Monitoring Agency Report

August 12, 2026 To To Sr. General Manager Sr. General Manager Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex Mumbai - 400001 Bandra (E), Mumbai - 400 051 Scrip Code: 544317 Scrip Symbol: TRANSRAILL Subject: Monitoring Agency Report for the quarter ended June 30, 2026 Dear Sir / Madam, Pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited, the Monitoring Agency, for the quarter ended June 30, 2026. The same is also available on the website of the Company at https://transrail.in/ Kindly take the same on your records. For Transrail Lighting Limited Monica Gandhi Company Secretary and Compliance Officer Encl: As above TRANSRAIL LIGHTING LIMITED Corporate & Registered Office: 501 A, B, C, E, Fortune 2000, Block-G, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India Tel: +91 22 61979600 | Fax: +91 2261979666 | Web: www.transrail.in | CIN: L31506MH2008PLC179012 Draft Monitoring Monitoring Agency Report Ag e ncy Report Agency Report No. CARE/ARO/GEN/2026-27/1126 The Board of Directors Transrail Lighting Limited 501, A, B, C, E Fortune 2000 Block G, Bandra Kurla Complex, Bandra East, Mumbai 40051, Maharashtra August 07, 2026 Dear Sir, Monitoring Agency Report for the quarter ended June 2026 - in relation to the IPO and Private Placement of Equity Shares of Transrail Lighting Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offer and Private Placement for the amount aggregating to Rs. 450 crore of the Company and refer to our duties cast under Section 41 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 September 23, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Setu Gajjar Associate Director Setu.gajjar@careedge.in Report of the Monitoring Agency (MA) Name of the issuer: Transrail Lighting Limited 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 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: Name of the Authorized Signatory: Setu Gajjar Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Transrail Lighting Limited Name of the promoter : Mr Anjanma Holdings Private Limited, Digambar Chunnilal Bagde and Sanjay Kumar Verma. Industry/sector to which it belongs : Power Transmission and distribution Sector 2) Issue Details Issue Period : September 09, 2024 (Private Placement Issue Date) and December 19, 2024, to December 23, 2024 (Public Issue) Type of issue (public/rights) : Public issue and Private placement Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in `crore) : Rs. 450.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report Whether all utilization is as per the disclosures in CA Certificate*, Bank Statement, Offer The utilisation is in lines with offer Yes No comments received the Offer Document? Document document Whether shareholder approval has been obtained No comments received Not There is no deviation in expenditures as in case of material deviations# from expenditures Not Applicable Applicable against disclosed in Offer Document disclosed in the Offer Document? Whether the means of finance for the disclosed CA Certificate*, Bank Statement, Offer No change in the means of finance for the No comments received objects of the issue have changed? Document objects of the issue. No comments received Is there any major deviation observed over the CA Certificate*, Bank Statement, Offer No, there are no deviations observed from earlier monitoring agency reports? Document the last monitoring agency report. Whether all Government/statutory approvals Approvals are in place as verified from the No comments received Yes Offer Document related to the object(s) have been obtained? offer document There are no technical No comments received Whether all arrangements pertaining to technical Not Offer document assistance/collaboration required for the assistance/collaboration are in operation? Applicable implementation of CAPEX No such favourable/ unfavourable events, No comments received Are there any favourable/unfavourable events CA Certificate*, Bank Statement, No however there has been delay in affecting the viability of these object(s)? Management certificate implementation of the objects As per the offer document, the funds for all No comments received the objects were to be utilised by FY25. Is there any other relevant information that may However, there has been a delay in materially affect the decision making of the Yes Offer document implementation of the objects from the investors? stipulated timeline mentioned in the offer document. Furthermore, board resolution has been passed on May 13, 2026 for Source of information / Particulars Reply certifications considered by Comments of the Comments of the Monitoring Agency for Monitoring Agency Board of Directors preparation of report extension of timeline for utilisation of GCP and issue expense till FY27 * Chartered Acc [Showing first 8,000 characters — download PDF for full document]