Monitoring Agency Report

Rajputana Stainless Limited Rajputana Stainless Limited L27 LOgGJ 199 1 PLCO 1 533 1 Datez30l1012026 To, To, Department of Corporate Services Listing Compl iance Department, BSE Limited, National Stock Exchange of India Limited, Floor l, Rotunda Building Exchange Plaza, C-1, BLOCK G, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Mumbai - 400001 Mumbai - 400051 Scrip Code:544731 Symbol: RSL ISIN: INE313L01016 Subject: Submission of'Monitoring Agency Report pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirernerrts) Regulations, 2015 read with Regulation 41(4) of the SEBI (lssue of Capital and Disclosure Requirernents) Regulations. 2018, please find enclosed herewith the Monitoring Agency Repoft issued by CARE Ratings Limrted tbr the quarter ending September 30,2026 in respect of utilization of proceeds from tlre lnitial Public Ofl'er (IPO) of the Company. Kindly take the same on your records. Thanking you, Yours faithfully, Richa r Company Secretary Compliance Offrcer Encl.: Monitoring Agency Report No. CARE/ARO/GEN/2026-27/1203 The Board of Directors Rajputana Stainless Limited 213, Madhwas, Halol Kalol Road Kalol Panchmahal - 389330 Gujarat October 29, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 in relation to the IPO of Rajputana Stainless Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.178.73 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 ending September 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated February 02, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Anuja Parikh Associate Director Anuja.parikh@careedge.in Report of the Monitoring Agency Name of the issuer: Rajputana Stainless Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Not applicable (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 with 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 after 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: Anuja Parikh Designation of Authorized person/ Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Rajputana Stainless Limited Name of the promoter : Shankarlal Deepchand Mehta, Babulal D Mehta, Yashkumar Shankarlal Mehta and Jayesh Natvarlal Pithva Industry/sector to which it belongs : Industrial Products (Iron and Steel products) 2) Issue Details Issue Period : March 09, 2026 to March 16, 2026 Type of issue (public/rights) : Initial Public Offer Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs.178.73 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of the Comments of the Board of Particulars Reply considered by Monitoring Agency for Monitoring Agency Directors preparation of report The utilization of funds has been as per the stated objects. Whether all utilization is as per the CA Certificate*, Company Declaration, Yes However, there is ongoing delay in 3 No comments disclosures in the Offer Document? Bank Statement objects which were scheduled to be completed in FY26. Whether shareholder approval has been obtained in case of material Not applicable Company Declaration, Bank Statement No comments No comments deviations# from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue have No Company Declaration No comments No comments changed? Is there any major deviation observed CA Certificate*, Company Declaration, over the earlier monitoring agency No No deviation over previous MA report No comments Bank Statement, Previous MA report reports? Whether all Government/statutory Not applicable Company Declaration Not applicable No comments approvals related to the object(s) have Source of information/ certifications Comments of the Comments of the Board of Particulars Reply considered by Monitoring Agency for Monitoring Agency Directors preparation of report been obtained? Whether all arrangements pertaining to technical assistance/ collaboration are Not applicable Company Declaration Not applicable No comments in operation? There has been a delay in the utilisation of IPO proceeds towards the object of capital expenditure for forward integration, compared to the timeline disclosed in the Prospectus. Are there any favorable/unfavorable Company Declaration, stock exchange Out of the total amount of Rs.18.57 events affecting the viability of these Yes No comments filings crore allocated towards this object, an object(s)? amount of Rs.5.57 crore was stated to be utilised in FY26, and balance Rs.13.00 crore in FY27. However, there has been no utilisation of funds towards this object, till Q2FY27. Is there any other relevant information Company Declaration, that may materially affect the decision No No comments No comments Stock exchange filings making of the investors? *Chartered Accountant certificate from Ruparel & Bavadiya dated October 22, 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 – Original cost Comments of the Board of Directors Source of information / Comments (as per the Particulars of Sr. Item certifications considered by Revised Cost of t [Showing first 8,000 characters — download PDF for full document]