Monitoring Agency Report

To, August 11, 2026 The General Manager BSE Limited P.J. Towers, Dalal Street, Mumbai -400 001 BSE Scrip: 513119 Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) Dear Sir/Madam, In terms of Regulation 32(6) of the SEBI LODR Regulations, we enclose herewith the Monitoring Agency Report dated August 11, 2026, issued by Brickwork Ratings India Private Limited, with respect to the utilization of proceeds, raised by the Company through preferential issue. In terms of the said Monitoring Agency Report, the proceeds from the preferential issue have been fully utilized by the Company for the purposes stated in the offer documents. You are requested to take the above on record. For, Onix Solar Energy Limited Piyush Savaliya Managing Director, DIN: 06464445 First Monitoring Agency Report for Onix Solar Energy Limited for the quarter ended June 30,2026 No. BWR/2026-27/IPM/OSEL/01 August 11, 2026 Mr. Piyush Savaliya, Managing Director, Onix Solar Energy Limited A-204 Built-up 1140 Square Feet, 2nd Floor Rustom Jee Central Park. Andheri Kurla Road Chaklala, Andheri East, Mumbai, Maharashtra - 400069 Dear Sir, First Monitoring Agency Report for the quarter ended June 30,2026 - in relation to the Right issue of Equity Shares of Onix Solar Energy Limited (“the Company”) Pursuant to Regulation 82 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) Brickwork Ratings (BWR) has prepared the First Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds from the funds raised, for the quarter ended June 30,2026. The funds raised by the Company were through Right issue of Equity Shares aggregating to Rs. 60.17 Crore of the Company. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30,2026, as per Monitoring Agency Agreement dated May 11, 2026. Request you to kindly take the same on records. Thanking you, Yours Faithfully, Mr Niraj Kumar Rathi Senior Director, Ratings - Brickwork Ratings Report of the Monitoring Agency (MA) Name of the issuer: Onix Solar Energy Limited For quarter ended: June 30,2026 Name of the Monitoring Agency: Brickwork Ratings India Private Limited (a) Deviation from the objects: No (b) Range of Deviation: Not Applicable Declaration: We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, we further declare that this report provides a true and fair 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. We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/directors/management and 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. 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 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 after 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 of the Authorized Signatory: Mr Niraj Kumar Rathi Designation of Authorized Person/Signing Authority: Senior Director, Ratings - Brickwork Ratings 1) Issuer Details: Name of the issuer: Onix Solar Energy Limited Names of the promoter: Onix Renewable Limited Industry / sector to which it belongs: Renewable energy 2) Issue Details: Issue period: May 25,2026 – June 1, 2026 Type of issue (public/ rights): Right issue Type of specified securities: Equity Shares IPO Grading, if any: Not Applicable Issue size (in ₹ Crore): 60.17 Value as per offer Total Amount Total Number Particulars Price (₹) Document Received of Securities (₹ Crore) (₹ Crore) Equity Shares 1,17,97,736 51 60.17 60.17 Total 1,17,97,736 60.17 60.17 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments Comments certifications of of Particulars Reply considered by Monitoring Board of Monitoring Agency Agency Directors for preparation of report Bank Statements, Whether all utilization is as per Invoices, the disclosures in the Offer Yes Company’s Letter, Nil Nil Document? CA Certificate, Letter of offer Whether shareholder approval has been obtained in case of material deviations# from Nil Nil Nil Applicable expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue No Nil Nil Nil has changed? Monitoring Is there any major deviation Not being done observed over the earlier Applicable Nil for the first Nil monitoring agency reports? time Whether all Government/statutory approvals Yes Company’s letter Nil Nil related to the object(s) have been obtained? Whether all arrangements pertaining to technical Not Nil Nil Nil assistance/collaboration are in Applicable operation? Are there any favourable events improving the viability of these No Company’s letter Nil Nil object(s)? Are there any unfavourable events affecting the viability of the No Company’s letter Nil Nil object(s)? Is there any other relevant information that may materially No Not Applicable Nil Nil affect the decision making of the investors? Note: The above details are verified by A. H Mandaliya & Associates Chartered Accountants Firm Reg. No.146705W vide its CA Certificate and company statement dated August 11, 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 utilised by more than 10% of the amount projected in the offer documents. 4) Details of object(s) to be monitored: i. Cost of object(s): Source of information / Original certifications Comments of the Board of Directors Cost (as Revised Comments considered Sr. per the Cost of the Item Head by No. Offer (₹ Monitoring Monitoring Particulars of Document) Crore) Agency Reason Proposed Agency for firm (₹ Crore) of cost financing preparation arrangements revision option of report made Investment Bank in NOPL Statements, Pace Company 1. Green 58.50 0.00 Nil Nil Nil Nil Letter, CA Energy Certificate, Private Invoices Limit [Showing first 8,000 characters — download PDF for full document]