Monitoring Agency Report

August 12, 2026 To, To, BSE Limited National Stock Exchange of India Ltd. 1st Floor, New Trading Ring, Exchange Plaza, 5th Floor, Rotunda Building, Plot No. C/1, G block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Mumbai - 400 001. Bandra (E), Mumbai - 400 051. Scrip Code: 513269 Scrip ID: MANINDS Sub: Monitoring Agency Report for the quarter ended June 30, 2026. Dear Sir / Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report for the quarter ended June 30, 2026 in respect of utilization of funds raised through Preferential Issue of Equity Shares to Non-Promoters, issued by CRISIL Ratings Limited, duly reviewed, approved and taken on record by the Audit Committee and the Board of Directors of the Company in their meeting held on August 11, 2026. This is for your kind information and record. Thanking you, Yours faithfully, For Man Industries (India) Limited Rahul Rawat Company Secretary Encl.: As above Monitoring Agency Report Man Industries (India) Limited for the quarter ended June 30, 2026 CRL/MAR/APSPL/2026-27/1876 August 12, 2026 Man Industries (India) Limited Man House, 101, S.V. Road, Opp Pawan Hans, Vile Parle (West), Mumbai 400056 Dear Sir, Sub: Monitoring Agency Report for the quarter ended June 30, 2026 – in relation to the Preferential Issue of Man Industries (India) Limited (“the Company”) Pursuant to Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”) and Monitoring Agency Agreement dated July 22, 2025, entered with the Company, we enclose the Monitoring Agency Report, issued by Crisil Ratings Limited, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of Preferential Issue 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: Man Industries (India) 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 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 and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Man Industries (India) Limited Names of the promoter: a. Mr. Rameshchandra Mansukhani b. Mr. Nikhil Mansukhani c. Mrs. Heena Kalantri d. Mrs. Deepadevi Mansukhani Industry/sector to which it belongs: Iron & Steel Products 2) Issue Details Issue Period: July 21, 2025, to July 28, 2025 Type of issue: Preferential Issue Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: The original issue size was Rs. 2,599,997,616/- but due to undersubscription the same has been reduced to Rs. 2,549,997,624 /-*. *Crisil Ratings shall be monitoring the proceeds raised through issue of preferential equity shares pursuant to allotment resolution dated July 28, 2025 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments Comments of the Particulars Reply considered by of the Board Monitoring Agency Monitoring Agency of Directors for preparation of report Proceeds have been utilised towards Statutory Auditor’s capital expenditure Certificate^, by the Company and Management acquisition of for the Undertaking, Bank acquisition of Whether all utilization is as per the Statement, No Yes National Pipe disclosures in the offer document? Notice to EGM Comments Company (NPC) dated May 31, 2025, through its wholly- Corrigendum to the owned subsidiary EGM dated June 18, Man International and June 21, 2025 Steel Industries Company (MISIC) Source of information / certifications Comments Comments of the Particulars Reply considered by of the Board Monitoring Agency Monitoring Agency of Directors for preparation of report Whether shareholder approval has been obtained in case of material No NA No Comments deviations# from expenditures Comments disclosed in the offer document? Whether the means of Finance for the disclosed objects of the issue has No No Comments Comments changed? Is there any major deviation observed Statutory Auditor’s over the earlier monitoring agency No No Comments Comments reports? Certificate^, Management All requisite Undertaking Whether all Government/statutory approvals needed for approvals related to the object(s) have Yes the current stage of Comments been obtained? the projects have been secured Whether all arrangements pertaining to technical assistance/collaboration are NA No Comments Comments in operation? Are there any favourable events improving the viability of these NA No Comments Comments object(s)? Are there any unfavourable events No Yes Refer note 1 affecting the viability of these object(s)? Comments Stock exchange Is there any other relevant information that may materially affect the decision Yes Refer note 1 Comments making of the investors? # 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. NA represents Not Applicable ^Certificate dated August 03, 2026, issued by M/s A Sachdev & Co, Chartered Accountants, Chartered Accountants (Firm Registration Number: 011984N), Statutory Auditors of the Company. Note 1: Pursuant to a SEBI interim order dated September 29, 2025, Man Industries (India) Limited and its three senior executives were barred from accessing the securities markets for two years and fined Rs 25 lakh each. However, the Securities Appellate [Showing first 8,000 characters — download PDF for full document]