February 11, 2026

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The BSE Limited 1stFloor, New Trading Wing, Rotunda Building, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400001, Maharashtra, India Security Code: 532884	The National Stock Exchange of India Limited Exchange Plaza, 5thFloor, C – 1, Block G, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India Symbol: REFEX

Ref.: Regulation 162A (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Subject : Monitoring Agency Reports for the quarter ended December 31, 2025

Dear Sir/Ma’am,

Pursuant to Regulation 162A (4) of Chapter V of Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements), 2015, we are enclosing herewith Monitoring Agency Reports issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended December 31, 2025 in relation to utilisation of funds raised pursuant to the issue of equity shares and warrants on preferential basis as per details given below:

i. Preferential issue of equity shares and warrants to promoter vide EGM Notice dated March 27, 2024 as Annexure-A ;
ii. Preferential issue of equity shares and warrants to promoter & non-promoters vide EGM Notice dated October 26, 2024 as Annexure-B .

The reports are also placed on the Company’s website at https://refex.co.in/investors/

Kindly take the same on records.

Thanking you.

Yours faithfully, For & on behalf of Refex Industries Limited

Digitally signed by ANKIT ANKIT PODDAR PODDAR Date: 2026.02.11 17:09:52 +05'30'

______ Ankit Poddar

Company Secretary & Compliance Officer Membership No.- ACS – 25443

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Annexure A

No. CARE/CRO/GEN/2025-26/1023

The Board of Directors

Refex Industries Limited

2[nd] floor, No. 313 Refex Towers, Sterling Road, Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu- 600034

February 11, 2026

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Preferential issue of Refex Industries Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Preferential Issue of 50,00,000 equity shares and preferential issue of 1,25,75,000 warrants which are convertible into equivalent number of equity shares of face value of Rs. 2 each for the amount aggregating to Rs.62.50 crores and Rs. 157.19 crores respectively, 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 December 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated March 26,2024.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Ratheesh Kumar

Associate Director [email protected]

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Report of the Monitoring Agency

Name of the issuer: Refex Industries Limited For quarter ended: 31/12/2025 Name of the Monitoring Agency: CARE Ratings Limited

(a) Deviation from the objects:
As per the objects of the issue, funds under “Investment in Subsidiaries” to be used for “ undertaking investments in or providing loans to the subsidiaries of the Company for the purposes of purchasing vehicles, either in the form of equity/quasi equity/unsecured loan .” During the quarter, the Company utilized ₹17.59 crores towards “investment in subsidiaries”. Of this investment, subsidiary used ₹11.40 crores towards repayment of vehicle loans and ₹6.19 crores used towards payment of salaries.
As per the object of the issue, funds under “capital expenditure” to be used for undertaking capital expenditure in Refex Industries Ltd to purchase Tipper Lorries, put new refilling plant at factory, purchasing other office equipment. During the quarter, the company utilized ₹0.62 crores towards capital expenditure of which ₹0.55 crores used towards purchasing an excavator.
(b) Range of Deviation: Upto 10%

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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Ratheesh Kumar

Associate Director [email protected]

1) Issuer Details:

Name of the issuer : Refex Industries Limited Name of the promoter : M/s. Refex Holding Private Limited (Erstwhile M/s Sherisha Technologies Private Ltd) Industry/sector to which it belongs : Industrial Gases, coal and ash handling

2) Issue Details

Issue Period : March 27,2024 to April 11, 2024 Type of issue (public/rights) : Preferential issue Type of specified securities : Equity shares and warrants IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 220 crores

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?	No	Chartered Accountant Certificate* Bank statements	There was a deviation in the utilization under the object ‘Investment in Subsidiaries’ and ‘Capital Expenditure’.	Investment in Subsidiary: Considering both strategic and financial factors, the proceeds have been deployed prudently by optimally leveraging the Company’s capital and avoiding additional borrowing costs that would otherwise have been incurred to meet its working capital requirements. Capital Expenditure: The capital expenditure incurred on the purchase of excavators, being similar in nature to tipper lorries, should not be considered as a deviation in the utilization ofproceeds.
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	No	Not applicable	Not applicable	No Comments
Whether the means of finance for the disclosed objects of the issue have changed?	No	Not applicable	Not applicable	No Comments
Is there any major deviation observed over the earlier monitoringagencyreports?	No	Not applicable	Not applicable	No Comments
Whether all Government/statutory approvals related to the object(s)have been obtained?	Not applicable	Not applicable	Not applicable	No Comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not applicable	Not applicable	Not applicable	No Comments
Are there anyfavorable/unfavorable events	No	Not applicable	Not applicable	No Comments

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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
affectingthe viabilityof these object(s)?
Is there any other relevant information that may materially affect the decision making of the investors?	Yes	Company disclosure	The Income Tax Department conducted search operations at the registered office of the company and certain other locations linked to the Group from December 9 to December 13, 2025. As per the company, Refex Group has not received any official notice from the Department. On December 12, 2025, SEBI imposed a ₹10 lakh penalty on Promoter and CMD Anil Jain for communicating Unpublished Price Sensitive Information (UPSI) regarding Q4 FY23 results. In Q3FY26 company has discontinued power trading and refrigerant gases business.	No Comments

*Chartered Accountant certificate from A B C D & Co LLP Dated February 03, 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.

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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 (as per the Notice of EGM) in Rs. Crore			Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
				Revised Cost in Rs. Crore	Comments of the Monitoring Agency	Reason for cost revision	Proposed financing option	Particulars of firm arrangements made
1	Working Capital	Notice of EGM, Chartered Accountant certificate#, Bank statement	96	-	Nil	No Comments	No Comments	No Comments
2	Capital Expenditure	Notice of EGM, Chartered Accountant certificate,Bank statement	20	-	Nil	No Comments	No Comments	No Comments
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate,Bank statement	50	-	Nil	No Comments	No Comments	No Comments
4	General Corporate Purpose	Notice of EGM, Chartered Accountant certificate,Bank statement	54	-	Nil	No Comments	No Comments	No Comments
Total			220

Capital Expenditure amount is 19.68 crores however as per offer document it is 20 crores as it rounded up to the nearest crore. #Chartered Accountant certificate from A B C D & Co LLP Dated February 03, 2026

(ii) Progress in the objects –

Sr. No		Source of information / certifications		Amount	l	l	l			Comments of the Board of Directors	Comments of the Board of Directors
				received during March 27,2024 to December 31, 2026 in Rs. Crore^	Amount utiised in Rs. Crore			Total	Comments of the Monitoring Agency

			Amount as		As at beginning 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
	Item	considered by	proposed					unutilised
	Head	Monitoring	in the Notice of i					amount in
		Agency for preparation of report	EGM n Rs.					Rs. Crore
			Crore

1	Working Capital	Notice of EGM, Chartered Accountant certificate#, Bank statement	96		85.37	0.00	85.37	10.63	--	No Comments	No Comments
2	Capital Expenditure	Notice of EGM, Chartered	20		0.00	0.62	0.62	19.06	There is no separate monitoringagencyaccount.	No Comments	No Comments

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Sr. No		Source of information / certifications		Amount						Comments of the Board of Directors	Comments of the Board of Directors
				received during March 27,2024 to December 31, 2026 in Rs. Crore^	Amount utilised in Rs. Crore			Total	Comments of the Monitoring Agency

			Amount as		As at beginning 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
	Item	considered by	proposed					unutilised
	Head	Monitoring	in the Notice of					amount in
		Agency for preparation of report	EGM in Rs.					Rs. Crore
			Crore

		Accountant certificate#		220					During the quarter, proceeds (Rs 71.01 crores) from share subscription account is transferred to cash credit account of the company From the CC account, company utilized Rs 0.62 crores towards purchase of excavator (Rs 0.55 cr), lap top (Rs 0.07 cr) and office equipment(Rs 0.004 cr).
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate#, Bank statement	50		32.41	17.59	50.00	0.00	There is no separate monitoring agency account. During the quarter, proceeds of Rs 71.01 crores from share subscription account is transferred to cash credit account of the company. Subsequently from the CC account it transferred ₹17.59 crores to the subsidiary Refex Green Mobility Limited (RGML). Of this, RGML used ₹11.40 crores towards repayment of vehicle loans. ₹6.19 crores used towards payment of salaries.	No Comments	No Comments
4	General Corporate	Notice of EGM, Chartered	54		30.90	7.80	38.70	15.30	There is no separate monitoringagencyaccount.	No Comments	No Comments

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			Source of information / certifications			Amount	Amount											Comments of the Board of Directors	Comments of the Board of Directors
						received during March 27,2024 to December 31, 2026 in Rs. Crore^		Amount utilised in Rs. Crore						Total	Comments of the Monitoring Agency

				Amount as				As at beginning 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
Sr.	Item		considered by	proposed										unutilised
No	Head		Monitoring	in the Notice of										amount in
			Agency for preparation of report	EGM in Rs.										Rs. Crore
				Crore

	Purpose		Accountant certificate#, Bank statement												During the quarter, proceeds of Rs 71.01 crores from share subscription account is transferred to cash credit account of the company utilized towards the objects of the issue from there.
Total				220*		220*		148.68		26.01	174.69			45.00
_The amount is rounded off to nearest crores_ #Chartered Accountant certificate from A B C D & Co LLP dated February 03, 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 NBFC – Intercorporate Deposit – to Rudra Securities and Capital Ltd Rs 45 crores 02-Oct-2026 11% 11% NA As per the EGM notice, unutilized funds can be invested in money market instruments including money market mutual funds, deposits in scheduled commercial banks, securities issued by the government of India or any other investment as permitted under applicable laws. During the quarter, proceeds of Rs 71.01 crores from share subscription account is transferred to cash credit account of the company and transferred Rs 45 crores as inter-corporate deposit to M/s Rudra Securities and Capital Ltd. (iv)Delayin implementation of the object(s)–
		Type of instrument and name of the entity invested in					Amount invested									Return on Investment (%)		Market Value as at the end of quarter
														Earning

		NBFC – Intercorporate Deposit – to Rudra Securities and Capital Ltd					Rs 45 crores		02-Oct-2026			11%				11%		NA
					Completion					Date			Delay (no. of		Comments of		the Board of Directors

Objects					Asper the Notice of EGM					Actual			days/ months)		Reason of delay		Proposed course of action

Working capital					Within two years from the date of receipt of funds					Ongoing			No delay		No Comments		No Comments
Capital expenditure					Within two years from the date of receipt of funds					Ongoing			No delay		No Comments		No Comments
Investment in subsidiaries					Within twoyears from the date of					Ongoing			No delay		No Comments		No Comments

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	Completion	Date	Delay (no. of	Comments of	the Board of Directors

Objects	Asper the Notice of EGM	Actual	days/ months)	Reason of delay	Proposed course of action

	receipt of funds
General corporate purpose	Within two years from the date of receipt of funds	Ongoing	No delay	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


1	SalaryPayment	2.67	Bank Statement, CA Certificate*, Management Undertaking	No Comments	No Comments
2	Income Tax Payment	5.13
	Total	7.80

*Chartered Accountant certificate from A B C D & Co LLP dated February 03, 2026

^ Section from the offer document related to GCP:

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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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Annexure B

No. CARE/CRO/GEN/2025-26/1024

The Board of Directors

Refex Industries Limited

2[nd] floor, No. 313 Refex Towers, Sterling Road, Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu- 600034

February 11, 2026

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Preferential issue of Refex Industries Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Preferential Issue of 81,77,068 equity shares and preferential issue of 1,11,70,000 warrants which are convertible into equivalent number of equity shares of face value of Rs. 2 each for the amount aggregating to Rs.382.69 crores and Rs. 522.75 crores respectively, 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 December 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated October 30, 2024.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Ratheesh Kumar

Associate Director [email protected]

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Report of the Monitoring Agency

Name of the issuer: Refex Industries Limited For quarter ended: 31/12/2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No (b) Range of Deviation: Not Applicable

Declaration:

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Ratheesh Kumar

Associate Director [email protected]

1) Issuer Details:

2) Issue Details

Issue Period : October 28, 2024, to November 07,2024 Type of issue (public/rights) : Preferential issue Type of specified securities : Equity shares and warrants IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 905.44 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 Certificate* Bank statements	Not applicable	No comments
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	No	Not applicable	Not applicable	No comments
Whether the means of finance for the disclosed objects of the issue have changed?	No	Not applicable	Not applicable	No comments
Is there any major deviation observed over the earlier monitoring agency reports?	Yes	Bank statements, Invoices and FD receipts	In Q4FY25, Part of the proceeds meant for subsidiary's operating expenses or loan repayment were parked as Fixed Deposit at subsidiary’s bank account.	No comments
Whether all Government/statutory approvals related to the object(s)have been obtained?	Not applicable	Not applicable	Not applicable	No comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not applicable	Not applicable	Not applicable	No comments
Are there any favorable/unfavorable events affecting the viability of these object(s)?	No	Not applicable	Not applicable	No comments
Is there any other relevant information that may materially affect the decision makingof the investors?	Yes	Company disclosure	The Income Tax Department conducted search operations at the	No comments

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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
			registered office of the company and certain other locations linked to the Group from December 9 to December 13, 2025. As per the company, Refex Group has not received any official notice from the Department. On December 12, 2025, SEBI imposed a ₹10 lakh penalty on Promoter and CMD Anil Jain for communicating Unpublished Price Sensitive Information (UPSI) regarding Q4 FY23 results. In Q3FY26 company has discontinued power trading and refrigerant gases business.

*Chartered Accountant certificate from A B C D & Co LLP Dated February 03, 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 Notice of EGM) in Rs. Crore			Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
				Revised Cost in Rs. Crore	Comments of the Monitoring Agency	Reason for cost revision	Proposed financing option	Particulars of -firm arrangements made
1	Working Capital	Notice of EGM, Chartered Accountant certificate#, Bank statement	323.81	323.81	Nil	No comments	No comments	No comments
2	Capital Expenditure	Notice of EGM, Chartered Accountant certificate#, Bank statement	85.00	85.00	Nil	No comments	No comments	No comments
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate#,Bank	260.00	260.00	Nil	No comments	No comments	No comments

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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 Notice of EGM) in Rs. Crore			Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
				Revised Cost in Rs. Crore	Comments of the Monitoring Agency	Reason for cost revision	Proposed financing option	Particulars of -firm arrangements made
		statement
4	Repayment of Loans	Notice of EGM, Chartered Accountant certificate#, Bank statement	59.00	36.63	Adjusted for Under subscribed value of the equity share *	No comments	No comments	No comments
5	General Corporate Purposes	Notice of EGM, Chartered Accountant certificate#, Bank statement	200.00	200.00	Nil	No comments	No comments	No comments
Total			927.81	905.44*

Out of the total issue of 86,55,000 equity shares, 94% (81,77,068 shares) was subscribed and paid and company received Rs.382.69 crores . Total proceeds envisaged in the offer document was Rs. 927.81 crore which reduced to Rs.905.44 crore due to the undersubscription of equity shares. Company has revised the amount allotted for ’Repayments of loans’ from Rs.59 crore as per offer document to Rs.36.63 crore to factor in this undersubscription.

Chartered Accountant certificate from A B C D & Co LLP Dated February 03, 2026

(ii) Progress in the objects –

Sr. No		Source of information / certifications		Amount						Comments of the Board of Directors	Comments of the Board of Directors
				received during October 28, 2024 to December 31, 2025 in Rs. Crore^^	Amount utilised in Rs. Crore			Total unutilised amount in Rs. crore	Comments of the Monitoring Agency	Board of

			Amount as		As at beginning 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
	Item	considered by	proposed i h i
	Head	Monitoring	n te Notce f
		Agency for preparation of report	o EGM in Rs.
			Crore

1	Working Capital	Notice of EGM, Chartered Accountant certificate#, Bank statement	323.81	513.38	266.08	0.00	266.08	0.00	-	No comments	No comments
2	Capital Expenditure	Notice of EGM,	85.00		3.48	0.00	3.48	0.00	-	No comments	No comments

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Sr. No		Source of information / certifications		Amount						Comments of the Board of Directors	Comments of the Board of Directors
				received during October 28, 2024 to December 31, 2025 in Rs. Crore^^	Amount utilised in Rs. Crore			Total unutilised amount in Rs. crore	Comments of the Monitoring Agency

			Amount as		As at beginning 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
	Item	considered by	proposed h
	Head	Monitoring	in te Notice f
		Agency for preparation of report	o EGM in Rs.
			Crore

		Chartered Accountant certificate# and invoices
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate#, Bank statement	260.00		104.48	0.00	104.48	13.50	-	No comments	No comments
4	Repayments of Loans	Notice of EGM, Chartered Accountant certificate#, Bank statement	36.63		36.63	0.00	36.63	0.00	-	No comments	No comments
5	General Corporate Purposes	Notice of EGM, Chartered Accountant certificate#, Bank statement	200.00		89.21	0.00	89.21	0.00	-	No comments	No comments
Total			905.44	513.38	499.88	0.00	499.88	13.50

^^ The company has received 100% of the allotted equity shares of 81,77,068 aggregating to Rs.382.69 crores and 25% of the total issue of warrants amounting to Rs.130.68 crore. The remaining amount is expected to be received on exercise of the option, within 18 months from date of issue of warrant.

Chartered Accountant certificate from A B C D & Co LLP dated February 03, 2026

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(iii) Deployment of unutilized proceeds:

Sr. No.	Type of instrument and name of the entity invested in	Type of instrument and name of the entity invested in	Amount invested	Maturity date		Return on Investment (%)	Return on Investment (%)	Market Value as at the end of quarter
					Earning

1	FD – Union Bank 506803030014490		3.50	26-11-2026	-	6.25%		-
2	FD – Union Bank 506803030014486		10.00	08-11-2026	-	7.25%		-
(iv)Delayin implementation of the object(s)–
Objects Working capital Capital expenditure Investment in subsidiaries Repayments of Loans General corporate purpose			Completion Date			Comments of the Board of Directors
					Delay (no. of
			As per the offer
				Actual	days/ months)	Reason of delay	Proposed course of action
			document

		Within three years from the date of receipt of funds		Ongoing	No delay	No Comments	No Comments
		Within three years from the date of receipt of funds		Ongoing	No delay	No Comments	No Comments
		Within three years from the date of receipt of funds		Ongoing	No delay	No Comments	No Comments
		Within three months from the date of receipt of funds		Completed	50 days*	No Comments	No Comments
		Within three years from the date of receipt of funds		Ongoing	No delay	No Comments	No Comments

Chartered Accountant certificate from A B C D & Co LLP dated February 03, 2026

As per the offer document, the repayment of loans was to be completed within three months from the date of receipt of funds, which was November 07, 2024. Between November 07, 2024, and February 07, 2025, the company repaid loans totaling ₹36.33 crore. The remaining ₹0.30 crore was repaid between February 08, 2025, and March 29, 2025.

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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
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


No utilization towards GCP duringtheQ3FY26.

Chartered Accountant certificate from A B C D & Co LLP dated February 03, 2026

^ Section from the offer document related to GCP:

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Disclaimers to MA report:

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AI assistant

Refex Industries Limited Capital/Financing Update 2026

59267_rns_2026-02-11_5ab6e19b-c2ea-4770-a07b-ccf777a0cc30.pdf

February 11, 2026

No. CARE/CRO/GEN/2025-26/1023

The Board of Directors

Refex Industries Limited

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Preferential issue of Refex Industries Limited (“the Company”)

Ratheesh Kumar

Report of the Monitoring Agency

Declaration:

1) Issuer Details:

2) Issue Details

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

Where material deviation may be defined to mean:

4) Details of objects to be monitored:

(ii) Progress in the objects –

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

Disclaimers to MA report:

No. CARE/CRO/GEN/2025-26/1024

The Board of Directors

Refex Industries Limited

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Preferential issue of Refex Industries Limited (“the Company”)

Ratheesh Kumar

Report of the Monitoring Agency

Declaration:

1) Issuer Details:

2) Issue Details

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

Where material deviation may be defined to mean:

4) Details of objects to be monitored:

Chartered Accountant certificate from A B C D & Co LLP Dated February 03, 2026

(ii) Progress in the objects –

Chartered Accountant certificate from A B C D & Co LLP dated February 03, 2026

(iii) Deployment of unutilized proceeds:

Disclaimers to MA report:

AI assistant

Refex Industries Limited — Capital/Financing Update 2026

59267_rns_2026-02-11_5ab6e19b-c2ea-4770-a07b-ccf777a0cc30.pdf

February 11, 2026

No. CARE/CRO/GEN/2025-26/1023

The Board of Directors

Refex Industries Limited

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Preferential issue of Refex Industries Limited (“the Company”)

Ratheesh Kumar

Report of the Monitoring Agency

Declaration:

1) Issuer Details:

2) Issue Details

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

Where material deviation may be defined to mean:

4) Details of objects to be monitored:

(ii) Progress in the objects –

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

Disclaimers to MA report:

No. CARE/CRO/GEN/2025-26/1024

The Board of Directors

Refex Industries Limited

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended December 31, 2025 - in relation to the Preferential issue of Refex Industries Limited (“the Company”)

Ratheesh Kumar

Report of the Monitoring Agency

Declaration:

1) Issuer Details:

2) Issue Details

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

Where material deviation may be defined to mean:

4) Details of objects to be monitored:

Chartered Accountant certificate from A B C D & Co LLP Dated February 03, 2026

(ii) Progress in the objects –

Chartered Accountant certificate from A B C D & Co LLP dated February 03, 2026

(iii) Deployment of unutilized proceeds:

Disclaimers to MA report:

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Refex Industries Limited Capital/Financing Update 2026