Monitoring Agency Report

Steel Exchange India Limited November 04, 2026 To To The Manager, The Manager, Department of Corporate Services, Listing Department, BSE Limited National Stock Exchange of India Limited, P.J. Towers, Dalal Street, Exchange Plaza, Bandra Kurla Complex, Port, Mumbai — 400001 Bandra (East), Mumbai — 400051 Scrip Code: 534748/960441 Scrip ID: STEELXIND Sub: Monitoring Agency Report for the quarter ended September 30, 2026. Dear Sir/Ma’am, Pursuant to Regulation 162A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), enclosed herewith is the Monitoring Agency Report dated October 22, 2026, issued by Infomerics Valuation and Rating Limited with respect to the utilisation of proceeds received by the Company pursuant to the preferential issue of convertible warrants. This is for your information and records. Thanking you, Yours faithfully, For Steel Exchange India Limited Raveendra Babu M Company Secretary & Compliance Officer M.No: A34409 WORKS Integrated Steel Plant: Sreerampuram, L.Kota Mandal, Vizianagaram District - 535161. Phone: +91-8966-267218, 267111 Monitoring Agency Report for Steel Exchange India Limited for the quarter ended September 30, 2026 Monitoring Agency Report October 22, 2026 Steel Exchange India Limited 1-65/K/60, Plot No.60, Abhi’s Hiranya, Kavuri Hills Hyderabad, Telangana - 500081 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Preferential issue of Steel Exchange India Limited (“The Company”) We write in our capacity of Monitoring Agency for the Preferential issue for the amount aggregating to Rs. 341.58 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR 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 18th April 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Infomerics Valuation and Rating Limited Gaurav Jain (Director - Ratings) gaurav.jain@infomerics.com Report of the Monitoring Agency Name of the Issuer: Steel Exchange India Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Infomerics Valuation and Rating Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Nil Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, 10 – 25%, 25-50%, 50-75%, 75-100%, not ascertainable etc. * Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes. 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 declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We further declare that this report provides true and fair view of the utilization of issue proceeds. Signature: Name of the Authorized Person/Signing Authority: Gaurav Jain Designation of Authorized person/Signing Authority: Director - Ratings Seal of the Monitoring Agency: Date: October 22, 2026 1) Issuer Details: Name of the issuer: Steel Exchange India Limited (SEIL) Names of the promoters of the issuer: Satish Kumar Bandi, Suresh Kumar Bandi, Ramesh Kumar Bandi, Veeramachaneni Venkata Krishna Rao and Bavineni Suresh Industry/sector to which it belongs: Engaged in manufacturing sponge iron, billets TMT bars. 2) Issue Details: Issue Period: 18th April 2026 to 30th April 2026 Type of issue: Preferential Issue Type of specified securities: Fully convertible share warrants Grading: NA Issue size (Rs in Crores): Rs. 341.58 crore Particulars Remarks Amount (in Rs. crore) Approved by EGM Total share warrants to be issued 36,14,60,300 341.58 Details of expenses to be incurred - - Net Proceeds to be received - 341.58 Current Status Total warrants issued and subscribed as part of Preferential Issue 36,14,60,300 341.58 Warrants – 25% Share Application money (still outstanding to be exercised within 36,14,60,300 85.39 18 months from the date of allotment (Deposit amount received) Total Warrants converted in to shares during the period (Fully paid up) - - Funds received from warrant holders during Q1FY27 - 55.50 Funds received from warrant holders during Q2FY27 - 11.50 Details of expenses incurred related to issue - - Net Proceeds receipt 152.39 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Particulars Reply Source of information / Comments of Monitoring Comments of certifications considered by Agency Board of Monitoring Agency for Directors preparation of report Whether all the utilization is as per disclosure in Yes, the utilization Bank Statements, CA No Comments No Comments Offer has been made as Certificate**, Notice of Document? per Offer EOGM*, Invoices, Ledgers, Document. Management declaration^ Whether Shareholder approval is obtained in case There are no Not applicable Not applicable No Comments of material deviations from expenditures deviations from the disclosed in Offer expenditures Document? disclosed in the Offer Document. Hence no approval is required Whether means of finance for disclosed objects of There is no change Not applicable No No Comments the Issue has changed? in the means of finance for disclosed objects Any major deviation observed over the earlier No Not applicable No No Comments monitoring agency reports? Whether all Government / Statutory approvals Yes Principal approval from BSE and No Comments No Comments related to the object(s) obtained? NSE Whether all arrangements pertaining to technical Not Applicable Not applicable Not Applicable No Comments assistance/collaboration in operation? Any favourable events improving object(s) There are no Not applicable Nil No Comments viability events affecting the viability of these objects. Any unfavourable events affecting object(s) There are no Not applicable Nil No Comments viability events affecting the viability of these objects. Any other relevant information that may There is no Not applicable Nil No Comments materially affect the decision making of the relevant investors information that may affect the decision [Showing first 8,000 characters — download PDF for full document]