Monitoring Agency Report for the Quarter ended March 31, 2026 issued by Brickwork Ratings India Private Limited
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Brickwork Ratings has issued its second monitoring agency report for Game Changers Texfab Limited's IPO of Rs. 54.83 Crores raised in October 2025. The report confirms no deviation from stated objects and all statutory approvals are in place. However, issue expenses have been overutilized by Rs. 2.73 Crores (actual Rs. 8.21 Crore vs. planned Rs. 5.48 Crore), meaning more IPO funds were spent on listing costs than originally disclosed. Capital expenditure utilization has also been delayed—the scheduled completion was FY 2025-26, but a portion of proceeds remains unutilized as of March 2026. The company states this is due to practical and operational considerations. Unutilized funds of approximately Rs. 15.15 Crore are deployed in fixed deposits earning 6.40% per annum.
Overutilization of issue expenses by 50% and delayed capital expenditure deployment are yellow flags. While no material deviation was formally declared, investors should note that the company has diverted more IPO funds to listing costs than planned and the capex program is behind schedule.