Monitoring Agency Report

3rd November, 2026 To, To, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai – 400001 Bandra (E), Mumbai – 400051 Script Code: 544527 Symbol: ATLANTAELE Subject: Monitoring Agency Report for the quarter ended 30th September, 2026 Dear Sir/Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed, the Monitoring Agency Report dated November 02, 2026 issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended September 30, 2026, in respect of utilization of proceeds of the Initial Public Offer of the Company. The aforesaid report is also available on the website of the Company. We request you to kindly update the above information in your records. Thanking you, Yours faithfully, For Atlanta Electricals Limited Tejal S. Panchal Company Secretary and Compliance Officer Encl: As above ATANTA ELECTRICALS LIMITED Corporate Office www.aetrafo.com (Formerly known as ATLANTA ELECTRICALS PVT. LTD.) Plot No. 1503/4, GIDC Estate, 02692 235023 Vithal Udyognagar, Anand – 388121 CIN: L31110GJ1988PLC011648 sales@aetrafo.com Gujarat, India Monit oring Agency Report No. CARE/ARO/GEN/2026-27/1207 The Board of Directors Atlanta Electricals Limited Plot No. 1503/4 GIDC Estate, Vithal Udyognagar, Anand, Gujarat - 388121 November 02, 2026 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of Atlanta Electricals Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.400.00 crore of the Company and refer to our duties cast under section 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 September 15, 2025. 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: Atlanta Electricals 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: Anuja Parikh Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Atlanta Electricals Limited Name of the promoter : Mr Niral Krupeshbhai Patel, Mr. Amish Krupeshbhai Patel, Mr. Tanmay Surendrabhai Patel Mr. Narharibhai S. Patel Family Trust Patel Family Trustee Private Limited Niral Patel Family Trust Amish Patel Family Trust Tanmay Patel Family Trust and Atlanta UHV Transformers LLP Industry/sector to which it belongs : Power, distribution and special application transformers 2) Issue Details Issue Period : September 22, 2025 to September 24, 2025 (Anchor Investor Bidding Date: September 19, 2025) Type of issue : Initial Public Offering (IPO) Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in Rs. crore) : Rs.400.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments the certifications considered by Comments of the Particulars Reply Board of Monitoring Agency for Monitoring Agency Directors preparation of report Chartered Accountant Whether all utilization is as per the disclosures Yes certificate*; Bank statement; No comments Yes in the Offer Document? Company declaration Chartered Accountant Whether shareholder approval has been certificate*, Bank statements, obtained in case of material deviations# from Not applicable Not applicable - Offer Document, Board expenditures disclosed in the Offer Document? resolution Whether the means of finance for the disclosed No Company declaration No change No objects of the issue have changed? Chartered Accountant certificate*, Bank statements, Is there any major deviation observed over the No Offer Document, Board No deviation No earlier monitoring agency reports? resolution, Previous monitoring agency report Whether all Government/statutory approvals Not applicable Company declaration Not applicable - related to the object(s) have been obtained? Whether all arrangements pertaining to technical assistance/collaboration are in Not applicable Company declaration Not applicable - operation? Are there any favorable/unfavorable events Company declaration; stock No Nil No affecting the viability of these object(s)? exchange filings Is there any other relevant information that Company declaration; Stock may materially affect the decision making of the No Nil No exchange filings investors? * Chartered Accountant certificate from M/s. PSCA & Co. (formerly known as Parikh Shah Chotalia & Associates) dated October 19, 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 Document. 4) Details of objects to be monitored: (i) Cost of objects – Source of information / Comments of the Board of Directors certifications Original cost Comments of Revised Reason Sr. considered by (as per the Offer the Proposed Item Head Cost for Particulars of firm No Monitoring Document) in Rs. Monitoring financing in Rs. Crore cost arrangements made Agency for preparation Crore Agency option revision of report Repayment/ Chartered [Showing first 8,000 characters — download PDF for full document]