Monitoring Agency Report

November 03, 2026 To, To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, Bandra Phiroze Jeejeebhoy Towers, Kurla Complex, Bandra (E), Mumbai 400051 Dalal Street, Mumbai – 400001 NSE Symbol - EBGNG Scrip Code – 544455 Sub: Monitoring Agency Report for the Quarter ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Monitoring Agency Report in respect of utilization of proceeds of IPO for the quarter ended September 30, 2026 issued by CARE Ratings Limited, Monitoring Agency. You are requested to take the above information on record. FOR GNG ELECTRONICS LIMITED Sarita Vishwakarma Company Secretary & Compliance Officer Membership No. A59547 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1207 The Board of Directors GNG Electronics Limited Hubtown Solaris, Near East West Flyover Bridge, Prof N S Phadke Marg, Andheri East, Mumbai- 400069 November 03, 2026 Dear Sir/Madam, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Initial Public Offering (IPO) of GNG Electronics Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offering (Fresh Issue) for the amount aggregating to Rs. 400.00 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 ended September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated July 04, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Raunak Modi Assistant Director raunak.modi@careedge.in Report of the Monitoring Agency Name of the issuer: GNG Electronics Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No (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 Monitoring Agency (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: Raunak Modi Designation of Authorized person/Signing Authority: Assistant Director 1) Issuer Details: Name of the issuer : GNG Electronics Limited Name of the promoter : Amiable Electronics Private Limited, Mr. Sharad Khandelwal, Ms. Vidhi Khandelwal, Kay Kay overseas corporation Industry/sector to which it belongs : Computers Hardware and Equipments 2) Issue Details Issue Period : July 23, 2025, to July 25, 2025 Type of issue (public/rights) : Public Issue (IPO) Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 400.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report All issue proceeds utilized in Q2 FY27 are as per the disclosures in the Red-Herring Prospectus. Chartered Accountant certificate*, Whether all utilization is as per the disclosures in the Offer Utilization in the quarter is towards reimbursement of Yes Red-Herring Prospectus, Management No comments Document? issue expenses incurred of Rs. 3.63 crore incurred earlier Certificate in FY25 (Rs. 2.16 crore), FY26 (Rs. 1.37 crore) and Q1 FY27 (Rs. 0.10 crore). The same has been verified from bank statements and invoices. Whether shareholder approval has been obtained in case of Chartered Accountant certificate*, material deviations# from expenditures disclosed in the Offer Red-Herring Prospectus, Management Nil No comments Applicable Document? Certificate Chartered Accountant certificate*, Whether the means of finance for the disclosed objects of the No Red-Herring Prospectus, Management Nil No comments issue have changed? Certificate Previous MA report for the quarter Is there any major deviation observed over the earlier There are no deviations observed over earlier MA report No ending June 30, 2026, dated July 30, No comments monitoring agency reports? for the quarter ending June 30, 2026, dated July 30, 2026. 2026 Whether all Government/statutory approvals related to the Not Chartered Accountant certificate*, Nil No comments Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report object(s) have been obtained? applicable Red-Herring Prospectus, Management Certificate Chartered Accountant certificate*, Whether all arrangements pertaining to technical Not Red-Herring Prospectus, Management Nil No comments assistance/collaboration are in operation? applicable Certificate Are there any favorable/unfavorable events affecting the Chartered Accountant certificate*, No Nil No comments viability of these object(s)? Management Certificate Is there any other relevant information that may materially Chartered Accountant certificate*, No Nil No comments affect the decision making of the investors? Management Certificate *Chartered Accountants certificate from Shankarlal Jain and Associates LLP dated October 24, 2026, bearing UDIN 26160291GFOVIC4465 #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: (iv) Cost of objects – Comments of the Board of Directors Original cost Revised Comments Source of information / certifications Particulars Sr. Item (as per the Offer Cost of the Proposed considered by Monitoring Agency for Reason for of -firm No Head Document) in Rs. in Rs. Monitoring financing preparation of r [Showing first 8,000 characters — download PDF for full document]