Introduction: IPO Monitoring Update

Waaree Energies Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026, detailing the utilisation of funds raised through its Initial Public Offering (IPO). The report has been issued by CARE Ratings Limited, which acts as the official monitoring agency.

This update ensures compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI ICDR Regulations, 2018, which mandate periodic tracking of IPO proceeds.

Role of CARE Ratings as Monitoring Agency

CARE Ratings Limited has been appointed to independently monitor the utilisation of IPO proceeds amounting to ₹3,600 crore.

Key responsibilities include:

• Tracking fund deployment as per IPO objectives
• Reviewing issuer disclosures and financial updates
• Ensuring compliance with SEBI guidelines
• Reporting any deviation in fund usage

For this quarter, the agency has confirmed that there is no deviation in utilisation of IPO proceeds.

Key Findings of the Monitoring Report

The report for Q4 FY26 highlights:

• No deviation from approved IPO objectives
• Funds utilised strictly as per defined purposes
• Proper disclosure and documentation maintained by the company
• Continued monitoring in line with SEBI ICDR Regulation 41

This indicates that Waaree Energies is adhering to strict financial discipline and regulatory compliance standards.

Importance of IPO Fund Utilisation Monitoring

Monitoring IPO proceeds is a critical part of investor protection. It ensures:

• Transparency in how public money is used
• Accountability of listed companies
• Prevention of misuse of funds
• Confidence among retail and institutional investors

For large issuances like Waaree Energies’ IPO, such monitoring plays a key role in maintaining trust in capital markets.

Waaree Energies’ Growth and Solar Sector Context

Waaree Energies operates in the solar energy and renewable infrastructure sector, which is one of the fastest-growing industries in India and globally.

Key industry drivers include:

• Rising demand for renewable energy
• Government push for clean energy transition
• Expansion of solar manufacturing capacity
• Global shift towards sustainable energy solutions

IPO funds are typically used for capacity expansion, manufacturing upgrades, and working capital requirements in such sectors.

Regulatory Compliance and SEBI Framework

The report is issued under:

• Regulation 32(6) of SEBI LODR Regulations
• Regulation 41(4) of SEBI ICDR Regulations

These regulations ensure that:

• IPO proceeds are tracked quarterly
• Monitoring agencies provide independent reports
• Investors receive transparent updates
• Companies remain accountable for fund usage

Waaree Energies’ compliance reflects strong adherence to capital market governance norms.

Significance for Investors

For investors, this report provides:

• Assurance of proper fund utilisation
• Reduced risk of financial mismanagement
• Improved confidence in company governance
• Transparency in long-term capital deployment

Such monitoring updates are especially important for recently listed companies with large IPO size.

Disclaimer and Independent Verification

CARE Ratings has clarified that:

• The report is based on information provided by the company
• No independent audit of financials has been conducted
• The agency does not assume fiduciary responsibility
• The report is not a recommendation to invest

This ensures clarity that the role is monitoring and reporting, not auditing or advisory.

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