Please find enclosed the Report of Monitoring Agency on the use of proceeds raised through Qualified Institutional Placement ( QIP ) for the quarter ended September 30, 2025
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Hitachi Energy India submitted the Crisil Ratings monitoring report on its QIP raised in March 2025, when it issued up to 21.90 lakh equity shares at Rs 11,507 per share, raising Rs 2,520.82 crore gross and Rs 2,476.29 crore net. Proceeds were earmarked for capex (Rs 1,513.28 crore), working capital (Rs 350 crore), and general corporate purposes (Rs 613.01 crore). As of September 30, 2025, only Rs 50.33 crore has been deployed, all towards capex on capacity increase, equipment addition and civil works across its 19 manufacturing units, while the remaining Rs 2,425.96 crore sits in fixed deposits with HDFC, ICICI, Kotak and Axis Bank earning 5.60-5.90% interest. The monitoring agency confirmed no deviation from stated objects and no major issues versus earlier reports.
The very low utilization (~2% of net proceeds) shows the company is in the early stages of its capex plan, which means meaningful spending and order activity should ramp up over coming quarters. Parking idle funds in bank FDs at around 5.7-5.9% provides some interim yield but signals that growth investments are still gathering pace, leaving room for execution updates to be a future stock catalyst.