Monitoring Agency Report for Period ended 30th September, 2026

November 5, 2026 To, To, BSE Limited National Stock Exchange of India Limited P. J. Towers, Dalal Street, Exchange Plaza, Bandra - Kurla Complex, Fort, Mumbai – 400 001 Bandra (East), Mumbai - 400 051 Ref: BSE Scrip Code 542774 Ref: MUFIN Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/ Ma’am, With reference to the above subject, pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“SEBI ICDR Regulations”), we are enclosing the Monitoring Agency Report of the Company for the quarter ended September 30, 2026, issued by Acuite Ratings & Research Limited, the Monitoring Agency, appointed by the Company to monitor the utilisation of proceeds raised through the issuance and allotment of 2,49,30,765 (Two Crore Forty-Nine Lakh Thirty Thousand Seven Hundred Sixty Five) fully paid-up equity shares of face value Rs. 1/- each at an issue price of Rs. 98/- (including a premium of Rs. 97/-) per equity share, and 76,53,061 (Seventy-Six Lakh Fifty-Three Thousand Sixty-One) warrants at an issue price of Rs. 98/- per warrant, by way of preferential Issue under Chapter V of SEBI ICDR Regulations. Thanking You, Yours Faithfully For Mufin Green Finance Limited Mayank Pratap Singh Company Secretary & Compliance Officer Encl: as above Report of the Monitoring Agency (MA) for Quarter ended September, 2026 Name of the issuer Mufin Green Finance Limited (Erstwhile APM Finvest Limited) For quarter ended Q2 FY2026-27 Name of the Monitoring Agency Acuité Ratings and Research Limited (a) Deviation from the objects No Deviation is observed. (b) Range of Deviation Not Applicable (c) Any other material fact to be highlighted None 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: Signing Authority: Vikas Mishra Designation: Deputy Vice President - Process Excellence Report Date: November 05, 2026 Acuité Ratings & Research Limited SEBI Registered | RBI Accredited 708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai – 400 042 +91 99698 98000 | www.acuite.in | info@acuite.in | CIN: U74999MH2005PLC155683 1 Issuer Details 1.1 Name of the issuer Mufin Green Finance Limited (Erstwhile APM Finvest Limited) 1.2 Names of the promoter Hindon Mercantile Limited and Mr. Kapil Garg 1.3 Promoters/Promoter Group - 1.4 Industry/sector to which it belongs Non-Banking Financial Company/ Financial Services 2 Issue Details 2.1 Issue Period From February 18, 2026 to March 04, 2026 2.2 Type of issue Private Placement 1. Equity Shares 2.3 Type of specified securities 2. Warrants 2.4 IPO Grading, if any Not Applicable 1. 244.32 (Equity Share) 2. 75.00 (Convertible Warrants) * Refer the below table for Equity Share and Warrant Issue Offer Price Issue Size Amount Raised % Issue Size Particular Units Issued [INR] [INR Cr.] [INR Cr.] Raised 2.5 Issue size (INR Cr.) Equity 2,49,30,765 98.00 244.32 244.32 100.00 Warrants 76,53,061 98.00 75.00 18.75 25.00 Total - - 319.32 263.07 - Balance 75% of warrant issue (INR 79.25 crore) is receivable upon exercise of the warrant conversion option within 18 months from the allotment date (by August 2027). 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information/certifications Sr. Comments of the Monitoring Comments of the Issuer’s Particulars Reply from the issuer considered by Monitoring No. Agency Audit Committee Agency for preparation of report Utilisations in the respective Whether all utilization is as per the disclosures in 1 Yes objects are as per disclosures None the Offer Document? by the company. Whether shareholder approval has been No material deviation is 2 obtained in case of material deviations from Not Applicable None observed. expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed 3 No No change is observed. None objects of the issue has changed? No deviation has been reported in any of the MA reports issued for the Is there any major deviation observed over the 4 No preceding reporting periods. None earlier monitoring agency reports? Further, no other MA has Documents provided by been appointed to monitor the issuer, Bank Statement the objects of this issue. and Independent Auditors No Government / Statutory Whether all Government/statutory approvals 5 Yes Certificate issued by Parv approval is required for None related to the object(s) have been obtained? & Co. objects. No arrangement pertaining to Whether all arrangements pertaining to technical assistance / 6 technical assistance/collaboration are in Yes None collaboration is required with operation? reference to the object. No favorable event is Are there any favorable events improving the 7 Yes observed that may improve None viability of these object(s)? the viability of these objects. No unfavorable event is Are there any unfavorable events affecting the 8 No observed affecting the None viability of the object(s)? viability of these objects. No relevant information is Is there any other relevant information that evident that may materially 9 may materially affect the decision making of No None affect the decision making of the investors? the investors. 4. Details of object(s) to be monitored: i. Cost of object(s): Source of Original cost Comments of the Issuer’s Audit Committee information/certifications (as per the Revised Sr. Comments of the Item Head considered by Monitoring Offer Cost No. Agency for preparation of Document) (INR Cr.) Monitoring Agency Reason of Proposed Particulars of firm report (INR Cr.) Cost financing arrangement revision option Documents provided by the issuer, Bank Statement No change is 1 For Lending Purpose and Independent 319.32 - NA NA NA observed. Auditors Certificate issued by Parv & Co. Total 319.32 ii. Progress in [Showing first 8,000 characters — download PDF for full document]