Monitoring Agency Report for the Quarter ended September 30, 2026

SEC/2910/2026 By E-Filing October 29, 2026 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Corporate Relations Department, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra- Kurla Complex, Dalal Street, Bandra (E), Fort, Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol : APARINDS Scrip Code : 532259 Kind Attn.: Listing Department Kind Attn. : Corporate Relationship Department Sub. : Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Qualified Institutions Placement (QIP) of Equity Shares of APAR Industries Limited (“the Company”) Listing Regulation: Regulation 32 & all other applicable Regulations, if any, of the SEBI (LODR) Regulations, 2015, as amended from time to time Dear Sir/ Madam, Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, we are enclosing herewith the Monitoring Agency Report dated October 29, 2026 issued by CARE Ratings Limited, Monitoring Agency, appointed by the Company, for the quarter ended September 30, 2026 in respect of utilization of proceeds of the funds raised through Qualified Institutions Placement (“QIP”). The said information is also being made available on the website of the Company at www.apar.com. Thanking You. Yours faithfully, For APAR Industries Limited Sanjaya Kunder (Company Secretary) Encl. As above. APAR Industries Limited Corporate Office : APAR House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai - 400 071, India +91 22 6780 0400 / 49572100 corporate@apar.com www.apar.com Regd. Office: 301/306, Panorama Complex, R. C. Dutt Road, Alkapuri, Vadodara - 390007, India +91 265 6178 700/6178 709 apar.baroda@apar.com www.apar.com CIN: L91110GJ1989PLC012802 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1184 The Board of Directors Apar Industries Limited APAR House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai - 400 071 October 29, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026- in relation to the QIP of Apar Industries Limited (“the Company”) We write in our capacity as the Monitoring Agency for the Qualified Institutions Placement of the Company, aggregating to approximately ₹2,500 crore, and refer to the duties cast upon us under Regulation 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended. 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 August 10, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Arti Roy Associate Director arti.roy@careedge.in CARE Ratings Limited 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: Apar Industries 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 CARE Ratings Limited 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 1) Issuer Details: Name of the issuer : Apar Industries Limited Name of the promoter : Kushal N Desai & Chaitanya N Desai and the promoter group Industry/sector to which it belongs : Manufacturing of conductors, cables & transformer and specialty oils. 2) Issue Details Issue Period : August 10, 2026, to August 13, 2026 Type of issue (public/rights) : Qualified Institutions Placement Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in crore) : ₹2,500 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 Monitoring Agency Board of Directors preparation of report • CA certificate • Bank statements Whether all utilization is as per the disclosures in the Offer Yes, the utilization is as per the • FD Receipts Please see Note 1 below Yes Document? offer document • Management certificates • Invoices/purchase order Whether shareholder approval has been obtained in case of There are no deviations from the • CA certificate Not applicable since no material deviations# from expenditures disclosed in the Offer expenditure disclosed in the Offer Not applicable deviations Document? Document Whether the means of finance for the disclosed objects of the There is no change in the means Not applicable No No issue have changed? of finance for disclosed objects. Is there any major deviation observed over the earlier monitoring Not applicable Not applicable Not applicable Not applicable agency reports? Whether all Government/statutory approvals related to the Not applicable • Management certificate Not applicable Not applicable object(s) have been obtained? Whether all arrangements pertaining to technical Not applicable Not applicable Not applicable Not applicable assistance/collaboration are in operation? Are there any favorable/unfavorable events affecting the viability There are no events affecting the • Management certificate No No of these object(s)? viability of these objects • CA certificate There is no relevant information Is there any other relevant information that may materially affect • Management certificate that may affect the decision No No the decision making of the investors? • CA certificate making of investor. Note 1: Out of QIP issue of ₹2,500 crore, ₹1,463.72 [Showing first 8,000 characters — download PDF for full document]