Statement of Deviation or variation of Funds under Regulation 32 of SEBI (LODR),2015 for half year ended in September 30,2026.

November 5 ,2026 Compliance Department BSE Limited Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai- 400001 Scrip Code | 544291 ISIN Code | INE0VN801010 Sub: Statement on Deviation or Variation of funds under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Dear Sir/Madam, Pursuant to Regulation 32 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Statement of Deviation or Variation, in respect of the utilization of the proceeds of the Company as on period half year ended on September 30,2026 for initial Public Offer ("IPO") and the same statement has been reviewed by the Audit Committee and taken on record by the Board at their respective meetings held on November 2,2026. The above is for your information and records. For Rajesh Power Services Limited Jyoti Dakshesh Mochi Company Secretary and Compliance Officer Membership No.A39777 Encl: as above Registered Office: 380/3, Siddhi House, Opp. Lal Bungalows, B/H Sasuji Dinning hall, Off C.G. Road, Navrangpura, Ellisbridge, Ahmedabad, Ahmadabad City, Gujarat, India, 380006 Email ID: info@rajeshpower.com CIN: L31300GJ2010PLC059536 | www.rajeshpower.com Statement of Deviation / Variation in utilisation of funds raised Name of listed entity Rajesh Power Services Limited Mode of Fund Raising Fund Raised through Initial Public Offering (IPO) - Public Issue Date of Raising Funds 28th November,2024 (Date of Allotment) Amount Raised Rajesh Power Services Limited came out with the Initial Public Offer for Rs.160.47 Crore, which consist of (1. Fresh issue of 27.9 lacs equity shares for raising of Rupees 93.47 Crore and 2. Offer for sale of 20 lacs shares amounting to Rs.67 Crore) The IPO was a book-building issue and the shares were listed on the BSE SME platform. Report filed for Half year September 30, 2026 ended on September 30,2026 Monitoring Agency Not applicable Monitoring Agency Not applicable Name, if applicable Is there a Deviation / Yes Variation in use of funds raised If yes, whether the same Yes, Modification in Object clause which was approved by the is pursuant to change in shareholders in Annual General Meeting of the Company terms of a contract or as per Annexture -1 objects, which was approved by the shareholders If Yes, Date of September 24,2026 shareholder Approval Explanation for the As per Annexture -1 Deviation / Variation Comments of the Audit No Comments Committee after review Comments of the No Comments auditors, if any Registered Office: 380/3, Siddhi House, Opp. Lal Bungalows, B/H Sasuji Dinning hall, Off C.G. Road, Navrangpura, Ellisbridge, Ahmedabad, Ahmadabad City, Gujarat, India, 380006 Email ID: info@rajeshpower.com CIN: L31300GJ2010PLC059536 | www.rajeshpower.com Objects for which funds have been raised and where there has been no any deviation/variation, in the following table: (Rs. In Lakhs) Original Object Modified Original Modified Funds Unutilised Amount of Remarks Object, if Allocation allocation, if Utilised Fund Deviation/ if any any any Variation for the quarter according to applicable object Capital expenditure Yes* 2510.93 2510.93 0 2510.93 2510.93 As per Annexure -1 Additional Working Not 3000.00 0 3000.00 0 0 No Remark Capital Applicable Requirement General Corporate Not 2286.00 0 2286.00 0 0 No Remark Purpose Applicable Total fund raised through Fresh issue of Equity Shares of Rs. 93.47 crore out of which Rs.15.50 crore utilized for Issue related expenses as mentioned in object of issue of Prospectus of the company and here the statement is issued for utilization of Rs.77.97 Crore only. *The actual IPO expenses incurred amounted to ₹ 1,434.41 lakhs, which is lower than the estimated expenses of ₹ 1,550.00 lakhs as disclosed in the prospectus. Out of the total expenditure of ₹ 1434.41 lakhs, an amount of ₹ 741.29 lakhs related to the Offer for Sale portion has been debited to the respective selling shareholders. As a result of the lower-than-estimated IPO expenses and the recovery from selling shareholders, there has been a unutilised amount of INR 856.88 lakhs available to the Company. This surplus has been utilized towards Working Capital Requirements. * The company has altered the variation of objects originally stated in the offer document. This modification and change in the utilization of proceeds have been duly reviewed, considered, and approved by the shareholders in the Annual General Meeting (AGM) held on 24.09.2026. Deviation or variation could mean: a) Deviation in the objects or purposes for which the funds have been raised or b) Deviation in the amount of funds actually utilized as against what was originally disclosed or c) Change in terms of a contract referred to in the fund-raising document i.e. prospectus, letter of offer, etc. For Rajesh Power Services Limited Kurang Ramchandra Panchal Managing Director DIN: 00773528 Registered Office: 380/3, Siddhi House, Opp. Lal Bungalows, B/H Sasuji Dinning hall, Off C.G. Road, Navrangpura, Ellisbridge, Ahmedabad, Ahmadabad City, Gujarat, India, 380006 Email ID: info@rajeshpower.com CIN: L31300GJ2010PLC059536 | www.rajeshpower.com Annexure -1 The company has modified the variation of objects originally stated in the offer document. This modification and change in the utilization of proceeds have been duly reviewed, considered, and approved by the shareholders in the Annual General Meeting (AGM) held on 24.09.2026 Total fund raised through Fresh issue of Equity Shares of Rs. 93.47 crore out of which Rs.15.50 crore utilized for Issue related expenses as mentioned in object of issue of Prospectus of the company were for the Following objects of Company 1. Original Objects of the Issue & Allocation Sr. Objects Amount Raised Amount Amount No. / Allocated (₹ Utilized Unutilized in Lakhs) (₹ in Lakhs) (₹ in Lakhs) 1. Additional Working Capital Requirement 3000.00 3000.00 - 2. General Corporate Purpose 2286.00 2286.00 - 3. Capital Expenditure: 1,794.82 - 1,794.82 1. Purchase of cable identification, testing, and fault location equipment 2. Setting up of DC Solar Power Plant (1,300 KW 416.11 - 416.11 capacity) 3. In-house development of technical expertise 300.00 - 300.00 in Green Hydrogen production and associated equipment (Electrolysers) Total Net Proceeds 7796.93 5286.00 2510.93 2. Present Status of Proceeds Utilization As of August 08, 2026, the entire amount of ₹ 2,510.93 Lakhs remains unutilized. Despite best efforts to execute the projects internally under the original terms, the Company faced extended timelines in direct talent acquisition and technical deployment. 3. Overview of the Proposed Altered Objects A. Battery Energy Storage System (BESS) Project: • Grid Integration: Interconnected with the grid through GETCO’s 220 kV Virpore Air Insulated Substation (AIS). • Operational Cycle: Designed for daily charge and discharge cycles—storing energy during off- peak periods and releasing it during peak demand. • Scope of Work: Detailed engineering, design, procurement, construction, installation, testing, commissioning, and long-term operation & maintenance (O&M) in coordination with the State Load Dispatch Centre (SLDC). Project Battery Energy Storage System (BESS) — Gujarat Client / Offtaker Gujarat Urja Vikas Nigam Limited (GUVNL) Contract Type Battery Energy Storage Purchase Agreement (BESPA) Project Capacity 65 MW / 130 MWh Registered Office: 380/3, Siddhi House, Opp. Lal Bungalows, B/H Sasuji Dinning hall, Off C.G. Road, Navrangpura, Ellisbridge, Ahmedabad, Ahmadabad City, Gujarat, India, 380006 Email ID: info@rajeshpower.com CIN: L31300GJ2010PLC059536 | www.rajeshpower.com Agreement Duration (BESPA) 12 years Contracted Tariff ₹1.89 Lakh per MW per month Project Location Gujarat, India Business Model Develop, Own and Operate (RPSL bills GUVNL monthly post- commissioning) Completion Target September 2027 4. Particulars of Proposed Variations and Implementation Schedule P [Showing first 8,000 characters — download PDF for full document]