Report of Monitoring Agency for the Quarter ended March 31, 2026
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CRISIL Ratings Limited, the monitoring agency, has submitted its Q4 FY2026 report on the utilization of IPO proceeds. The IPO raised Rs 1,579.64 million (net proceeds Rs 1,421.95 million) in September 2024. As of March 31, 2026, Rs 775.06 million (49%) has been utilized, with Rs 804.58 million still unutilized. Working capital funds (Rs 220 million) have been fully deployed. Capital expenditure on Unit IV expansion has seen Rs 248.17 million utilized out of Rs 713.80 million allocated, while the new Hingna facility has Rs 139.83 million utilized out of Rs 303.85 million. General corporate purpose funds include Rs 21.49 million used to acquire a 5% equity stake in Tejorup Sunmay Systems Pvt Ltd, a defense equipment manufacturer. There is a delay in the implementation schedule due to longer equipment lead times, with unutilized funds parked in fixed deposits with Kotak Bank and Yes Bank.
The IPO proceeds are being deployed slower than originally planned due to equipment delivery timelines. Working capital needs have been fully met, and expansion projects are underway. Shareholders should note that significant deployment is expected in FY2027 as equipment is received.