Monitoring Agency Report

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: Monitoring Agency Report under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended 30th June, 2026 Pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed, the Monitoring Agency Report issued by CARE Ratings Limited in respect of the utilization of proceeds of funds raised through Preferential Issue of 21,11,932 Convertible Warrants to the members of Promoter Group, for the Quarter ended 30th June,2026. The above information will also be available on the website of the Company at www.titagarh.in Please take the same on record. Thanking you, yours faithfully, for TITAGARH RAIL SYSTEMS LIMITED Aditya Purohit Company Secretary & Compliance Officer M. No. ACS 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 No. CARE/KRO/GEN/2026-27/1064 The Board of Directors Titagarh Rail Systems Limited Poddar Point, 10th Floor 113 Park Street Kolkata – 700016 August 12, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Preferential Warrants issue of Titagarh Rail Systems Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 199.99 crores of the Company and refer to our duties cast under regulation 162A 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 November 01, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Richa Bagaria Associate Director Richa.Jain@careedge.in CARE Ratings Limited Unit No. A/7/4, 7th Floor Block A, Apeejay House, 4th Floor, Godrej Coliseum, Somaiya Hospital 15 Park Street, Kolkata – 700016 Road, Off Eastern Express Highway, Sion (East), Phone: +91-33-4018 1600/2283 1803 Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Report of the Monitoring Agency Name of the issuer: Titagarh Rail Systems Ltd 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: Richa Bagaria Designation of Authorized person/Signing Authority: Associate Director CARE Ratings Limited Unit No. A/7/4, 7th Floor Block A, Apeejay House, 4th Floor, Godrej Coliseum, Somaiya Hospital 15 Park Street, Kolkata – 700016 Road, Off Eastern Express Highway, Sion (East), Phone: +91-33-4018 1600/2283 1803 Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 1) Issuer Details: Name of the issuer : Titagarh Rail Systems Ltd Name of the promoter : Mr. Jagdish Prasad Chowdhary Industry/sector to which it belongs : Industrial Manufacturing – Railway Wagons 2) Issue Details Issue Period : Within 18 months from date of allotment of warrants (November 04, 2025) Type of issue (public/rights) : Preferential Issue Type of specified securities : Convertible Warrants IPO Grading, if any : NA Issue size (in crore) : Rs. 199.99 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Comments of the Comments of the Source of information / certifications considered Particulars Reply Monitoring Board of by Monitoring Agency for preparation of report Agency Directors No amount has Chartered Accountant Certificate* Whether all utilization is as per the disclosures in the been utilized Yes Bank Statement, Management Confirmation, Offer No Comments Offer Document? during the Document quarter. Whether shareholder approval has been obtained in case Chartered Accountant Certificate*, Management No Comments of material deviations# from expenditures disclosed in Not Applicable Confirmation Nil the Offer Document? Whether the means of finance for the disclosed objects Chartered Accountant Certificate* No Comments No Nil of the issue have changed? Bank Statement, Management Confirmation Is there any major deviation observed over the earlier No material deviation is No Comments Monitoring Agency Report dated May 12, 2026 Nil monitoring agency reports? observed BSE and NSE In No Comments Whether all Government/statutory approvals related to Chartered Accountant Certificate*, Management Principle the object(s) have been obtained? Confirmation approval, no other approvals CARE Ratings Limited Unit No. A/7/4, 7th Floor Block A, Apeejay House, 4th Floor, Godrej Coliseum, Somaiya Hospital Road, 15 Park Street, Kolkata – 700016 Off Eastern Express Highway, Sion (East), Mumbai Phone: +91-33-4018 1600/2283 1803 - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Comments of the Comments of the Source of information / certifications considered Particulars Reply Monitoring Board of by Monitoring Agency for preparation of report Agency Directors for capex are required as per management Whether all arrangements pertaining to technical Chartered Accountant Certificate*, Management No Comments Not Applicable Nil assistance/collaboration are in operation? Confirmation Are there any favorable/unfavorable events affec [Showing first 8,000 characters — download PDF for full document]