Monitoring Agency Report

UTL SOLAR November 05, 2026 The Manager The Manager Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Fort Bandra (E), Mumbai 400 051 Mumbai 400 001 Mabharashtra, India Mabharashtra, India Scrip Symbol : UTLSOLAR Scrip Code: 544613 Subject: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company. Dear Madam/ Sir, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited, (“Monitoring Agency”), in respect to the utilization of proceeds raised through issuance of equity shares by way of the Initial Public Offer (‘IPO”) of the Company, for the quarter ended 30 September, 2026. The above information will be made available on the website of the Company at https://www.utlsolarfujiyama.com Kindly take the same on record Thanking you, Yours Sincerely, For Fujiyama Power Systems Limited (Formerly Fujiyama Power Systems Private Limited) MAYURI gz GUPTA Bs5iosso Mayuri Gupta Company Secretary and Compliance Officer M. No.: A75210 FUJIYAMA POWER SYSTEMS LIMITED (Formerly Fujiyama Power Systems Private Limited) 53A/6, Near NDPL Grid Office, Near Metro Station, Industrial Area, Sat Guru Ram Singh Marg, Delhi - 110015, India CIN - L31909DL2017PLC326513, GST No - 07TAADCF2634F1ZY www.utlsolarfajiyama.com Ph : +91 9968309514, 9968309517, E-mail: investor@utlsolarfujiyama.com Care=i ge RATINGS No. CARE/NRO/GEN/2026-27/1163 The Board of Directors Fujiyama Power Systems Limited 53A/6, Near NDPL Grid Office, Near Metro Station, Industrial Area Sat Guru Ram Singh Marg, Delhi 110015, India November 05, 2026 Dear Sir/Ma'am, (IPO) of Fujiyama Power Systems Limited (“the Company”) We write in our capacity of Monitoring Agency (MA) for the IPO for the amount aggregating to Rs. 600 crore of the Company and refer to our duties cast under 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 October 28, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Soa ndap. fr Sandeep Aggarwal Associate Director sandeep.aggarwal@careedge.in CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 168, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in = www.careedge.in CIN-L67190MH1993PLCO71691 Care=i ge RATINGS Report of the Monitoring Agency Name of the issuer: Fujiyama Power Systems 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 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 fidudiary 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. Sk figy Signature: Name and designation of the Authorized Signatory: Sandeep Aggarwal Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in = www.careedge.in CIN-L67190MH1993PLCO71691 Care=dge RATINGS 1) Issuer Details: Name of the issuer : Fujiyama Power Systems Limited Name of the promoter : Pawan Garg, Yogesh Dua, Sunil Kumar Industry/sector to which it belongs : Capital Goods — Electrical Equipment — Other Electrical Equipment 2) Issue Details Issue Period : November 13, 2025, to November 17, 2025 Type of issue (public/rights) : Initial Public Offer Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size : Rs. 600.00 crore CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 168, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: care@careedge.in = www.careedge.in CIN-L67190MH1993PLCO71691 Care=dge RATINGS 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Particulars Repl certifications considered by Comments of the Comments of the Py Monitoring Agency for Monitoring Agency Board of Directors preparation of report - x No utilization during the quarter ended Whether all utilization is as per the disdlosures in the Offer Chartered Accountant — certificate™, | ¢ o 30 5026, towards objects of Yes management certificate, and Bank R No comments Document? the issue. statement Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer | Not Chartered Accountant certificate, bank . . - . " Not applicable as no material deviation Not applicable Document? applicable statements, offer document Whether the means of finance for the disclosed objects of Chartered Accountant certificate, the issue have changed? No management certificate Not applicable No . - . Chartered Accountant certificate, | No such deviation is observed from the Is there any major deviation observed over the earlier " o P No management certificate last monitoring agency report. No monitoring agency reports? As per management certificate, all the Whether all Government/statutory approvals related to the Yes Management certificate, PO ? [Showing first 8,000 characters — download PDF for full document]