Silgo Retail Limited's Board of Directors met on May 05, 2026, and formally took on record the First Monitoring Agency Report prepared by Brickwork Ratings India Private Limited for the quarter ended March 31, 2026. The report was submitted pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 82 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The board noted that there is no deviation or variation in the utilisation of proceeds from the objects stated in the offer document. The meeting commenced at 04:30 PM and concluded at 05:15 PM.

Rights Issue Overview

Silgo Retail conducted a Rights Issue of Equity Shares during the period January 14, 2026 to February 02, 2026. The issue was structured to raise a total of ₹44.29 crore. As per the Letter of Offer, the company received 50% on application of the subscribed amount, amounting to ₹22.14 crore, as of March 31, 2026. The following table summarises the key issue details:

Utilisation of Issue Proceeds

Brickwork Ratings, acting as the Monitoring Agency under its engagement letter dated December 12, 2025, verified the utilisation of funds raised through the Rights Issue. The verification was based on bank statements, a CA Certificate from JKSS & Associates dated April 29, 2026, invoices, and company letters. The table below details the progress in deployment of issue proceeds as at the end of the quarter:

The primary object of the Rights Issue is investment in the SPV, Hare Krishna Creative Realty Private Limited, with a scheduled completion date of FY 2026-27. As of the quarter ended March 31, 2026, this object is reported as ongoing with no delay recorded.

Monitoring Agency Findings

Brickwork Ratings confirmed the following key findings in its First Monitoring Agency Report:

• Deviation from objects: No deviation observed
• Range of deviation: Not Applicable
• Utilisation as per Offer Document: Yes, confirmed through bank statements, CA Certificate, invoices, and company letters
• Change in means of finance: No
• Shareholder approval for material deviations: Not Applicable
• Government/statutory approvals obtained: Yes
• Unfavorable events affecting viability of objects: No
• Favorable events improving viability of objects: No
• Any other material information for investors: No

The Monitoring Agency also confirmed that no amounts were held in the allotment account or monitoring account with HDFC Bank as uninvested proceeds at the end of the quarter.

Regulatory Compliance and Disclosure

The report was prepared in accordance with Schedule XI of the SEBI ICDR Regulations, 2018, and the Monitoring Agency Agreement dated December 12, 2025. Brickwork Ratings declared no direct or indirect interest in or relationship with the issuer, its promoters, directors, or management, and confirmed no conflict of interest in monitoring and reporting the utilisation of issue proceeds. The report was signed by Mr. Niraj Kumar Rathi, Senior Director, Ratings, Brickwork Ratings, and submitted to the National Stock Exchange of India Limited by Nitin Jain, Managing Director of Silgo Retail Limited.

Silgo Retail has secured a significant contract for solar power plants under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Scheme, marking a major milestone for the company in the renewable energy sector.

Contract Details

• Contract Value: ₹172.00 crores
• Capacity: 48.50 MW of solar power plants
• Duration: Includes 25-year operations and maintenance services

Tariff Structure

The contract comes with a competitive tariff structure:

• ₹3.03 per unit
• ₹2.60 per unit

Significance of PM-KUSUM Scheme

The PM-KUSUM Scheme, launched by the Indian government, aims to promote solar energy in the agricultural sector. This contract underscores Silgo Retail's role in advancing India's renewable energy goals and supporting the agricultural community.

Impact on Silgo Retail

This substantial contract is expected to bolster Silgo Retail's position in the solar energy market. The long-term nature of the contract, including a 25-year operations and maintenance component, provides the company with a steady revenue stream and enhances its project portfolio in the renewable energy sector.

Market Implications

The successful bid for this project under the PM-KUSUM Scheme may open doors for Silgo Retail to secure similar contracts in the future, potentially driving growth in its renewable energy division. Investors and market analysts will likely be watching closely to see how this contract affects the company's financial performance and market position.

As the renewable energy sector continues to grow in India, contracts like these highlight the increasing opportunities for companies in the solar power space, especially those aligned with government initiatives aimed at promoting clean energy adoption in various sectors of the economy.