Monitoring Agency Report

Date: August 14, 2026 To, To, Department of Corporate Services, Listing Department, BSE Limited, National Stock Exchange of India Limited, P J Towers, Dalal Street, “Exchange Plaza”, C-1, Block-G, Mumbai- 400 001. Bandra Kurla Complex, Bandra (E), BSE: Scrip Code: 531112 Mumbai- 400 051. NSE Trading Symbol: BALUFORGE Respected Sir / Madam, Subject: Submission of Monitoring Agency Report for the Quarter ended June 30, 2026 as per Regulation 32 of the SEBI (LODR) Regulations, 2015. Pursuant to Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find enclosed herewith the Monitoring Agency Report for the Quarter ended June 30, 2026, issued by Infomerics Valuation and Rating Pvt. Ltd. appointed in respect of utilization of proceeds of the Preferential Issue of the Company, duly reviewed by the Audit Committee Meeting and the Board Meeting of the Company held on August 14, 2026. Kindly take the same on your records. For Balu Forge Industries Limited Jaspalsingh Chandock Managing Director DIN 00813218 Enclosure: As Attached lnft:merbs Rotings ' Lt J ' i,f ui l,,"r{irs: i:{rr / i*,, .({cil,.*, l *r}i: I I r a-i.iir;j*J-Ll,]r*a*,aar:r1r:r.i.1.tr[i'.,ty Monitoring Agency Report for Balu Forge Industries Limited for the quarter ended June 30, 2026 :"*: lnfomerbs Rotings \r ./ :J.i':lljilli inl:n/itilrlr.:l-,tt"")rri.J,i;Sia I a a i::r't?ni;t,rt-t3;ili:l'Jt,lt]:ilfii.iiri.jjniii:y Monitoring Agency Report August 13,2026 Balu Forge Industries Limited 506, Imperial Palace, 45 Telly Park Road, Andheri East, Mumbai - 400069 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the issue of equity shares on preferential basis and issue of sharewarrants to the promoters. We write in our capacity of Monitoring Agency for the issue of equity shares on preferential hasis and issue of share r.varants of amount aggregating to Rs. 496.80 crore of the Company and refer to our duties cast under l624 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations,20lS (SEBI ICDR Regulations). ln this connection, rwe are.enclosing the Monitoring Agency Repori for the quarter endecl June 3A,2A26. as per aforesaicl SEBI Regulations and Monitoring Agency Agreement dated l4tl' October 2024. Request you to kindly take the same on records. T'hanking you, For ar-rd on behalf of Infornerics Valuation and Rating Lirnited l\4r. Sudarshan Shreenivas (Director - Ratings) suclarshati. shreenivas@)inlbfi lsri cs_coq lnfarnerics Rotinp r iJJ c .)rBi R'Gr$ i:RaD / irg; .r{c:*}rlr, , rrsir r i o iMlnJyrritlcrltl,'r,rlrruq.,.i[Ni:r R.eport of the l\{onitoring Agenc.v Name of the Issuer: Balu Forge lndustries Lirnited For quarter ended: .Iune 30- 242(t. Name of the Monitoring Agency: intbinerics Valuatiorr and Rating I-imited (a) Deviation fi'orn the objects: L"lil (b) R.ange of Deviation: Nil Indicate range o1'percentage de','iation fiom tire amclunt of issue proceeds earmarked fbr ob.f ects. For exarnple. up to lA%.10 -25oh,25-50%.50-759h,75-700yo, not ascertainable etc. " Range of Deviation may be computed b.v- taking rveighted average of ilnancial del'iation o1'each obiect in the ratio of issue proceeds allocated for it. Non-t'inancial deviation rray be indicated separalel;; by nilr, rj1'note:r. Declaration: We declare that this report provides an objective vierv 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 perlbrm 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 constitttte 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 construeci as creating a fiduciary relationship between the MA and any issuer or bet.xeen the agency and any user of this report. The MA and its affrliates also do not act as an experl as def-rned under Section 2(38) of the Companies Act,2013. The MA or its affiliates may have credit lating or other commercial transactions with the entity to which the reporl pertains antl nray receive separate compensation for its ratings and certain credit-reiated analyses. 1 Inft:rnerics Rctings a ,'ia - f .'- ,: 1', a C C i.i.:, ii;iiii,i,r,t.:ir11i ii:;i)ri:i,-':i.:.i, We declale that we do not have any direct / irrdirect intelest in or relationship with the issuer/promoters/directors/management and also conlinn that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. We further declare that this repoi't prr:vides true and fair view of the utilization of issue proceeds. Signatr"rre: Narne of the Authorized Person/Signing Authority: Mr. Sudarshan Shreenivas Designation of Authorized pcrscn/Signing Authority: Director - Ratings Seal of the Mbniroring Agency: Date: August 13,2426 lnforrerbs Rotings -..',,.,,,."n,,,-,. 'i-{,j',,.',.,,, a a a :r:..,',.,r0litr$ilirf 1) Issuer Details: Name ofthe issuer: Balu Forge Indushies Limited. Names ofthe promoters ofthe issuer: Shri Jaspal Singh Chandock Industry/sector to which it belongs: Manufacturing offorged crankshafts and forged componerts 2) Issue Details: Issue Period: 8 Months ftom the date of allotment Type of issue (public/rights): Preferential Issue Type ofspecified securities: Equity shares and Convertible warant Grading: Not Applicable Issue size (Rs in Crores): Rs. 496.80 crores Qllote No. 1 & Note No. 2) Nele The company had offered 45.00 Lakhs Equity Shares under the Private Placement, at Rs. 360.00 per share (including share prernium ofRs. 350.00 per share) aggregating to { 162.00 crore. The issue was subscribed, and the compaay has allotted 45.00 Lakhs Equity Shaxes to the applicants during the quarter ended September 2024. Note 2 The offer comprises of 93,00,000 warants of the company convertible into equal number of equity shares at a price of Rs.360.00 per warant as determined on the relevant date (for the pwpose of calculating the price ofequity warrants convertible into equal number ofequity shares to be issued) in accordance with the provisions of Chaptq V of the SEBI ICDR Regulations aggregating to Rs.334.80 Crore for cash consideration by way of preferential allotrnent to Specified investoN/Identified investors which also includes promoteN and memberc ofpromoter group ofthe company. .O' lnftrmebs Rotings aaa s[8] nEGrs1r.Ri D / R0i ACCsr: DITEA / HSIC tMPANttl,ID CRt{)1T I{ATING {JtN'Y 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Particulars Reply Source of information / Comments of Monitoring Comments of certifications considered by Agency Board of Monitoring Agency for Directors preparation ofreport Whether all the utiiization is as per Yes, the utilization has been Bank Staternent, CA The utilization is in line with No Comments. disclosure in Offer made as per Offer Document. Certifi cate+, Management the objects mentioned in the Document? Declaration, Invoices & Ledgers. EOGM resolution # Whether Shareholder approval is There are no deviations from Not applicable Not Applicable, as there is no No Comments. obtained in case of material deviations the expenditures disclosed in deviation from the from expenditures disclosed in Offer the Offer Document. Hence expenditures disclosed in Document? no approval is required. Offer Document. Whether means of finance for disclosed There is no change in the Not applicable No change in means of No Comments. objects ofthe Issue has chang [Showing first 8,000 characters — download PDF for full document]