Patel Retail Limited Submits ICRA Monitoring Agency Report for Q4 FY2026 IPO Proceeds Utilisation

Patel Retail Limited has filed its Monitoring Agency Report for the fourth quarter and financial year ended March 31, 2026, with BSE Limited and the National Stock Exchange of India Limited. The report, prepared by ICRA Limited in its capacity as the appointed Monitoring Agency, was submitted on May 15, 2026, 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.

Issue Overview

Patel Retail's IPO opened on August 19, 2025, and closed on August 21, 2025. The company also completed a Pre-IPO placement prior to the public issue. ICRA monitored a combined proceeds amount of INR 232.107 Crore during Q4 FY2026, comprising Pre-IPO proceeds of INR 15.00 Crore and gross IPO proceeds of INR 217.107 Crore. Key issue details are summarised below:

Parameter: IPO Pre-IPO Placement Issue Size: INR 242.6580 Crore INR 15.00 Crore Gross Proceeds (excl. OFS): INR 217.107 Crore INR 15.000 Crore Net Proceeds (as per Prospectus): INR 190.4787 Crore INR 15.000 Crore Actual Net Proceeds: INR 189.3946 Crore INR 15.000 Crore Issue Period: Aug 19–21, 2025 —

The actual net proceeds from the IPO stood at INR 189.3946 Crore, as issue-related expenses incurred were higher than estimated by INR 1.0841 Crore, against the prospectus estimate of INR 190.4787 Crore.

No Material Deviation in Proceeds Utilisation

The Monitoring Agency confirmed that the utilisation of issuance proceeds is in line with the objects of the issue, with no material deviation observed. Shareholder approval for material deviations was noted as not applicable. The means of finance for the disclosed objects of the issue has not changed, and no major deviation was observed over earlier Monitoring Agency reports.

One reclassification was noted: issue expenditure of INR 0.8788 Crore incurred in Q3 FY2026 was initially classified under General Corporate Expenses but has been reclassified under the object 'Offer Related Expenses' in Q4 FY2026, as confirmed by the auditor and issuer.

IPO Proceeds: Cost Revisions

The offer-related expenditure increased from INR 26.6283 Crore to INR 27.7124 Crore, resulting in a corresponding revision to the General Corporate Purposes allocation from INR 22.4785 Crore to INR 21.3944 Crore. The total IPO proceeds allocation remained unchanged at INR 217.1070 Crore.

Object Head: Original Cost (Rs. Crore) Revised Cost (Rs. Crore) Issue Related Expenses: 26.6283 27.7124 Repayment/Prepayment of Borrowings: 59.0000 Not Applicable Funding Working Capital Requirements: 109.0002 Not Applicable General Corporate Purposes: 22.4785 21.3944 Total: 217.1070 217.1070

Progress in Utilisation of Proceeds

As at the end of Q4 FY2026, the Pre-IPO proceeds of INR 15.0000 Crore had been fully utilised across working capital requirements (INR 5.9996 Crore) and general corporate purposes (INR 9.0002 Crore), with no unutilised balance remaining.

For IPO proceeds, the following utilisation was recorded:

Object Head: Proposed (Rs. Crore) Utilised at End of Q4 FY2026 (Rs. Crore) Unutilised (Rs. Crore) Issue Related Expenses: 27.7124 27.7124 — Repayment/Prepayment of Borrowings: 59.0000 59.0000 — Funding Working Capital Requirements: 109.0002 109.0002 — General Corporate Purposes: 21.3944 2.2049 19.1895 Total: 217.1070 197.9175 19.1895

During Q4 FY2026 alone, INR 1.6010 Crore was utilised across all heads. The remaining unutilised amount of INR 19.1895 Crore pertains entirely to General Corporate Purposes.

Deployment of Unutilised IPO Proceeds

Unutilised IPO proceeds have been deployed in fixed deposits and held in designated bank accounts. The total amount invested or held as at March 31, 2026, stood at INR 20.2313 Crore, with a market value of INR 20.3755 Crore and total earnings of INR 0.1442 Crore.

Instrument/Account: Amount Invested (Rs. Crore) Maturity Date Earnings (Rs. Crore) Return on Investment (%) Market Value (Rs. Crore) Fixed Deposit – HDFC Bank: 3.4959 02-July-26 0.0632 5.47% 3.5591 Fixed Deposit – Yes Bank: 15.0000 05-Mar-27 0.0810 7.30% 15.0810 Balance in Monitoring Account: 0.0530 — — — 0.0530 Balance in Public Issue Account: 1.6824 — — — 1.6824 Total: 20.2313 — 0.1442 — 20.3755

The total invested amount of INR 20.2313 Crore includes INR 0.9885 Crore pertaining to the unutilised OFS portion and INR 0.0533 Crore pertaining to interest income, as certified by Arun Jamuna & Co.

General Corporate Purpose Utilisation Breakdown

The General Corporate Purpose (GCP) utilisation from Pre-IPO proceeds totalled INR 9.0002 Crore, comprising capex of INR 8.2928 Crore in Q2 FY2026 and INR 0.7074 Crore in Q3 FY2026. From IPO proceeds, GCP utilisation totalled INR 2.2049 Crore, comprising capex of INR 0.8092 Crore in Q3 FY2026, capex of INR 1.3910 Crore in Q4 FY2026, and bank charges of INR 0.0047 Crore in Q4 FY2026.

The report was signed by Parul Goyal Narang, Vice President & Head – Process Excellence at ICRA Limited, and was submitted to the stock exchanges by Prasad Ramesh Khopkar, Company Secretary of Patel Retail Limited. The report has also been disseminated on the company's investor relations webpage.

Patel Retail Limited has officially launched its 51st Patel's R Mart store in Rasayani, Khalapur, Raigad district, as announced through a regulatory filing under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company filed the intimation on April 24, 2026, confirming the opening of its latest retail outlet in the Mumbai Metropolitan Region.

Store Launch Details

The new store has been established in Ganesh Nagar, Rasayani area of Khalapur, Raigad district, adding to the company's expanding retail network across Maharashtra. The strategic location strengthens the company's presence in suburban and emerging urban markets within the MMR.

Parameter: Details Store Number: 51st outlet Store Format: Patel's R Mart Location: Ganesh Nagar, Rasayani, Khalapur, Raigad Pin Code: 410206 Total Network: 51 stores

Management Commentary

Commenting on the development, Mr. Dhanji Patel, Chairman & Managing Director of Patel Retail Limited, stated that the launch marks another important milestone in the company's expansion journey and reflects the strength of its cluster-based growth strategy. He highlighted that Khalapur and the surrounding Raigad region continue to witness increasing residential and commercial development, making it an attractive market for organized retail.

The management emphasized their commitment to offering customers greater convenience, quality products, and value-driven shopping experiences while further strengthening presence across the Mumbai Metropolitan Region.

Strategic Expansion Focus

The newly launched store reinforces the company's commitment towards expanding organized retail accessibility in high-potential residential and semi-urban clusters. Through its expanding network, the company continues to provide customers with quality groceries, daily essentials, household products, and value-driven offerings under one roof.

Business Aspect: Details Target Markets: Suburban and emerging urban clusters Product Range: Groceries, daily essentials, household products Integration: Sourcing, packaging, processing, and logistics Service Area: Thane, Raigad & Palghar District

Regulatory Compliance

The store opening was communicated to both BSE Limited and National Stock Exchange of India Limited as part of the company's disclosure obligations. The filing was signed by Prasad Ramesh Khopkar, Company Secretary, confirming the formal completion of the store opening process and ensuring transparency with stakeholders regarding operational expansion.

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