RATNAVEER

15th May, 2026

| To
National Stock Exchange of India Limited,
Exchange Plaza, Plot No. C/1, G Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai –400051 | To
BSE Limited
Phiroze Jeejeebhoy Towers,21st Floor,
Dalal Street, Mumbai – 400001 |
| --- | --- |
| NSE Scrip Symbol: RATNAVEER
Kind Attn.: Listing Department. | BSE Scrip Code: 543978
Kind Attn.: Corporate Relationship Department. |

Dear Sir/Madam,

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

Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report dated 15th May, 2026 issued by Crisil Ratings Limited (Monitoring Agency), for the quarter ended 31st March, 2026 in respect of utilization of proceeds of the Qualified Institutional Placement of the Company.

This disclosure will also be hosted on the Company’s website viz. www.ratnaveer.com

Kindly take the same on record.

Yours faithfully,

For Ratnaveer Precision Engineering Limited

VIJAY : Digitally signed by
VIJAY RAMANLAL SANGHAVI

SANGHAVI : Date: 2026.05.15
19:59:11 +05'30'

Vijay Sanghavi
Managing Director
DIN: 0049592

Encl.: As above

RATNAVEER PRECISION ENGINEERING LIMITED

(Formerly Known as RATNAVEER METALS LIMITED)

Plant : E-77, G.I.D.C. Savli (Manjusar), Dist. Vadodara - 391776. (Gujarat) India.

Office : 703 & 704, ‘Ocean’, Vikram Sarabhai Campus, Vadi Wadi, Vadodara-390023.

P : ☎ +91 2667 264594 / 264595 O : ☎ +91 - 84878 78075

CIN : L27108GJ2002PLC040488 Web : www.ratnaveer.com

Email : [email protected]

Crisil Ratings

Monitoring Agency Report for Ratnaveer Precision Engineering Limited for the quarter ended March 31, 2026

Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072, India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global

Crisil Ratings

CRI/MAR/RVSLPPLTD/2025-26/1803

May 15, 2026

To
Ratnaveer Precision Engineering Limited
Plot no. E-77, G.I.D.C, Savli (Manjusar),
Vadodara – 391 775,
Gujarat, India

Dear Sir,

Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Qualified Institutional Placement ("QIP") of Ratnaveer Precision Engineering Limited ("the Company")

Pursuant to Regulation 173A of Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and Monitoring Agency Agreement dated December 12, 2025, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP for the quarter ended March 31, 2026

Request you to kindly take the same on records.

Thanking you,
For and on behalf of Crisil Ratings Limited

Shounak Chakravarty
Director, Ratings (LCG)

Crisil Ratings

Report of the Monitoring Agency (MA)

Name of the issuer: Ratnaveer Precision Engineering Limited

For quarter ended: March 31, 2026

Name of the Monitoring Agency: Crisil Ratings Limited

(a) Deviation from the objects: No
(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:
[Shounak Chakravarty]

Name and designation of the Authorized Signatory: Shounak Chakravarty

Designation of Authorized person/Signing Authority: Director, Ratings (LCG)

Crisil Ratings Limited

Corporate Identity Number: U67100MH2019PLC326247

Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072, India

Phone: +91 22 6137 3000 | www.crisilratings.com

a company of S&P Global

Crisil Ratings

1) Issuer Details:

Name of the issuer: Ratnaveer Precision Engineering Limited
Names of the promoter: Vijay Ramanlal Sanghavi
Industry/sector to which it belongs: Iron & Steel Products

2) Issue Details

Issue Period: December 04, 2025
Type of issue: Qualified Institutional Placement (QIP)
Type of specified securities: Equity Shares
QIP Grading, if any: NA
Issue size: Rs. 1,855.00 million
(Net proceeds of Rs. 1,823.11 million*)

*Crisil Ratings shall be monitoring the Gross proceeds.

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	Management undertaking, Statutory Auditor Certificate^, Placement document dated December 04, 2025 (hereinafter referred as “Offer Document”), Bank Statements	Proceeds have been utilized towards working capital	No Comments
Whether shareholder approval has been obtained in case of material deviations from expenditures disclosed in the Offer Document?	NA	Management undertaking, Statutory Auditor Certificate^	No Comments	No Comments
Whether the means of finance for the disclosed objects of the issue has changed?	No		No Comments	No Comments

Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global

Crisil 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
Is there any major deviation observed over the earlier monitoring agency reports?	NA	Management undertaking, Statutory Auditor Certificate ^	No Comments	No Comments
Whether all Government/statutory approvals related to the object(s) have been obtained?	NA		No Comments	No Comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	NA		No Comments	No Comments
Are there any favorable events improving the viability of these object(s)?	No		No Comments	No Comments
Are there any unfavorable events affecting the viability of the object(s)?	No		No Comments	No Comments
Is there any other relevant information that may materially affect the decision making of the investors?	No		No Comments	No Comments

NA represents Not Applicable

^Certificate dated May 15, 2026, issued by M/s Pankaj R. Shah & Associates, Chartered Accountants (Firm Registration Number: 107361W), Statutory Auditors of the Company.

Crisil Ratings

4) Details of object(s) to be monitored:

i. Cost of the object(s):

Sr. No.	Item Head	Source of information/ certification considered by MA for preparation of report	Original cost (as per the Offer Document) (Rs in million)	Revised Cost (Rs in million)	Comment of the MA	Comments of the Board of Directors
						Reason of Cost revision	Proposed financing option	Particulars of firm arrangements made
1	Funding working capital requirements of our Company	Management undertaking, Statutory Auditor Certificate^, Placement Document	1,500.00	NA	No revision	No Comments
2	General corporate purposes§		323.11	NA	No revision	No Comments
	Total		1,823.11	-	-	-
3	Issue expenses		31.89	NA	No revision	No Comments
	Total	-	1,855.00	-	-	-

^ Certificate dated May 15, 2026, issued by M/s Pankaj R. Shah & Associates, Chartered Accountants (Firm Registration Number: 107361W), Statutory Auditors of the Company.

§The amount utilised for general corporate purposes does not exceed 25% (amounting to Rs. 463.75 million) of the Gross Proceeds from the Fresh Issue.

Crisil Ratings

ii. Progress in the object(s):

Sr. No.	Item Head^a	Source of information/ certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Offer Document (Rs in million)	Amount utilized (Rs in million)			Total unutilized amount (Rs in million)	Comments of the Monitoring Agency	Comments of the Board of Directors
				As at beginning of the quarter	During the quarter	At the end of the quarter			Reasons for idle funds	Proposed course of action
1	Funding working capital requirements of our Company	Management undertaking, Statutory Auditor Certificate^, Placement Document, Bank Statements	1,500.00	263.40	60.00	323.40	1,176.60	Proceeds are utilised towards purchase of raw materials (Refer note 1 & 2)	No Comments
2	General corporate purposes		323.11	Nil	Nil	Nil	323.11	No utilisation during the reported quarter	No Comments
	Total		1,823.11	263.40	60.00	323.40	1,499.71	-	-
3	Issue expenses		31.89	31.60	Nil	31.60	0.29	No utilisation during the reported quarter	No Comments
	Total		1,855.00	295.00	60.00	355.00	1,500.00	-	-
^a Certificate dated May 15, 2026, issued by M/s Pankaj R. Shah & Associates, Chartered Accountants (Firm Registration Number: 107361W), Statutory Auditors of the Company.

Note 1: An amount of Rs. 60.00 million from the issue proceeds, lying as balance from the previous quarter in the Company’s cash credit account maintained with UCO Bank, was utilized during the quarter.

Note 2: The Issue Proceeds were utilised through multiple current and cash credit facility accounts of the Company and were co-mingled with internal accruals, resulting in multiple inter-account debit and credit transactions. As a result, MA was not directly able to ascertain the end utilization of the Issue Proceeds on a transaction-level basis for all transactions. The monitoring of utilization has accordingly been carried out based on Statutory auditor certificate and management undertaking provided by the Company.

Crisil Ratings Limited

Corporate Identity Number: U67100MH2019PLC326247

Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072, India

Phone: +91 22 6137 3000 | www.crisilratings.com

a company of S&P Global

Crisil Ratings

Brief description of objects:

Object of the Issue	Description of objects as per the offer document filed by the issuer
Funding working capital requirements of the Company;	The Company proposes to utilize Rs. 1,500 million from the Net Proceeds to fund the working capital requirements.
The business of the Company is working capital intensive and in order to support the business requirements, the Company requires working capital for funding its working capital requirements. Working capital requirement is primarily used for procurement of raw material and consumption of stores and spares.
General Corporate Purposes	The general corporate purposes for which the Company proposes to utilise Net Proceeds include, without limitation:
Undertaking its business operations, including repayment or pre-payment of our borrowings,
Strategic initiatives, partnerships, tie-ups, acquisitions, meeting expenses incurred in the ordinary course of business,
And any other purpose, as may be approved by the Board or a duly appointed committee from time to time, subject to compliance with applicable law, including provisions of the Companies Act.
The quantum of utilisation of funds towards each of the above purposes will be determined by the Board, based on the amount actually available under this head and the business requirements of the Company, from time to time, subject to compliance with applicable law.

iii. Deployment of unutilised proceeds:

Based on certificate dated May 15, 2026, issued by M/s Pankaj R. Shah & Associates, Chartered Accountants (Firm Registration Number: 107361W), Statutory Auditors of the Company and Management undertaking.

S. No.	Type of instrument where the amount is invested (Refer note 3)	Amount invested (Rs in million)	Maturity date	Earnings (Rs in million) (Refer note 4)	Return on Investment (%)	Market value as at the end of quarter (Rs in million)
1	Fixed Deposit Bandhan Bank Ltd - 82000122546029/1	29.50	10/12/2026	0.12	7.00%	29.62
2	Fixed Deposit Bandhan Bank Ltd - 82000122682143/1	29.00	26-12-2026	0.11	7.00%	29.11
3	Fixed Deposit Bandhan Bank Ltd - 82000122704518/1	29.00	22-12-2026	0.10	7.00%	29.10
4	Fixed Deposit Bandhan Bank Ltd - 82000122813510/1	28.00	4/1/2027	0.08	7.00%	28.08
5	Fixed Deposit Bandhan Bank Ltd - 82000122868331/1	28.00	10/1/2027	0.08	7.00%	28.08
6	Fixed Deposit Bandhan Bank Ltd - 82000122994591/1	28.50	17-01-2027	0.07	7.00%	28.57
7	Fixed Deposit Bandhan Bank Ltd - 82000123016651/1	27.00	23-01-2027	0.07	7.00%	27.07

Crisil Ratings Limited

Corporate Identity Number: U67100MH2019PLC326247

Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072, India

Phone: +91 22 6137 3000 | www.crisilratings.com

a company of S&P Global

Crisil Ratings

8	Fixed Deposit Bandhan Bank Ltd - 82000123090110/1	24.00	23-01-2027	0.05	7.00%	24.05
9	Fixed Deposit Bandhan Bank Ltd - 82000123107882/1	27.00	9/2/2027	0.06	7.00%	27.06
10	Fixed Deposit Axis Bank Ltd - 925040114192837	100.00	12/12/2026	0.35	6.60%	100.35
11	Fixed Deposit Axis Bank Ltd - 925040114193306	100.00	12/12/2026	0.35	6.60%	100.35
12	Fixed Deposit Axis Bank Ltd - 925040114193759	100.00	12/12/2026	0.35	6.60%	100.35
13	Fixed Deposit Axis Bank Ltd- 925040114194147	100.00	12/12/2026	0.35	6.60%	100.35
14	Fixed Deposit Axis Bank Ltd 925040114188265	100.00	12/12/2026	0.35	6.60%	100.35
15	Fixed Deposit IDBI Bank Ltd - 0378106000003605	105.00	11/12/2026	0.37	6.66%	105.37
16	Fixed Deposit IDBI Bank Ltd - 0378106000003612	145.00	11/12/2026	0.51	6.66%	145.51
17	Fixed Deposit YES Bank-00094000039912	500.00	11/12/2026	1.78	6.70%	501.78
	Total	1500.00		5.15		1505.15

Note 3: All fixed deposits, except for Fixed Deposit account no (00094000039912) maintained with Yes Bank, have been encumbered as a lien against the overdraft facility to support the company's working capital requirements. These Fixed deposits will be released from lien in the forthcoming quarters.

Note 4: Out of the total unutilized proceeds, Rs. 1499.71 million pertains to net proceeds and Rs. 0.29 million pertains to Issue expenses.

iv. Delay in implementation of the object(s):

Object(s)	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
Funding working capital requirements of the Company	FY 26 – Rs. 530.00 million	Refer note 5	Refer note 5	No Comments	No Comments
General corporate purposes	FY 26 – Rs. 323.11 million	Refer note 5	Refer note 5	No Comments	No Comments

Note 5: As per Company's placement document dated December 04, 2025, it specifies that,
The Company had estimated to utilize Rs. 530.00 million for objects 1: Funding working capital requirements of the Company and Rs. 323.11 million for object 2: General corporate purposes by Fiscal 2026. However, based on draft statutory auditors' certificate and draft management undertaking, the Company has utilized Rs. 323.40 million towards working capital and there has been no utilization towards object 2, at the end of fiscal 2026, hence, there is a delay in the implementation schedule.

Crisil Ratings Limited

Corporate Identity Number: U67100MH2019PLC326247

Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072, India

Phone: +91 22 6137 3000 | www.crisilratings.com

a company of S&P Global

Crisil Ratings

The delay in implementation of the aforesaid objects is primarily due to the QIP funds being received in Monitoring Account at the end of December 2025. The company intends to utilise the unspent amount in subsequent fiscals.

However, the placement document further states that, "the Company may reduce or extend the deployment period for the aforementioned objects. This may entail rescheduling or revising the planned expenditure, implementation schedule and funding requirements, including the expenditure for a particular purpose, at the discretion of the management".

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

Not applicable, on the basis of certificate dated May 15, 2026, issued by M/s Pankaj R. Shah & Associates, Chartered Accountants (Firm Registration Number: 107361W), Statutory Auditors of the Company and Management undertaking.

Crisil Ratings Limited

Corporate Identity Number: U67100MH2019PLC326247

Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072, India

Phone: +91 22 6137 3000 | www.crisilratings.com

a company of S&P Global

Crisil Ratings

Disclaimers:

a) This Report is prepared by Crisil Ratings Limited (hereinafter referred to as "Monitoring Agency" / "MA" / "CRL"). 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 auditors (or from peer reviewed CA firms) 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 auditors (or from peer reviewed CA firms), 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.

f) The MA report is intended for the jurisdiction of India only. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as CRL providing or intending to provide any services in jurisdictions outside India, where it does not have the necessary licenses and/or registration to carry out its business activities referred to above.

g) Access or use of this report does not create a client relationship between CRL and the user.

h) CRL is not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In preparing this report, MA has not taken into consideration the objectives or particular needs of any particular user.

i) It is made abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The report should not be a basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

j) The report comprises professional opinion of CRL as of the date they are expressed, based on the information received from the issuer and other sources considered reliable by CRL. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. The report does not constitute statements of fact or recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions.

k) Neither CRL nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents guarantee the accuracy, completeness or adequacy of the report, and shall not have any liability for any errors, omissions or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the report. CRL and each aforesaid party disclaims any and all express or implied warranties, including but not limited to any warranties of merchantability, suitability or fitness for a particular purpose or use or use. In no event shall CRL or any aforesaid party be liable to any user for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.

Crisil Ratings Limited

Corporate Identity Number: U67100MH2019PLC326247

Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072, India

Phone: +91 22 6137 3000 | www.crisilratings.com

a company of S&P Global

Crisil Ratings

l) CRL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with the preparation of this report. CRL has in place a code of conduct and policies for managing conflict of interest.

m) Unless required under any applicable law, this report should not be reproduced or redistributed to any other person or in any form without prior written consent from CRL.

n) By accepting a copy of this Report, the recipient accepts the terms of this Disclaimer, which forms an integral part of this Report.

AI assistant

Ratnaveer Precision Engineering Limited Capital/Financing Update 2026

59280_rns_2026-05-15_bd2142f2-4dcc-46a5-b6ea-8fb592b9937e.pdf

15th May, 2026

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

For Ratnaveer Precision Engineering Limited

Monitoring Agency Report for Ratnaveer Precision Engineering Limited for the quarter ended March 31, 2026

Report of the Monitoring Agency (MA)

Declaration:

Disclaimers:

AI assistant

Ratnaveer Precision Engineering Limited — Capital/Financing Update 2026

59280_rns_2026-05-15_bd2142f2-4dcc-46a5-b6ea-8fb592b9937e.pdf

15th May, 2026

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

For Ratnaveer Precision Engineering Limited

Monitoring Agency Report for Ratnaveer Precision Engineering Limited for the quarter ended March 31, 2026

Report of the Monitoring Agency (MA)

Declaration:

Disclaimers:

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