Monitoring Agency Report

October 28, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, 20th Floor, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 N SE Scrip Symbol: AEQUS BSE Scrip Code: 544634 Subject: 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 Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Ratings Limited in respect of utilisation of proceeds of the Pre-Initial Public Offer Placement and Initial Public Offer, duly reviewed and taken on record by the Audit Committee and Board of Directors of the Company. The Monitoring Agency has confirmed in its report that there is no material deviation in utilisation of proceeds for the funds raised through Pre-Initial Public Offer Placement and Initial Public Offer as stated in the object of the Issue. This intimation will also be made available on the website of the Company and can be accessed using the below link: https://www.aequs.com/investor/ Thanking You, For Aequs Limited Ravi Mallikarjun Hugar Company Secretary & Compliance Officer Membership Number: A20823 Encl.: as above Aequs Limited (formerly known as Aequs Private Limited) Corporate Identity Number: L30305KA2000PLC026760 Registered Office: Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post, Bengaluru - 560048, Karnataka, India T: + 91 080 61348000 Corporate Office: Aequs SEZ, No. 437/A, Hattargi Village, Hukkeri Taluk, Belagavi – 591243, Karnataka, India T: +91 0831 4222500 Website: www.aequs.com Email: investor.relations@aequs.com No. CARE/BRO/GEN/2026-27/1033 The Board of Directors Aequs Limited Aequs SEZ No. 437/A, Hattargi Village Hukkeri Taluk, Belagavi 591 243 Karnataka, India October 26, 2026 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Pre Initial Public Offer of Equity Shares of Aequs Limited (“the Company”) We write in our capacity of Monitoring Agency for the Pre Initial Public Offer of 11,615,713 for the amount aggregating to Rs. 144.0 crore of the Company and refer to our duties cast under 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 November 12, 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: Aequs 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: 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: Karthik Raj Designation of Authorized person/Signing Authority: Director Issuer Details: Name of the issuer : Aequs Limited Name of the promoter : Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation, The Melligeri Foundation Industry/sector to which it belongs : Capital goods- Aerospace & Defense 1) Issue Details Issue Period : December 03, 2025, to December 05, 2025 Type of issue (public/rights) : Pre - Initial Public offer Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 144.00 crore 2) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report The Company had transferred Rs. 13.41 to subsidiary, Aequs Toys Private Limited (ATPL) towards General Corporate Purposes to during Q4FY26. Out of this ATPL transferred Rs. 4 crs to its subsidiary Koppal Toys Molding Co. Pvt Ltd (KTMCPL) during Q1FY27. Chartered accountant certificate* As on September 30, 2026, unutilized IPO Whether all utilization is as per the disclosures in the Offer No Management certificate, Final proceeds of Rs. 5 crores with ATPL is parked in Noted Document? prospectus, Bank statements its current account and Rs 0.15 crore with KMTCPL is parked in fixed deposit account with scheduled commercial bank. The Board may note that the offer document does not explicitly specify the parking of unutilized Pre-IPO funds in subsidiary bank accounts. Whether shareholder approval has been obtained in case of Final prospectus, Chartered material deviations# from expenditures disclosed in the Offer Not applicable accountant certificate*, No material deviations observed. ok Document? Management certificate Final prospectus, Chartered Whether the means of finance for the disclosed objects of the issue accountant certificate*, Yes None ok have changed? Management certificate, Bank statements Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report As at September 30, 2026, entire unutilised amount of Rs. 5.15 crores retained in the fixed deposit and current account of the company’s Chartered accountant certificate*, Is there any major deviation observed over the earlier monitoring subsidiaries maintained with scheduled Yes Management certificate, MA report Noted agency reports? commercial banks. The Board may note that the dated July 29, 2026 offer document does not explicitly specify the par [Showing first 8,000 characters — download PDF for full document]