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 82(4) of the SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2018, as amended, please find enclosed Monitoring Agency Report issued by Infomerics Valuation and Rating Limited, Monitoring Agency, for the quarter ended on 30th September, 2026 with respect to the utilisation of proceeds of the Rights Issue of the company. Yours Faithfully, For Stallion India Fluorochemicals Limited Govind Rao Company Secretary & Compliance Officer Mem No. A47094 Monitoring Agency Report Stallion India Fluorochemicals Limited for the quarter ended September 30, 2026 Monitoring Agency Report November 14, 2026 Shazad Sheriar Rustomji 2, A Wing, Knox Plaza, Off Link Road, Mindspace, Malad (West), Mumbai, Maharashtra 400064. Dear Sir, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Rights issue of Stallion India Fluorochemicals Limited (“The Company”) We write in our capacity of Monitoring Agency for the Rights issue of equity shares for the amount aggregating to Rs. 363.93 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026, as per the aforesaid SEBI Regulations and Monitoring Agency Agreement dated 30th Dec 2025. Request you to kindly take the same on record. Thanking you, For and on behalf of Infomerics Valuation and Rating Limited Sudarshan Shreenivas (Director - Ratings) sudarshan.shreenivas@infomerics.com Report of the Monitoring Agency Name of the Issuer: Stallion India Fluorochemicals Limited For the quarter ended: September 30, 2026 Name of the Monitoring Agency: Infomerics Valuation and Rating Limited (a) Deviation from the objects: Refer to Note 1 (b) Range of Deviation: Not ascertainable Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, 10 – 25%, 25-50%, 50-75%, 75-100%, not ascertainable etc. Note 1: Pansen Engineering India Pvt Ltd. Is the EPC contractor for civil work related to the project. Infomerics is unable to verify the exact scope of work of Pansen Engineering India Pvt Ltd as the full copy of the contract between Stallion India Fluorochemical Ltd and the contractor has not been shared with the agency. Additionally, for the same reason, Infomerics is unable to verify whether payments made to this contractor are as per the terms of the contract. Total payments made to Pansen Engineering India Pvt Ltd in Q2FY27 are Rs. 78.00 crore. These are advance/on account payments. The total estimated amount payable to Pansen Engineering (India) Private Limited, as disclosed in the RHP, is ₹269.76 crore. The Company has been making payments on account to Pansen Engineering (India) Private Limited, which subsequently raises invoices upon completion of specific structures within the overall scope of work. As per the company, this payment arrangement has been adopted to ascertain the actual cost of individual structures forming part of the overall project. Infomerics has verified that the payments made during Q2FY27 and the cumulative payments made up to September 30, 2026, are within the total estimated amount payable of ₹269.76 crore. However, since invoices are raised upon completion of specific structures and after payments are received, Infomerics is unable to map the payments made on account to individual invoices. We have verified the payments made with the party ledger and bank statements. The payment terms with Pansen Engineering India Pvt Ltd are on a cost-plus 10% basis, as mentioned in the partial contract copy shared with Infomerics. * Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes. 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 declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We further declare that this report provides true and fair view of the utilization of issue proceeds. Signature: Name of the Authorized Person/Signing Authority: Sudarshan Shreenivas Designation of Authorized person/Signing Authority: Director - Ratings Seal of the Monitoring Agency: Date: November14, 2026 Utilisation A. IPO Monitoring 1) Issuer Details: Name of the issuer: Stallion India Fluorochemicals Limited Names of the promoters of the issuer: Shazad Sheriar Rustomji Industry/sector to which it belongs: Chemicals Speciality Chemicals. The Company is engaged in the sale of refrigerants, industrial gases and related products, with core operations comprising debulking, blending and processing, along with distribution through pre-filled cans and small cylinders/containers. 2) Issue Details: Issue Period: Opening Date: 20 February 2026 and Issue Closing Date: 27 February 2026 Type of issue: Rights Issue Type of specified securities: Equity shares (fully paid-up) Grading: Not Applicable Issue size: Rs. 363.93 crores (Note No. 1) Note 1:The rights issue consists of 3,67,60,483 fully paid-up Equity Shares offered at a price of Rs. 99 per share (comprising a face value of Rs. 10 and a premium of Rs. 89. The total issue size amounts to Rs. 363,92,87,817 (approximately Rs. 363.93 crore). offered to eligible shareholders in a ratio of 19:41. 3) Details of the arrangement made to ensure the monitoring of the issue proceeds: Particulars Reply Source of Comments from Comments of information/certifications Monitoring Board of considered by Monitoring Agency Agency Directors for preparation of report Whether all the utilization is as per disclosure in Cannot be ascertained Bank Statement, CA Certificate*, Note 1 No comments Offer Document? Ledgers, Invoi [Showing first 8,000 characters — download PDF for full document]