Monitoring Agency Report

Leading Through Innovation October 28, 2026 To To BSE Limited National Stock Exchange of India Ltd Corporate Relationship Dept., Corporate Relationship Dept., Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Mumbai 400001 Bandra-Kurla Complex, Bandra (East), Mumbai 400 051 Scrip Code: 544283 Symbol: ACMESOLAR Ref: Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, we hereby submit the enclosed Monitoring Agency Report issued by CARE Ratings Limited ("Monitoring Agency") for the quarter ended September 30, 2026. The aforesaid report pertains to the utilisation of proceeds raised through the Qualified Institutions Placement of the Company and is being submitted in compliance with the aforesaid regulations. The report is being made available on the Company’s website at www.acmesolar.in Thanking you, For ACME Solar Holdings Limited Rajesh Sodhi Company Secretary and Compliance Officer Encl: As stated ACME Solar Holdings Limited CIN L40106HR2015PLC102129 Corporate Office: 4th, 6th to 8th Floor, Block A1, DLF World Tech Park, DLF IT SEZ Silokhera, Sector 30, Gurugram, Haryana 122001 India Tel: +91-124-4507100 Fax: +91-124-7117001 Regd. Office: Plot No .152, Sector-44, Gurugram 122002, Haryana, India Tel: +91-124-7117000 Fax: +91-124-7117001 Email: cs.acme@acme.in; Website: www.acmesolar.in; No. CARE/NRO/GEN/2026-27/1139 The Board of Directors ACME Solar Holdings Limited Plot No. 152, Sector 44, Gurugram, Haryana - 122002 10/28/2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended 09/30/2026 - in relation to the QIP of ACME Solar Holdings Limited (“the Company”) We write in our capacity as the Monitoring Agency for the Company’s Qualified Institutions Placement aggregating to Rs. 2,800 crore, pursuant to our duties under Regulation 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended 09/30/2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 06/01/2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Vinakshi Grover Associate Director Vinakshi.Grover@careedge.in Report of the Monitoring Agency Name of the issuer: ACME Solar Holdings Ltd For quarter ended: 09/30/2026 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: Vinakshi Grover Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : ACME Solar Holdings Ltd Name of the promoter : Manoj Kumar Upadhyay, Mamta Upadhyay, MKU Holdings Private Limited ACME Cleantech Solutions Private Limited Upadhyay Family Trust Industry/sector to which it belongs : Power (Renewable energy) Generation 2) Issue Details Issue Period : 06/01/2026 to 06/04/2026 Type of issue (public/rights) : Qualified Institutions Placement (QIP) Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 2,800 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of certifications Comments of the the Particulars Reply considered by Monitoring Agency Board of Monitoring Agency for Directors preparation of report The proceeds from the issue have been partially utilized as per objects of the issue Management Certificate, and the unutilized Whether all utilization is as per the CA Certificate, Placement amount has been Yes No Comments disclosures in the Offer Document? Document and Bank parked as term Statements deposits with scheduled commercial banks and balance in monitoring account. Whether shareholder approval has been obtained in case of material NA Management Certificate Not Applicable No Comments deviations# from expenditures disclosed in the Offer Document? Whether the means of finance for the Management Certificate disclosed objects of the issue have No Not Applicable No Comments and Bank Statements changed? Is there any major deviation observed Previous monitoring over the earlier monitoring agency No No such deviation No Comments agency report reports? Whether all Government/statutory approvals related to the object(s) have NA Management Certificate Not Applicable No Comments been obtained? Whether all arrangements pertaining to technical assistance/collaboration NA Management Certificate Not Applicable No Comments are in operation? Are there any favorable/unfavorable events affecting the viability of these No Management Certificate Not Applicable No Comments object(s)? Source of information / Comments of certifications Comments of the the Particulars Reply considered by Monitoring Agency Board of Monitoring Agency for Directors preparation of report Is there any other relevant information that may materially affect the decision No Management Certificate Not Applicable No Comments making of the investors? #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 – Source of informa [Showing first 8,000 characters — download PDF for full document]