Please find enclosed the Monitoring Agency Report for the quarter ended 30th June 2026

August 06, 2026 VSL/CS/371/2026 dated 06.08.2026 BSE Limited National Stock Exchange of India Ltd. Department of Corporate Services Listing Department P. J. Towers, Dalal Street, Mumbai – 400 001. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 (Scrip Code: Equity - 544488) (Symbol: VIKRAMSOLR, Series EQ) Dear Sir/ Madam, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 (Q1FY27) Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (‘Listing Regulations’), read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report dated August 06, 2026, issued by India Ratings & Research Private Limited, Monitoring Agency, for the quarter ended on June 30, 2026 (Q1FY27) in respect of utilization of proceeds of the Initial Public Offer of the Company. The above information will be made available on the website of the Company https://www.vikramsolar.com We request you to kindly take the aforesaid information on record. Thanking You, For and on behalf of VIKRAM SOLAR LIMITED SUDIPTA BHOWAL Company Secretary & Compliance Officer Encl. As Above Date: 6th August 2026 Vikram Solar Limited. 8th ,1865, The Chamber, Rajdanga Main Road, Kolkata – 700107 Subject: Monitoring Agency Report for the quarter ended 30th June 2026 in relation to Initial Public Offer (IPO). Dear Sir, Pursuant to Regulation 41 (2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 15th July 2025, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO, for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking You, For and on behalf of India Ratings & Research Private Limited Name: Shrikant Dev Designation: Company Secretary India Ratings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in Report of the Monitoring Agency (MA) Name of the issuer: Vikram Solar Limited For quarter ended: 30th June 2026 Name of the Monitoring Agency: India Ratings & Research Private Limited (a) Deviation from the objects: No deviation from the objects. Based on the Management Representation and as per the Statutory Auditor Certificate dated 5th August 2026 issued by G A R V & Associates, Chartered Accountants (FRN – 301094E) having UDIN 26062982LBHBEW5217* and other documents provided to us, no deviation from the objects has been observed. *The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate. (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: Shrikant Dev (Company Secretary) Date: 6th August 2026. Page 1 of 10 1) Issuer Details: Name of the issuer: Vikram Solar Limited Names of the promoters:  Gyanesh Chaudhary  Vikram Capital Management Private Limited  Gyanesh Chaudhary Family Trust Industry/sector to which it belongs: Manufacturing of Solar Modules 2) Issue Details: Issue Period: 19th August 2025 to 21st August 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: 4,51,80,722 Equity Shares (Fresh Issue) of FV ₹ 10 each @ ₹ 332.00 per Equity Share. IPO Grading, if any: Not Applicable Issue size: INR 15,000.00 Million* *It is the Fresh Issue size. The issue consisted of offer for sale of INR 5,793.69 Mn and fresh issue of INR 15,000.00 Mn aggregating to total issue size of INR 20,793.69 Mn 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments certifications considered Comments of the of the Particulars Reply by Monitoring Agency for Monitoring Agency Board of preparation of report Directors Management There is delay in Whether all utilization is as Representation, Statutory deployment and No per the disclosures in the Yes Auditor Certificate, implementation schedule. Comments Offer Document? Prospectus, Relevant Refer Page no. 7. Bank Statements. Whether shareholder approval has been obtained Management in case of material deviations NA Representation, Statutory No Comments Comments from expenditures disclosed Auditor Certificate in the Offer Document? Whether the means of Management finance for the disclosed No No Representation, Statutory No Comments objects of the issue has Comments Auditor Certificate changed? Is there any major deviation observed over the earlier No NA No Comments Comments monitoring agency reports? Page 2 of 10 Source of information / Comments certifications considered Comments of the of the Particulars Reply by Monitoring Agency for Monitoring Agency Board of preparation of report Directors As per Management representation, requisite approvals needed for the Whether all current stage of the Government/Statutory Management projects have been secured. Partly No approvals related to the Representation, Statutory It is noted as per stock Obtained Comments object(s) have been Auditor Certificate exchange filing that the obtained? module manufacturing facility is commissioned. Consent to Operate is yet to be received. As per Management Whether all arrangements representation, the pertaining to technical Management No Yes technical services are assistance/collaboration are Representation Comments available and monitored in- in operation? house. Are there any favorable Management No events improving the No No Comments Representation Comments viability of these object(s)? Are there any unfavorable Management No events affecting the viability No No Comments Representation Comments of the object(s)? I [Showing first 8,000 characters — download PDF for full document]