Monitoring Agency Report

M&B Engineering Ltd. Registered Office: ‘MB House', 51, Chandroday Society, Stadium Road, Naranpura, Ahmedabad - 380 014, Gujarat, India CIN: L45200GJ1981PLC004437 I T: +91 79 2640 5563/ 2646 1314 | E: info@mbphenix.com / info@mbproflex.com Web.: www.mbel.in 12th August, 2026 To, To National Stock Exchange of India Limited BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai – 400051 S ymbol: MBEL Script Code: 544470 Dear Sir/Madam, Sub.: Monitoring Agency Report for the quarter ended 30th June, 2026 Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 , please find enclosed herewith Monitoring Agency Report for the quarter ended 30th June, 2026, issued by Crisil Ratings Limited, (the “Monitoring Agency”), in respect of utilization of proceeds of the Initial Public Offer of the Company. The Monitoring Agency Report is also available on website of the Company i.e. www.mbel.in You are requested to kindly note the above. Thanking you, Yours faithfully, for M & B ENGINEERING LIMITED PALAK DILIPBHAI PAREKH COMPANY SECRETARY & COMPLIANCE OFFICER (M. No. F10209) Monitoring Agency Report M & B Engineering Limited for the quarter ended June 30, 2026 CRL/MAR/ GDS10982 /2026-27/1955 August 11, 2026 M & B Engineering Limited MB House, 51, Chandrodaya Society, Opp. Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380 014, Gujarat, India Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of M & B Engineering Limited (“the Company”) Pursuant to Regulation 41(2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated June 27, 2024, 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: M & B Engineering 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 the 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: M & B Engineering Limited Names of the promoter: a. Mr. Girishbhai Manibhai Patel b. Mr. Chirag Hasmukhbhai Patel c. Mr. Malav Girishbhai Patel d. Mr. Birva Chirag Patel e. Mr. Vipinbhai Kantilal Patel f. Mr. Aditya Vipinbhai Patel g. Chirag H Patel Family Trust h. MGM11 Family Trust i. MGM5 Family Trust j. Aditya V Patel Family Trust k. Vipin K Patel Family Trust Industry/sector to which it belongs: Construction 2) Issue Details Issue Period: 30 July 2025 to 01 August 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Fresh issue of Rs 2,750.00* million *Note: Particulars Amount (Rs. million) Gross proceeds of the Fresh Issue 2,750.00# Less: Issue Expenses 156.80 Net Proceeds 2,593.20 #Crisil Ratings shall be monitoring the gross proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of the Comments of considered by Particulars Reply Monitoring the Board of Monitoring Agency Agency Directors for preparation of report Management undertaking, Statutory Gross Proceeds Auditor’s certificate^, of the Issue, is Whether all utilization is as per the disclosures Prospectus (hereinafter utilized towards Yes No Comments in the Offer Document? referred as “Offer the object of the document”) dated issue: Capital August 01, 2025, Bank Expenditure 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 No No Comments No Comments disclosed objects of the issue has changed? Is there any major deviation observed over the No No Comments No Comments earlier monitoring agency reports? Whether all Government/statutory approvals NA No Comments No Comments related to the object(s) have been obtained? Management undertaking, Statutory Auditor’s certificate^ Whether all arrangements pertaining to technical assistance/collaboration are in NA No Comments No Comments operation? Are there any favorable events improving the No No Comments No Comments viability of these object(s)? Are there any unfavorable events affecting the No No Comments No Comments viability of the object(s)? Is there any other relevant information that may materially affect the decision making of No No Comments No Comments the investors? NA represents Not Applicable ^ Certificate dated July 20, 2026, issued by M/s Talati & Talati LLP, Chartered Accountants (Firm Registration Number: 110758W/W100377), Statutory Auditors of the Company. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised Comment of certification (as per the Particulars of Sr. Cost the Reason Proposed Item considered by Offer firm No (Rs in Monitoring of Cost financing Head MA for Document) arrangements million) Agency revision option preparation of (Rs in made report million) Funding the capital expenditure requirements for the purchase of equipment and No revision machinery, during the 1 1 [Showing first 8,000 characters — download PDF for full document]