Monitoring Agency Report for the quarter ended December 31, 2025
EXCELSOFT · price
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Awaiting price reaction for this filing.
Excelsoft Technologies filed its first Monitoring Agency Report (by CARE Ratings) for Q3 FY26, covering utilization of its Rs. 180 crore IPO proceeds raised in November 2025. Out of the Rs. 180 crore, the company utilized Rs. 45.30 crore during the quarter, leaving Rs. 134.70 crore unutilized. The main spending was Rs. 30.31 crore on land purchase for a new building in Mysore, Rs. 7.79 crore on General Corporate Purposes (working capital and land top-up), and Rs. 7.20 crore on fresh issue-related expenses. No spending yet on the Mysore facility upgradation (Rs. 39.51 cr) or IT infrastructure upgradation (Rs. 54.63 cr). The agency flagged that part of the funds were routed through the company's overdraft account, causing commingling with other business transactions, though it confirmed no deviation from the stated objects. Unutilized proceeds of Rs. 111 crore are parked in ICICI Bank fixed deposits earning around 5–5.5%.
For retail investors, this is a routine post-IPO compliance update with no negative deviation from stated use of funds, which is mildly reassuring. The commingling of IPO money with the OD account is a minor governance flag worth noting, though the company has addressed it via a board resolution. With ~75% of IPO funds still unutilized and parked in safe fixed deposits, near-term stock impact is likely neutral.