26 IPO Fund Utilisation Monitoring Report

Smarten Power Systems Limited has submitted its Monitoring Agency Report for the half year ended March 31, 2026, in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report was filed with the National Stock Exchange of India Limited on May 07, 2026, and covers the utilisation of proceeds raised through the company's Initial Public Offer. Notably, the company has voluntarily complied with these regulations, as it is an SME-listed entity with a fresh issue size of INR 40.01 Cr. The report was prepared by Acuité Ratings and Research Limited and signed by Vikas Mishra, Deputy Vice President — Process Excellence, on May 06, 2026.

Monitoring Agency and Issue Overview

The Monitoring Agency Report was prepared by Acuité Ratings and Research Limited for the period designated as H2-FY2025-26. The IPO was open during the period July 07, 2025 to July 09, 2025, and comprised a public issue of equity shares. The report confirms no deviation from the objects of the issue and notes no material facts requiring special disclosure. Key details of the issue are summarised below:

Parameter: Details Issuer Name: Smarten Power Systems Limited Issue Period: July 07, 2025 to July 09, 2025 Type of Issue: Public Issue Type of Securities: Equity Shares Issue Size: INR 40.01 Cr. Industry/Sector: Other Electrical Equipment / Capital Goods Monitoring Agency: Acuité Ratings and Research Limited Report Period: H2-FY2025-26 (Half year ended March 31, 2026) Deviation from Objects: No Deviation Observed

The company's promoters include Mr. Arun Bhardwaj, Mr. Rajnish Sharma, Mr. Ravi Dutt, and Mr. Tirath Singh Khaira.

IPO Proceeds Utilisation — Object-wise Breakdown

As at the end of the half-year period ending March 31, 2026, the company had utilised INR 38.99 Cr. out of the total IPO proceeds of INR 40.01 Cr. The remaining unutilised amount of INR 1.02 Cr. relates entirely to the funding of capital expenditure requirements. The following table provides a detailed object-wise summary of IPO proceeds utilisation:

Item Head: Amount Proposed (INR Cr.) Amount Raised (INR Cr.) Utilised at Start of Half-Year (INR Cr.) Utilised During Half-Year (INR Cr.) Total Utilised at End of Half-Year (INR Cr.) Unutilised (INR Cr.) Purchase of movable assets — battery manufacturing unit: 4.19 4.19 4.19 - 4.19 Nil Working capital requirements: 22.00 22.00 15.96 6.04 22.00 Nil Repayment of outstanding borrowings: 0.95 0.95 0.95 - 0.95 Nil Funding capital expenditure requirements: 4.46 4.46 3.10 0.34 3.44 1.02 General Corporate Purposes: 4.70 4.70 1.76 2.94 4.70 Nil Share Issue Expenses: 3.71 3.71 3.71 - 3.71 Nil Total: 40.01 40.01 29.67 9.32 38.99 1.02

The Monitoring Agency noted that for the capital expenditure object, the issuer initially funded expenditure from its own resources and subsequently reimbursed the amount using IPO proceeds, in accordance with the terms specified in the prospectus.

Delay in Capital Expenditure Implementation

The Monitoring Agency identified a delay in the implementation of the capital expenditure object. As per the Offer Document, the completion date for funding capital expenditure requirements was March 31, 2026; however, the status as on the date of the report remains work-in-progress, with a recorded delay of 36 days. The company stated that it will utilise the remaining funds in the near future, as mentioned in the stated objects in the prospectus.

The unutilised balance of INR 1.02 Cr. is held across the following accounts:

INR 0.720 Cr. available in the ICICI Overdraft account

INR 0.300 Cr. available in the ICICI Monitoring Account

INR 0.004 Cr. available in the ICICI Escrow Account

General Corporate Purpose Utilisation

The entire allocation of INR 4.70 Cr. towards General Corporate Purposes was fully utilised during H2 FY2025-26, as confirmed by the Monitoring Agency. The breakdown of expenditure under this head is as follows:

Item Head: Amount (INR Cr.) Repayment of Term Loan inclusive of Interest: 1.76 Salary to Employees: 1.98 Monthly Expenses: 0.70 Payment to Creditors: 0.26 Total: 4.70

Monitoring Agency Observations

The Monitoring Agency confirmed that no material deviation from the objects of the issue was observed, no change in the means of finance was noted, and no unfavourable events affecting the viability of the objects were identified. Additionally, no government or statutory approvals were required for the objects, and no technical assistance or collaboration arrangements were applicable. The report was prepared on the basis of documents provided by the issuer, including the prospectus, bank statements, and a Statutory Auditors Certificate issued by Mahesh Yadav & Company. The report was filed by Vandita Tripathi, Company Secretary and Compliance Officer, on May 07, 2026.

Smarten Power Systems Limited has filed its annual declaration of non-encumbrance with the National Stock Exchange of India Limited, as required under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration, dated April 03, 2026, was submitted by Managing Director Arun Bhardwaj on behalf of all Promoters, the Promoter Group, and Persons Acting in Concert (PAC), confirming that no encumbrance has been created on the company's shares during the financial year ended March 31, 2026, beyond what has already been disclosed to the stock exchange.

Declaration Overview

The annual disclosure is a regulatory requirement under SEBI's takeover regulations, mandating promoters to confirm the encumbrance status of their shareholding at the close of each financial year. Arun Bhardwaj, in his capacity as Managing Director, submitted the declaration from Gurugram, affirming compliance on behalf of the entire promoter and promoter group. The filing was addressed to the Manager – Listing Compliance at the National Stock Exchange of India Limited.

Promoter Shareholding Structure as on March 31, 2026

Of the 62 members listed under the Promoter, Promoter Group, and PAC category, only four individuals hold shares in the company. The following table presents the shareholding details of members with non-zero holdings:

Promoter/Promoter Group Member: No. of Shares Held % age of Shares Rajnish Sharma 33,99,950 17.89 Arun Bhardwaj 33,99,950 17.89 Ravi Dutt 33,99,950 17.89 Tirath Singh Khaira 25,50,525 13.42

The remaining 58 members of the promoter and promoter group, including individuals and entities such as J S Khaira Fashions Pte Ltd (Singapore), Avtaj Technologies Pty Ltd (Australia), Ardent Power Systems Pty Ltd (Australia), Menrva Learning Centre Pty Ltd (Australia), J S Khaira Fashions Private Limited, and Nitant Global Private Limited, hold nil shares as on March 31, 2026.

Regulatory Context

The submission is in accordance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which requires promoters of listed companies to make an annual declaration regarding the encumbrance status of their shareholding. Smarten Power Systems Limited is registered with CIN L31401HR2014PLC052897 and is headquartered at Plot No. 374, 1st Floor, Pace City - II, Sector - 37, Gurugram - 122001, Haryana, India. The company was formerly known as Smarten Power Systems Private Limited.

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