Monitoring Agency Report

October 26, 2026 To To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, 1st Floor, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Mumbai 400051 Dalal Street Mumbai – 400001 NSE Symbol: ATHERENERG Scrip Code: 544397 Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report issued by CARE Ratings Limited, for the quarter ended September 30, 2026, in respect of the utilization of gross proceeds of the IPO, Qualified Institutions Placement (QIP), and Preferential Issue of the Company. Kindly take the above said information on record. Thank you For Ather Energy Limited Puja Aggarwal Company Secretary & Compliance Officer Membership No: A49310 No. CARE/BRO/GEN/2026-27/1031 The Board of Directors Ather Energy Limited 13th Floor, Tower D, IBC Knowledge Park, 4/1 Bannerghatta Main Road, Bengaluru, Karnataka, India- 560029 October 26, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of Ather Energy Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs. 2626.00 crore of the Company and refer to our duties cast under regulation 41 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 March 17, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Karthik Raj Director karthik.raj@careedge.in Report of the Monitoring Agency Name of the issuer: Ather Energy Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: None (b) Range of Deviation: NA 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: Karthik Raj Designation of Authorized person/Signing Authority: Director Issuer Details: Name of the issuer : Ather Energy Ltd Name of the promoter : Tarun Sanjay Mehta, Swapnil Babanlal Jain, Hero Motocorp Limited Industry/sector to which it belongs : Automobiles and Auto Components- Automobiles 1) Issue Details Issue Period : April 28, 2025 to April 30, 2025 Type of issue (public/rights) : Public Type of specified securities : Equity IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 2626.00 crore 2) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered Comments of the Particulars Reply Comments of the Monitoring Agency by Monitoring Agency for Board of Directors preparation of report As per the prospectus, the Company had to spend Rs. 705.50 crore for Factory 3.0 in FY26, which could not be utilized as the Company received Environment clearance approval in September 2025 which was originally not required as per prospectus dated April 30, 2025. This had shifted the expected date for commencement of first phase of production in Factory 3.0 to Final Prospectus, Management October 2026 as against original envisaged timeline of July 2026. Whether all utilization is as per the disclosures in Yes Certificate, Discussion with However, the Company faced operational challenges of labor and No comments the Offer Document? management fuel shortage both on-site and at suppliers' end caused by the Middle-East crisis, due to which the expected date of commencement of production is now shifted to December 2026. The Company has spent 47% (including land cost) of the total project cost and has already raised purchase orders worth 87% of the total project cost as on September 30, 2026. As per Source of information / certifications considered Comments of the Particulars Reply Comments of the Monitoring Agency by Monitoring Agency for Board of Directors preparation of report management, the initial completion timelines for entire project of March 2027 remain intact Whether shareholder approval has been obtained Not Final Prospectus, Management No deviations from expenditures observed from the objects in case of material deviations# from expenditures No comments applicable Certificate mentioned in Offer Document disclosed in the Offer Document? Whether the means of finance for the disclosed Final Prospectus, Management No No change in means of finance for the disclosed objects No comments objects of the issue have changed? Certificate Is there any major deviation observed over the Monitoring agency report dated No No deviation observed from previous monitoring agency reports. earlier monitoring agency reports? August 03, 2026. With respect to capital expenditure to be incurred for E2W factory in Maharashtra, the Company has obtained certain pre- construction government approvals such as Consent to Establish, Final Prospectus, Management Town and Country Planning Approvals, GST Registration, ESI Whether all Government/statutory approvals Ongoing Certificate, Discussion with Registration. The Company has received Environmental Clearance No comments related to the object(s) have been obtained? management as well during Q2FY26. Other routine approvals viz. Consent to Operate, Factory license etc. are expected to be obtained in due course of time. Final Prospectus, Management Whether all arrangements pertaining to technical As per management, all technical requirements are sourced in- Yes Certificate, Discussion with No comments assistance/collaboration are in operation? house and no agreements with third parties exist f [Showing first 8,000 characters — download PDF for full document]