Monitoring Agency report for the quarter ended June 30, 2026

PATEL ENGINEERING LTD. CIN: L99999MH1949PLC007039 August 10, 2026 Bombay Stock Exchange Ltd., The National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra - Kurla Complex, Mumbai - 400001 Mumbai - 400051 BSE Scrip Code: 531120 NSE Symbol: PATELENG Dear Sirs, Sub: Monitoring Agency Report for the quarter ended June 30. 2026 Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed Monitoring Agency Report for the quarter ended June 30, 2026, issued by Care Ratings Limited, duly reviewed and taken on record by the Board of Directors and Audit Committee of the Company. Further, we hereby confirm that there has been no deviation in the utilisation of Issue proceeds from the objects as stated in the Letter of Offer for Rights Issue of Equity Shares dated November 28, 2025. Kindly take the above information on record. For Patel Engineering Limited Shobha Shetty Company Secretary and Compliance Officer Membership No: Fl 0047 Encl: As above REGO. OFFICE: Patel Estate Road, Jogeshwari (W), Mumbai - 400 102. India Phone +91 22 26767500, 26782916 Fax +91 22 26782455, 26781505 Email headoffice@pateleng.com Website: www.pateleng.com Care='dge RATINGS Monitoring Agency Report No.: CARE/HO/GEN/2026-27 /1129 The Board of Directors Patel Engineering Limited Patel Estate Road, Jogeshwari (W), Mumbai - 400 102 10/08/2026 Dear Sir/Ma'am, Monitoring Agency Report for the quarter ended 30/06/2026 - in relation to the Rights issue of Patel Engineering Limited C'the Company'1 We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to Rs. 398.97 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 30/06/2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 05/12/2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Rishav Khaitan Assistant Director rishav.khaitan@careedge.in CARE Ratings Limited 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion {East), Mumbai Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 CareEdge RATINGS Report of the Monitoring Agency Name of the issuer: Patel Engineering Ltd For quarter ended: 30/06/2026 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 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: Rishav Khaitan Assistant Director CareEdge RATINGS 1) Issuer Details: Name of the issuer : Patel Engineering Ltd Name of the promoter : Late Rupen Pravinbhai Patel, Late Chandrika Pravin Patel, Alina Rupen Patel, Ryan Rupen Patel, Janky Rupen Patel, Raahitya Constructions Private Limited, Praham India LLP Industry/sector to which it belongs : Construction-Civil Construction 2) Issue Details Issue Period : 12/12/2025 to 19/12/2025 Type of issue (public/rights) : Rights Issue Type of specified securities : Fully paid-up equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 398.97 crore (Net proceeds: Rs. 348.97 crores; Issue expenses: Rs. 50 crores) 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 for Monitoring Agency Board of Directors preparation of report During the quarter Q1FY27, unutilized Chartered Accountant certificate*, Bank Whether all utilization is as per the disclosures in funds of Rs.2.16 crore earmarked for Yes Statement, Placement Document, Management Nil the Offer Document? issue expenses have been utilized as certificate GCP in accordance with offer document. Whether shareholder approval has been obtained in case of material deviations# from Not applicable Management certificate Nil Nil expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed No Management certificate Nil Nil objects of the issue have changed? Is there any major deviation observed over the Chartered Accountant certificate* and Earlier MA No Nil Nil earlier monitoring agency reports? report Whether all Government/statutory approvals Not applicable Management certificate Nil Nil related to the object(s) have been obtained? Whether all arrangements pertaining to technical Not applicable Management certificate Nil Nil assistance/collaboration are in operation? Are there any favorable/unfavorable events No Management certificate Nil Nil affecting the viability of these object(s)? CareEdge RATINGS Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Monitoring Agency Board of Directors preparation of report Is there any other relevant information that may materially affect the decision making of the No Management certificate Nil Nil investors? *Chartered Accountant certificate from Vatsaraj & Co vide CA certificate dated August 05, 2026 #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of objects - Original cost Comments of the Board of Directors Source of information / Comments (as per the Particulars of Sr. Item certifications considered by Revised Cost of the Offer Reason for Proposed -firm No Head Monitoring Agency for in Rs. Crore Monitoring Document) i [Showing first 8,000 characters — download PDF for full document]