Monitoring Agency Report

August 14, 2026 To, To, Asst. Vice President, The Manager (Listing) National Stock Exchange of India Ltd., BSE Limited Exchange Plaza, Plot C/1, G Block Floor 25, P J Tower, Bandra-Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400001 Mumbai – 400 051 Scrip Code: 531357 Scrip Name: MERCURYEV Sub: Monitoring Agency Report for the quarter ended June 30, 2026. Dear Sir/Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (“Listing Regulations”), we are enclosing herewith the Final Monitoring Agency Report for the Quarter ended June 30, 2026, in relation to utilization of proceeds of the Preferential issue of Equity Shares & Convertible Warrants. You are requested to kindly note the same. Thanking You, Yours Faithfully, For MERCURY EV-TECH LIMITED KRISHNA NAIK Company Secretary Encl: As Above Monitoring Agency Report Mercury EV-Tech Limited for the quarter ended June 30, 2026 CRL/MAR/GDS12144/2026-27/1859 August 13, 2026 Mercury EV-Tech Limited Block No. 28, National Highway, No. 8, Manglej, Vadodara, Gujarat – 391243, India Dear Sir, Final Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Preferential Issue (“PI”) of Mercury EV-Tech Limited (“the Company”) Pursuant to Regulation 162 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated September 27, 2024, enclosed herewith the Final Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of PI 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) Final Report of the Monitoring Agency (MA) Name of the issuer: Mercury EV-Tech 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 Statutory 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: Mercury EV-Tech Limited Names of the promoter: Mr. Kavit Jayeshbhai Thakkar, Mrs. Artiben Jayeshbhai Thakkar Industry/sector to which it belongs: Passenger Cars & Utility Vehicles 2) Issue Details Issue Period: October 23, 2024 to November 07, 2024 Type of issue (public/rights): Preferential Issue (PI) Type of specified securities: Equity shares and Convertible warrants PI Grading, if any: NA Issue size: Rs 447.94 crore* *Crisil Ratings shall be monitoring the Issue proceeds amount. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications Comments Comments of the considered by of the Particulars Reply Monitoring Monitoring Agency Board of Agency for preparation of Directors report Management undertaking, Statutory Auditors Certificate^, Proceeds were Notice to Shareholders Whether all utilization is as per the utilized towards No Yes dated September 19, disclosures in the Offer Document? working capital Comments 2024 (hereinafter requirements referred to as “Notice to Shareholders”, Bank Statements) Source of information/ certifications Comments Comments of the considered by of the Particulars Reply Monitoring Monitoring Agency Board of Agency for preparation of Directors report Whether shareholder approval has been obtained in case of material deviations No NA No Comments from expenditures disclosed in the Offer Comments 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 over the earlier monitoring agency No No Comments Comments reports? Whether all Government/statutory approvals related to the object(s) have NA No Comments Management Comments been obtained? Undertaking, Statutory Whether all arrangements pertaining to Auditors Certificate^ technical assistance/collaboration are in NA No Comments Comments operation? Are there any favorable events No No No Comments improving the viability of these object(s)? Comments Are there any unfavorable events No No No Comments affecting the viability of the object(s)? Comments Is there any other relevant information that may materially affect the decision No No Comments Comments making of the investors? NA represents Not Applicable ^Certificate dated August 12, 2026 issued by M/s Tejas K. Soni & Company, Chartered Accountants (Firm Registration Number: 135093W), Statutory Auditors of the Company. Details of object(s) to be monitored: i. Cost of the object(s): Source of Comments of the Board of information/ Original cost Directors Comment certification (as per the Particular Sr. Revised Cost of the Item Head considered by Offer Reason Proposed s of firm No. (Rs in crore) Monitoring MA for Document) of Cost financing arrange- Agency preparation of (Rs in crore) revision option ments report made Conversion of Unsecured loan 1 25.50 25.50 No revision No Comments of Promoter- group Working capital 2 295.00 262.63 Refer note 1 No Comments requirement Management Repayment of undertaking, Secured & Statutory 3 10.00 10.00 No revision No Comments Unsecured Auditors Loans Certificate^, Notice to Shareholders Capital 4 55.00 55.00 No revision No Comments expenditure General 5 Corporate 94.81 94.81 No revision No Comments Purpose Refer note 3 Total - 480.31 447.94 - - - on page 8 ^Certificate dated August 12, 2026 issued by M/s Tejas K. Soni & Company, Chartered Accountants (Firm Registration Number: 135093W), Statutory Auditors of the Company. #The amount utilised for general corporate purposes does not exceed 25% of the Issue Proceeds (amounting to Rs 111.99 crore). Note 1: During th [Showing first 8,000 characters — download PDF for full document]