Western Carriers (India) Limited submitted its Monitoring Agency Report for the quarter ended March 31, 2026, to BSE Limited and the National Stock Exchange of India Limited on May 12, 2026. The report was prepared by Crisil Ratings Limited in its capacity as the Monitoring Agency, pursuant to Regulation 32(6) of 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 covers the utilisation of proceeds raised through the company's Initial Public Offer (IPO), which was open from September 13, 2024 to September 19, 2024. The company is promoted by Mr. Rajendra Sethia and Mr. Kanishka Sethia, and operates in the logistics solutions sector.

IPO Issue Details

The IPO comprised a total issue size of Rs 4,928.80 million, consisting of a fresh issue of Rs 4,000.00 million and an Offer for Sale (OFS) of Rs 928.80 million. Crisil Ratings monitors the gross proceeds of the fresh issue. After deducting issue expenses of Rs 370.62 million, the net proceeds available for deployment stood at Rs 3,629.38 million, as detailed below.

Utilisation of IPO Proceeds

The Monitoring Agency confirmed that all utilisation during the quarter ended March 31, 2026 was in accordance with the objects disclosed in the Prospectus dated September 20, 2024. No deviations, material changes in means of finance, or other adverse events were reported. The statutory auditor's certificate relied upon was issued on May 04, 2026 by M/s D C Dharewa & Co., Chartered Accountants (Firm Registration Number: 322617E). The following table summarises the progress in utilisation of proceeds across all objects as at the end of the quarter.

During the quarter, Rs 22.59 million was utilised towards capital expenditure, specifically for the purchase of a commercial vehicle and containers as mentioned in the Prospectus. The Monitoring Agency noted that the commercial vehicle purchased differed from the model specified in the Prospectus, owing to market conditions and changes in the company's business requirements. This deployment was confirmed to be consistent with the company's stated objects and in line with the Offer Document's disclosure permitting purchase of different models from the same or different vendors based on business requirements and market conditions.

General Corporate Purposes Utilisation

During the quarter, Rs 5.51 million was utilised under the General Corporate Purposes head, as approved by the Board of Directors vide resolution dated May 08, 2026. The breakdown of this utilisation is as follows.

The total amount utilised for general corporate purposes as at the end of the quarter stood at Rs 477.28 million, fully exhausting the allocation under this head. The report confirmed that the amount utilised for general corporate purposes did not exceed 25% of the gross proceeds (amounting to Rs 1,000.00 million) from the fresh issue.

Delay in Implementation and Unutilised Proceeds

The Monitoring Agency noted a delay in the implementation of the capital expenditure object. As per the Prospectus dated September 20, 2024, the company had estimated utilisation of Rs 1,011.40 million for capital expenditure by Fiscal 2026. However, actual utilisation as at the end of Fiscal 2026 stood at Rs 604.10 million. The delay was attributed to the procurement of 167 Tata Signa 5530.S BS VI AC trucks and the company's ongoing evaluation of emerging electric vehicle (EV) technologies within the commercial vehicle segment, undertaken with the objective of optimising operational efficiency and aligning with its environmental sustainability and green energy commitments. The company intends to utilise the unspent amount in subsequent periods.

The total unutilised proceeds of Rs 935.21 million (inclusive of Rs 913.00 million of net proceeds and Rs 22.21 million of issue expenses) were deployed in fixed deposits with HDFC Bank, with maturities ranging from April 2027 to September 2027. The combined market value of these fixed deposits as at March 31, 2026 stood at Rs 958.27 million, with total earnings of Rs 23.06 million. The fixed deposits carry interest rates of 6.45% and 6.60% per annum. An additional balance of Rs 13.39 million was held in the company's preferential account.

Monitoring Agency Declaration

Crisil Ratings Limited, in its declaration, stated that the report provides an objective view of the utilisation of issue proceeds based on information provided by the issuer and sources believed to be accurate and reliable. The Monitoring Agency confirmed no conflict of interest in its relationship with the issuer while monitoring and reporting the utilisation of issue proceeds. The report was signed by Shounak Chakravarty, Director, Ratings (LCG), Crisil Ratings Limited, and the company's filing was signed by Sapna Kochar, Company Secretary & Compliance Officer (ICSI Mem. No.: A56298), on behalf of Western Carriers (India) Limited.

Western Carriers (India) Limited has received a formal declaration from its promoter, Kanishka Sethia, confirming that no encumbrance was created, either directly or indirectly, on any shares held by the promoters, promoter group, or persons acting in concert (PAC) during the financial year ended March 31, 2026. The declaration, dated April 03, 2026, was filed in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Regulatory Filing Details

The declaration was submitted simultaneously to BSE Limited, the National Stock Exchange of India Limited, and the Audit Committee of Western Carriers (India) Limited. Kanishka Sethia signed the declaration on behalf of all promoters, promoter group members, and PAC entities, affirming full compliance with the applicable SEBI regulatory requirements for the financial year ended March 31, 2026.

Promoter Shareholding and Encumbrance Status

The declaration is accompanied by Annexure A, which details the shareholding and encumbrance status of all 66 entities within the promoter and promoter group as on March 31, 2026. The following table summarises the entities holding shares in the company:

All remaining 62 entities listed under the promoter group—including individuals, Hindu Undivided Families (HUFs), and corporate entities—hold nil shares and report nil encumbrance.

Promoter Group Composition

The promoter group comprises a wide range of entities, including individuals and corporate bodies. Key members with nil shareholding include:

• Individuals: Narendra Sethia, Ratna Kumari Baid, Richa Mohta, Nirmal Kumar Bhutoria, Rajkumar Bhutoria, Rajni Bafna, Pushplata Banthia, Anjani Sethia, Adya Sethia, Kavya Sethia, Padam Chand Dhadda, Vijay Laxmi Dhadda, Ankur Dhadda, Akshee Sacheti, Disha Maheshwari, Akanksha Shah, and Meha Raina
• HUFs: Ankur Dhadda HUF, Kanishka Sethia HUF, Narendra Sethia HUF, Rajendra Sethia HUF, and Umrao Mal Padam Chand Dhadda HUF
• Corporate Entities: AJKR Infrastructure Limited, Aspective Commodeal Private Limited, F.M Carriers Private Limited, Gem Clad Wires Private Limited, Gem Electro Mechanicals Pvt Limited, Gipsy Management Private Limited, Innovative Alloys Private Limited, Kunal Resources Private Limited, Lighting Wires Private Limited, Magmet Alloys Private Limited, Micro Wires Private Limited, Oswal Calender Company Private Limited, S M P Properties Private Limited, Sindhu Commodities Private Limited, Singular Infrastructure Private Limited, Success Suppliers Private Limited, Thermotrol Metals Private Limited, Wescon Limited, Western Apartments Private Limited, Western Conglomerate Limited, Western Diagnostic Centre Private Limited, Western Dry Ports Private Limited, Western Group Limited, Western Herbicides Private Limited, Western Kraft and Paper Private Limited, Western Logistics Private Limited, Western Pest Solutions Private Limited, Western Skyvilla Private Limited, Western Sparefoot Private Limited, Western Ware Housing Private Limited, and Doomdooma Warehouse Managements Private Limited
• Other Entities: Golden Harvest Industries, M/s Look Beyond, MNSV Corporation, PV Enterprises, Watercrafts Bottlers LLP, Shimmer, Soul Senses Aroma Therapy, Wescon, and Western Clearing and Forwarding Agency

Compliance Summary

The filing confirms that across all 66 entities listed under the promoter and promoter group as on March 31, 2026, no shares of Western Carriers (India) Limited were encumbered during the financial year. This disclosure fulfils the annual compliance requirement under SEBI's takeover regulations, providing transparency to stock exchanges and investors regarding the unencumbered status of promoter holdings.