Monitoring Agency Report for the quarter ended March 31, 2026
CEWATER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ICRA Limited, the monitoring agency, has submitted its Q4 FY2026 report for Concord Enviro Systems' IPO proceeds. The company raised INR 500.33 crore in its December 2024 IPO (net proceeds of INR 162.08 crore after accounting for INR 0.82 crore higher-than-estimated issue expenses). Of the INR 175 crore being monitored, INR 130.85 crore (75%) has been utilized with INR 44.15 crore remaining. Two objects are fully deployed—repayment of subsidiary borrowings (INR 50 crore) and working capital funding to CEF (INR 20 crore). INR 29.88 crore of unutilized funds are parked in ICICI Bank fixed deposits earning 7.25%. No material deviations from the offer document objects were observed, and all projects remain on schedule. A INR 2.49 crore vendor advance was returned during the quarter due to non-performance.
Positive signal for shareholders—the monitoring agency confirms all IPO fund utilization is proceeding as disclosed, with no material deviations. Significant unutilized funds (INR 44+ crore) provide capital for upcoming projects, though some capital expenditure items remain unused, suggesting deployment timelines may extend beyond Q4 FY2026.