Ace Alpha Tech Limited — Regulatory Filings 2026

May 15, 2026

ACE ALPHA TECH LIMITED

(formerly known as Ace Alpha Tech Private Limited & DM Prime Square Research & Analytics Private Limited)

Regd. Office: A-28, First Floor, Jhilmil Industrial Area Shahdara, East Delhi- 110095

CIN: L62099DL2012PLC243246 Tele. No.: +91-1149854818

E-Mail: compliance@acealphatech.in website: www.acealphatech.in

Ace Alpha Tech

May 15, 2026

To,

BSE Limited

SCRIP CODE: 544431

Sub: Monitoring Agency Report for the Quarter ended March 31, 2026

Dear Sir/ Madam,

Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 262(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we have enclosed herewith Monitoring Agency Report for the quarter ended March 31, 2026, issued by CARE Ratings Limited, Monitoring Agency, appointed to monitor the utilization of proceeds of the Initial Public Offer (Fresh Issue) of the Company.

You are requested to take the same on your records.

Yours faithfully,

For Ace Alpha Tech Limited

Priyanka

Digitally signed by

Priyanka

Date: 2026.05.15

16:55:26 +05'30'

Priyanka

Company Secretary and Compliance Officer

M. No. A72473

Corporate Office: A-25, 1st Floor, Sector 64, Noida, Gautam Buddha Nagar, Uttar Pradesh -201301

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Careedge RATINGS

No. CARE/NRO/GEN/2026-27/1048

The Board of Directors
Ace Alpha Tech Limited
A-25, 1st Floor, Sector 64,
Noida, Gautam Buddha Nagar,
Uttar Pradesh - 201301

May 14, 2026

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the IPO of Ace Alpha Tech Limited ("the Company")

We write in our capacity of Monitoring Agency for the Initial Public Offer for the amount aggregating to Rs. 24.48 crore of the Company and refer to our duties cast under 262 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 March 31, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated May 23, 2025.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

Rajan Sukhija

Associate Director
rajan.sukhija@careedge.in

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000

CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: care@careedge.in • www.careedge.in

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Careedge

RATINGS

Report of the Monitoring Agency

Name of the issuer: Ace Alpha Tech Limited

For quarter ended: March 31, 2026

Name of the Monitoring Agency: CARE Ratings Limited

(a) Deviation from the objects: Nil
(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 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.

Rajan Sukhija

Signature:

Name and designation of the Authorized Signatory: Rajan Sukhija

Designation of Authorized person/Signing Authority: Associate Director

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,

Gautam Budh Nagar, Uttar Pradesh -201301

Phone: +91-120-4452000

CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital

Road, Off Eastern Express Highway, Sion (East),

Mumbai - 400 022

Phone: +91-22-6754 3456

Email: care@careedge.in • www.careedge.in

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Careedge

RATINGS

1) Issuer Details:

Name of the issuer : Ace Alpha Tech Limited
Name of the promoter : Mr. Gaurav Sharma and Arika Securities Private Limited
Industry/sector to which it belongs : Information Technology - IT Enabled Services

2) Issue Details

Issue Period : June 26, 2025, to June 30, 2025
Type of issue (public/rights) : Initial Public Offer
Type of specified securities : Equity Shares
IPO Grading, if any : Not Applicable
Issue size (in crore) : Rs. 24.48 crore

3) Details of the arrangement made to ensure the monitoring of issue proceeds:

Particulars	Reply	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of the Monitoring Agency	Comments of the Board of Directors
Whether all utilization is as per the disclosures in the Offer Document?	Yes	Bank statement, CA certificate* and Management certificate	All IPO proceeds have been utilized appropriately for the objectives mentioned in the offer document. Board approval has also been taken for the fund utilization under General corporate purpose	No comments
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	No material deviation	Bank statement, CA certificate* and Management certificate	Not Applicable	No comments

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: care@careedge.in • www.careedge.in

PG

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Careedge

RATINGS

Particulars	Reply	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of the Monitoring Agency	Comments of the Board of Directors
Whether the means of finance for the disclosed objects of the issue have changed?	No	CA certificate* and Management certificate	Not Applicable	No comments
Is there any major deviation observed over the earlier monitoring agency reports?	Not Applicable	Previous Monitoring Agency Report, Management Certificate	Not applicable	No comments
Whether all Government/statutory approvals related to the object(s) have been obtained?	No approval required	CA certificate, Management Certificate	Not applicable	No comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not Applicable	Management Certificate	Not applicable	No comments
Are there any favorable/unfavorable events affecting the viability of these object(s)?	No	Management Certificate and BSE website	Not applicable	No comments
Is there any other relevant information that may materially affect the decision making of the investors?	No	Bank statement, CA certificate* and Management certificate	Not applicable	No comments

*CA certificate dated May 09, 2026, from M/s Lalit Agarwal and Company, Chartered Accountants (Statutory Auditor of the company).

Where material deviation may be defined to mean:

a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,

Gautam Budh Nagar, Uttar Pradesh -201301

Phone: +91-120-4452000

4th Floor, Godrej Coliseum, Somaiya Hospital

Road, Off Eastern Express Highway, Sion (East),

Mumbai - 400 022

Phone: +91-22-6754 3456

Email: care@careedge.in • www.careedge.in

CIN-L67190MH1993PLC0716

PG

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Careedge

RATINGS

4) Details of objects to be monitored:

(i) Cost of objects –

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Original cost (as per the Offer Document) in Rs. Crore	Revised Cost in Rs. Crore	Comments of the Monitoring Agency	Comments of the Board of Directors
						Reason for cost revision	Proposed financing option	Particulars of - firm arrangements made
1.	Capital Expenditure	CA Certificate*, Management certificate and Offer documents	12.50	Not Applicable	Not Applicable	No comments	No comments	No comments
2.	Unidentified Acquisition And General Corporate Purpose	CA Certificate*, Management certificate and Offer documents	8.12	Not Applicable	Not Applicable	No comments	No comments	No comments
3.	Issue Expenses	CA Certificate*, Management certificate and Offer documents	3.86	Not Applicable	Not Applicable	No comments	No comments	No comments
Total			24.48

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B,

Noida,

Gautam Budh Nagar, Uttar Pradesh -201301

Phone: +91-120-4452000

4th Floor, Godrej Coliseum, Somaiya Hospital

Road, Off Eastern Express Highway, Sion (East),

Mumbai - 400 022

Phone: +91-22-6754 3456

Email: care@careedge.in • www.careedge.in

CIN-L67190MH1993PLC0716

PG

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Careedge

RATINGS

(ii) Progress in the objects –

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Offer Document in Rs. Crore	Amount utilised in Rs. Crore			Total unutilised amount in Rs. crore	Comments of the Monitoring Agency	Comments of the Board of Directors
				As at beginning of the quarter in Rs. Crore	During the quarter in Rs. Crore	At the end of the quarter in Rs. Crore			Reasons for idle funds	Proposed course of action
1.	Capital Expenditure	CA Certificate*, Management certificate and Bank Statements	12.50	1.71	5.46	7.17	5.34	During Q4FY26, the company has utilised an amount of ₹3.36 crore for the Construction of Server Facility and ₹2.10 crore for Expansion of Workforce through Strategic hiring initiatives in line with the objectives mentioned in the offer document.	No comments	No comments
2.	Unidentified Acquisition and General Corporate Purpose	CA Certificate*, Management certificate and Bank Statements	8.12	7.78	0.33	8.12	0.00	As per the offer document, the quantum of utilization under Unidentified Acquisition (UA) may be determined by the Board of Directors based on business requirements, apart from the specific purposes outlined in the document. Accordingly, an amount of ₹0.31 crore from the	No comments	No comments

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,

Gautam Budh Nagar, Uttar Pradesh -201301

Phone: +91-120-4452000

CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital

Road, Off Eastern Express Highway, Sion (East),

Mumbai - 400 022

Phone: +91-22-6754 3456

Email: care@careedge.in • www.careedge.in

PG

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Careedge

RATINGS

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Offer Document in Rs. Crore	Amount utilised in Rs. Crore			Total unutilised amount in Rs. crore	Comments of the Monitoring Agency	Comments of the Board of Directors
				As at beginning of the quarter in Rs. Crore	During the quarter in Rs. Crore	At the end of the quarter in Rs. Crore			Reasons for idle funds	Proposed course of action
								proceeds allocated towards GCP and Unidentified Acquisition has been utilized by the Company for acquisition of Shares in uTrade Solutions Private Limited pursuant to the approval of the Board of Directors.
3.	Issue Expenses	CA Certificate*, Management certificate and Bank Statements	3.86	3.63	0.23	3.86	0.00	The company has utilised Rs. 0.23 crores towards Issue expenses	No comments	No comments
Total			24.48	13.13	6.02	19.14	5.34

*CA certificate dated May 09, 2026, from M/s Lalit Agarwal and Company, Chartered Accountants (Statutory Auditor of the company)
(iii) Deployment of unutilized proceeds:

Sr. No.	Type of instrument and name of the entity invested in	Amount invested	Maturity date	Earning	Return on Investment (%)	Market Value as at the end of quarter
1.	Monitoring Account (HDFC Bank)	3.09	-	-	-
2.	Fixed Deposits-HDFC Bank	3.00	May 20, 2026	0.03	5.25%	3.03

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: care@careedge.in • www.careedge.in

PG

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RATINGS

	(50301325045569)
	Less: Interest Income from Fixed Deposits	(0.35)
	Less: Offer expenses	(0.40)
Total		5.34

*CA certificate dated May 09, 2026, from M/s Lalit Agarwal and Company, Chartered Accountants (Statutory Auditor of the company)

(iv) Delay in implementation of the object(s) –

Objects	Completion Date		Delay (no. of days/ months)	Comments of the Board of Directors
	As per the offer document	Actual		Reason of delay	Proposed course of action
Capital Expenditure*	FY26: Rs.8.11 crores
FY27: Rs. 5.56 crores	Delays (shortfall of Rs. 0.94 crores in FY26)	Exact number of days of delay not ascertainable	The employee hiring figures and implementation timelines disclosed in the Prospectus were based on projected business requirements and estimated expansion plans of the Company. During FY 2025-26, the Company has completed approximately 73% of the proposed hiring; however, the balance recruitment has taken longer than initially anticipated due to phased	Accordingly, the remaining hiring is being undertaken in a calibrated and need-based manner aligned with actual business requirements, and the unutilised amount shall be utilised towards the stated object in due course.

8

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: care@careedge.in • www.careedge.in

PG

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Careedge

RATINGS

Objects	Completion Date		Delay (no. of days/ months)	Comments of the Board of Directors
	As per the offer document	Actual		Reason of delay	Proposed course of action
				business expansion and evolving operational requirements
Unidentified Acquisition and General Corporate Purpose	No timeline specified	Ongoing	Not Applicable
Issue Expenses	No timeline specified	Ongoing	Not Applicable

*The amount stated in the offer document includes expenditure from internal accruals, and therefore, the precise amount cannot be determined

5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:

Sr. No	Item Head^	Amount in Rs. Crore	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of Monitoring Agency	Comments of the Board of Directors
1	Acquisition of shares of uTrade Solutions Private Limited	0.31	CA Certificate, Management certificate, Bank Statements	As per the offer document, the quantum of utilization under Unidentified Acquisition (UA) may be determined by the Board of Directors based on business requirements, apart from the specific purposes outlined in the document. Accordingly, an amount of ₹0.31 crore from the proceeds allocated towards GCP and Unidentified Acquisition has been utilized by the Company for acquisition	No comments

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: care@careedge.in • www.careedge.in

R

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Careedge

RATINGS

				of Shares in uTrade Solutions Private Limited pursuant to the approval of the Board of Directors.
2	Mobile Bill Expenses	0.00	CA Certificate, Management certificate, Bank Statements	Rs. 640 spent on payment of mobile bill expenses	No comments
3	Salary of employees	0.02	CA Certificate, Management certificate, Bank Statements	Rs. 0.02 crores spent on payment of salary of employees	No comments
	Total	0.33

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,

Gautam Budh Nagar, Uttar Pradesh -201301

Phone: +91-120-4452000

CIN-L67190MH1993PLC0716

4th Floor, Godrej Coliseum, Somaiya Hospital

Road, Off Eastern Express Highway, Sion (East),

Mumbai - 400 022

Phone: +91-22-6754 3456

Email: care@careedge.in • www.careedge.in

PG

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Careedge RATINGS

Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA”). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. 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.

b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor appointed by the Issuer believed by it to be accurate and reliable.

c) Nothing contained in this Report is capable or 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 MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.

d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from statutory auditors, lawyers, chartered engineers or other experts, and relies on in its reports.

e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: care@careedge.in • www.careedge.in
CIN-L67190MH1993PLC0716
RG