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

AZAD August 10,2026 The Listing Department The Listing Department Limited BSE National Stock Exchange of India Limited Department of Colporate Affairs Exchange Pl.aza, Plot No. c/1, G Block Phiroze Jeejeebhoy Towers, Dalal street Bandra-Kurla Cornplex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip ID - 544061 Scrip Code - AZAD Dear Sir/Madam, Subject: Report of the Monitoring Agency with respect to utilization of proceeds raised through Qualified Institutional Placement (QIP) by AzadEngineering Limited. Pursuant to Regulatior-r 173A of the Securities ancl Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 201.5, we ale enclosing herewith the monitoring agency report issued by Care Ratings Limited, Monitoring Agency, in respect of utilization of proceeds raised through QlP by the Company for the quarter ended June30,2026. The above-mentioned disclosure will also be hosted on the website of the Company at www,azadjn Kindly take the same in your records. Thanking you. Yours tluly, For Azad Engineering Limited G. Praneeth Abhishek Company Secretary, Compliance Officer and Head Legal Membership No.: 435583 Encl.: As above Limited Azad Engineering A=.-- Plot No.90/C,90/D, Phase -1, Contact: o4o-23o970o7 CtN No: L74210TGT9B3PLCOo4132 l----Nt\ l.D.A., Jeedimetla, Hycierabad, Email: info@azad.in GSTIN:36AAECA9452H1ZJ lndia. Web:www.azad.in AZA dy Telangana-SOO 055, CS_2601-330 No. CARE/HRO/GEN/2026-27/1017 The Board of Directors Azad Engineering Limited 90/C, 90/D, Phase -1 I.D.A Jeedimetla, Hyderabad Telangana 500055 August 10, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the QIP issue of Azad Engineering Limited (“the Company”) We write in our capacity of Monitoring Agency for the QIP Issue for the amount aggregating to ₹700.00 crore of the Company and refer to our duties cast under 82 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 February 25, 2025. Request you to kindly take the same on record. Thanking you, Yours faithfully, Niraj Thorat Assistant Director niraj.thorat@careedge.in CARE Ratings Limited 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, 4th Floor, Godrej Coliseum, Somaiya Hospital Hyderabad - 500 029 Road, Off Eastern Express Highway, Sion (East), Phone: +91-40-4010 2030 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: Azad Engineering Ltd 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 with 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 a 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: Niraj Thorat Designation of Authorized person/Signing Authority: Assistant Director CARE Ratings Limited 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, 4th Floor, Godrej Coliseum, Somaiya Hospital Hyderabad - 500 029 Road, Off Eastern Express Highway, Sion (East), Phone: +91-40-4010 2030 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in CIN-L67190MH1993PLC071691 1) Issuer Details: Name of the issuer : Azad Engineering Limited Name of the promoter : Rakesh Chopdar Industry/sector to which it belongs : Industrial Manufacturing – Industrial Products 2) Issue Details Issue Period : February 25, 2025, to March 03, 2025 Type of issue (public/rights) : QIP Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : ₹700.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency Board of Directors Monitoring Agency for preparation of report Rs.589.42 crore has been utilized towards the objects of the placement, and the balance fund is maintained in Fixed Deposits, and MA account. The timing of utilisation remains aligned with business requirements and the CA certificate*, Bank As per the letter of offer, the timeline for utilization of funds stated objects of the QIP. The Whether all utilization is as per the No statements, and offer towards capital expenditure was up to March 31, 2026. The deferment in utilisation of the funds will disclosures in the Offer Document? document board of directors, vide resolution dated February 13, 2026, not have any adverse impact on its approved an extension of implementation timeline for this operations or continuing growth of the object from March 31, 2026, to March 31, 2027. Accordingly, Company. issue proceeds amounting to ₹107.88 crore remained unutilized as on June 30, 2026. In compliance with the applicable laws the Board of Directors at its meeting Whether shareholder approval has The board of directors, vide resolution dated February 13, held on February 13, 2026, approved been obtained in case of material Not applicable NA 2026, approved an extension of implementation timeline for the extension of timeline for deviations# from expenditures this object from March 31, 2026, to March 31, 2027. implementation of objects of the issue disclosed in the Offer Document? from March 31, 2026, to March 31, 2027. 1 CARE Ratings Ltd. Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency Board of Directors Monitoring Agency for preparation of report Whether the means of finance for the disclosed objects of the issue No NA NA No comments received have changed? The timing of utilis [Showing first 8,000 characters — download PDF for full document]