Vikran Engineering Limited — Capital/Financing Update 2026

Feb 13, 2026

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Date: 14[th] February 2026

To, The Secretary BSE Limited Corporate Relationship Department, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001. (ScripCode: Equity-544496)	To, The Secretary National Stock Exchange of India Limited Listing Department, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai –400051. (ScripSymbol:VIKRAN)

Dear Sir/Madam,

Sub.: Monitoring Agency Report for the quarter ended 31[st] December 2025

Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), read with Regulation 41(1) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Report dated 13[th] February 2026 for the quarter ended 31[st] December 2025, issued by Care Ratings Limited, Monitoring Agency appointed by Company, in respect of utilization of proceeds of the Initial Public Offer of the Company.

This is for your information and records.

Thanking You.

Yours faithfully,

FOR VIKRAN ENGINEERING LIMITED

KAJAL SAGAR Digitally signed by KAJAL SAGAR RAKHOLIYA RAKHOLIYA Date: 2026.02.14 00:42:32 +05'30'

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Kajal Rakholiya Company Secretary and Compliance Officer Mem. No. A45271

Place: Thane

Encl.: as above

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Monitoring Agency Report

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No. CARE/PRO/GEN/2025-26/1073

The Board of Directors Vikran Engineering Limited

401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate, Thane (W), Maharashtra - 400604

February 13, 2026

Dear Sir/Ma’am,

- Monitoring Agency Report for the quarter ended December 31, 2025 in relation to the IPO of Vikran Engineering Limited (“the Company”)

We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.721 crore of the Company and refer to our duties cast under Regulation 41 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 December 31, 2025 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 18, 2025.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Ashish Kashalkar

Associate Director Ashish.Kashalkar@careedge.in

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Report of the Monitoring Agency

Name of the issuer: Vikran Engineering Limited For quarter ended: December 31, 2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No deviation

(b) Range of Deviation: Not Applicable

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.

Signature: Name and designation of the Authorized Signatory: Ashish Kashalkar Designation of Authorized person/Signing Authority: Associate Director

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1) Issuer Details:

Name of the issuer : Vikran Engineering Limited Name of the promoter : Rakesh Ashok Markhedkar, Avinash Ashok Markhedkar and Nakul Markhedkar Industry/sector to which it belongs : Construction - Civil Construction

2) Issue Details

Issue Period : August 26, 2025 to August 29, 2025 Type of issue (public/rights) : Public Type of specified securities : Equity shares IPO Grading, if any : Not Applicable Issue size (in `crore) : Rs.721.00 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	Prospectus, Bank statements and Management Certificate	The utilization of proceeds is as per the disclosures in the offer document. The utilisation of the funds towards working capital is through transferring of funds to cash credit accounts including transferring from one cash credit account to another cash credit account. There are numerous other transactions in the cash credit account resulting in commingling of funds (Details of the same is captured in table-4(ii) - Progress in the objects).	Comments are mentioned in table-4(ii) - Progress in the objects.
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	Not applicable	Prospectus and Management Certificate	Nil	No comment received
Whether the means of finance for the disclosed objects of the issue have changed?	No	Prospectus and Management Certificate	Nil	No comment received
Is there anymajor deviation observed over the earlier monitoring	No	Previous Monitoringagencyreport	No deviation observed	No comment

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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
agencyreports?				received
Whether all Government/statutory approvals related to the object(s)have been obtained?	Not applicable	Prospectus and Management Certificate	Not applicable	No comment received
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not applicable	Prospectus and Management Certificate	Not applicable	No comment received
Are there any favorable/unfavorable events affecting the viability of these object(s)?	No	Prospectus and Management Certificate	Nil	No comment received
Is there any other relevant information that may materially affect the decision makingof the investors?	No	Prospectus and Management Certificate	Nil	No comment received

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.

4) Details of objects to be monitored:

4) Details of objects to be monitored:	4) Details of objects to be monitored:	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			Comments of the Board of Directors
			(as per the Offer Document) in Rs. Crore	Revised Cost in Rs. Crore	Comments of the Monitoring Agency	Reason for cost revision	Proposed financing option	Particulars of -firm arrangements made
1	Funding working capital requirements of our Company	Prospectus^	541.00	Not Applicable	Not Applicable	No comment received	No comment received	No comment received
2	General Corporate Purposes	Prospectus^	129.97	Not Applicable	Not Applicable	No comment received	No comment received	No comment received
3	Issue related expenses	Prospectus^	50.03~	Not Applicable	Not Applicable	No comment received	No comment received	No comment received
Total			721.00

^Sourced from Page no. 128 of the prospectus.

~Total issue expenses are estimated at Rs.53.57 crore (Rs.50.03 crore to be borne by the company towards fresh issue and Rs.3.54 crore to be borne by the promoter (OFS) as per the prospectus).

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(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	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Total	Comments of the Monitoring Agency	Comments of the Board of Directors	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
							unutilised
							amount in
							Rs. crore
1	Funding the working capital requirements	CA Certificate*, Prospectus, Bank statements	541.00	158.47	257.19	415.66	125.34	The company has utilized funds by transferring the proceeds to its Union Bank of India (UBI) and Bank of Maharashtra (BOM) cash credit (CC) accounts. The Company has transferred funds from the monitoring account to the UBI CC account in multiple tranches. On six occasions, the UBI CC account reflected credit balance at the time of transfer, remaining in credit for periods ranging from 0 to 6 days. Subsequently, at the end of the quarter, the account reflected a debit balance. The company has transferred Rs.3.05 crore from public issue account and Rs.147.80 crore from UBI CC to BOM CC account. On eighteen occasions, the BOM CC account reflected credit balance at the time of transfer, remainingin credit forperiods	The Company has taken banking limits under consortium banking and as per RBI guidelines, we are required to receive collections in the CC account from our clients. The credit balances observed at various times in the CC account, including	No comment received

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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	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Total	Comments of the Monitoring Agency	Comments of the Board of Directors	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
							unutilised
							amount in
							Rs. crore
								ranging from 0 to 9 days. Subsequently, at the end of the quarter, the account reflected a credit balance of Rs.1.25 crore. Despite having credit balance at the end of the quarter in BOM CC account, the same is considered as utilised basis CA certificate, management certificate and annexure (signed by Chairman and Managing Director) having details of classification of expenses. The transactions in CC accounts include payments to suppliers, tax payments, salary payments and security deposits against orders. The MA has relied on management submissions and Bank statement for identification of the transactions associated with working capital and transfer from one cash credit account to other. As there were numerous other transactions, same has resulted in cominglingof funds.	the quarter- end credit balance in the BOM CC account, are on account of collections received in these accounts. The IPO proceeds credited to the CC accounts have been utilized strictly in accordance with the stated objects of the issue.
2	General Corporate Purpose	CA certificate*, Prospectus, Bank statements	129.97	0.00	0.00	0.00	129.97	There is nil utilization towards this object in Q3FY26.	No comment received	No comment received

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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	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Total	Comments of the Monitoring Agency	Comments of the Board of Directors	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
							unutilised
							amount in
							Rs. crore
3	Issue related expenses	Prospectus, Bank statements and Invoices	50.03	47.30	2.22	49.52	0.51	The company has incurred issue expense of Rs.2.38 crore (Including reimbursement amount of Rs.1.94 crore) which includes Rs.0.16 crore towards OFS as per the proportion of OFS and fresh issue. Hence issue expenses towards fresh issue stood at Rs.2.22 crore. The CA certificate contains details relating to net proceeds, which exclude issue expenses. For the purpose of monitoring of issue expenses, CareEdge Ratings has relied on the management certificate and submissions.	No comment received	No comment received
Total			721.00	205.77	259.41	465.18	255.82

*The above details are verified by CA certificate issued to the company and shared with MA dated February 11, 2026.

As per the CA certificate, it provides limited assurance to the details in the certificate and states “The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed”.

CARE Ratings Limited (CareEdge Ratings) has not received the consent to disclose the name of the auditor who has issued the CA certificate.

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(ii) Deployment of unutilizedpublic issueproceeds:	(ii) Deployment of unutilizedpublic issueproceeds:
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	Fixed Deposit with Union Bank of India 691703230000194	50.56	15-Jan-26	-	2.90%	50.56
2	Fixed Deposit with Union Bank of India 691703230000196	50.01	09-Feb-26	-	6.10%	50.01
3	Fixed Deposit with Union Bank of India 691703230000205	25.01	09-Feb-26	-	6.10%	25.01
4	Fixed Deposit with Union Bank of India 691703230000210	3.01	09-Feb-26	-	5.90%	3.01
5	Fixed Deposit with Union Bank of India 691703230000211	3.01	09-Feb-26	-	5.90%	3.01
6	Fixed Deposit with Union Bank of India 691703030000799	50.01	31-Mar-26	-	6.20%	50.01
7	Fixed Deposit with Union Bank of India 691703030000803	5.01	31-Mar-26	-	5.75%	5.01
8	Fixed Deposit with Union Bank of India 691703030000805	3.01	31-Mar-26	-	5.90%	3.01
9	Fixed Deposit with Union Bank of India 691703030000806	3.01	31-Mar-26	-	5.90%	3.01
10	Fixed Deposit with Union Bank of India 691703030000804	25.01	10-Apr-26	-	6.20%	25.01
11	Bank Balance in Kotak Mahindra Bank public issue account(9049909565)*	1.52	-	-	-	1.52
12	Bank Balance in UBI monitoring account (691701010050052)	37.20	-	-	-	37.20
	Less: Interest earned on the fixed deposits	-0.55				-0.55
	Total Unutilisedproceeds	255.82				255.82

The above details are verified by CA certificate issued to the company and shared with MA dated February 11, 2026.

As per the CA certificate, it provides limited assurance to the details in the certificate and states “The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed”.

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CareEdge Ratings has not received the consent to disclose the name of the auditor who has issued the CA certificate.

Note: The CA certificate does not contain specific details of where the unutilised funds have been deployed and mentions Rs.255.31 crore as unutilised amount on net proceeds basis.

*The closing balance in Kotak Mahindra Bank Public Issue Account was Rs.2.19 crore as on December 31, 2025. Out of this, Rs.1.52 crore is a part of fresh issue and balance Rs.0.67 crore is related to OFS.

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

	Completion Date	Completion Date		Comments of the Board of Directors	Comments of the Board of Directors
			Delay (no. of
Objects	As per the offer
		Actual	days/ months)	Reason of delay	Proposed course of action
	document^
Fundingthe workingcapital requirements of our Company	March 31,2027	Ongoing	Not Applicable	No comment received	No comment received
General Corporate Purpose	March 31,2026	Ongoing	Not Applicable	No comment received	No comment received
Issue related expenses	Not Specified*	Ongoing	Not Applicable	No comment received	No comment received

*The offer document does not specify the timeline for utilisation of funds towards issue expenses. ^Sourced from Page no.128 of the prospectus (Click here).

1) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document – Not applicable as there is no utilisation towards GCP during Q3FY26.

			Source of information / certifications
		Amount
Sr. No	Item Head^		considered by Monitoring Agency for	Comments of Monitoring Agency	Comments of the Board of Directors
		in Rs. Crore
			preparation of report
	Not Applicable	Not Applicable	Not Applicable	Not Applicable	Not Applicable

The above details are verified by CA certificate issued to the company and shared with MA dated February 11, 2026.

As per the CA certificate, it provides limited assurance to the details in the certificate and states “The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed”.

CareEdge Ratings has not received the consent to disclose the name of the auditor who has issued the CA certificate.

^Section from the offer document related to GCP:

‘Our Company proposes to deploy the balance Net Proceeds aggregating to ₹ 6,709.67 million towards general corporate purposes, subject to such amount not exceeding 25% of the Gross

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Proceeds, in compliance with the SEBI ICDR Regulations. The general corporate purposes for which our Company proposes to utilize Net Proceeds include funding strategic initiatives, funding growth opportunities, meeting fund requirements and other working capital requirements of our Company in the ordinary course of our business, strengthening marketing capabilities and brand building exercises, meeting corporate contingencies and expenses incurred in ordinary course of business, business development initiatives, funding growth opportunities, capital expenditure, including towards expansion/ development/ refurbishment/ renovation of our assets, branding and marketing initiatives, ongoing/new general corporate contingencies, meeting exigencies, brand building, meeting general, administrative and other business expenses, acquiring assets, etc., subject to compliance with applicable laws. The quantum of utilization of funds towards each of the above purposes will be determined by our Board, based on the amount actually available under this head and the business requirements of our Company and other relevant considerations, from time to time. Our Company’s management, in accordance with the policies of our Board, shall have flexibility in utilizing surplus amounts, if any. In addition to the above, our Company may utilize the balance Net Proceeds towards any other expenditure considered expedient and as approved periodically by our Board or a duly appointed committee thereof, subject to compliance with applicable law. However, usage of funds will be as disclosed in the Objects of the Offer and any spill over from the intended Objects of the Offer to the general corporate purposes will not be carried out by the Company

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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/internal auditor which is peer reviewed audit firm 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 auditor/internal auditor which is peer reviewed audit 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.