Statement of Deviation & Variation for the half year and Year ended 31st March 2026
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Airfloa Rail Technology Limited (formerly Airflow Equipments India Pvt Ltd) has submitted its IPO fund utilisation statement for the period ending March 31, 2026. The company raised Rs. 9,109.80 Lakhs through a public issue (September 11-15, 2025), with net proceeds of Rs. 8,884.80 Lakhs after deducting offer expenses of Rs. 225 Lakhs. Of this, Rs. 7,808.10 Lakhs (about 88%) has been deployed so far, leaving Rs. 1,076.70 Lakhs unutilised, held in monitoring agency and public issue accounts plus fixed deposits. The loan repayment (Rs. 600 Lakhs) is fully complete, but working capital (Rs. 5,927.02 Lakhs) and general corporate funds (Rs. 990 Lakhs) remain entirely unutilised. Capital expenditure deployment is at only Rs. 291.08 Lakhs out of Rs. 1,367.78 Lakhs planned, delayed due to Chinese government policy changes and supplier capacity constraints. The statutory auditor confirms all utilisation is as per the prospectus disclosures with no material deviations observed.
The low deployment rate (~12% for capex) and completely untouched working capital and corporate funds suggest the company may take longer to generate returns from the IPO capital. The capex delays due to external factors (China policy changes) are within management control to resolve. No regulatory red flags from the auditor.