Brickwork Ratings India Private Limited (BWR) has submitted the Third Monitoring Agency Report for Tolins Tyres Limited, covering the quarter ended March 31, 2026. The report, bearing reference number BWR/2026-27/IPM/TTL/03 and dated May 06, 2026, was prepared pursuant to Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Monitoring Agency Engagement Letter dated August 27, 2025. It was addressed to Mr. Sojan C S, Chief Financial Officer of Tolins Tyres Limited, and signed by Mr. Niraj Kumar Rathi, Senior Director, Ratings at Brickwork Ratings.

Issue Details and Funds Raised

Tolins Tyres Limited raised a total of ₹230.00 Crore through its initial public offering. The issue comprised a Fresh Issue of equity shares and an Offer for Sale, with the anchor investor period running from September 06, 2024 to September 11, 2024, and the general public issue period from September 09, 2024 to September 11, 2024. The following table summarises the issue structure:

The promoters of the company are Dr. Kalampambil Varkey Tolin and Jerin Tolin, and the company operates in the Tyre Industry.

Utilisation of Issue Proceeds

The Monitoring Agency confirmed that all utilisation of issue proceeds is in accordance with the disclosures made in the Offer Document. No material deviations were observed, the means of finance for the disclosed objects have not changed, and no major deviation was noted over earlier monitoring agency reports. All government and statutory approvals related to the objects have been obtained. The following table details the progress in utilisation of the Fresh Issue proceeds as at March 31, 2026, verified by P. T. Joseph & Co, Chartered Accountants vide CA certificate dated May 04, 2026:

The above details were verified against the company statement dated April 24, 2026. Negative unutilised amounts reflect instances where actual utilisation exceeded the originally projected cost for certain objects.

Deployment of Unutilised Proceeds and General Corporate Purpose

The company has fully utilised the issue proceeds towards the stated objects. The remaining balances in the issue-related accounts represent interest accrued on the issue proceeds and are available for future utilisation. The details of these balances as at March 31, 2026 are as follows:

With respect to General Corporate Purpose, an amount of ₹1.58 Crore was utilised during the quarter ended March 31, 2026, bringing total utilisation under this head to ₹15.68 Crore, fully exhausting the allocated amount. As per the prospectus dated September 11, 2024, general corporate purpose includes meeting ongoing general corporate purposes or contingencies, strengthening marketing capabilities and brand building exercises, enhancing technology-related infrastructure, strategic initiatives, and acquisition and/or funding any shortfall in any of the cost of objects.

Implementation Timeline and Compliance

No delays in the implementation of any of the stated objects were reported. The Monitoring Agency confirmed that there are no unfavourable events affecting the viability of the objects, no favourable events materially improving viability, and no other relevant information that may materially affect investor decision-making. The report was prepared based on bank statements, the company's letter, CA certificates, and invoices, with CA certification provided by P. T. Joseph & Co, Chartered Accountants. As per the prospectus dated September 11, 2024, any estimated utilisation of net proceeds not completely met in a scheduled fiscal year may be utilised in the next fiscal year, as determined by the Board in accordance with applicable laws.

Tolins tyres Limited has submitted its quarterly compliance certificate to stock exchanges, fulfilling regulatory requirements under SEBI's depositories regulations for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The company filed the certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 with both BSE Limited and National Stock Exchange of India Limited on April 14, 2026. The submission was signed by Umesh M, Company Secretary and Compliance Officer (Membership No. A72122).

Certificate Confirmation

Cameo Corporate Services Limited, serving as the company's Registrar and Share Transfer Agent, issued the compliance certificate dated April 2, 2026. The certificate confirms that all securities received from depository participants for dematerialisation during Q4FY26 were properly processed and confirmed to the depositories.

Dematerialisation Process Compliance

The registrar confirmed that all security certificates received for dematerialisation were mutilated and cancelled after due verification by depository participants. Additionally, the names of depositories were substituted in the register of members as registered owners within the stipulated time limits under the regulations.

Company Information

Tolins Tyres Limited, formerly known as Tolins Tyres Private Limited, operates with the tagline "Safer - Stronger - Lives Longer." The company maintains its registered office at Kalady, Kerala, and holds ISO 9001:2015 and IATF 16949:2016 certifications. The regulatory filing demonstrates the company's commitment to maintaining compliance with securities market regulations and ensuring proper handling of investor securities through authorized depositories.