Monitoring agency report

Date: October 22, 2026 Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001. Scrip code – 531859 Sub.: Monitoring Agency Report for the quarter ended September 30, 2026 in relation to Preferential Allotment of Securities Dear Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, read with Regulation 162, 164A and other applicable provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and amendment thereof, please find enclosed Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Ratings Limited, the Monitoring Agency appointed to monitor the utilization of proceeds raised through preferential allotment of securities. Further, we hereby confirm that there has been no deviation in the utilisation of Issue proceeds from the objects as approved by the shareholders. You are requested to take the same on your record. Thanking you, Yours truly, FOR AND ON BEHALF OF ORIENTAL RAIL INFRASTRUCTURE LIMITED HEMALI RACHH COMPANY SECRETARY & COMPLIANCE OFFICER Encl.: a/a Monitoring Agency Report No. CARE/HO/GEN/2026-27/1177 The Board of Directors Oriental Rail Infrastructure Limited Survey No. 49, Village Aghai, Taluka Shahpur, District Thane – 421 601, Maharashtra, India. October 21, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential Issue of Oriental Rail Infrastructure Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 212.20 crore of the Company and refer to our duties cast under Regulation 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated February 15, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Darshan Shah Associate Director Darshan.shah@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Oriental Rail Infrastructure Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Not Applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Darshan Shah Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Oriental Rail Infrastructure Limited Name of the promoter : Saleh N. Mithiborwala, Vali N. Mithiborwala, Karim N. Mithiborwala Industry/sector to which it belongs : Industrial Products – Other Industrial Products 2) Issue Details Issue Period : Not Applicable Type of issue (public/rights) : Preferential Issue Type of specified securities : Equity Shares and Convertible Warrants IPO Grading, if any : Not applicable Issue size (in `crore) : Rs. 212.20 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors • There is no utilization of the funds during the quarter. • There is a delay in utilization of the second, third, fourth, fifth and sixth tranche of funds. Further, The Monitoring Agency notes that the company deployed part of Special Resolution at Extra-Ordinary unutilized proceeds (of Rs. 0.05 crore) in General Meeting (EOGM) dated its subsidiary’s current account at the end January 19, 2024, Bank Statement, of the reporting quarter, where there are Whether all utilization is as per the disclosures in the Offer Management Certificate, CA No comments No other transactions leading to comingling of Document? Certificate*, Fixed Deposits Receipts received funds, which is not explicitly allowed as per (FDRs), Board Resolutions, the Offer Document. Shareholder’s approval dated April 30, • The company has created fixed deposits of 2026, & September 09, 2026^ unutilised funds from its current account, not directly from designated monitoring account. • The company has taken shareholder approval via Special Resolution dated April 30, 2026, and September 09, 2026, to Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors revise the cost of Objects. (refer to Note 1) The company obtained shareholders’ Whether shareholder approval has been obtained in case of approval dated April 30, 2026, and Shareholder’s approval dated April 30, No comments material deviations# from expenditures disclosed in the Offer Yes September 09, 2026, to revise the cost of 2026 & September 09, 2026^ received Document? Objects of the issue. Subsequently the company obtained (refer to Note 1) Whether the means of finance for the disclosed objects of the Management Certificate, CA No comments No No comments issue have changed? Certificate* received Is there any major deviation observed over the earlier monitoring There is no major deviation as per the No comments No Previous Monitoring Agency Reports agency reports? monitoring agency reports. received Management Certificate, CA Certificate*, Special Resolution at Whether all Government/statutory approvals related to the No comments Yes Extra-Ordinary General Meeting No comments object(s) have been obtained? received (EOGM) and Board Resolutions, In- Principal Approval from BSE Whether all arrangements pertaining to technical Not Management Certificate, CA No comments Not applicable assistance/collaboration are in operation? Applicable Certificat [Showing first 8,000 characters — download PDF for full document]