Monitoring Agency Report for the Quarter ended June 30,2026

No. CARE/ARO/GEN/2026-27/1097 The Board of Directors Rajputana Stainless Limited 213, Madhwas, Halol Kalol Road Kalol Panchmahal - 389330 Gujarat July 28, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 in relation to the IPO of Rajputana Stainless Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.178.73 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 ending June 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated February 02, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Nikita Goyal Associate Director Nikita.goyal@careedge.in Report of the Monitoring Agency Name of the issuer: Rajputana Stainless Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Not applicable (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 with 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 after 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: Nikita Goyal Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Rajputana Stainless Limited Name of the promoter : Shankarlal Deepchand Mehta, Babulal D Mehta, Yashkumar Shankarlal Mehta and Jayesh Natvarlal Pithva Industry/sector to which it belongs : Industrial Products (Iron and Steel products) 2) Issue Details Issue Period : March 09, 2026 to March 16, 2026 Type of issue (public/rights) : Initial Public Offer Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs.178.73 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments of certifications considered Comments of the Particulars Reply the Board of by Monitoring Agency for Monitoring Agency Directors preparation of report CA Certificate* Whether all utilization is as per the Yes Management Certificate Yes, utilisation of funds is as per offer document. No comments disclosures in the Offer Document? Bank Statement Whether shareholder approval has been obtained in case of material deviations# Not applicable Management Certificate No comments No comments from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue have No Management Certificate No comments No comments changed? Is there any major deviation observed Management certificate over the earlier monitoring agency Not applicable No deviations observed No comments Previous MA report reports? Whether all Government/statutory No approvals required as of now. Company will take approvals as and Yes Management Certificate No comments approvals related to the object(s) have when required. Source of information/ Comments of certifications considered Comments of the Particulars Reply the Board of by Monitoring Agency for Monitoring Agency Directors preparation of report been obtained? Whether all arrangements pertaining to technical assistance/ collaboration are in Yes Management Certificate No comments No comments operation? There has been a delay in the utilisation of IPO proceeds towards the object of capital expenditure for forward integration, compared to the Are there any favorable/unfavorable Management certificate timeline disclosed in the Prospectus. Out of the total amount of Rs.18.57 events affecting the viability of these Yes No comments CA certificate* crore allocated towards this object, an amount of Rs.5.57 crore was stated object(s)? to be utilised in FY26, and balance Rs.13.00 crore in FY27. However, there has been no utilisation of funds towards this object, till Q1FY27. Is there any other relevant information Management certificate, that may materially affect the decision No No comments No comments Stock exchange filings making of the investors? *Chartered Accountant certificate from Ruparel & Bavadiya dated July 16, 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 actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of objects – Original cost Comments of the Board of Directors Source of information / Revised (as per the Comments of Particulars of Sr. Item certifications considered Cost Reason for Proposed Offer the Monitoring firm No Head by Monitoring Agency for in Rs. cost financing Document) in Agency arrangements preparation of report Crore revision option Rs. Crore made Funding capital expenditure requirements for CA Certificate* expansion of the existing manufacturing facility Management Certificate Not No No 1 at Panchmahal district, Gujarat through forward 18.57 NIL No comments Monitoring Account Applicable comments comments integration and diversification of product Statement portfolio i.e., Stainless Steel Seamless Pipes CA Certificate* Full or part repayment and/or prepayment of Management Certificate Not No No 2 certain outstanding borrowings availed by our Monitoring Account 98.00 NIL No comments Applicable comments comments Company Statement Term Loan Statement CA Certificate* Management Certificate Not No No 3 General Corporate Purpose Monitoring Account 44.64 NIL No comments Applicable comments comments Statement Sample invoices CA Certificate* Management Certificate Not No No 4 Issue Related expense Monitoring Account 17.52 NIL No comments Applicable comments comments Statement Sample invoices Total 178.73 *Chartered Accountant certificate from Ruparel & Bavadiya dated July 16, 2026 (ii) Progress in the objects – Comments of the Board Amount as Amount utilised i [Showing first 8,000 characters — download PDF for full document]