Monitoring Agency Report

HITACHI August 07, 2026 The Secretary, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited, 1st Floor, Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, 5th Floor, Plot No. C/1, G Block, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 543187 Scrip Symbol: POWERINDIA Subject: Regulation 32(6) – Report of Monitoring Agency on the use of proceeds raised through Qualified Institutional Placement (‘QIP’) for the quarter ended June 30, 2026 Ref.: Funds raised through Qualified Institutional Placement (QIP) Dear Sir / Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report dated August 07, 2026, issued by Crisil Ratings Limited, in respect of use of proceeds raised through the issue of equity shares by way of Qualified Institutional Placement, for the quarter ended June 30, 2026. Kindly take the same on your records. Thank you, Yours faithfully, For Hitachi Energy India Limited Poovanna Ammatanda General Counsel and Company Secretary Encl.: as above Hitachi Energy India Limited Registered and Corporate Office: 8th Floor, Brigade Opus, 70/401, Kodigehalli Main Road, Bengaluru - 560 092 Email ID: investors@hitachienergy.com Phone: 080 68473700 CIN: L31904KA2019PLC121597 hitachienergy.com/in Crisil Ratings Monitoring Agency Report Hitachi Energy India Limited for the quarter ended June 30, 2026 Crisil Ratings Limited Corporate Identity Number: U67100MH2019PLC326247 Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai-400 072. India Phone: +91 22 6137 3000 I www.crisilratings.com a company of S&P Global Crisil Ratings CRL/MAR/APPSIL/2026-27/1954 August 07, 2026 Hitachi Energy India Limited 8th Floor, Brigade Opus, 70/401, Kodigehalli Main Road, Bengaluru, Karnataka, India - 560092 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Qualified Institutional Placement (“QIP”) of Hitachi Energy India Limited (“the Company”) Pursuant to Regulation 173A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated March 10, 2025 enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Crisil Ratings Limited Corporate Identity Number: U67100MH2019PLC326247 Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai-400 072. India Phone: +91 22 6137 3000 I www.crisilratings.com a company of S&P Global Crisil Ratings Report of the Monitoring Agency (MA) Name of the issuer: Hitachi Energy India Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: No (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 we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) Crisil Ratings Limited Corporate Identity Number: U67100MH2019PLC326247 Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai-400 072. India Phone: +91 22 6137 3000 I www.crisilratings.com a company of S&P Global Crisil Ratings 1) Issuer Details: Name of the issuer: Hitachi Energy India Limited Names of the promoter: Hitachi Energy Limited Industry/sector to which it belongs: Heavy Electrical Equipment 2) Issue Details Issue Period: March 10, 2025 to March 13, 2025 Type of issue (public/rights): Qualified Institutions Placement (QIP) Type of specified securities: Equity Shares QIP Grading, if any: NA Issue size: The issue comprises up to 21,90,688 equity shares, priced at Rs. 11,507 per equity share. The gross proceeds from the issue aggregate to Rs. 2,520.82 crore. Following the deduction of fees, commissions, and expenses related to the issue, the net proceeds are expected to be Rs. 2,476.29 crore* *Crisil Ratings shall be monitoring the net proceeds amount as per placement document dated 13th March 2025 (Offer Document). 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report Management Proceeds were undertaking, Peer- utilised towards the reviewed object of the issue Independent i.e. Funding the Whether all utilization is as per the Chartered Accountant capital expenditure disclosures in the Offer Yes Certificate^ No Comments requirements of the Document? Placement Document Company, including (hereinafter referred as towards expansion “Offer document”) and development of dated March 13, 2025 the Business Units & Bank Statements Whether shareholder approval NA No Comments No Comments has been obtained in case of Crisil Ratings Limited Corporate Identity Number: U67100MH2019PLC326247 Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai-400 072. India Phone: +91 22 6137 3000 I www.crisilratings.com a company of S&P Global Crisil Ratings Source of information/ certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report material deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue No No Comments No Comments has changed? Is there any major deviation observed over the earlier No No Comments [Showing first 8,000 characters — download PDF for full document]