STATEMENT OF DEVIATION OR VARIATION FOR THE QUARTER ENDED 30TH SEPTEMBER, 2026.

IEL LIMITED Reg. Off. - Office No: 53, 6th Floor, Sanidhya Complex, Near Devnandan Mall, Opp. Sanyas Ashram, Nehru Bridge, Ashram Road, Ahmedabad – 380006, Gujarat, INDIA. Phone: +91 7801937978 Website: www.iellimited.com, E-mail: iellimitedamd@gmail.com CIN - L15140GJ1956PLC124644 04th November 2026 The Department of Corporate Services (DCS-CRD) BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai – 400001 Sub.: STATEMENT OF DEVIATION OR VARIATION UNDER REGULATION 32(1) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 – QUARTER ENDED 30TH SEPTEMBER 2026. Ref: IEL LIMITED BSE SCRIP CODE: 524614 SYMBOL: INDXTRA Pursuant to Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time, we are submitting herewith the Statement of Deviation or Variation for the Quarter ended 30th September 2026, reviewed by the Audit Committee at their meeting held on Wednesday, 04th November 2026. There is no deviation in the use of proceeds from the Objects as stated in the Letter of Offer Dated 17th January 2025 by the Company. Kindly take the same on your record. Thank you, For IEL Limited Ajay B. Gupta Managing Director DIN – 07542693 Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement Etc. (1) Mode of Fund Raising Rights Issues Description of mode of fund raising (Applicable in case of others is selected) Date of Raising Funds 05-03-2025 Amount Raised 4317.22 Report filed for Quarter ended 30-09-2026 Monitoring Agency Not applicable Monitoring Agency Name, if applicable Is there a Deviation / Variation in use of funds raised No If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders If Yes, Date of shareholder Approval Explanation for the Deviation / Variation Not Applicable Comments of the Audit Committee after review Nil Comments of the auditors, if any Nil Modified Amount of Deviation/Variation for Modified Original Funds Remarks Sr. Original Object allocation, if the quarter according to applicable Object, if any Allocation Utilised if any any object To acquire land for 1 Construction of Nil 977 0 977 0 warehouses To finance 2 Construction of the Nil 2414.31 0 0 0 warehouses To meet General 3 Nil 925.91 0 925.91 0 Corporate Purpose Signatory Details Name of signatory Ajay B. Gupta Designation of person Managing Director Place Ahmedabad Date 04-11-2026 (rb(J MAARK & ASSOCIATES CHARTERED ACCOUNTANTS Audit Committee of IEL Limited Reg. Off.: Office No: 53, 6th Floor, Sanidhya Complex, Near Devnandan Mall, Opp. Sanyas Ashram, Nehru Bridge, Ashram Road, Ahmedabad - 380006, Gujarat, INDIA CIN -L15140GJ1956PLC124644 Sirs, • Sub: Auditors Certificate on Utilization of Funds Raised from Rights Issue of IEL Limited ("the Company"). Ref: Pursuant to Regulation 32 (1) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 and various Circulars issued by BSE Limited. With reference to the above captioned subject, we hereby certify that IEL Limited ("the Company") has raised in total Rs. 43,17,21,894.20/- from the Issue of Equity Shares through Rights Issue. FurtheJ; the details of utilization of proceeds raised from Rights Issue for the purpose of the objects as stated in Offer Document i.e. Letter of Offer of the Company dated 17'" January 2025 are as under: Table 01: Name oflisted entity IEL Limited Mode of Fund Raising Rights Issue Date of raising Funds 05th March 2025 Amount Raised Rs.43,17,21,894.20/- Issue Related Expenses Rs.47,65,988.70/- Net Proceeds to be utilized Rs.42,69,55,905.50/- Report filed for period ended Quarter ended 30-09-2026 Monitoring Agency Not Applicable Monitoring Agency Name, if applicable Not Applicable Is there a Deviation / Variation in use of fund raised If yes, whether the same is pursuant to change in terms ofa contract or objects which was Not Applicable approved by the Shareholders If Yes, Date of Shareholders Approval Not Applicable Explanation for the Deviation / Variation Not Applicable Comments of the Audit Committee after review Nil Comments of the auditors, if any Nil • '11. ASS O Page 1 of 3 @807. J.J'lIl\IA III\\CI~ 8{'sidc Infinil) MIlII, :\Iimhpac{', ;\lalad (W), ;\lulllhlli -.too OM. ~ +91 22 49726641 0 +91 8976982742 @ rU((l cflmllark.com ® ,,\\ \\.cllmaark.com (rbJ MAARK & ASSOCIATES CHARTERED ACCOUNTANTS Amount of Deviation Original Modified Funds Variation Modified utilised Original Allocation Allocation, Utilized for the Remarks object, if Amount Object (Rs. in ifany (Rs. (Rs. in period (if any) any (Rs. in Lakhs) in Lakhs) Lakhs) according Lakhs) applicable object To acquire land Nil 977.00 Nil 977.00 Nil Nil Nil construction of warehouses To finance construction of Nil 2,414.31 Nil Nil 2,414.31 Nil Nil the warehouses To meet General Nil 925.91 Nil 925.91 Nil Nil Nil corporate purposes Total Nil 4317.22 Nil 1,902.91 2,414.31 Nil Nil Table 02: Actual Amount Object as Utilised Unutilised Sr. disclosed in the disclosed in the Amount Amount (Rs. Remarks No. Offer Document Offer Document (Rs. in in Lal<hs) (Rs. in Lakhs) Lakhs) To acquire land 1 for construction 977.00 977.00 Nil NA of warehouses To finance 2 construction of 2,414.31 Nil 2,414.31 NA the warehouses To meet General 3 corporate 925.91 925.91 Nil NA purposes Total 4317.22 1,902.91 2,414.31 NA . ~f'.SSO Q:-+- Ii (CA)',' Page 2 of 3 ft"'UMeP:-' . @807. I.JMII\I.\ Toner. Beside Inlimt) Mall. I\'1indspace, M.lIad (W). Mumhai -400 064. 8 +91 2249726641 <9 +91 8976982742 ® cum camaark.com rill) \H\\\.carnllllrk.colll MAARK & ASSOCIATES CHARTERED ACCOUNTANTS We further confirm that there has been no deviation/variation in utilization, except mentioned above, of the issue proceeds raised from Rights Issue of the Company from those mentioned in the Offer Document of the Company. . We have no responsibility to update this certificate for the events & circumstances occurring after the date of this certificate. For and on behalf of MAARK & Associates Chartered Accountants FRN: 145153W Manish Agarwal Partner Membership No. 612103 Place: Mumbai Date: 04.11.2026 UDlN: 2661210301FOSD2200 Page 3 of 3 @807. UMIl\lA lo"cr. Beside (nfillit) Mall, i\lmdspacc, Malad (W), Murnbai -4UO 0(,4. @) +91 22 49726641 CD +91 8976982742 I€ cartt camaarl<.com @ \\\\\\.camllark.cllm