Monitoring Agency Report

www.ideaforgetech.com November06,2026 To, To, BSELimited TheNationalStockExchangeofIndiaLimited PhirozeJeejeebhoyTowers,DalalStreet, “ExchangePlaza”,Bandra–KurlaComplex, Fort,Mumbai–400001. Bandra(EAST),Mumbai–400051 BSEScripCode:543932 NSESYMBOL:IDEAFORGE Sub:MonitoringAgencyReportforthequarterendedSeptember30,2026underRegulation32(6) oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015. DearSir/Ma’am, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report issued by Crisil Ratings Limited (Monitoring Agency), for the quarter ended September 30, 2026 in respect of utilisation of proceeds of the Qualified Institutional Placement(QIP)oftheCompany. Weconfirmthatthereisnovariationordeviationintheactualutilisationofthefundsandhencethe provisionsofRegulation32(1)oftheSecuritiesandExchangeBoardofIndia(ListingObligationsand DisclosureRequirements)Regulations,2015arenotapplicable. ThedisclosurewillalsobehostedontheCompany’swebsiteatwww.ideaforgetech.com Pleasetaketheaboveinformationonrecord. Thankingyou, ForideaForgeTechnologyLimited NileshRanjanJaywant CompanySecretary&ComplianceOfficer MembershipNo.A26554 Encl:asabove ideaForgeTechnologyLimited EL-146,T.T.C.IndustrialArea,M.I.D.C.Mahape,NaviMumbai-400710. Maharashtra(India) Ph.(O):+91(22)67871000(F)+91(22)67871007 Email:info@ideaforgetech.com CINNo.L31401MH2007PLC167669 Monitoring Agency Report Ideaforge Technology Limited for the quarter ended September 30, 2026 CRL/MAR/IDFTYPL/2026-27/2014 November 05, 2026 Ideaforge Technology Limited EL-146, TTC Industrial Area, Electronic Zone, MIDC Mahape, Navi Mumbai – 400710, Maharashtra Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Qualified Institutional Placement (“QIP”) of Ideaforge Technology Limited (“the Company”) Pursuant to Regulation 173A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated July 07, 2026, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP for the quarter ended September 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Ideaforge Technology Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Crisil 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 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 we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Ideaforge Technology Limited Names of the promoter: Mr. Ankit Mehta Mr. Rahul Singh Mr. Ashish Bhat Industry/sector to which it belongs: Aerospace & Defence - unmanned aircraft systems (drones) Issue Details Issue Period: July 07, 2026, to July 10, 2026 Type of issue (public/rights): Qualified Institutional Placement (QIP) Type of specified securities: Equity Shares QIP Grading, if any: NA Issue size: Rs. 5,000 million* *Crisil Ratings shall be monitoring the Gross Proceeds 2) Details of the arrangement made to ensure the monitoring of gross proceeds: Source of information/ Comments certifications considered Comments of the Particulars Reply of the Board by Monitoring Agency Monitoring Agency of Directors for preparation of report Peer-reviewed Independent Chartered Proceeds were utilized Accountant Certificate ^, towards repayment, Whether all utilization is as per Management working capital, product No the disclosures in the Offer Yes undertaking, Placement development, general comments Document? Document dated July 10, corporate purposes and 2026 (hereinafter referred issue expenses as “Offer Document”), Bank Statements Source of information/ Comments certifications considered Comments of the Particulars Reply of the Board by Monitoring Agency Monitoring Agency of Directors for preparation of report Whether shareholder approval has been obtained in case of material deviations from NA No comments comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the No No comments comments issue has changed? Is there any major deviation observed over the earlier NA No comments comments monitoring agency reports? Whether all Government/statutory No NA Peer-reviewed No comments approvals related to the object(s) comments Independent Chartered have been obtained? Accountant Certificate ^, Whether all arrangements Management undertaking pertaining to technical No NA No comments assistance/collaboration are in comments operation? Are there any favorable events improving the viability of these No No comments comments object(s)? Are there any unfavorable events affecting the viability of No No comments comments the object(s)? Is there any other relevant information that may materially No No No comments affect the decision making of the comments investors? NA represents Not Applicable ^Certificate dated October 26, 2026, issued by M/s Ramanand & Associates, Chartered Accountants (Firm Registration Number: 117776W), Peer-reviewed Independent Chartered Accountant. 3) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original information/ cost Comments of the Board of Directors Revised Comment certification (as per the Sr. Cost of the Item considered Offer No. (Rs. in Monitoring Particulars of Head by MA for Document) Reason of Proposed million) Agency firm preparation (Rs. in Cost financing arrangements of r [Showing first 8,000 characters — download PDF for full document]