Monitoring Agency Report for the quarter ended 31st December 2025.
HPAL · price
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Awaiting price reaction for this filing.
HP Adhesives has filed its Q3 FY26 Monitoring Agency Report, prepared by ICICI Bank, confirming utilization of IPO proceeds raised in December 2021 (fresh issue of ₹113.43 crore). Out of the total ₹96.69 crore earmarked across three objects, ₹96.55 crore (99.8%) has been utilized as of December 31, 2025. Working capital funding (₹54 crore) and general corporate purposes (₹17.18 crore, slightly revised down from ₹17.24 crore due to issue expense finalization) are fully deployed. The capex object (₹25.51 crore) is 99.4% utilized with only ₹6.41 lakh remaining, parked in two IndusInd Bank fixed deposits earning 7.75% interest (maturing May 2026 and March 2027). No deviation from stated objects was reported. However, capex completion has been pushed back by 12 months from Q4 FY25 to Q4 FY26, attributed to delayed equipment delivery, testing issues, and seasonal factors, though the company states capacity additions remain unaffected.
This is a routine compliance filing with a positive read — nearly full deployment of IPO funds with no deviation from disclosed objects, and idle funds earning healthy interest. Investors should note the acknowledged 12-month capex delay, though management maintains production capacity plans remain on track and is targeting completion by March 2026.