As per the attachment.

Date: 14th November, 2026 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”), (“NSE”), The Listing Department Corporate Relationship Department, Exchange Plaza, 5th Floor, 2nd Floor, New Trading Ring, Plot No. C/1, G Block, Bandra-Kurla Complex P.J. Towers, Dalal Street, Bandra (East), Mumbai – 400 051. Mumbai – 400 001. NSE Symbol: STALLION BSE Scrip Code: 544342 ISIN: INE0RYC01010 ISIN: INE0RYC01010 Sub: Monitoring Agency Report for the quarter ended on 30th September, 2026. Dear Sir/Madam, Pursuant to Regulations 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 read with Regulation 41(4) of Securities and Exchange Board of India (Issue of Capital Disclosure Requirements) Regulations 2018, as amended, please find enclosed Monitoring Agency Report issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended on 30th September, 2026 with respect to the utilisation of proceeds of the Initial Public offer (IPO) of the company. Kindly take the same on record. Yours Faithfully, For Stallion India Fluorochemicals Limited Govind Rao Company Secretary & Compliance Officer Mem No. A47094 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1241 The Board of Directors Stallion India Fluorochemicals Limited 2, A Wing, Knox Plaza, Off. Link Road, Mindspace, Malad - (West), Mumbai – 400064 November 13, 2026 Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Initial Public Offer (IPO) of Stallion India Fluorochemicals Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to ₹160.73 crore of the company and refer to our duties cast under Regulation 41 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 September 09, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully Ashish A Kambli Associate Director Ashish.K@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Stallion India Fluorochemicals Limited For quarter ended: September 30, 2026. Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Yes The utilization as per management and CA certificate for Q2FY27 is higher by ₹0.40 crore as compared to MA assessment. The same is due to company considering utilization from own funds to extent of ₹0.40 towards the objects which was parked in FD at ICICI bank. The same is considered as deviation as it is contrary to the prospectus wherein MA is required to monitor the funds raised through IPO not company’s own funds. The same has also resulted in difference in unutilized proceeds amount between MA assessment and CA and management certificate. Refer to table 4 (ii) and 4 (iii) for details. (b) Range of Deviation: Up to 10% 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: Name of the Authorized Signatory: Ashish A Kambli Designation of Authorized person/Signing Authority: Associate Director Monitoring Agency Report ft Monitoring Ag Report 1) Issuer Details: Name of the issuer : Stallion India Fluorochemicals Limited Name of the promoter : Shazad Sheriar Rustomji Industry/sector to which it belongs : Refrigerant and Industrial Gases 2) Issue Details Issue Period : January 16, 2025 to January 20, 2025 Type of issue (public/rights) : Mainboard IPO (Public) Type of specified securities : Equity shares IPO Grading, if any : NA Issue size (in crore) : ₹160.73 crore 3) Details of the arrangement made to ensure the monitoring of the issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Board of Monitoring Agency Monitoring Agency for Directors preparation of report Reason for qualification: The company • Difference in the utilization as per MA assessment and company utilized its submissions: The utilization as per management and CA certificate for Q2FY27 available funds is higher by ₹0.40 crore as compared to MA assessment. The same is due to rather than company considering utilization from own funds to extent of ₹0.40 towards prematurely Management the objects which was parked in FD at ICICI bank. The same is considered as breaking a fixed Confirmation, CA deviation as same is contrary to the prospectus wherein MA is required to deposit and losing Whether all utilization is as per the certificate*, bank monitor the funds raised through IPO not company’s own funds. The same has all the interest. disclosures in the Offer Document? statements, SR dated also resulted in difference in unutilized proceeds amount between MA June 03, 026 and assessment and CA and management certificate. Refer to table 4 (ii) and 4 (iii) The payment has Prospectus for details. been done from Other observations one of the • Delay in utilization: There has been a delay in utilization of proceeds towards designated object 2 and object 3 as compared to prospectus. The company has extended accounts under the timeline for completion of the capex under object 2 till June 30, 2026 and IPO monitoring for Capex under object 3 till August 30, 2026 via SR dated June 03, 2026. and has been Monitoring Agency Report ft Monitoring Ag Report Source of information / certifications Comments of the Comments of the Particulars Reply considered by Board of Monitoring Agency Monitoring Agency for Directors preparation of report However,₹0.40 crore remains unutilized as on September 30, 2026 reflecting scrutinized and delay in utilization towards Funding capital expenditure requirements for our checked by Refrigerant debulking & blending facility (“Mambattu, Andhra Pradesh”)’ internal and object. statutory auditors • Commingling of funds: The company [Showing first 8,000 characters — download PDF for full document]