Regulation 32 (1), (3) Statement of Deviation & Variation

Date-12-08-2026 The General Manager, Department of Corporate Services, BSE Limited, P.J. Towers, Dalal Street, Mumbai – 400 001 Ref: HRS | Scrip Code: 544656 | ISIN: INE1E1V01017 Subject: Monitoring Agency Report for the quarter ended 30th June, 2026. Ref.: Regulation 41 of the Securities and 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, 2015 Dear Sir/Madam, Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 we are enclosing herewith the Monitoring Agency Report issued by Brickwork Ratings India Private Limited dated 7th August, 2026, Monitoring Agency, appointed by the Company for monitoring the utilization of funds raised through initial public offer for the quarter ended June 30, 2026. The said report for the quarter ended 30th June, 2026, is duly reviewed and taken on record by the Audit Committee & the Board of Directors of the Company by passing circular resolution on 11th August, 2026, and the same is enclosed herewith. You are requested to take the same on your records. Yours Faithfully, For, HRS Aluglaze Limited Rupesh Pravinbhai Shah Managing Director DIN:02806068 Monitoring Agency Report for HRS Aluglaze Limited for the quarter ended June 30, 2026 No. BWR/2026-27/IPM/HRSAL/03 August 07, 2026 Oswal Samirkumar Kantilal Chief Financial Officer HRS Aluglaze Limited 601 W-1, 6th Floor, New York Timber Street, Opp. PSP House, B/H. S.G. Highway, Ambali Road, Jodhpur, Ahmedabad- 380058, Gujarat Dear Sir, Third Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Fresh Issue of Equity Shares of HRS Aluglaze Limited (“the Company”) Pursuant to Regulation 262 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Engagement Letter dated December 02, 2025, Brickwork Ratings (BWR) has prepared the Third Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilisation of proceeds of funds raised, for the quarter ended June 30, 2026. The funds raised by the Company were through Fresh Issue of Equity Shares aggregating to Rs. 50.92 Crore of the Company. 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 December 9, 2025. 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: HRS Aluglaze Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Brickworks 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 also 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 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: Mr Niraj Kumar Rathi Designation of Authorized Person/Signing Authority: Senior Director, Ratings - Brickwork Ratings 1) Issuer Details: Name of the issuer: HRS Aluglaze Limited Names of the promoter: Rupesh Pravinbhai Shah, Pinky Rupesh Shah, & Hrishikesh Rupesh Shah Industry / sector to which it belongs: Facade and Fenestration. 2) Issue Details: Issue period: For anchor investors – 10 December 2025 For others - 11 December 2025 to 15 December 2025 Type of issue (public/ rights): Fresh Issue of Equity shares Type of specified securities: Equity Shares IPO Grading, if any: Not Applicable Issue size (in ₹ Crore): 50.92 Total Amount Value as per Offer Document Particulars Number of Price (₹) Received (₹ Crore) Securities (₹ Crore) Equity Shares-Fresh Issue 53,04,000 96 50.92 50.92 Total 53,04,000 96 50.92 50.92 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 Whether all utilization is as per Bank Statements, the disclosures in the Offer Yes Company’s Letter, CA Nil Nil Document? Certificate 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? Is there any major deviation observed over the earlier Nil Nil Nil Applicable monitoring agency reports? 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 favorable 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? Notes: CA Certificate from Shah & Patel Chartered Accountants, dated August 06,2026 and company’s statement dated August 04, 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 amoun [Showing first 8,000 characters — download PDF for full document]