Ceigall India Limited has disclosed the Monitoring Agency Report for the quarter and year ended March 31, 2026, in compliance with Regulation 32(6) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The report, prepared by ICRA Limited, was reviewed by the company's Audit Committee during its meeting held on May 6, 2026, and filed with the stock exchanges on May 7, 2026. The filing confirms that the utilization of the IPO proceeds is consistent with the objects outlined in the offer document, with no material deviation observed.

Issue Details and Utilization

The company had launched its Initial Public Offer with an issue size of INR 1252.663 Crore, comprising a fresh issue and an Offer for Sale (OFS). The gross proceeds from the fresh issue amounted to INR 684.252 Crore, including issue-related expenses of INR 31.944 Crore. The net proceeds available for deployment stood at INR 652.308 Crore. The monitoring agency verified that the deployment of these funds adheres to the proposed plans, with no major deviation observed over earlier monitoring agency reports.

Allocation and Utilization of Net Proceeds

The net proceeds were allocated across three primary categories: the purchase of equipment, repayment of borrowings, and general corporate purposes. The following table details the utilization of these funds as per the report:

A minor reallocation of INR 0.158 Crore, originally earmarked for borrowing repayment, was redirected to general corporate purposes. This adjustment does not constitute a material deviation as defined under SEBI regulations.

General Corporate Purposes Deployment

A total of INR 139.277 Crore was utilized for general corporate purposes, deployed across equity infusions, investments, and unsecured loans to specific project vehicles. The following table summarizes the deployment:

Of the funds received by Ceigall Infra Projects Private Limited, INR 26.21 Crore was further infused into its SPV Ceigall Ayodhya Bypass Pvt Ltd in the form of equity and debt, while INR 6.51 Crore was invested as equity in Ceigall Northern Ayodhya Bypass Pvt Ltd. The SPVs — Ceigall Ayodhya Bypass Pvt Ltd and Ceigall Northern Ayodhya Bypass Pvt Ltd — utilized INR 116.97 Crore and INR 24.58 Crore respectively towards contractual payments to their EPC contractor for development of HAM Projects, with Ceigall India Limited serving as the EPC contractor.

Implementation Status and Unutilized Funds

The report indicates that all major objects, including the purchase of equipment and repayment of debt, are on schedule as per the timelines defined in the offer document, with a target completion of Fiscal 2025. As of the end of the quarter, there were no unutilized proceeds remaining in the public offer or monitoring accounts. Issue-related expenses were utilized to the extent of INR 31.276 Crore, and the balance surplus amount of INR 0.668 Crore was transferred from the monitoring account to the company's operational bank account and used for other operational purposes.

Ceigall India Limited has received a Completion Certificate pursuant to Article 12 of the EPC Contract Agreement for its Package-07 project on the four-lane Greenfield Delhi-Amritsar-Katra Expressway in Punjab. The certificate was issued by the Authority's Engineer on 5th May 2026 and was disclosed to the stock exchanges on 6th May 2026 under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Project Completion Details

The Completion Certificate certifies that all works forming part of the Project Highway have been completed over a stretch of 35.15 KM on 26th February 2026, except for the De-linking Part of the Work. The project involves the construction of a four-lane Greenfield expressway from the Junction with Patiala-Bathinda Road (NH-07) near Bhawanigarh to the Junction with Ludhiana-Malerkotla Road (SH-11) near Bhogiwal village (Km 188+830 to Km 225+770), executed on EPC mode under Bharatmala Pariyojna in the state of Punjab.

The key project parameters are summarised below:

Broader Project Portfolio Context

This project forms part of Ceigall India's ongoing infrastructure portfolio as referenced in its Red Herring Prospectus. The company is engaged in multiple highway and infrastructure projects across several states. A selection of other projects undertaken by the company includes:

Regulatory Disclosure

The disclosure was made by Company Secretary and Compliance Officer Megha Kainth (Membership No.: F7639) on behalf of Ceigall India Limited. The company has requested the stock exchanges to take the information on record. The project's details are referenced on pages 217 and 218 of the company's Red Herring Prospectus.