Monitoring Agency Report

B H A R A T F O R G E November 05, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relations Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block Dalal Street, Fort, Bandra Kurla Complex, Bandra (East) Mumbai 400 001, Maharashtra, India Mumbai 400 051, Maharashtra, India Scrip Code: 500493 Symbol: BHARATFORG Sub. : Report of the Monitoring Agency for the quarter ended September 30, 2026 Dear Sir / Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) read along with Regulations 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith Report of the Monitoring Agency dated November 05, 2026, issued by CARE Ratings Limited, for the quarter ended September 30, 2026, in respect of the utilization of proceeds of the Qualified Institutional Placement (QIP) of the Company. Please take note of the same. Thanking you Yours faithfully, For Bharat Forge Limited Tejaswini Chaudhari Company Secretary and Compliance Officer Membership No.: A18907 Encl: As above CIN L25209PN1961PLC012046 BHARAT FORGE LIMITED, MUNDHWA, PUNE 411 036, MAHARASHTRA, INDIA. Phone : + 91 20 6704 2476 / 6704 2850 (Secretarial) Fax : 020 2682 2163 Email : secretarial@bharatforge.com Website : www.bharatforge.com Monitoring Agency Report No. CARE/HO/GEN/2026-27/1217 The Board of Directors Bharat Forge Limited Mundhwa, Pune, Maharashtra 411036 November 05, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the QIP of Bharat Forge Limited (“the Company”) We write in our capacity of Monitoring Agency for the Qualified Institutional Placement (QIP) for the amount aggregating to Rs. 2000.00 crore of the Company and refer to our duties cast under 173A 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 16, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Akshay Morbiya Associate Director Akshay.morbiya@careedge.in Report of the Monitoring Agency Name of the issuer: Bharat Forge 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: Akshay Morbiya Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Bharat Forge Limited Name of the promoter : Babasaheb Neelkanth Kalyani Industry/sector to which it belongs : Forged & Machined components and systems for Auto and Industrial applications 2) Issue Details Issue Period : September 17, 2026 to September 22, 2026 Type of issue (public/rights) : Qualified Institutional Placement (QIP) Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 2,000.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Comments of the Source of information / certifications considered Comments of the Particulars Reply Board of by Monitoring Agency for preparation of report Monitoring Agency Directors The company has utilized Whether all utilization is as per the disclosures in the Offer Placement Document, Bank Statement, Board Rs.68.33 crore in Q2FY27 Yes Nil Document? Resolution, CA Certificate towards the objects specified in the Placement Document. Whether shareholder approval has been obtained in case of Placement Document, Bank Statement, Board material deviations# from expenditures disclosed in the Offer Resolution, Management Certificate, CA Not Applicable Nil applicable Document? Certificate Placement Document, Bank Statement, Board Whether the means of finance for the disclosed objects of the No Resolution, Management Certificate, CA No change Nil issue have changed? Certificate Is there any major deviation observed over the earlier Previous Monitoring Agency Reports, CA No This is the first MA report Nil monitoring agency reports? Certificate Whether all Government/statutory approvals related to the Not Placement Document & Management Certificate No comments Nil object(s) have been obtained? applicable Whether all arrangements pertaining to technical Not Management Certificate No comments Nil assistance/collaboration are in operation? applicable Are there any favorable/unfavorable events affecting the Not Management Certificate No comments Nil viability of these object(s)? applicable Is there any other relevant information that may materially Not Management Certificate No comments Nil Comments of the Source of information / certifications considered Comments of the Particulars Reply Board of by Monitoring Agency for preparation of report Monitoring Agency Directors affect the decision making of the investors? applicable #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: Particulars Amount (in Rs. crore) Gross Proceeds from the issue 2,000.00 Less: Issue Expenses 35.57 Net Proceeds from the issue 1,964.43 (i) Cost of objects – Comments of the Board of Directors Source of information / Original cost Comments of Particulars of - Sr. Item certifications considered (as per the Offer Revised Cost the Reason for cost Proposed firm No Head by Monitoring Agency for Document) in Rs. in Rs. Crore Monitoring revision financing option arrangements preparation of report Crore Agency made Placement Document*, 1 I [Showing first 8,000 characters — download PDF for full document]