Monitoring Agency Report for the quarter ended March 31, 2026.
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CARE Ratings Limited, the monitoring agency for Azad Engineering's ₹700 crore QIP (February 2025), has submitted its report for Q4 FY26. Of the total proceeds, ₹540.27 crore (77%) has been utilized while ₹159.73 crore remains unutilized. Capital expenditure of ₹525 crore has seen ₹368.66 crore deployed (₹156.34 crore pending), with General Corporate Purposes (₹156.21 crore) fully utilized and Issue Expenses at ₹15.40 crore of ₹18.79 crore. The Board extended the capex utilization deadline from March 31, 2026 to March 31, 2027, citing alignment with business requirements. Unutilized funds are held in fixed deposits with Union Bank of India (₹120 crore) and Yes Bank (₹40 crore).
The delay in capital expenditure deployment is not material but indicates slower-than-expected capex rollout. Management states this will not impact operations or growth, though investors should monitor future quarters for acceleration in fund utilization.