Monitoring Agency Report

Date: August 14, 2026 To, To, BSE Limited National Stock Exchange of India Limited Department of Corporate Services/ Exchange Plaza, C-1, Block G Bandra Kurla Corporate Relation Department, Complex, Bandra (E), Mumbai – 400 051, Phiroze Jeejeebhoy Towers, Dalal Maharashtra, India. Street, Mumbai – 400 001, Maharashtra, India. Script Code: 544534 NSE Symbol: JARO Dear Sir/Ma’am, Subject: Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Jaro Institute of Technology Management and Research Limited (“the Company”) Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report for the quarter ended June 30, 2026, in respect of utilization of the proceeds raised through issuance of equity shares by way of Initial Public Offer (IPO) of the Company, as received from Monitoring Agency, Crisil Ratings Limited on August 14, 2026. We request you to take this on record. Thank you Yours sincerely, For Jaro Institute of Technology Management and Research Limited Sanjay Namdeo Salunkhe Managing Director DIN: 01900632 Place: Mumbai Enclosed as above Monitoring Agency Report Jaro Institute of Technology Management and Research Limited for the quarter ended June 30, 2026 CRL/MAR/ JIOTMARL/2026-27/1939 August 14, 2026 Jaro Institute of Technology Management and Research Limited 11th floor, Vikas Centre, Dr. C.G Road, Near Basant Theatre Chembur (E), Mumbai – 400074, India Dear Sir/Madam, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Jaro Institute of Technology Management and Research 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 September 17, 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: Jaro Institute of Technology Management and Research Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: No (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: Jaro Institute of Technology Management and Research Limited Names of the promoter Mr. Sanjay Namdeo Salunkhe Mr. Balkrishna Namdeo Salunkhe Industry/sector to which it belongs: E-Learning 2) Issue Details Issue Period: September 22, 2025, to September 25, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Fresh Issue size: Rs 1,700.00 million* *Note 1: Particulars Amount (Rs in million) Gross proceeds from Fresh issue 1,700.00# Less: Issue Expenses 125.17 Net Proceeds 1,574.83 #Crisil Ratings shall be monitoring the gross proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments of certifications considered Comments of the Particulars Reply the Board of by Monitoring Agency for Monitoring Agency Directors preparation of report Management undertaking, Peer reviewed Independent Proceeds utilized chartered accountant towards Marketing, Whether all utilization is as per certificate^, brand building and the disclosures in the Offer Yes Prospectus dated advertising No comments Document? 25/09/2025 activities, general (hereinafter referred as corporate purposes “Offer document”), and issue expenses Bank Statements Whether shareholder approval has been obtained in case of material deviations from NA No comments No comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue No No comments No comments has changed? Is there any major deviation observed over the earlier No No comments No comments monitoring agency reports? Whether all Government/ statutory approvals related to the NA Management undertaking, No comments No comments object(s) have been obtained? Peer reviewed Independent Whether all arrangements chartered accountant pertaining to technical certificate^ NA No comments No comments assistance/collaboration are in operation? 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 07, 2026, issued by M/s Maheshwari & Co., Chartered Accountants (Firm Registration Number: 105834W), Peer-reviewed Independent Chartered Accountant. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised Comment certification (as per the Sr. Cost of the Particulars of Item considered by Offer Reason of Proposed No. (Rs in Monitoring firm Head MA for Document) Cost financing million) Agency arrangements preparation (Rs in revision option made of report million) Marketing, brand building and No No No No 1 810.00 810.00 advertising revision comments comments comments activities Prepayment or scheduled re- payment of a [Showing first 8,000 characters — download PDF for full document]