Ellenbarrie Industrial Gases Limited has informed the exchange regarding Monitoring Agency Report for the quarter ended March 31, 2026.
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CRISIL Ratings Limited has submitted the Q4 FY2026 monitoring report for Ellenbarrie Industrial Gases' IPO (June 2025). Of the Rs 4,000 million gross fresh issue proceeds, Rs 3,318.79 million (83%) has been utilized as at March 31, 2026. The debt repayment object (Rs 2,100 million) has been fully completed. The air separation unit at Uluberia-II (220 TPD) commenced production in February 2026, but with a quarter delay due to civil work slowdowns — Rs 567.45 million of Rs 1,045 million allocated has been utilized, leaving Rs 477.55 million unutilized. General corporate purposes utilization stands at Rs 393.50 million of Rs 586.36 million. Unutilized proceeds of Rs 681.21 million are invested in fixed deposits with IndusInd Bank (Rs 320 million, 6.85% return) and AU Small Finance Bank (Rs 357.50 million, 7% return). The company procured machinery from different vendors than originally specified, citing prospectus flexibility. No material deviations were observed.
The air separation unit project is operational but behind schedule by approximately one quarter. The company plans to deploy remaining funds in FY2027 as permitted under the prospectus. Investors should note this is a routine IPO monitoring filing with no major red flags — proceeds are being deployed largely as planned with minor timing delays.