We have enclosed herewith the Monitoring Agency Report issued by the CARE Ratings Limited, Monitoring Agency, appointed by the Company for monitoring the utilization of funds raised through ....

7th August, 2026 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 Security Code: 544575 Dear Sir, Subject: Monitoring Agency Report issued by CARE Ratings Limited for the utilization of funds raised through SME Initial Public Offer (IPO) for quarter ended 30th June, 2026. Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we have enclosed herewith the Monitoring Agency Report issued by the CARE Ratings Limited, Monitoring Agency, appointed by the Company for monitoring the utilization of funds raised through SME Initial Public Offer (IPO) for the quarter ended on 30th June, 2026. We request you to take the above on record. Thanking you. Yours faithfully, FOR MITTAL SECTIONS LIMITED AJAYKUMAR B. MITTAL CHAIRMAN CUM MANAGING DIRECTOR DIN: 01760444 Encl: As above. CARE/ARO/GEN/2026-27/1122 The Board of Directors Mittal sections Limited 01, Sona Roopa Apartment, Opp. LalBunglow, C.G. Road, Navrangpura, Ahmedabad, Gujarat, India, 380009 August 06, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the IPO of Mittal Sections Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offer for the amount aggregating to Rs.52.91 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 September 16, 2025. 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: Mittal Sections Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No (b) Range of Deviation: Nil 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: Nikita Goyal Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Mittal Sections Limited Name of the promoter : 1) Mr. Ajaykumar Balwantrai Mittal 2) Mr. Atul Balwantrai Mittal 3) Well Plan Tradelink Pvt. Ltd. Industry/sector to which it belongs : Iron & Steel Products 2) Issue Details Issue Period : October 07, 2025 to October 09, 2025 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. 52.91 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of the Particulars Reply considered by Comments of the Board of Directors Monitoring Agency Monitoring Agency for preparation of report The company has utilised an amount of Rs.2.18 Earlier amount of Rs.0.20 cr. has not been utilized for crore towards Capital expenditure in Q1FY27. working capital. As submitted by the management, company has One cheque was issued to the vendor for capital utilised an amount of Rs.20.30 crore towards expenditure, and the said cheques was issued on object of “expenditure towards acquisition of land, 31/03/2026 of amounting Rs. 0.20 cr. Which was construction of factory building and purchase of cleared on 28/04/2026. Plant & Machineries” till Q1FY27. However, out of this, Rs.0.09 crore has been utilized from internal Cheque was issued to the vendor to clear but the Management Certificate accruals (as a reimbursement from excess IPO vendor cleared the cheques on later date. Company CA Certificate* funds of Rs.0.29 crore utilized towards working took the cheque issue as payment in books of accounts Whether all utilization is as per the Yes Escrow Account Statement capital in Q3FY26). Hence, CareEdge has on the date of cheque. disclosures in the Offer Document? CC Statement considered funds of only Rs.20.21 crore as Sample Invoices utilized from IPO proceeds towards this object till Q1FY27. Further, the company has transferred part of its IPO proceeds from Escrow account to Cash Credit account for utilsation towards various objects. There are numerous other debits and credits in the CC account resulting in comingling of funds, and we have relied on company declaration and CA certificate to ascertain utilization of funds. Source of information/ certifications Comments of the Particulars Reply considered by Comments of the Board of Directors Monitoring Agency Monitoring Agency for preparation of report The management and CA have submitted that the company has unutilised amount of Rs.0.52 crore as on June 30, 2026, which is parked in Fixed Deposits. However, of this, only Rs.0.32 crore pertains to unutilised IPO proceeds, while the balance Rs.0.20 crore represents the company's internal accruals. Earlier, the company had utilised this amount of IPO proceeds towards the working capital object in Q3FY26 (in excess of the stated amount for the working capital object). Subsequently, the said amount was reimbursed and is included in FD of Rs.0.52 crore Whether shareholder approval has been obtained in case of material deviations# Not No Comments Management Certificate No Comments from expenditures disclosed in the Offer Applicable Document? Whether the means of finance for the Management Certificate disclosed objects of the issue have No No Comments No Comments CA Certificate* changed? Last Monitoring agency Is there any major deviation observed report dated May 11, 2026 No Comments over the earlier monitoring agency No No Comments Management Certificate reports? CA Certificate* Whether all Government/ statutory approvals related to the object(s) have Manage [Showing first 8,000 characters — download PDF for full document]