Date: August 14, 2026

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Financial Results

Not Specified

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

Monitoring Agency Report Details

Issuer Details:

  • Name: Belrise Industries Limited
  • Promoters: Mr Shrikant S Badve, Mrs. Supriya Shrikant Badve, Mr. Sumedh Shrikant Badve
  • Industry/Sector: Auto Components & Equipments

Issue Details:

  • Issue Period: Wednesday, May 21, 2025, to Friday, May 23, 2025
  • Type of issue: Initial Public Offer (IPO)
  • Type of specified securities: Equity Shares
  • IPO Grading: Not applicable
  • Issue size: Rs 21,500 million

Cost Revision of Objects:

| Sr. No. | Item Head | Original Cost (Rs million) | Revised Cost (Rs million) | Comments |

| 1 | Repayment/prepayment of borrowings | 16,181.27 | 15,960.21 | Refer Note 1 |

| 2 | General corporate purposes | 4,104.85 | 4,690.46 | Refer Note 1 & 2 |

| - | Net proceeds | 20,286.12 | 20,650.67 | - |

| 3 | Issue Expenses | 1,213.88 | 849.33 | Refer Note 2 |

| - | Total | 21,500.00 | 21,500.00 | - |

Note 1: During the quarter ended June 30, 2025, the Company had fully repaid outstanding borrowings amounting to Rs 15,960.21 million. The excess amount of Rs 221.06 million was added to the General Corporate Purpose (GCP). Consequently, the GCP has been revised from Rs 4,104.85 million to Rs 4,325.91 million.

Note 2: During the quarter ended June 30, 2026, net proceeds were revised from Rs 20,286.12 million to Rs 20,650.67 million on account of actual issue expenses being lower than estimated as disclosed in the final offer document, by Rs 364.55 million. The surplus has been added in GCP cost. Consequently, GCP amount was again revised from Rs 4,325.91 million to Rs 4,690.46 million.

Progress in Objects (as of June 30, 2026):

| Sr. No. | Item Head | Proposed in Offer Document (Rs million) | At beginning of quarter (Rs million) | During the quarter (Rs million) | At end of quarter (Rs million) | Total unutilized amount (Rs million) |

| 1 | Repayment of borrowings | 15,960.21 | 15,960.21 | Nil | 15,960.21 | Nil |

| 2 | General corporate purposes | 4,690.46 | 4,321.64 | 364.21 | 4,685.85 | 4.61 |

| - | Net Proceeds | 20,650.67 | 20,281.85 | 364.21 | 20,646.06 | 4.61 |

| 3 | Issue Expenses | 849.33 | 779.47 | 6.24 | 785.71 | 63.62 |

| - | Gross Proceeds | 21,500.00 | 21,061.32 | 370.45 | 21,431.77 | 68.23 |

Deployment of Unutilized Proceeds:

| S. No. | Type of instrument | Amount invested (Rs million) | Market value as at end of quarter (Rs million) |

| 1 | Balance in Monitoring Account of the Company- ICICI Bank (A/C No. 000405163394) | 48.23 | 48.23 |

| 2 | Balance in Public Issue Account of the Company- ICICI Bank (A/C No. 000405163319) | 20.00 | 20.00 |

| - | Total | 68.23 | 68.23 |

Utilization of General Corporate Purpose Amount:

| S. No. | Item heads | Amount (Rs million) | Remarks |

| 1 | Funding working capital requirements and/or business requirements of the Company | 364.21 | Proceeds utilized towards payment to vendors for purchase of raw materials such as steel, tubes, wires, coils, paints etc |

The Board of Directors of the Company vide resolution dated August 14, 2026, has approved the quantum of utilization of GCP towards mentioned item heads in line with the disclosure provided in the offer document dated May 23, 2025.

Monitoring Agency Declaration:

CRISIL Ratings Limited confirms that proceeds were utilized towards general corporate purposes and issue-related expenses. No material deviations from the Offer Document were observed. All utilization is as per disclosures in the Offer Document. No shareholder approval was required for deviations. No major deviation observed over earlier monitoring agency reports.