Detailed intimation is attached.

Mahindra Logistics Limited Arena Space, 10th & 11th Floor, Plot No. 20, Jogeshwari Vikhroli Link Road, Near Majas Bus Depot, Jogeshwari (East), Mumbai – 400060, Maharashtra. Tel: +91 22 6836 7900 Email: enquiries@mahindralogistics.com www.mahindralogistics.com CIN: L63000MH2007PLC173466 Ref: MLLSEC/104/2026 23 October 2026 BSE Limited, National Stock Exchange of India Ltd., (Security Code: 540768) (Symbol: MAHLOG) Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Fort, “G” Block, Bandra-Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai – 400 051 Dear Sir/Madam, Sub: Monitoring Agency Report for the quarter ended 30 September 2026 Pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018, please find enclosed herewith Monitoring Agency Report for the quarter ended 30 September 2026, issued by CARE Ratings Limited in respect of utilisation of funds raised through Rights Issue of equity shares of the Company issued vide its Letter of Offer dated 17 July 2025. The proceeds from Rights issue have been utilized appropriately for the objects mentioned in the offer document. This intimation is also being uploaded on the website of the Company and can be accessed at the weblink: https://mahindralogistics.com/investor-relations/rights-issue-2025/ For Mahindra Logistics Limited Jignesh Parikh Company Secretary Enclosure: As above Reg Office: Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1161 The Board of Directors Mahindra Logistics Limited Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra October 23, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Rights issue of Mahindra Logistics Limited (“the Company”) We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to ₹749.27 crore of the Company and refer to our duties cast under Regulation 82 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 July 11, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Arti Roy Associate Director arti.roy@careedge.in Report of the Monitoring Agency Name of the issuer: Mahindra Logistics 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: Arti Roy Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Mahindra Logistics Limited Name of the promoter : Mahindra & Mahindra Limited Industry/sector to which it belongs : Logistics 2) Issue Details Issue Period : July 31, 2025, to August 14, 2025 Type of issue (public/rights) : Rights Issue Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : ₹749.27 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 The utilization towards repayment and/or The Board noted prepayment of certain borrowings was that utilization is Whether all utilization is as per the disclosures in the Offer Bank Statements, CA Certificate* & adjusted against the amount allocated for Yes in line with the Document? Management Certificate issue-related expenses, as permissible under objects of the the Letter of Offer, without any change in the rights issue. overall objects of the issue. Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer NA Management Certificate NA Not Applicable Document? Whether the means of finance for the disclosed objects of the No Management Certificate None Not Applicable issue have changed? The Board noted that there were Is there any major deviation observed over the earlier monitoring Earlier monitoring agency report for the No, there were no deviations observed from no deviations agency reports? quarter ended June 30, 2026 the last monitoring agency report. observed from the last monitoring 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 agency report. Whether all Government/statutory approvals related to the NA Management Certificate NA Not Applicable object(s) have been obtained? Whether all arrangements pertaining to technical NA Management Certificate NA Not Applicable assistance/collaboration are in operation? Are there any favorable/unfavorable events affecting the viability No Management Certificate No No of these object(s)? Is there any other relevant information that may materially affect No Management Certificate No No the decision making of the investors? *The above details are verified by Deloitte Haskins & Sells LLP vide CA certificate dated October 07, 2026. #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of objects – Comments of the Board of Directors Source of [Showing first 8,000 characters — download PDF for full document]