Shanti Gold International Limited has filed its Monitoring Agency Report for Q4 FY2025-26 with BSE Limited and the National Stock Exchange of India Limited on May 11, 2026, in compliance with Regulation 32 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The report was prepared by Acuité Ratings and Research Limited, the appointed Monitoring Agency, and covers the utilisation of proceeds from the company's Initial Public Offer. The Audit Committee reviewed and approved the report at its meeting held on May 11, 2026.

Issue and Company Overview

Shanti Gold International Limited operates in the Gems, Jewellery and Watches / Consumer Durables sector. The company's IPO was conducted during the period July 25, 2025 to July 29, 2025, as a public issue of equity shares, raising a total of INR 360.11 Cr. The company's promoters are Mr. Pankaj Kumar Jagawat, Mr. Manojkumar Jain, and Mr. Shashank Jagawat.

Key Findings: No Deviation Observed

The Monitoring Agency confirmed that no deviation from the objects stated in the Offer Document was observed during the quarter. The means of finance for the disclosed objects remain unchanged, and no material deviations requiring shareholder approval were identified. No favorable or unfavorable events affecting the viability of the objects were noted, and no information was found that could materially affect investor decision-making.

IPO Proceeds Utilisation — Q4 FY2025-26

The following table details the progress in utilisation of IPO proceeds across all stated objects as at the end of Q4 FY2025-26:

The total unutilised amount of INR 45.25 Cr. is deployed as follows:

• INR 44.18 Cr. deployed as Fixed Deposits
• INR 0.29 Cr. maintained in the ICICI Monitoring Agency account
• INR 0.79 Cr. available in the ICICI Public Issue account

General Corporate Purpose Utilisation

Of the INR 46.01 Cr. allocated for General Corporate Purposes, INR 46.00 Cr. was utilised towards vendor payments — specifically for the purchase of gold from vendors in the ordinary course of business, as confirmed by bank statements, invoices, and an Independent Auditors Certificate.

Deployment of Unutilised Proceeds

The unutilised IPO proceeds have been deployed across nine Fixed Deposit Receipts (FDRs) with Yes Bank. The table below summarises the deployment:

Monitoring Agency Declaration

Acuité Ratings and Research Limited confirmed that the report provides an objective view of the utilisation of issue proceeds based on information provided by the issuer and from sources believed to be accurate and reliable. The Monitoring Agency noted that it does not perform an audit and undertakes no independent verification of information, certifications, or statements received. No conflict of interest was identified in its role as Monitoring Agency in relation to any other commercial transactions with the issuer. The report was signed by Vikas Mishra, Deputy Vice President – Process Excellence, Acuité Ratings and Research Limited, on May 11, 2026.

Shanti Gold International Limited's Board of Directors, at its meeting held on May 11, 2026, approved a voluntary change in the accounting policy for inventory valuation. The company will transition from the First-In-First-Out (FIFO) method to the Weighted Average Cost (WAC) method, upon the recommendation of the Audit Committee. The change is being implemented in accordance with Ind AS 8, which permits such a voluntary shift only where the new policy provides financial statements containing more reliable and relevant information. The change will be applied retrospectively with effect from April 01, 2024, and will govern financial reporting from FY 2025-26 onwards.

Key Details of the Accounting Policy Change

The following table summarises the key parameters of the approved policy change:

Rationale for the Change

The Audit Committee recommended the transition to the WAC method on the basis that it better serves the company's operational and reporting requirements. The key reasons cited include:

• Better reflection of the blended cost of inventories given price volatility in raw material procurement
• Improved and consistent cost-revenue matching, enhancing the reliability of reported performance
• Alignment of the company's accounting policy with prevalent industry practice, improving comparability with peer entities

Financial Impact on Profit Before Tax

The company has carried out a detailed analysis to quantify the impact of this change across restated periods. The estimated impact on Profit Before Tax (PBT) under both methods is presented below:

Financial Information for FY 2024-25 Post Policy Change

The table below presents the restated financial information for FY 2024-25 after considering the impact of the change in accounting policy:

All metrics and details provided above are subject to the audit process by the Statutory Auditors.

Compliance and Next Steps

The requisite submissions and filings on account of the change in inventory valuation method will be made in due course. The Board Meeting commenced at 04:00 p.m. IST and concluded at 04:45 p.m. IST on May 11, 2026. The intimation has also been uploaded on the company's website at www.shantigold.in .