing	NA	No comments received	No comments received
Investment in Subsidiary		Ongoing	NA	No comments received	No comments received
General corporate purposes		January 03, 2025	No delay	No comments received	No comments received

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC071691

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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

			Source of information / certifications
		Amount			Comments of the Board of
Sr. No	Item Head^		considered by Monitoring Agency for	Comments of Monitoring Agency
		in Rs. Crore			Directors
			preparation of report
1	Repayment of Cash Credit facility or long-term debt	0.00	Bank Statement, CA Certificate, Management Certificate	Nil utilization towards GCP in Q1FY26. Proposed amount for the object of GCP was fully utilized bythe companyinQ4FY25.	No comments received
	Total	0.00

*Chartered Accountant certificate from CNK & Associates LLP (Statutory Auditor) dated August 05, 2025 ^Section from the offer document related to GCP:

“Rs. 24.80 crore to be utilized for general corporate purposes, which include, but is not limited to, repayment of Cash Credit facility or Long-Term debt or such other permitted modes as per applicable laws and other instruments as may be approved by the Managing Director of the company from time to time.”

.”

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC071691

Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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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 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. 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. 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.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

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Corporate Office :4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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CIN-L67190MH1993PLC071691

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