Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue ....

August 03, 2026 To To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, 1st Floor, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Mumbai 400051 Dalal Street Mumbai – 400001 NSE Symbol: ATHERENERG Scrip Code: 544397 Sub: Monitoring Agency Report for the quarter ended June 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), read with Regulation 41 of the SEBI (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 utilization of gross proceeds of the IPO of the Company. This Monitoring agency report will also be made available on the website of the Company https://www.atherenergy.com/investor-relations/stock-exchange-disclosure#monitoring-agency-report Kindly take the above said information on record. Thank you For Ather Energy Limited Puja Aggarwal Company Secretary & Compliance Officer Membership No: A49310 No. CARE/BRO/GEN/2026-27/1020 The Board of Directors Ather Energy Limited 13th Floor, Tower D, IBC Knowledge Park, 4/1 Bannerghatta Main Road, Bengaluru, Karnataka, India-560029 August 03, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026-in relation to the IPO of Ather Energy Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs. 2626.00 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 June 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated March 17, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Himanshu Jain Associate Director Himanshu.jain@careedge.in Report of the Monitoring Agency Name of the issuer: Ather Energy Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: None (b) Range of Deviation: NA 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: Himanshu Jain Designation of Authorized person/Signing Authority: Associate Director :sliateD reussI ygrenE rehtA reussi emaN detimiL procotoM oreH ,niaJ lalnabaB linpawS ,atheM yajnaS nuraT retomorp emaN selibomotuA -stnenopmoC otuA selibomotuA sgnoleb hcihw rotces/yrtsudnI sliateD eussI 5202 lirpA ot5202 lirpA doireP eussI cilbuP )sthgir/cilbup( eussi epyT ytiuqE seitiruces deificeps epyT elbacilppa ,gnidarG erorc 00.6262 )erorc ezis eussI :sdeecorp eussi gnirotinom erusne edam tnemegnarra sliateD stnemmoC / noitamrofni ecruoS stnemmoC deredisnoc snoitacifitrec ylpeR sralucitraP draoB ycnegA gnirotinoM ycnegA gnirotinoM srotceriD troper noitaraperp dneps ynapmoc ,sutcepsorp dluoc hcihw ,62YF ni 0.3 yrotcaF rof erorc 05.507 ecnaraelc tnemnorivnE deviecer ynapmoC eht sa dezilitu yllanigiro hcihw 5202 rebmetpeS lavorppa sihT .5202 lirpA detad sutcepsorp rep sa deriuqer esahp tsrif tnemecnemmoc etad detcepxe detfihs tnemeganaM ,sutcepsorP laniF reffO serusolcsid noitazilitu rehtehW stnemmoC tsniaga 6202 rebotcO ot 0.3 yrotcaF ni noitcudorp htiw noissucsiD ,etacifitreC ?tnemucoD .6202 yluJ enilemit degasivne lanigiro tnemeganam )tsoc dnal gnidulcni( tneps ynapmoC sredro esahcrup desiar ydaerla tsoc tcejorp latot .6202 enuJ tsoc tcejorp latot fo %17 htrow senilemit noitelpmoc laitini ,tnemeganam .tcatni niamer 7202 hcraM fotcejorp eritne morf devresbo serutidnepxe morf snoitaived tnemeganaM ,sutcepsorP laniF esac deniatbo neeb lavorppa redloherahs rehtehW stnemmoC tnemucoD reffO denoitnem stcejbo etacifitreC elbacilppa desolcsid serutidnepxe morf #snoitaived lairetam stnemmoC / noitamrofni ecruoS stnemmoC deredisnoc snoitacifitrec ylpeR sralucitraP draoB ycnegA gnirotinoM ycnegA gnirotinoM srotceriD troper noitaraperp ?tnemucoD reffO tnemeganaM ,sutcepsorP laniF stcejbo desolcsid ecnanif snaem eht rehtehW stnemmoC stcejbo desolcsid ecnanif snaem ni egnahc etacifitreC ?degnahc evah eussi ycnega gnirotinom suoiverp morf devresbo noitaived detad troper ycnega gnirotinoM reilrae revo devresbo noitaived rojam yna ereht stnemmoC .stroper .5202 rebmevoN ?stroper ycnega gnirotinom derrucni eb ot erutidnepxe latipac tcepser htiW niatrec deniatbo sah ynapmoC eht ,arthsarahaM yrotcaf tnesnoC hcus slavorppa tnemnrevog noitcurtsnoc-erp ,slavorppA gninnalP yrtnuoC nwoT ,hsilbatsE tnemeganaM ,sutcepsorP laniF detaler slavorppa yrotutats/tnemnrevoG lla rehtehW stnemmoC deviecer ynapmoC .noitartsigeR ,noitartsigeR htiw noissucsiD ,etacifitreC gniognO ?deniatbo neeb evah )s(tcejbo .62YF2Q gnirud llew sa ecnaraelC latnemnorivnE tnemeganam yrotcaF ,etarepO ot tnesnoC .ziv slavorppa enituor rehtO esruoc deniatbo ot detcepxe .cte esnecil .emit stnemeriuqer lacinhcet lla ,tnemeganam tnemeganaM ,sutcepsorP laniF lacinhcet gniniatrep stnemegnarra lla rehtehW stnemmoC seitrap driht htiw stnemeerga on dna esuoh-ni decruos htiw noissucsiD ,etacifitreC ?noitarepo noitaroballoc/ecnatsissa .emas tsixe tnemeganam yrotcaF fo noitcurtsnoc ,tnemeganam stsoc senilemit nihtiw detelpmoc detcepxe ,etacifitreC tnemeganaM gnitceffa stneve elbarovafnu/elbarovaf yna ereht stnemmoC lareves deussi neeb evah sredro esahcruP .degasivne tnemeganam htiw noissucsiD ?)s(tcejbo eseht fo ytilibaiv .semit dael rieht desab tnempiuqe ,etacifitreC tnemeganaM yllairetam taht noitamrofni tnaveler rehto yna ereht stnemmoC enoN tnemeganam htiw noissucsiD ?srotsevni gnikam noisiced tceffa :naem denifed noitaived lairetam erehW# desiar neeb evah sdnuf hcihw sesoprup stcejbo noitaiveD .stnemucod reffo ni detcejorp tnuoma naht erom dezilitu yllautca [Showing first 8,000 characters — download PDF for full document]