Monitoring Agency Report

November 5, 2026 To, To, The Listing Department The Listing Deparhnent BSE Limited National Stock Exchange of India Limited Department of Corporate Affairs Exchange Plaza, Plot No. C/1, G Block Phiroze Jeejeebhoy Towers, Dalal Street Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip ID - 5t!$51 Scrip Code - AZAD Dear Sir/Madam, Subjech Report of the Monitoring Agency with respect to utilization of proceeds raised through Qualified Institutional Placement (QIP) by Azad Engineering Limited. Pursuant to Regulation 173A of the Seorrities and Exchange Board of tndia (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of the Seorrities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the monitoring agency rePort issued by Care Ratings Limited, Monitoring Agency, in respect of utilization of proceeds raised through QIP by the Company for the quarter ended September 3O 2026. The above-mentioned disclosure will also be hosted on the website of the Company at lvw lr'. a za cl . in Kindly take the same in your records. Thanking you. Yours truly, For Azad Engineering Limited G. Praneeth Abhishek Company Secretary, Compliance Offieer and Head Legal Membership No.: A35583 Encl.: As above Azad Engineering Limited Plot No.90/C. 90/D, Phase -1, contact: 040-23097007 ctN No: 174210TG',1983PLC004132 l.D.A., Jeedimetla, Hyderabad, Email: cs@azad.in GSTIN: 364AECA9452H1ZJ AZA Telangana-500 055, lndia. Web: www.azad.in cs-407-53 No. CARE/HRO/GEN/2026-27/1027 The Board of Directors Azad Engineering Limited 90/C, 90/D, Phase -1 I.D.A Jeedimetla, Hyderabad Telangana 500055 November 06, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the QIP issue of Azad Engineering Limited (“the Company”) We write in our capacity of Monitoring Agency for the QIP Issue for the amount aggregating to ₹700.00 crore of the Company and refer to our duties cast under 82 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 February 25, 2025. Request you to kindly take the same on record. Thanking you, Yours faithfully, Niraj Thorat Assistant Director niraj.thorat@careedge.in CARE Ratings Limited 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, 4th Floor, Godrej Coliseum, Somaiya Hospital Hyderabad - 500 029 Road, Off Eastern Express Highway, Sion (East), Phone: +91-40-4010 2030 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: Azad Engineering Ltd 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 with 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 a 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: Niraj Thorat Designation of Authorized person/Signing Authority: Assistant Director CARE Ratings Limited 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, 4th Floor, Godrej Coliseum, Somaiya Hospital Hyderabad - 500 029 Road, Off Eastern Express Highway, Sion (East), Phone: +91-40-4010 2030 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 1) Issuer Details: Name of the issuer : Azad Engineering Limited Name of the promoter : Rakesh Chopdar Industry/sector to which it belongs : Industrial Manufacturing – Industrial Products 2) Issue Details Issue Period : February 25, 2025, to March 03, 2025 Type of issue (public/rights) : QIP Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : ₹700.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered Comments of the Comments of the Particulars Reply by Monitoring Agency Monitoring Agency Board of Directors for preparation of report As per the letter of offer, the timeline for utilization of funds The timing of utilisation remains aligned with towards capital expenditure was up to March 31, 2026. The business requirements and the stated CA certificate*, Bank board of directors, vide resolution dated February 13, 2026, Whether all utilization is as per the objects of the QIP. The deferment in No statements, and offer approved an extension of implementation timeline for this disclosures in the Offer Document? utilisation of the funds will not have any document object from March 31, 2026, to March 31, 2027. adverse impact on its operations or Accordingly, issue proceeds amounting to ₹75.54 crore continuing growth of the Company. remained unutilized as on September 30, 2026. Whether shareholder approval has been obtained in case of material NA NA NA No comments received deviations# from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue have No NA NA No comments received changed? Is there any major deviation observed over the earlier monitoring agency No NA NA No comments received reports? 1 CARE Ratings Ltd. Source of information / certifications considered Comments of the Comments of the Particulars Reply by Monitoring Agency Monitoring Agency Board of Directors for preparation of report Whether all Government/statutory approvals related to the object(s) Yes Management declaration NA No comments received have been obtained? Whether all arrangements pertaining to technical assistance/ collaboration Yes Management declaration NA No comments received are in operation? Are there any favorable/unfavorable events affecting the viability of these No NA No No comments received object(s)? As per the [Showing first 8,000 characters — download PDF for full document]