Monitoring Agency Report

Date: 18th 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 Infomerics Valuation and Rating Limited, Monitoring Agency, for the quarter ended on 30th June, 2026 with respect to the utilisation of proceeds of the Rights Issue of the company. Yours Faithfully, For Stallion India Fluorochemicals Limited Govind Rao Company Secretary & Compliance Officer Mem No. A47094 ® 2 ° Infomerics Ratings LIfaL) Monitoring Agency Report for Q1FY27 for the quarter ended June 30, 2026 ® ® * fomerics Ratings o/ )® eeoe Monitoring Agency Report August 18,2026 Shazad Sheriar Rustomji 2. A Wing. Knox Plaza, Off Link Road, Mindspace, Malad (West), Mumbai, Maharashtra 400064. Dear Sir. Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Rights issuc ofS tallion India Fluorochemicals Limited (*The Company”) We write in our capacity of Monitoring Agency for the Rights issue of equity shares for the amount aggregating (o Rs. 363.93 crore of the Company and refer to our duties cast under 162A of the Sccuritics & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBIICDR Regulations). In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026 as per aforcsaid SEBI Regulations and Monitoring Agency Agreement dated 30th Dec 2025. Request you to kindly take the same on records. I'hanking you, For and on behof Ianfolmerfics Valuation and Rating Limited Sudarshan Shreenivas (Director - Ratings) sudarshan.shreenivas@infomerics.com ® * ® nfomerics Ratings Report of the Monitoring Agency Name of the Issuer: Stallion India Fluorochemicals Limited For quarter ended: June 30, 2026 me of the Monitoring Agency: Infomerics Valuation and Rating Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Nil Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. For example, up to 10%, 10 —25%, 25-50%, 50-75%, 75-100%. not ascertainable etc. * Range of Deviation may be computed by taking weighted average of financial deviation of cach object in the ratio of issue proceeds allocated for it. Non-financial deviation may be indicated separately by way of notes. Declaration: We declare that this report provides an objective view of the utilization of the issuc proceeds in relation to the objects of the issuc 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, whatsocever. 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 whatsocver. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issucr 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 declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/dircetors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issuc proceeds by the issuer. We further declare that this report provides true and fair view oft he utilization of issue proceeds. Signature: Namc of the Authorized Person/Signing Authority: Sudarshan Shreenivas Designation of Authorized person/Signing Authority: Director - Ratings Scal of the Monitoring Agency: Date: August 18, 2026 A. IPO Monitoring 1) Issuer Details: Name of the issuer: Stallion India Fluorochemicals Limited Names oft he promoters of the issuer: Shazad Sheriar Rustomji Industry/sector to which it belongs: Chemicals Speciality Chemicals. The Company is engaged in the sale of refrigerants, industrial gases and related products, with core operations comprising debulking, blending and processing, along with distribution through pre-filled cans and small cylinders/containers. 2) Issue Details: Issue Period: Opening Date: 20 February 2026 and Issue Closing Date: 27 February 2026 Type of issue: Rights Issue Type of specified securities: Equity shares (fully paid-up) Grading: Not Applicable Issue size: Rs. 363.93 crores (Note No. 1) Note 1:The rights issue consists of 3.67.60.483 fully paid-up Equity Shares offered at a price of Rs. 99 per share (comprising a face value of Rs. 10 and a premium of Rs. 89. The total issue size amounts to Rs. 363,92,87.817 (approximately Rs. 363.93 crore). offered 1o cligible shareholders in a ratio of 19:41. 3) Details of the arrangement made to ensure the monitoring of the issue proceeds: Particulars Reply Source of information/certifications Comments from Comments of considered by Monitoring Agency for Monitoring Board of preparation of report Agency Directors } Whether all the utilization is as per disclosure in Yes. the utilization has | Bank Statement. CA Certificate*, Ledgers, Nil No Comments Offer Document? been made as per the Invoices and Bills Offer Document. Whether Shareholder approval is obtained in case Not Applicable Not applicable Nil No Comments of material deviations from expenditures disclosed in Offer Document? Whether means off inance for disclosed objects of No Not applicable Nil No Comments | the Issue has changed? Any major deviation observed over the earlier No Not applicable Nil No Comments monitoring agency reports? Whether all Government / Statutory approvals Yes Received requisite in-principle approvals Nil No Comments related to the object(s) obtained? from National Stock Exchange of India and BSE Limited. ‘Whether all arrangements pertaining to technical Not Applicable Not applicable Nil No Comments assistance/collaboration in operation? Particulars Reply Source of information/certifications Comments from Comments of considered by Monitoring Agency for Monitoring Board of preparation of report Agency Directors Any favourable events improving object(s) No Not applicable Nil No Comments viability A vin ay bi lu in tf y avourable events affecting object(s) No Not applicable Nil No Comments Any other relevant information that may No Not applicable Nil No Comments materially affect the decision making of the investors *The above details are verified by Mittal & Associates Chartered Accountants (FRN-106456W) by CA Sourabh Bagaria (Partner) UDIN:26183850AFGKUI4049 vide its CA certificate dated August 12. 2026. Mittal & Associates. Chartered Accountants (FRN: 106456W). is the Statutory Auditor of the Company and is a peer-reviewed audit firm registered with the Peer Review Board of ICAI (Peer Review No. 010473 Auditor’s remark: No devi [Showing first 8,000 characters — download PDF for full document]