GK Energy Limited informed the Exchange about the Monitoring Agency Report for the Quarter ended March 31, 2026.
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GK Energy Limited filed its Q4FY26 Monitoring Agency Report for the Rs.400 crore IPO conducted in September 2025. CARE Ratings, the monitoring agency, confirmed no deviation from the stated objects of the issue. Of the total IPO proceeds, Rs.388.93 crore (97.2%) has been utilized as of March 31, 2026. The working capital requirement (Rs.322.46 crore) and General Corporate Purposes (Rs.46.48 crore) have been fully deployed. Issue-related expenses stand at Rs.19.99 crore utilized out of Rs.31.06 crore allocated, leaving Rs.11.07 crore unutilized parked in HDFC Bank and IndusInd Bank accounts. The report flagged that the Maharashtra State GST Department conducted search proceedings in February-March 2026 and disallowed certain input tax credits, which the company is evaluating for appeal.
The IPO proceeds are being utilized largely as planned with no deviations, which is positive for shareholder confidence. However, the ongoing GST department dispute over input tax credits presents a regulatory risk that investors should monitor, as it could impact the company's profitability if the disallowance is upheld on appeal.