Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) ....

Date: 14th August 2026 The Chief General Manager Listing Operation, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai – 400 001 Scrip Code: 519031 |ISIN: INE455D01012 Sub: Monitoring Agency Report for the quarter ended March 31, 2026. Dear Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report for the quarter ended March 31, 2026 in respect of utilization of funds raised through Preferential Issue of Equity Shares, issued by Infomerics Valuation and Rating Limited, duly reviewed, approved and taken on record by the Audit Committee and the Board of Directors of the Company in their meeting held on August 14, 2026. This is for your kind information and record. Thanking you, For Shah Foods Limited Vishal Jha Company Secretary & Compliance Officer Membership No.: A80210 (Encl: As above) :,+,: hforrrerbs l?ctirgs r'U' Monitoring Agency Report for Shah Foods Limited for the quarter ended March 31, 2026 hrorrrerbs Rothgs a t a :\,::i!.:i\it..i;.iirri:.,,rri,,!.j; Monitoring Agency Report August 14,2026 Shah Foods Limited 301, Sarthik Square, Nr Shapath_3 S.G. Highway, Bodakdev, Ahmedabad, Gujarat, India, 3g0054 Dear Sir, M Pro en feit ro er nin tig a l A isg se un e c oy fR Se hp ao hr t F ofo or d sth Le i mqu ita er dter ended March 31,2026- in relation to the tw 1h 6ee 2 aw 4mr i o ote u f n in t t h ao egu gr Sr ec ega cap uta i rnc itgi it ey t s oo &f R M s . Eo 7n x5i ct .o h1r a6in ncg gi o eA r e Bg e oon af c rthy e t ob cr fo mt Ih ne p ap in ar ye f (b Ia sr ne sd un rt ei ea f ol e ri fs ts o cu ae o puo irf ade luq t &u ieit s y cs ah sa t re us n df eb rr Disclosure Requirements) Regulations, 20r g (sEBI ICDR Regurations). AI 3n 1 p t ' rh i2 li 2s 0 02c 2o 6 6n a .n se c pt eio rn a' fw ore e a sr ae i de n Sc Elo Bs Iin Rg et gh ue l aM tio on ni sto arin ng d tvA tg oe nn itc oy r iR nge p Ao grt e f no cr yt h Ae g q ru ea er mte er ne tn dd ae td e dM a 2r 7c thh Request you to kindly take the same on records. Thanking you, F'or and on behalf of Infomerics Varuation and Rating Limiteri (Director - Ratings) l,?ol ffimerbs Roth-gs rilJa :: ,".!.i rrl e a a,...,'...J..j.:l'ri:!...,.... ...,,.... Report of the Monitoring Agency Name of the Issuer: Shah Foods Limited For quarter ended: March 31,2026 Name of the Monitoring Agency: rntbmerics valuation and Rating Limited (a) Deviation from the objects: Refer Note I (b) Range of Deviation:36.46%o Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to rooh, r0 -25yo,25-50oA,50-75yo,7S-rl}oh,not ascertainable etc. Range of Deviation may be computed by taking weighted average of financial deviation of each object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes. Note l: The subsidiary of Shah Foods Limited that is Tandhan power Technologies private Limited has made related party payments of Rs. I 1.20 crore to its group entity named randhan Polyplast Limited' out of the Rs. I 1.20 crore. Rs. 5.30 crore constituted trade purchases, Rs. 5'70 crore was loan repaid and Rs. 0.20 crore was interest payment made. The details of the related party transactions were not specifically mentioned in the shareholders approval held in the Extraordinary General Meeting of Shah Foods Limited. we have received a certificate from the auditor Keshri & Associates chartered Accountants (FRN-3 10006E) vide its cA certificate dated August 7,2026,in which they have stated that amount of Rs' 74'30 crore has been utilised in Q4FY26 andRs. 0.60 has been utilised in QIFY27' Further for the utilisation of Rs. 0.26 crore they have not specified quarter wise breakup' The utilisation mentioned in the auditor's certificate does not match with the actual utilisation in Q4Fy26. r: ri .: lnforrerbsRoflngs The unutilised amount at Tandhan Power Technologies private Limited of Rs.16.20 core in Q4FY26 which was given as loan to NBFC (Smart-voice Dealcomm private Limited) is inconsistent with LODR guidelines. Declaration: we declare that this report provides an objective view of the utilization of the issue pr.ceeds 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 informatiorV 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 inflormation. 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(3S) 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 declare that we do not have any direct / indirect interest in or relationship with issuer/promotersidirectors/management and also conflrm that we do not perceive any conf)ict interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer. we further declare that this report provides true and fair view of the utilization of issue proceeds. tIL-----:+ Signature: Name of the Authorize.d person/Signing Authority: Sandeep Khaitan Designation of Authorized person/Signing Authoiity: Director - Ratings Seal of the Monitoring Agency: Date: august l4rh. )OZO *f; ;E eEil 0i, ocl ' 0J - l f.i = od -a 6Q : ?E ii -e3\ ro E+ o1'F <nEoTHtr= -.9 ff;s flg a oE EE 0'E eE $3 ..o #F =c eoB ?gc,^?Fr :=6 H 39 H;; FE ilE YuirEEr-E ga.g9 P F 'E,4 EE Eou-E i o.E 'J.E ,EsI Ff E= E*t dc .4 o o..Eg E"6 E F e -E{ Eiba E nXj Yv(!>o g; oQ(B Eq LLp U'8 ^* . 9 ! &0 B EE :3E '66 gei -; cO5s oF Os - (F-\a ou 8 lr oi =i fE #ffl- Ss - r< ae O B+ G $n ; tis9: i;x: 7 +., "+=FE f ;9, € oloil\ X'=H : 5 3 n cocnl E;€f zo dq €Eg.U t;fg E rE sif€ I;$5E oBcT 86, I E; €S1* s;p E IEA I t i # ?- € H .='=)'! 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