Please find attached the Monitoring Agency report issued by Crisil Ratings Limited for the quarter ended December 31 2025.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Bodhtree Consulting has submitted the Crisil Ratings Limited Monitoring Agency Report for Q3FY26, covering utilization of its Rs 1,407.74 lakh Rights Issue (July 2025) where it issued 46.92 lakh equity shares at Rs 30 each. Of the Rs 1,337.74 lakh net proceeds, Rs 1,167.45 lakh (83%) had been utilized by Dec 31, 2025, with Rs 240.29 lakh still unutilized (Rs 225.70 lakh in the monitoring account, Rs 14.59 lakh in a current account). Utilization included Rs 324.50 lakh of the Rs 540 lakh earmarked for product enhancement, full deployment of the Rs 530 lakh working capital allocation, and Rs 253.15 lakh of the Rs 267.74 lakh general corporate purpose bucket. The Monitoring Agency noted no deviation from stated objects, but flagged a 78% vendor concentration: Rs 324.50 lakh of Q3FY26 spend (under product development) was paid to a single vendor, Panth Infinity Limited, after the company switched vendors from Technify Solutions in October 2025. It also disclosed that the company briefly deployed Rs 100 lakh of proceeds into an agritech pilot (Raj Breeder & Hatch, Raj Chick & Farms) in October 2025, which was fully refunded within 40 days.
Neutral to mildly negative for shareholders. While there is no deviation from the stated use of funds, the heavy single-vendor concentration (78% of quarterly spend to Panth Infinity) and the short-lived diversion of Rs 100 lakh into an unrelated agritech pilot signal loose treasury discipline around Rights Issue money, warranting closer monitoring despite Crisil confirming broad compliance with the offer document.