Monitoring Agency Report pursuant to Regulation - 32(6) of SEBI (LODR) and Regulation - 262 (2) SEBI (ICDR) Regulations

AIRFLOA RAIL TECHNOLOGY LIMITED (Formerly known as Airflow Equipments India Pvt Ltd) Date: 08.08-2026 BSE Limited Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 Scrip Code:544516 ISIN: INE0XBS01012 Subject: Disclosure Pursuant to Regulation – 32 (6) of SEBI (LODR) Regulations 2015 and Regulation 262 (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) Dear Sir/Madam, Pursuant to Regulation – 32 (6) of SEBI (LODR) Regulations 2015 and Regulation 262 (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), as amended, please find enclosed herewith the Monitoring agency report with regard to utilization of funds raised through Initial Public Offering (IPO) by our Company for the quarter ended June 30, 2026. Reviewed, and taken on record by the Audit Committee as well as the Board of Directors of our Company. Please take the above information on record. Thanking you, Yours faithfully, For Airfloa Rail Technology Limited Haraprasad Rout Company Secretary & Compliance Officer Enclo: 1. Report form Monitoring Agency CRISIL. No.9, Chelliamman Koll Street, Keelkatalai, Chennai - 600117 CIN No: L30204TN1998PLC041571, GST No: 33AACCA9641E1ZY, Mobile:-9384870774, Email: airflow1998.hotmail.com Website:-www.airfloa.co.in Monitoring Agency Report Airfloa Rail Technology Limited for the quarter ended June 30, 2026 CRL/MAR/AFESPL /2026-27/1869 August 08, 2026 Airfloa Rail Technology Limited No 9, Chelliamman, Koilstreet, Keelkttalai, Tamil Nadu, Chennai - 302021 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Airfloa Rail Technology Limited (“the Company”) Pursuant to Regulation 262 (2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated August 06, 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 IPO 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) Report of the Monitoring Agency (MA) Name of the issuer: Airfloa Rail Technology Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (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) 1) Issuer Details: Name of the issuer: Airfloa Rail Technology Limited Names of the promoter: Mr. Venkatesan Dakshinamoorthy Mr. Manikandan Dakshnamoorthy Industry/sector to which it belongs: Industrial Products 2) Issue Details Issue Period: Thursday, September 11, 2025, to Monday, September 15, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs. 9,109.80 lakhs (Net proceeds of Rs. 8,884.80 lakhs*) #Crisil Ratings shall be monitoring the net proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of considered by Comments of the Particulars Reply the Board of Monitoring Monitoring Agency Directors Agency for preparation of report Statutory Auditor certificate^, Management Undertaking, Whether all utilization is as per Prospectus dated No utilisation during the the disclosures in the Offer NA No Comments September 16, reported quarter Document? 2025, (hereinafter referred as “Offer document”), Bank Statements Whether shareholder approval has been obtained in case of material deviations from NA No comments No Comments 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? Source of information/ certifications Comments of considered by Comments of the Particulars Reply the Board of Monitoring Monitoring Agency Directors Agency for preparation of report Is there any major deviation observed over the earlier No No comments No Comments monitoring agency reports? Statutory Auditor certificate^, Whether all Government/ Management statutory approvals related to the NA undertaking No comments No Comments object(s) have been obtained? Whether all arrangements pertaining to technical NA No comments No Comments assistance/collaboration are in operation? Are there any favorable events improving the viability of these No No comments No Comments object(s)? Are there any unfavorable events affecting the viability of the No No comments No Comments object(s)? Is there any other relevant information that may materially No No comments No Comments affect the decision making of the investors? NA represents Not Applicable ^Certificate dated August 06, 2026, issued by M/s Varadarajan & Co, Chartered Accountants (Firm Registration Number: 004515S), Statutory Auditors of the Company. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Comments of the Board of Directors Original information/ cost Revised Comment Particulars certification Sr. (as per the Cost of the Reason Proposed of firm Item considered by No. Offer (Rs in Monitoring of Cost financing arrangeme Head MA for Document) lakh) Agency revision option nts preparation (Rs in lakh) made of report Capital expenditure towards purchase of 1 1,367.78 NA No revision No revision machinery and equipment Repayment of a portion Statutory of certain outstanding 2 Auditor 600.00 NA No revision No revision borrowing availed by the certificate^, company Management undertaking, Funding working capital 3 Prospectus 5,927.02 NA No revision No revision r [Showing first 8,000 characters — download PDF for full document]