Monitoring Agency Report for the quarter ended on 30th June, 2026 with respect to the utilisation of proceeds of the IPO.

Date: 14th August, 2026 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”), (“NSE”), The Listing Department Corporate Relationship Department, Exchange Plaza, 5th Floor, 2nd Floor, New Trading Ring, Plot No. C/1, G Block, Bandra-Kurla Complex P.J. Towers, Dalal Street, Bandra (East), Mumbai – 400 051. Mumbai – 400 001. NSE Symbol: STALLION BSE Scrip Code: 544342 ISIN: INE0RYC01010 ISIN: INE0RYC01010 Sub: Monitoring Agency Report for the quarter ended on 30th June, 2026. Dear Sir/Madam, Pursuant to Regulations 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 read with Regulation 41(4) of Securities and Exchange Board of India (Issue of Capital Disclosure Requirements) Regulations 2018, as amended, please find enclosed Monitoring Agency Report issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended on 30th June, 2026 with respect to the utilisation of proceeds of the Initial Public offer (IPO) of the company. Yours Faithfully, For Stallion India Fluorochemicals Limited Govind Rao Company Secretary & Compliance Officer Mem No. A47094 Monitoring Agency Report No. CARE/HO/GEN/2026-27/1146 The Board of Directors Stallion India Fluorochemicals Limited 2, A Wing, Knox Plaza, Off. Link Road, Mindspace, Malad - (West), Mumbai – 400064 August 14, 2026 Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (IPO) of Stallion India Fluorochemicals Limited (“the Company”) We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.160.73 crore of the company and refer to our duties cast under Regulation 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated September 09, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully Ashish A Kambli Associate Director Ashish.K@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Stallion India Fluorochemicals Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No, 1 Till Q4FY26, the company made excess utilization of ₹3.99 crore towards Issue expenses against ₹11.99 crore as specified in prospectus which resulted in material deviations from expenditures disclosed in the Offer Document and the same has been qualified in previous monitoring agency reports. As per the Special Resolution (SR) dated June 03, 2026, the fund allocation under issue expenses has been revised to ₹15.98 crore by adjusting against working capital and capex related to Khalapur plant thereby considering the revision in cost, no material deviation has been specified in this report. 2 The company has utilized the proceeds for purchase of land against construction of warehouse (as specified in the offer document) under the objects of funding capital expenditure requirements for Semi-conductor & Specialty Gas debulking & blending facility (“Khalapur, Maharashtra”). However, considering the approval from shareholders for the same through SR dated June 03, 2026, no material deviation has been specified in this report. 3 There has been overutilization under object 1 and object 2. However, considering the same within the range of 10% of the costs specified under the offer document, no material deviation has been specified in this report. (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 a 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 there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. 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 of the Authorized Signatory: Ashish A Kambli Designation of Authorized person/Signing Authority: Associate Director Monitoring Agency Report 1) Issuer Details: Name of the issuer : Stallion India Fluorochemicals Limited Name of the promoter : Shazad Sheriar Rustomji Industry/sector to which it belongs : Refrigerant and Industrial Gases 2) Issue Details Issue Period : January 16, 2025 to January 20, 2025 Type of issue (public/rights) : IPO (Public) Type of specified securities : Equity shares IPO Grading, if any : NA Issue size (in crore) : Rs. 160.73 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report • As per the shareholders resolution (SR) dated June 03, 2026, the company has changed its one of the objects under funding capital expenditure requirements for Semi-conductor & Specialty Gas debulking & blending facility (“Khalapur, Maharashtra”) wherein construction warehouse to the tune of ₹7.67 crore has been changed to purchase of land to the tune of ₹7.80 crore of which incremental amount will be funded through internal accruals. Management Confirmation, CA • There has been delay in utilization of proceeds towards object 2 and Object 3 as compared to Whether all utilization is as per the certificate*, bank statements, SR prospectus. The company has extended the timeline for completion of the capex under object 2 No comments disclosures in the Offer Document? dated June 03, 026 and till June 30, 2026 and for Capex under object 3 till August 30, 2026 via SR dated June 03, 2026. received Prospectus • The utilization during the current quarter remains in line with the offer document and revised object definition (as per SR mention above) with proceeds being routed through multiple current accounts which have numerous other transactions leading to commingling of funds. • There has been overutilization under object 1 and object 2. However, considering the same within the range of 10% of the costs specified under the offer document, no material deviation has been specified in th [Showing first 8,000 characters — download PDF for full document]