Monitoring Agency Report

August 13, 2026 To To National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra – Kurla Complex, New Trading Ring, 2nd Floor, Rotunda Building, P.J. Towers, Dalal Street, Bandra (E), Mumbai – 400 051 Mumbai – 400 001 SYMBOL: ELLEN SCRIP CODE: 544421 Sub: Monitoring Agency Report for the quarter ended June 30, 2026. Dear Sir/ Madam, Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report dated August 12, 2026 issued by CRISIL Ratings Limited, for the quarter ended June 30, 2026, in respect of utilization of gross proceeds of the IPO of the Company. The same has also been disseminated on the website of the Company at https://ellenbarrie.com/investors/ We request you to kindly take the above on record. Thanking You. Yours faithfully, For Ellenbarrie Industrial Gases Limited Aditya Keshri Company Secretary and Compliance Officer Membership No.: A73390 Monitoring Agency Report Ellenbarrie Industrial Gases Limited for the quarter ended June 30, 2026 CRL/MAR/GDS5158/2026-27/1895 August 12, 2026 Ellenbarrie Industrial Gases Limited 3A Ripon Street, Kolkata, West Bengal, India-700016 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Ellenbarrie Industrial Gases Limited (“the Company”) Pursuant to Regulation 41(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated June 12, 2025, 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: Ellenbarrie Industrial Gases 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: Ellenbarrie Industrial Gases Limited Names of the promoter: Mr. Varun Agarwal Mr. Padam Kumar Agarwala Industry/sector to which it belongs: Industrial gases 2) Issue Details Issue Period: Tuesday, June 24, 2025, to Thursday, June 26, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 8,525.25 million (Fresh issue of Rs 4,000.00* million and OFS of Rs 4,525.25 million) *Note: Particulars Amount (Rs. million) Gross proceeds of the Fresh Issue 4,000.00# Less: Issue Expenses 268.64 (Refer Note 2 below on Page 6 of the MA Report) Net Proceeds 3,731.36 #Crisil Ratings shall be monitoring the gross proceeds from the fresh issue. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report Management undertaking, Peer- reviewed Independent Proceeds utilized Chartered Accountant towards plant set-up, Whether all utilization is as per the Certificate ^, Yes general corporate No comments disclosures in the Offer Document? Prospectus dated June purposes and issue 26, 2025 (hereinafter expenses referred to as “Offer Document”), Bank Statements Source of information/ certifications Comments of Comments of the Particulars Reply considered by the Board of Monitoring Agency Monitoring Agency Directors for preparation of report Whether shareholder approval has been obtained in case of material NA No comments No comments deviations from expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue has No No comments No comments changed? Is there any major deviation observed over the earlier No No comments No comments monitoring agency reports? Whether all Government/statutory Peer-reviewed approvals related to the object(s) NA No comments No comments Independent have been obtained? Chartered Accountant Certificate ^, The Company has Whether all arrangements Management taken assistance of in- pertaining to technical Yes Undertaking house and sub- No comments assistance/collaboration are in contractors for setting operation? up of plant Are there any favorable events improving the viability of these No No comments No comments object(s)? Are there any unfavorable events affecting the viability of the No No comments No comments object(s)? Is there any other relevant information that may materially No No comments No comments affect the decision making of the investors? NA represents Not Applicable ^Certificate dated August 05, 2026, issued by M/s V Khandelwal & Associates, Peer-reviewed Independent Chartered Accountant (Firm Registration Number: 328663E). 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of information/ cost Directors Revised Comment certification (as per the Particulars Sr. Cost of the Item considered by Offer Reason Proposed of firm No. (Rs in Monitoring Head MA for Document) of Cost financing arrangeme million) Agency preparation of (Rs in revision option nts report million) made Repayment/prepayment, in full or in part, of 1 certain outstanding 2,100.00 2,100.00 revision borrowings availed by the Company Setting up of an air Peer- s [Showing first 8,000 characters — download PDF for full document]