Goel Construction Company Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026, to BSE Limited, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report, prepared by Crisil Ratings Limited and dated April 29, 2026, provides an objective assessment of the utilisation of proceeds from the company's Initial Public Offering (IPO). The company, classified as an SME Listed Company, noted that it is voluntarily complying with the said regulations.

IPO Issue Details

The IPO of Goel Construction Company Limited was open for subscription from Tuesday, September 02, 2025, to Thursday, September 04, 2025, comprising an offer of equity shares. The gross proceeds from the fresh issue were revised during the quarter ended September 30, 2025, following undersubscription under the employee quota. Shares expected to be allotted at a discount under the employee quota were instead allotted to the retail category without discount, resulting in additional subscription of Rs 2.92 lakh. Consequently, the General Corporate Purposes (GCP) allocation was revised upward, and the net proceeds were adjusted accordingly.

Utilisation of IPO Proceeds

As at the end of the quarter ended March 31, 2026, a cumulative amount of Rs 6,705.12 lakh had been utilised out of the revised total of Rs 8,107.53 lakh. During the quarter under review, Rs 1,430.57 lakh was deployed across various objects. The following table summarises the progress in utilisation across each object of the issue:

The Monitoring Agency confirmed that proceeds were utilised towards capital expenditure, repayment of borrowings, and issue expenses, all in accordance with the disclosures in the Offer Document. No deviations from the stated objects were observed, and no shareholder approval for material deviations was required.

Key Notes on Capital Expenditure and Borrowing Repayment

During the quarter under review, the company procured machinery that differed from the specifications outlined in the Prospectus in terms of brand, vendor, and quoted price, owing to changes in prevailing market conditions and business requirements. The Monitoring Agency noted that this deployment of funds remained consistent with the company's stated objectives and in line with the Offer Document disclosures. The change in brand, quantity, and model was approved by the Board of Directors through resolutions dated September 8, 2025, and October 25, 2025.

With respect to borrowing repayment, Rs 312.13 lakh utilised during the reported quarter included reimbursement of loan instalments (comprising principal and interest) paid prior to the receipt of IPO proceeds, as well as reimbursement of repayments incurred from the company's current account during the previous quarter. These payments were confirmed to be in line with the objects of the issue as stated in the Prospectus, and the total amount was reimbursed from the monitoring account to the company's current account.

Deployment of Unutilised Proceeds

The remaining unutilised amount of Rs 1,402.41 lakh as at March 31, 2026, was deployed across fixed deposits with HDFC Bank and balances held in the monitoring and public issue accounts. The total market value of these investments stood at Rs 1,448.32 lakh, with cumulative earnings of Rs 41.59 lakh as on March 31, 2026.

The balance in the monitoring account as at March 31, 2026, stood at Rs 16.58 lakh, of which Rs 4.24 lakh represents interest earned on fixed deposits and Rs 12.34 lakh constitutes net proceeds. The company has indicated plans to utilise the remaining capital expenditure allocation and the residual issue expense amount in subsequent quarters.

Compliance and Certification

The Monitoring Agency Report was certified on the basis of a statutory auditor certificate dated April 16, 2026, issued by M/s Ravi Sharma & Co, Chartered Accountants (Firm Registration Number: 015143C). No delay in implementation of any object was reported. The General Corporate Purposes utilisation was confirmed to not exceed 15% of the total issue size or Rs 10 crore, whichever is lower, as required. The report was signed by Shounak Chakravarty, Director, Ratings (LCG), Crisil Ratings Limited, and the compliance filing was submitted to BSE Limited by Surbhi Maloo, Company Secretary & Compliance Officer (ACS No.: A55672), on May 13, 2026.

Goel Construction Company Limited has reappointed its Cost Auditor and Internal Auditor for FY 2026-27, following approvals granted at a Board of Directors meeting held on Wednesday, May 13, 2026, at the company's registered office. The meeting commenced at 01:00 P.M. and concluded at 01:50 P.M. Both reappointments were made on the recommendation of the Audit Committee and are disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Appointments Approved

The Board approved two audit-related reappointments at its meeting. The details of both appointments are summarised below:

Profile of the Cost Auditor

M/s Deepak Mittal & Co. is a proprietorship firm led by CMA Deepak Mittal, a Fellow Member of the Institute of Cost Accountants of India, holding qualifications including Ph.D., FCMA, M.Com, B.Com, Diploma in Forensic Audit, DISSA, and ACIA. The firm provides professional services across Cost Audit, Cost Compliance, Maintenance of Cost Records, Internal Costing, Internal Audit, Stock Audit, and GST Audit, with a strong focus on compliance under Section 148 of the Companies Act, 2013.

The firm has served more than 50 clients in areas of cost audit, cost records maintenance, and certification. Its core competencies include:

• Cost Audit and CAS-4 Certification
• Business Valuation and Product Cost Determination
• Installation and Designing of Costing Systems
• Inventory and Stock Audit
• GST Registration and Company Incorporation

Profile of the Internal Auditor

M/s R.K. Akar and Co., Chartered Accountants (Firm Registration No. 001754C) is a proprietorship Chartered Accountancy firm established in 1993 and based in Jaipur, Rajasthan. The firm is led by a Fellow Member of ICAI and is supported by a professional team of 8 members. It specialises in Statutory Audit, Internal Audit, Tax Audit, Management Audit, Bank Audits, and financial advisory services.

The firm has conducted audits for leading banks including State Bank of India, Bank of India, State Bank of Bikaner & Jaipur, and Indian Bank. Over the years, it has served a wide range of private companies, partnership firms, institutions, and individual clients across sectors including infrastructure, logistics, construction, marble, jewellery, and manufacturing.

Regulatory Compliance

The reappointments were disclosed to BSE Limited in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The disclosures were signed by Surbhi Maloo, Company Secretary & Compliance Officer of Goel Construction Company Limited, and the information has also been uploaded on the company's website.