Monitoring Agency Report

22nd October, 2026 To To Sr. General Manager Sr. General Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip code: 544949 Scrip symbol: SWASTIKAIN Dear Sir/Madam, Sub: Report of the Monitoring Agency with respect to utilization of proceeds of the Initial Public Offering (IPO), for the quarter ended September 30, 2026. Dear Sir / Madam, 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, we are enclosing herewith the Monitoring Agency Report dated October 22, 2026, issued by Crisil Ratings Limited, for the quarter ended September 30, 2026 in respect of utilization of proceeds of the Initial Public Offering (IPO) of the Company. This is for your kind information and record. Thanking you, Yours faithfully, For Swastika Infra Limited Shipra Gandhi Company Secretary and Compliance Officer Membership No.: A68405 Address: Plot no.14 &15, First Floor, Gajraj Apartment Motilal Atal Road, Opposite Hotel Neelam, Jaipur – 302 001 Rajasthan, India Encl: As above Monitoring Agency Report Swastika Infra Limited for the quarter ended September 30, 2026 CRL/MAR/SWELFE/2026-27/2017 October 22, 2026 Swastika Infra Limited Plot No. 14 & 15, First Floor, Gajraj Apartment, Opp. Neelam Hotel, Motilal Atal Road, Jaipur – 302001, Rajasthan, India Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Swastika Infra Limited (“the Company”) Pursuant to Regulation 41(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated February 02, 2026, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO for the quarter ended September 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Swastika Infra Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (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 we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Swastika Infra Limited Names of the promoter: 1) Mr. Babulal Gupta 2) Mr. Vinay Gupta 3) Ms. Ruchira Gupta 4) Ms. Biren Parnami 5) Mr. Manoj Modi 6) Mr. Vatsalya Gupta Industry/sector to which it belongs: Power Transmission & Distribution EPC Sector 2) Issue Details Issue Period: September 23, 2026, to September 25, 2026 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs. 12,850.00 lakhs* *Note: Particulars Amount (Rs in lakhs) Gross proceeds of the Fresh Issue 12,850.00 Less: Issue Expenses 1,911.19 Net Proceeds 10,938.81 Crisil Ratings shall be monitoring the gross proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments of Comments of certifications considered by Particulars Reply the Monitoring the Board of Monitoring Agency for Agency Directors preparation of report Peer-reviewed Independent Chartered Accountant Proceeds were Certificate^, Management Whether all utilization is as per the utilized Yes undertaking, Prospectus dated No comments disclosures in the Offer Document? towards issue September 25, 2026 (hereinafter expenses referred as “Offer document”), Bank Sta tements Source of information/ Comments of Comments of certifications considered by Particulars Reply the Monitoring the Board of Monitoring Agency for Agency Directors preparation of report Whether shareholder approval has been obtained in case of material NA No comments No comments deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue has No No comments No comments changed? Is there any major deviation observed over the earlier NA No comments No comments monitoring agency reports? Whether all Government/statutory approvals related to the object(s) NA No comments No comments have been obtained? Peer-reviewed Independent Chartered Accountant Certificate^, Management undertaking Whether all arrangements pertaining to technical NA No comments No comments assistance/collaboration are in operation? Are there any favorable events improving the viability of these No No comments No comments object(s)? Are there any unfavorable events affecting the viability of the No No comments No comments object(s)? Is there any other relevant information that may materially No No comments No comments affect the decision making of the investors? NA represents Not Applicable ^Certificate dated October 16, 2026, issued by M/s M Parashar & Co., Chartered Accountant Certificate (Firm Registration Number: 110954C), Peer-reviewed Independent Chartered Accountant. 4) Details of object(s) to be monitored: i. Cost of the object(s): Original cost Comments of the Board of Directors Source of information/ Revised Comment (as per the Sr. certification Cost of the Item Offer Particulars of No. considered by MA for (Rs in Monitoring Reason Proposed Head Document) firm preparation of report lakhs) Agency of Cost financing (Rs in arrangements revision option lakhs) made Funding incremental working capital No 1 9,000.00 NA requirements of the Peer-reviewed revision Company Independent Not Applicabl [Showing first 8,000 characters — download PDF for full document]