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Pine Labs Limited Capital/Financing Update 2026

Jan 28, 2026

60444_rns_2026-01-28_27eb365b-bf90-4eee-8396-1d68bc40101c.pdf

Capital/Financing Update

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Date: January 28, 2026

To,

BSE Limited, National Stock Exchange of India Limited , 20[th] Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544606 NSE Scrip Symbol: PINELABS

Sub: Monitoring Agency Report for the quarter ended December 31, 2025

Dear Sir/ Madam,

Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report for the quarter ended December 31, 2025, issued by CARE Ratings Limited, (the “Monitoring Agency”), appointed to monitor the utilization of proceeds of the Initial Public Issue (IPO) of the Company.

The above report has been placed before and considered by the Board of Directors & Audit Committee at their respective meetings held today i.e. on January 28, 2026.

The above information will also be available on the website of the Company at https://www.pinelabs.com/investor-relations.

We request you to kindly take the above on record.

Thanking you,

For Pine Labs Limited

NEERAV Digitally signed by NEERAV MEHTA MEHTA Date: 2026.01.28 17:23:11 +05'30'

Neerav Mehta

Company Secretary and Compliance Officer Membership Number: A20949

Encl. a/a

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No. CARE/NRO/GEN/2025-26/1156

The Board of Directors Pine Labs Limited

4[th] and 5[th] Floor, Tower 6, Techspace, Plot No. B2, Arko Rd, Block B, Noida-201309, Uttar Pradesh

January 28, 2026

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the IPO of Pine Labs Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Initial Public Offer (IPO) for the amount aggregating to Rs. 2,080.00 crore of the Company and refer to our duties cast under 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 December 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated October 30, 2025 .

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Jatin Arora

Assistant Director [email protected]

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CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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Report of the Monitoring Agency

Name of the issuer: Pine Labs Limited For quarter ended: December 31, 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.

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Signature: Name and designation of the Authorized Signatory: Jatin Arora Designation of Authorized person/Signing Authority: Assistant Director

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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1) Issuer Details:

Name of the issuer : Pine Labs Limited Name of the promoter : No Promotors Industry/sector to which it belongs : Fintech Company

2) Issue Details

Issue Period : November 07, 2025, to November 11, 2025 Type of issue (public/rights) : IPO Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 2,080.00 crore

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 Chartered Accountant certfcate*,
Management certfcate, Bank statements
The proceeds from IPO utlized in
Q3FY26 were as per the stated
objects in the issueprospectus.
No comments
Whether shareholder approval has been obtained in case of
material deviations# from expenditures disclosed in the Offer
Document?
Not
applicable
Management certfcate No material deviaton in Q3FY26 No comments
Whether the means of finance for the disclosed objects of the
issue have changed?
No Management certfcate No comments No comments
Is there any major deviation observed over the earlier
monitoringagencyreports?
Not
applicable
Management certfcate This is the frst MA report for Pine
Labs
No comments
Whether all Government/statutoryapprovals related to the Not Management certfcate No comments No comments

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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

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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
object(s)have been obtained? applicable
Whether all arrangements pertaining to technical
assistance/collaboration are in operation?
Not
applicable
Management certfcate No comments No comments
Are there any favorable/unfavorable events affecting the
viabilityof these object(s)?
No Management certfcate No comments No comments
Is there any other relevant information that may materially
affect the decision makingof the investors?
No Management certfcate No comments No comments

* Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated January 23, 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 actually utilized by more than 10% of the amount projected in the offer documents.

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
(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
1 Repayment / prepayment, in full
or in part, of certain borrowings
availed of by our Company
Chartered Accountant (CA)
certificate*, Management
certificate, Bank statements,
Offer Document
532.00 Not applicable Amount
utilized as per
offer
documents
No comments No comments No comments

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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

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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
2 Investment in certain of our
Subsidiaries, namely Qwikcilver
Singapore,
Pine
Payment
Solutions, Malaysia and Pine
Labs UAE for expanding our
presence outside India
CA certificate*, Management
certificate, Bank statements,
Offer Document
60.00 Not applicable ₹60.00 crore
remains
unutilised at
end of Q3
FY26.
No comments No comments No comments
3 Investment
in
IT
assets,
expenditure
towards
cloud
infrastructure, procurement of
digital check-out points and
technology
development
initiatives
CA certificate*, Management
certificate, Bank statements,
Offer Document
760.00 Not applicable ₹760.00 crore
remains
unutilised at
end of Q3
FY26.
No comments No comments No comments
3.a. Investment in IT assets and
expenditure towards cloud
infrastructure
CA_certificate*, Management_
certificate, Bank statements,
Offer Document
230.00 Not applicable ₹230.00 crore
remains
unutilised at
end of Q3
FY26
No comments No comments No comments
3.b. Expenditure towards
procurement of DCPs
CA_certificate*, Management_
certificate, Bank statements,
Offer Document
430.00 Not applicable ₹430.00 crore
remains
unutilised at
end of Q3
FY26
No comments No comments No comments

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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

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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
3.c. Expenditure towards
technology development
initiatives
CA_certificate*, Management_
certificate, Bank statements,
Offer Document
100.00 Not applicable ₹100.00 crore
remains
unutilised at
end of Q3
FY26
No comments No comments No comments
4 General corporate purposes and
unidentified
inorganic
acquisitions
CA certificate*, Management
certificate, Bank statements,
Offer Document
626.33 Not applicable ₹626.33 crore
remains
unutilised at
end of Q3
FY26.
No comments No comments No comments
5 IPO Expenses CA certificate*, Management
certificate, Bank statements,
Offer Document
101.67 Not applicable ₹22.91 crore
remains
unutilised at
end of Q3
FY26.
No comments No comments No comments
Total 2,080.00
  • Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated January 23, 2026

(ii) Progress in the objects –

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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

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Sr.
No
Item
Head
Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report
l l l Comments of the
Board of Directors
Comments of the
Board of Directors
Amount as
proposed
in the Offer
Document in Rs.
Crore
Amount utiised in Rs. Crore Total Comments of the
Monitoring Agency
As at
beginnin
g of the
quarter
in Rs.
Crore
Reasons
for idle
funds
Proposed
course of
action
At the end unutilised
During the
of the amount in
quarter in Rs.
quarter in Rs. crore
Crore Rs. Crore
1 IPO Expenses CA certificate*,
Management
certificate, Bank
statements, Offer
Document
101.67 Nil 78.76 78.76 22.91 Rs. 78.76 crore has
been utilized as per
offer
document
towards issue expenses.
No
comment
s
No
comments
2 Repayment / prepayment,
in full or in part, of certain
borrowings availed of by
our Company
CA certificate*,
Management
certificate, Bank
statements, Offer
Document
532.00 Nil 532.00 532.00 0.00 Rs. 532 crore has been
utilized as per offer
document towards debt
repayment
No
comment
s
No
comments
3 Investment in certain of
our Subsidiaries, namely
Qwikcilver Singapore, Pine
Payment Solutions,
Malaysia and Pine Labs
UAE for expanding our
presence outside India
CA certificate*,
Management
certificate, Bank
statements, Offer
Document
60.00 Nil - - 60.00 Nil utilisation in Q3FY26 No
comment
s
No
comments
4 Investment in IT assets,
expenditure towards cloud
infrastructure,
CA certificate*,
Management
certificate,Bank
760.00 Nil - - 760.00 Nil utilisation in Q3FY26 No
comment
s
No
comments

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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

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Sr.
No
Item
Head
Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report
l l l Comments of the
Board of Directors
Comments of the
Board of Directors
Amount as
proposed
in the Offer
Document in Rs.
Crore
Amount utiised in Rs. Crore Total Comments of the
Monitoring Agency
As at
beginnin
g of the
quarter
in Rs.
Crore
Reasons
for idle
funds
Proposed
course of
action
At the end unutilised
During the
of the amount in
quarter in Rs.
quarter in Rs. crore
Crore Rs. Crore
procurement of digital
check-out points and
technology development
initiatives
statements, Offer
Document
5 General corporate
purposes and unidentified
inorganic acquisitions
CA certificate*,
Management
certificate, Bank
statements, Offer
Document
626.33 Nil - - 626.33 Nil utilisation in Q3FY26 No
comment
s
No
comments
Total 2,080.00 - 610.76 610.76 1,469.24
  • Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated January 23, 2026

(iii) Deployment of unutilized proceeds:

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 ICICI Bank(FD no. 003110159541) 100.00 January21,2026 - 5.25 100.00
2 ICICI Bank(FD no. 003113438120) 100.00 November 21,2026 - 6.15 100.00
3 ICICI Bank(FD no. 003113438121) 200.00 May25,2026 - 5.85 200.00

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,

Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC07169

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

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4 Axis Bank(FD no. 925040110228352) 300.00 November 21,2026 - 6.40 300.00
5 Axis Bank(FD no. 925040110229355) 146.00 February21,2026 - 5.50 146.00
6 HDFC Bank(FD no. 50301249988738) 500.00 November 22,2026 - 6.40 500.00
7 HDFC Bank(FD no. 50301249991324) 100.00 February19,2026 - 5.60 100.00
8 Moneyin MonitoringAccount(HDFC Bank) 0.33 0.33
9 Moneyin Public Offer Account(HDFC Bank) 22.91 22.91
Total 1,469.24 1,469.24

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

Completion Date Completion Date Delay Comments of the Board of Directors Comments of the Board of Directors
(no. of
Objects As per the offer Reason of Proposed course of
Actual days/
document delay action
months)
Repayment / prepayment, in full or in part, of certain borrowings availed of by our
Company
FY2026 FY2026 No Delay
No comments
No comments
Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment
Solutions,Malaysia and Pine Labs UAE for expandingourpresence outside India

FY2028
On going No Delay No comments No comments
Investment in IT assets, expenditure towards cloud infrastructure, procurement of
digital check-outpoints and technologydevelopment initiatives
On going
No comments
No comments
General corporatepurposes and unidentified inorganic acquisitions Ongoing No comments No comments

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

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

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,

Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

CIN-L67190MH1993PLC07169

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

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1 General corporate purposes
and unidentified inorganic
acquisitions

626.33
CA Certificate*, Management certificate and
Bank statement

Nil utlisaton in Q3FY26; Rs. 626.33
crore towards GCP and unidentfed
inorganic
acquisitons
remained
unutlised as on December 31,2025



No comments
Total

* Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated January 23, 2026

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169

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

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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 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 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.

CARE Ratings Limited

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

CIN-L67190MH1993PLC07169