Report of Monitoring Agency for the Quarter ended March 31st, 2026.
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Indo Farm Equipment Ltd has submitted its Q4 FY26 (ending March 31, 2026) monitoring agency report for its IPO proceeds. The company raised Rs. 184.90 crore via IPO (Dec 2024-Jan 2025), with net proceeds of Rs. 168.06 crore after deducting Rs. 16.84 crore in issue expenses. As of March 31, 2026, Rs. 116.78 crore (69.6%) has been utilized, leaving Rs. 51.28 crore unutilized plus Rs. 4 crore in interest earned, totaling Rs. 55.28 crore parked in ICICI Bank fixed deposits. Three of four objects have been fully completed: debt repayment (Rs. 50 crore), investment in subsidiary Barota Finance (Rs. 45 crore), and general corporate purpose (Rs. 2.87 crore of Rs. 2.99 crore). The Rs. 70.07 crore allocation for setting up a dedicated Pick & Carry Cranes manufacturing unit has seen Rs. 18.91 crore utilized for machinery advances and civil work, with the project ongoing. No deviations from the offer document were reported.
This is a routine compliance filing showing IPO fund deployment is proceeding largely as planned with no material deviations. The major capital expenditure for the cranes manufacturing expansion is behind schedule (only 27% utilized) but within the extended timeline to FY27. The remaining Rs. 51.28 crore should support continued expansion work in FY27.