Western Carriers (India) Limited: Monitoring Agency Report on IPO Proceeds Utilisation for Quarter Ended March 31, 2026

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.

Particulars: Amount (Rs. In million) Gross Proceeds of the Fresh Issue: 4,000.00 Less: Issue Expenses: 370.62 Net Proceeds: 3,629.38

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.

Object: Amount as per Offer Document (Rs. In million) Utilised at Beginning of Quarter (Rs. In million) Utilised During Quarter (Rs. In million) Utilised at End of Quarter (Rs. In million) Unutilised Amount (Rs. In million) Prepayment/Repayment of Borrowings: 1,635.00 1,635.00 NIL 1,635.00 NIL Capital Expenditure (Vehicles, Containers, Reach Stackers): 1,517.10 581.51 22.59 604.10 913.00 General Corporate Purposes: 477.28 471.77 5.51 477.28 Nil Sub Total: 3,629.38 2,688.28 28.10 2,716.38 913.00 Issue Expenses: 370.62 348.41 Nil 348.41 22.21 Total: 4,000.00 3,036.69 28.10 3,064.79 935.21

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.

Item Head: Amount (Rs. In million) Remarks Strategic Initiatives and Growth: 5.01 Construction of PFT (Private Freight Terminal) Funding Working Capital Requirement: 0.50 Repayment of Cash Credit Facility Total: 5.51 —

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.

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