Monitoring Agency Report

July 28, 2026 To, To, The Listing Department The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Dalal Street, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400001 Bandra (East), Mumbai – 400051 Scrip Code: 544574 Symbol: TATACAP Dear Sir / Madam, Sub.: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company Ref.: Tata Capital Limited (“Company”) Pursuant to Regulation 32(6) of Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited (Monitoring Agency), on utilization of the proceeds raised through issuance of equity shares by way of Initial Public Offering (“IPO”) of the Company for the quarter ended June 30, 2026 (“Monitoring Agency Report”), duly reviewed and taken on record by the Audit Committee and Board of Directors of the Company at their meetings held on July 27, 2026 and July 28, 2026, respectively. We request you to take the above on record. Thanking you, Yours faithfully, For Tata Capital Limited Sarita Kamath Chief Legal and Compliance Officer & Company Secretary Encl.: as above Monitoring Agency Report No. CARE/HO/GEN/2026-27/1103 The Board of Directors Tata CapitalLimited 11th Floor, Tower A,Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013 July 28, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended 30/06/2026-in relation to the IPO of Tata CapitalLimited (“the Company”) We write in our capacity of Monitoring Agency for the PublicIssue for the amount aggregating to ₹6,846crore of the Company and refer to our duties cast under 41of 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 June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated September 25, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Akansha Jain AssociateDirector akansha.jain@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Tata Capital Limited For quarter ended:June 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 inany 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 ofinterest 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: Akansha Jain Designation of Authorized person/Signing Authority: Associate Director Monitoring Agency Report (cid:1005)(cid:895) Issuer Details: Name of the issuer : Tata Capital Limited Name of the promoter : Tata Sons Private Limited Industry/sector to which it belongs : Non-Banking Financial Services (cid:1006)(cid:895) Issue Details Issue Period : October 06, 2025 to October 08, 2025 Type of issue (public/rights) : Initial Public Offer Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : ₹15,512 crores (Of which fresh issue aggregates to ₹6,846 crore and ₹8,666 crore is Offer for sale) (cid:1007)(cid:895) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of certifications considered Particulars Reply Monitoring Comments of Board of Directors by Monitoring Agency for Agency preparation of report Whether all utilization is as per the disclosures in Yes, the utilization is as (cid:120) Bank statements Please see Note1 The Board of Directors noted that there the Offer Document? per the offer document (cid:120) CA Certificate below are no deviations, and the net proceeds (cid:120) Management certificate were utilized for the purpose stated in the (cid:120) Prospectus prospectus. Whether shareholder approval has been There are no deviations (cid:120) CA Certificate Not applicable since Not applicable obtained in case of material deviations#from from the expenditure no deviations expenditures disclosed in the Offer Document? disclosed in the Offer Document Whether the means of finance for the disclosed There is no change in the Not applicable Nocomments Not applicable objects of the issue have changed? means of finance for disclosed objects. Is there any major deviation observed over the Not applicable Not applicable Nocomments Not applicable earlier monitoring agency reports? Whether all Government/statutory approvals Not applicable (cid:120) Management certificate Not applicable Not applicable related to the object(s) have been obtained? Whether all arrangements pertaining to technical Not applicable Not applicable Not applicable Not applicable assistance/collaboration are in operation? Are there any favorable/unfavorable events There are no events Not applicable Nocomments Not applicable affecting the viability of these object(s)? affecting the viability of these objects Monitoring Agency Report Source of information / Comments of certifications considered Particulars Reply Monitoring Comments of Board of Directors by Monitoring Agency for Agency preparation of report Is there any other relevant information that may There is no relevant Not applicable Nocomments Not applicable materially affect the decision making of the information that may investors? affect the decision making of investor. Note 1: Out of the fresh issue worth ₹6,846 crore, ₹5,200 crore was utilized towards repayment of borrowings and ₹1,497 crore was utilized towards onward lending and ₹149 crore is related to share issue expenses of which ₹31 crore is unutilized as on June 30, 2026. #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actua [Showing first 8,000 characters — download PDF for full document]