Monitoring Agency Report for the quarter ended June 30, 2026.

August 06, 2026 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, Maharashtra, India Mumbai - 400 051, Maharashtra, India Scrip Code: 544492 Symbol: MEIL 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. This is for your information and records. Thanking you, Yours faithfully, For Mangal Electrical Industries Limited Naresh Kumar Sharma Company Secretary & Compliance Officer Membership No. A12005 Encl.: as above No. CARE/ARO/GEN/2026-27/1119 The Board of Directors Mangal Electrical Industries Limited C-61, C-61(A&B), Road No. 1-C, V.K.I. Area, Jaipur – 302013, Rajasthan- India. August 05, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the IPO of Mangal Electrical Industries Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offering (IPO) for the amount aggregating to Rs. 400 crore 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 July 25, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Sajni Shah Assistant Director Sajni.shah@careedge.in Report of the Monitoring Agency Name of the issuer: Mangal Electrical Industries 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: Sajni Shah Designation of Authorized person/Signing Authority: Assistant Director 1) Issuer Details: Name of the issuer : Mangal Electrical Industries Limited Name of the promoter : Rahul Mangal, Ashish Mangal, Saroj Mangal and Aniketa Mangal Industry/sector to which it belongs : Power Infrastructure and Electrical Equipment 2) Issue Details Issue Period : August 20, 2025, to August 22, 2025 Type of issue (public/rights) : Initial Public Offering (IPO) Type of specified securities : Equity shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 400 crore of fresh issue 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Board Particulars Reply considered by Monitoring Agency for Monitoring Agency of Directors preparation of report As per the prospectus, an amount of The delay in repayment Rs.101.27 crore earmarked for of loans is due to repayment of loans and Rs.49.93 foreclosure charges and crore pertaining to capex was delay pertaining to Capex Chartered Accountant certificate*; Whether all utilization is as per the disclosures in the required to be deployed by FY26. is on account of No Bank statement, Company declaration Offer Document? However, as of Q1FY27, MEIL had finalization of quotations and Prospectus deployed Rs.97.98 crore towards which are under approval repayment of loans and Rs.4.76 crore with the committee towards capex, resulting in delay in appointed by the board of deployment. directors Whether shareholder approval has been obtained in case There is no No material deviations from No Comments of material deviations# from expenditures disclosed in material Company declaration expenditures disclosed in the offer the Offer Document? deviation document. Whether the means of finance for the disclosed objects No Comments No Company declaration No change of the issue have changed? Previous Monitoring Agency reports, No, there are no major deviations No Comments Is there any major deviation observed over the earlier No Company Declaration and CA observed from the last monitoring monitoring agency reports? Certificate agency report. Whether all Government/statutory approvals related to Company has in place government No Comments Yes Company declaration and Prospectus the object(s) have been obtained? and other approvals including tax Source of information / certifications Comments of the Comments of the Board Particulars Reply considered by Monitoring Agency for Monitoring Agency of Directors preparation of report related approvals, registrations related to labour laws and business specific approvals. No arrangement pertaining to No Comments Whether all arrangements pertaining to technical Not technical assistance/collaboration is Company declaration assistance/collaboration are in operation? applicable required with reference to the objects. There has been a delay in the The delay in repayment of utilisation of issue proceeds loans is due to foreclosure earmarked for the capex objective. charges and delay Against the planned utilisation of pertaining to Capex is on Rs.49.93 crore and Rs.37.93 crore in account of finalization of FY26 and FY27 respectively, the quotations which are Are there any favourable/unfavourable events affecting Yes Company declaration and Prospectus Company had deployed only Rs.4.76 under approval with the the viability of these object(s)? crore till Q1FY27. The slower-than- committee appointed by plan [Showing first 8,000 characters — download PDF for full document]