Monitoring Agency Report for the quarter ended December 31, 2025 issued by Brickwork Ratings India Private Limited
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Game Changers Texfab, which raised Rs. 54.83 Cr via a fresh equity IPO in October 2025 at Rs. 102 per share, has filed its first quarterly Monitoring Agency Report covering Q3 FY26. Brickwork Ratings confirmed all utilization is as per the Offer Document, with no deviation in objects and no major adverse events. Of the total proceeds, Rs. 24.13 Cr (of Rs. 25.50 Cr allotted) has been deployed for working capital, Rs. 2.79 Cr (of Rs. 15 Cr) for capital expenditure, and Rs. 3.89 Cr (of Rs. 8.85 Cr) for general corporate purposes. Issue expenses overshot the planned Rs. 5.48 Cr by Rs. 2.72 Cr, touching Rs. 8.20 Cr, though the agency did not flag this as a material deviation. The remaining ~Rs. 15.18 Cr is parked in fixed deposits earning 6.40% interest with Axis Bank, and implementation across all objects is ongoing within FY25-26 with no delays reported.
This is a routine compliance filing with a clean bill of health from the monitoring agency, which is mildly positive for shareholder confidence as it confirms IPO funds are being used as promised. The overshoot in issue expenses is a minor point to note but was not flagged as material, and the bulk of capex deployment is still pending over the coming quarters.