Monitoring Agency Report

Ref: MEIL/SEC/2026-27/34 14th August, 2026 National Stock Exchange of India Limited. Exchange Plaza, 5th Floor, Plot No. C/1 G Block, Bandra- Kurla Complex, Bandra (East), Mumbai – 400051 Symbol: MARINE ISIN: INE01JE01028 Dear Sirs/Madam, Sub: Monitoring Agency Report for the Quarter Ended June 30, 2026 Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Monitoring Agency Report in respect of utilization of proceeds of preferential issue for the quarter ended June 30, 2026 issued by ICRA Limited, Monitoring Agency. You are requested to take the same on record & oblige. Yours faithfully, For Marine Electricals (India) Limited Deep Shah Company Secretary and Compliance officer ACS: 61488 June 2026 MONITORING AGENCY REPORT Name of the Issuer: Marine Electricals (India) Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: ICRA Limited (a) Deviation from the objects of the issue: No material deviation - the utilization of the issuance proceeds is in line with the objects of the issue. (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: Suprio Banerjee Vice President & Co-Group Head Analyst: Sweety Shaw QA: Dhwani Vinchhi Sensitivity Label : Public June 2026 1. Issuer Details Name of the Issuer: Marine Electricals (India) Limited Name(s) of the promoters: Promoters Mr. Vinay K Uchil Mr. Venkatesh K Uchil KDU Enterprises Private Limited Source: EGM Notice Industry/ sector to which it belongs: Integrated Electrical and Electronics Solutions provider to marine and industry sector 2. Issue Details Issue Period: Opening date- Not Applicable Closing date- Not Applicable Type of Issue: Preferential Issue Type of specified securities: Warrants fully convertible into Equity shares Issue Size (Rs. Crore): INR 213.76 Crore revised to INR 149.22 Crore* *As against the EGM Notice dated 13th August 2024 for issue of 84,27,500 equity shares on preferential basis, the Company has allotted only 52,79,160 equities due to undersubscription. Accordingly, the final issue consists of INR 20,00,000 warrants at a price of Rs.205/- each and 52,79,160 equities on Preferential basis of Rs.205/- each aggregating up to INR 149.22 crore. With OFS portion: Not Applicable; Excluding OFS portion: Not Applicable Net Proceeds: INR 149.22* Crore The issue expenses were not quantified in the placement document. Hence, the issue expenditure incurred till Q2 FY 2025, was considered as a part of General Corporate Expenses. However, the issuer has adjusted the same from Gross proceeds in Q3 FY2025 retrospectively. Sensitivity Label : Public June 2026 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information, Comments of certifications considered Comments of the Monitoring the Issuer’s Particulars Reply by the Monitoring Agency Board of Agency for the Directors preparation of report Net Proceeds available for - Peer reviewed CA utilization stood at INR 149.22 Certificate Whether all utilization is as per crore in Q1 FY2027 owing to 1) -Confirmation from the disclosures in the Offer Yes under subscription of Equity No Comments management Document? Shares, 2) Adjustment of the -Bank statement of the issue related expenses directly proceeds accounts from Gross Proceeds Whether shareholder approval has been obtained in case of Not As confirmed by the material deviations# from No comments No comments Applicable Issuer’s management expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the No As confirmed by the No Comments No comments issue has changed? Issuer’s management Reduction in Net proceeds due to INR 2.89 Cr of Issue Related Is there any major deviation No deviation observed. Expenditure being carved out observed over the earlier No of the total Proceeds in Q3 FY No comments monitoring agency reports? 2025. The same was considered as General Corporate Expense in Q2 FY 2025. Whether all Government/ statutory approvals related to Not As confirmed by the No comments No comments the object(s) have been Applicable Issuer’s management obtained? Whether all arrangements pertaining to technical Not As confirmed by the No comments No comments assistance/ collaboration are in Applicable Issuer’s management operation? Are there any favorable events As understood from the Issuer’s improving the viability of these No As confirmed by the No comments management object(s)? Issuer’s management Are there any unfavorable As understood from the Issuer’s events affecting the viability of No As confirmed by the No comments management the object(s)? Issuer’s management Is there any other relevant information that may materially As confirmed by the As understood from the Issuer’s No No comments affect the decision making of the Issuer’s management management investors? Sensitivity Label : Public June 2026 4. Details of the object(s) to be monitored (i) Cost of object(s) Source of information, Original cost Comments of the Issuer’s Board of Directors certifications (as per the Revised Comments of considered by the S.N. Item Head offer cost the Monitoring Proposed Particulars of firm Monitoring Agency for Reason for document) [Rs. Crore] Agency financing arrangements the preparation of cost revision [Rs. Crore] option made report Long-Term Working Capital -EGM Notice 1 Up to 100.76 77.29 No comments N.A. N.A. N.A. Requirements -Issuer Confirmation -EGM Notice 2 Repayment of Secured Loans Up to 25.00 12.47 No comments N.A. N.A. N.A. -Issuer Confirmation -EGM Notice 3 Strategic Acquisitions Up to 35.00 20.00 No comments N.A. N.A. N.A. -Issuer Confirmation General Corporate -EGM Notice 4 Up to 53.00 36.57 No comments N.A. N.A. N.A. Purpose -Issuer Confirmation Total Up to 213.76 146.33^ ^The issuer has revised the proposed spend against the objects on a pro rata basis, on account of under subscription of equity shares and adjustment of the issue related expen [Showing first 8,000 characters — download PDF for full document]