Statement of Deviation & Variation for the Qtr December 31, 2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Airfloa Rail Technology filed its quarterly SEBI Regulation 32 disclosure on how it has used the money raised from its September 2025 IPO of Rs. 9,109.80 Lakhs. Out of net proceeds of Rs. 8,884.80 Lakhs, the company has utilised Rs. 7,631.39 Lakhs (~86%) by December 31, 2025, with no deviation from the stated objects and no delay in implementation. Loan repayment (Rs. 600 Lakhs), working capital (Rs. 5,927 Lakhs), and general corporate purposes (Rs. 990 Lakhs) are fully utilised, but the capex component has used only Rs. 114.37 Lakhs out of the planned Rs. 1,367.78 Lakhs. The remaining Rs. 1,253.41 Lakhs of unutilised funds is parked in Axis Bank monitoring account, public issue account, and fixed deposits earning 3.75% interest. The statutory auditor has certified that the usage is in line with the IPO prospectus.
Neutral to mildly negative — the filing confirms disciplined and compliant use of IPO money with no diversions, which is reassuring. However, the very low capex utilisation (only ~8% of the Rs. 1.37 crore earmarked) signals that expansion plans are moving slower than planned, though the unutilised funds are safely parked in bank deposits.