Please find enclosed the Monitoring Agency Report for the quarter ended March 31, 2026, issued by CARE Ratings Limited, the monitoring agency appointed to monitor the utilisation of the ....
GLOBECIVIL · price
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Globe Civil Projects Limited submitted its Q4 FY26 monitoring agency report for its Rs. 119 crore IPO (June 2025), verified by CARE Ratings. Of the total proceeds, Rs. 108.83 crore (91.5%) has been utilized so far, with Rs. 10.17 crore parked in fixed deposits with HDFC Bank and ICICI Bank. Capital expenditure of Rs. 14.26 crore was scheduled for completion by March 2026 but has been delayed to September 2026 due to vendor finalization and procurement issues. The monitoring agency flagged comingling of IPO proceeds with other cash flows in current accounts, limiting direct verification, though reliance was placed on management and CA certificates. CARE also noted potential cost overruns on the delayed capex due to volatile prices. Additionally, the company received an Rs. 80.19 lakh income tax demand notice for assessment year 2018-19 under reassessment, which it plans to appeal.
While there are no material deviations in utilization, the capex delay and comingling of funds represent governance concerns that investors should monitor. The potential cost overrun risk and tax demand add minor uncertainty, though the company states these do not materially impact operations.