Monitoring Agency Report for the quarter ended June 30, 2026

~ SHADOWFAX Think aheadI July 31, 2026 National Stock Exchange of India Ltd BSE Limited Exchange Plaza, C/1, Block G, P J Towers, Bandra Kurla Complex, Dalal Street, Bandra (East) Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: SHADOWFAX BSE Scrip Code: 544685 Dear Sir/ Madam, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Pursuant to Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“SEBI Listing Regulations”) read with Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report issued by CARE Ratings Limited, for the quarter ended June 30, 2026, in respect of utilisation of proceeds of the Initial Public Offer of the Company. The above information is also available on the website of the Company at https://www.shadowfax.in/investor-relations/ Kindly take the above information on record. For Shadowfax Technologies Limited Name: Krishnakanth Venkata Gangavarapu Designation: Company Secretary & Compliance Officer ICSI Membership No. A17291 Shadowfax Technologies Limited (formerly known as Shadowfax Technologies Private Limited) CIN - U72300KA201SPLC150324 Regd. Off: 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bangalore -560103, Karnataka, India Website: www.shadowfax.in/Tel: 080-64525653/ Email: cs@shadowfax.in CareEdge RATINGS No. CARE/ARO/GEN/2026-27/1107 The Board of Directors Shadowfax Technologies Limited 3rd Floor, Shilpitha Tech Park, Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Bangalore - 560103, Karnataka, India July 31, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offering (IPO) of Shadowfax Technologies Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs. 1,000 crores of the Company and refer to our duties cast under 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 June 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated January 09, 2026 Request you to kindly take the same on records. Thanking you, Yours faithfully, Komal Israni Assistant Director Komal.israni@careedge.in Report of the Monitoring Agency Name of the issuer: Shadowfax Technologies 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 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 and designation of the Authorized Signatory: Komal Israni Designation of Authorized person/Signing Authority: Assistant Director 1) Issuer Details: Name of the issuer : Shadowfax Technologies Limited Name of the promoter : Mr. Abhishek Bansal and Mr. Vaibhav Khandelwal Industry/sector to which it belongs : Logistics & Supply Chain / Transportation 2) Issue Details Issue Period : January 20, 2026 to January 22, 2026 Type of issue (public/rights) : Public (IPO) Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 1,000 crore (Fresh Issue) Note: The company had offered 15,38,12,014 shares, comprising a fresh issue of 8,06,45,160 equity shares and an offer for sale of 7,31,66,854 shares at an issue price of ₹124 per share aggregating ₹1,000 crore for the fresh issue and ₹907.27 crore for the offer for sale. The overall issue was oversubscribed by around 2.72 times. Subsequently, the company allotted 15,38,12,014 shares (8,06,45,160 shares under the fresh issue and 7,31,66,854 shares under offer for sale) for total consideration of ₹1907.27 crore. Particulars Amount (in Rs. crore) Gross Proceeds received from the fresh issue 1,000 Less: Issue expenses related to the fresh issue^ 57.42 Net Proceeds from the fresh issue available for utilization 942.58 ^ Related to fresh issue as mentioned in prospectus. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of Directors preparation of report Prospectus dated January 22, 2026, CA The company has utilized Rs.106.94 certificate*, Management certificate, Bank crore in Q1FY27 towards the objects Whether all utilization is as per the disclosures in the Offer statements, CA certificate on issue specified in the prospectus. Yes No Comments Document? expenses**, Select high value invoices related to issue expenses and capex spending. The company has crossed the initial timelines for utilisation of funds as per the Letter of offer pertaining to Whether shareholder approval has been obtained in case of material Not Prospectus, Management Certificate capex in FY26. No Comments deviations# from expenditures disclosed in the Offer Document? Applicable As per the prospectus, the company had envisaged utilisation of IPO proceeds amounting to ₹138.62 crore towards capital expenditure for Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of Directors preparation of report its network infrastructure by March 31, 2026. However, as on March 31, 2026, the company had utilised ₹29.94 crore of the said proceeds. Whether the means of finance for the disclosed objects of the issue No CA certificate, Management certificate No comments No Comments have changed? Is there any major deviation observed over the earlier monitoring Monitoring agency report dated May 14, No No No Comments agency reports? 2026 Whether all Government/st [Showing first 8,000 characters — download PDF for full document]