Statement of deviation(s) or variation(s) under Reg. 32

November 07, 2026 To, To, National Stock Exchange of India Limited, BSE Limited Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Fort, Mumbai – 400001 Mumbai – 400051 NSE Symbol: QPOWER BSE Scrip Code: 544367 ISIN: INE0SII01026 Subject: - Statement of Deviation (s) or Variation (s) of funds for Quarter ended September 30, 2026 Dear Sir / Madam, Pursuant to Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015, we hereby confirm that there was no deviation or variation in the utilization of proceeds of Initial Public offer (‘IPO’) for Quarter Ended September 30, 2026. A Statement of deviation(s) or variation(s), if any, for the aforesaid period in respect of utilisation of proceeds of the Initial Public Offering (“IPO”) for the quarter ended September 30, 2026 is duly reviewed by the Audit Committee and the same is enclosed as ‘Annexure A’ The same is available on the website of the Company at www.qualitypower.com This is for your information and further dissemination. Thanking You, For QUALITY POWER ELECTRICAL EQUIPMENTS LIMITED Deepak Ramchandra Suryavanshi Company Secretary and Compliance Officer ICSI Membership No.: A27641 Place: Sangli Annexure A STATEMENT ON DEVIATION OR VARIATION FOR PROCEEDS OF PUBLIC ISSUE, RIGHTS ISSUE, PREFERENTIAL ISSUE, QUALIFIED INSTITUTIONS PLACEMENT ETC. Statement on deviation / variation in utilisation of funds raised Name of listed entity Quality Power Electrical Equipments Limited Mode of Fund Raising Public Issue Date of Raising Funds 20th February 2025 (Date of Allotment) Amount Raised 858.696 Crore Report filed for Quarter ended September 30, 2026 Monitoring Agency Applicable Monitoring Agency Name, if Brickwork Ratings India Private Limited Applicable Is there a Deviation / Variation in use of funds raised No If yes, whether the same is pursuant to change in terms NA of a contract or objects, which was approved by the shareholders If Yes, Date of shareholder NA Approval Explanation for the Deviation / Variation NA Comments of the Audit Committee after review The Audit Committee has noted that there was no deviation/variation in the utilisation of funds raised through the Initial Public Offer. Comments of the auditors, if any NA Objects for which funds have been raised and where there has been a deviation, in the following table: (Amount in INR Crore) Original Object Modified Original Modified Funds Amount of Remarks, if Object, if Allocation allocation, Utilised Deviation/Variation any any (INR if (INR for the quarter Crore) any million) according to applicable object Payment of the Nil 117 Nil 117 Nil - purchase consideration for the acquisition of Mehru Electrical and Mechanical Engineers Private Limited Capital Expenditure Nil 27.22 Nil 22.23 Nil Deployment of funds has been delayed as against the timeline mentioned in the Prospectus, but as per the board resolution passed on October 31, 2026, the unutilised portion of IPO will be fully utilised within the next two quarters Issue-related Nil 19.61 Nil 22.94 Nil Nil Expenses Funding inorganic Nil 61.18 Nil 57.73 Nil Deployment growth through of funds has unidentified been acquisitions and delayed as other strategic against the initiatives and timeline General Corporate mentioned Purposes in the Prospectus, but as per the board resolution passed on October 31, 2026, the unutilised portion of IPO will be fully utilised within the next two quarters Total (A) - 225.01 - 219.9 - - 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 utilised 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 QUALITY POWER ELECTRICAL EQUIPMENTS LIMITED Deepak Ramchandra Suryavanshi Company Secretary and Compliance Officer ICSI Membership No.: A27641 Place: Sangli