Monitoring Agency Report

August 04, 2026 To To The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1 Block G, Dalal Street, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 544277 Trading Symbol: WAAREEENER Dear Sir/ Madam, Sub: Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company. Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited (“Monitoring Agency”), in respect to utilization of the proceeds raised through issuance of equity shares by way of Public Issue of the Company for the quarter ended June 30, 2026. The above information is also available on the website of the Company at www.waaree.com. Kindly take the information on record. Thanking you, Yours faithfully, For Waaree Energies Limited Rajesh Ghanshyam Gaur Company Secretary & Compliance Officer M.No. A34629 WAAREE Energies Ltd. Registered Office: 602, Western Edge – 1, Western Express Highway, Borivali (E), Mumbai – 400 066, INDIA. Tel: +91-22-6644 4444. Fax: +91-22-6644 4400. Email: waaree@waaree.com.Website:www.waaree.com Corporate Identity Number:L29248MH1990PLC059463 No. CARE/NRO/GEN/2026-27/1079 The Board of Directors Waaree Energies Limited 11thFloor, Oberoi Commerz-II, International Business Park, Oberoi Garden City, Off. Western Express Highway, Goregaon (East), Mumbai, Maharashtra 400063 08/03/2026 Monitoring Agency Report for the quarter ended 06/30/2026 -in relation to the IPO of Waaree Energies Limited We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs. 3600 croreof 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 06/30/2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 10/11/2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Vinakshi Grover Associate Director Vinakshi.Grover@careedge.in CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Gautam Budh Nagar, Uttar Pradesh -201301 Eastern Express Highway, Sion (East), Mumbai -400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: Report of the Monitoring Agency Name of the issuer: Waaree Energies Ltd For quarter ended: 06/30/2026 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 ofinterest 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 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 Signature: Name and designation of the Authorized Signatory: Vinakshi Grover Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Gautam Budh Nagar, Uttar Pradesh -201301 Eastern Express Highway, Sion (East), Mumbai -400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: Disclaimers to MA report: a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as ). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. 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. b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor/ peer reviewed audit firm appointed by the Issuer believed by it to be accurate and reliable. c) Nothing contained in this Report is capable or 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 MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report. d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from statutory auditors/ peer reviewed audit firm (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports. e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors. CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Gautam Budh Nagar, Uttar Pradesh -201301 Eastern Express Highway, Sion (East), Mumbai -400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: