Statement of deviation(s) or variation(s) under Reg. 32

12th August, 2026 BSE Limited (BSE) National Stock Exchange of India Limited (NSE) The Department of Corporate Services The Listing Compliance Department Phiroze Jeejeebhoy Towers Exchange Plaza Bandra-Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 532966 SYMBOL: TITAGARH Madam/Sir, Sub: Statement of Deviation or Variation in utilization of proceeds of Warrants on Preferential Basis for the quarter ended on June 30, 2026 Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) as amended read with SEBI circular no. CIR/CFD/CMD1/162/2019 dated December 24, 2019, we hereby confirm that during the quarter ended on June 30, 2026, there was no deviation or variation in the utilisation of proceeds of issuance of Convertible Warrants from the objects stated in the notice dated July 9, 2025 calling Extraordinary General Meeting on August 8, 2025. A statement of deviation, stating that there is no deviation or variation in the utilisation of these proceeds, is annexed herewith. (Annexure-A) The above information will also be available on the website of the Company at www.titagarh.in. This is for your information and record. Thanking you, yours faithfully, For TITAGARH RAIL SYSTEMS LIMITED Aditya Purohit Company Secretary & Compliance Officer M. No. 27825 Encl. as above CIN: L27320WB1997PLC084819 Registered Office: Poddar Point, 10th Floor, 113 Park Street, Kolkata – 700016, WB, India Corporate Office: Titagarh Towers, 756, Anandapur, E. M. Bypass, Kolkata - 700107, WB, India Phone: +91 33 4019 0800 | Fax: +91 33 4019 0826 | Email: corp@titagarh.in | Web: www.titagarh.in Annexure-A A. Statement of Deviation/ Variation in use of proceeds: Name of the Listed Entity Titagarh Rail Systems Limited Mode of Fund Raising Funds raised by issuance of convertible Warrants on preferential basis. Date of Raising Funds 04th November, 2025 Amount Raised Rs. 199.99 Crores (It is the total issue size. However, as on June 30, 2026, Company has received 25% of the issue size i.e. Rs. 49.99 Crores, as upfront consideration/subscription amount. Balance 75% will be received as and when the conversion option is exercised by the warrant holders to convert warrants into equity shares during the tenure of 18 months of the warrants) Report filed for quarter ended 30th June, 2026 Monitoring Agency Yes Monitoring Agency Name, if applicable Care Ratings Limited Is there a deviation/ Variation in use of fund raised No If yes, whether the same is pursuant to change in terms of Not Applicable contract or objects which was approved by the shareholder If Yes, Date of shareholder approval Not Applicable Explanation for deviation / variation Not Applicable Comments of the Audit Committee after review None Comments of the auditor, If any None CIN: L27320WB1997PLC084819 Registered Office: Poddar Point, 10th Floor, 113 Park Street, Kolkata – 700016, WB, India Corporate Office: Titagarh Towers, 756, Anandapur, E. M. Bypass, Kolkata - 700107, WB, India Phone: +91 33 4019 0800 | Fax: +91 33 4019 0826 | Email: corp@titagarh.in | Web: www.titagarh.in Objects for which funds have been raised and where there has been deviation, in the following table: Original Objects Modified Original Modified Funds Amount of Remarks Object, if Allocation allocation, Utilised Deviation/ if any Any (Rs. in if any (Rs. In Variation for the Crores) Crores) Quarter according to the applicable object The Company proposes raising the funds for: 1. Working Capital N.A. 100.00 N.A. NIL N.A. N.A. Loan Repayment 2. General Corporate N.A. 49.99 N.A. NIL N.A. N.A. Purpose 3. Reimbursement of N.A. 50.00 N.A. 50.00 N.A. N.A. Capital Expenditure Deviation or variation could mean: (a) Deviation in the objects or purposes for which the funds have been raised; or (b) Deviation in the amount of funds actually utilized as against what was originally disclosed; or (c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc. CIN: L27320WB1997PLC084819 Registered Office: Poddar Point, 10th Floor, 113 Park Street, Kolkata – 700016, WB, India Corporate Office: Titagarh Towers, 756, Anandapur, E. M. Bypass, Kolkata - 700107, WB, India Phone: +91 33 4019 0800 | Fax: +91 33 4019 0826 | Email: corp@titagarh.in | Web: www.titagarh.in