Monitoring Agency Report for quarter ended 30.06.2025
JGCHEM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
ICRA Limited, the Monitoring Agency, submitted its final report for Q1 FY2026 confirming no material deviation in use of IPO proceeds raised in March 2024 (gross proceeds Rs. 165 crore, net Rs. 149.324 crore). Of the planned Rs. 165 crore, Rs. 114.625 crore has been utilised so far, with Rs. 50.375 crore still parked in HDFC Bank fixed deposits earning 6.70–7.40% interest. Key milestones met include full repayment of subsidiary BDJ Oxides' borrowings (Rs. 25 crore), full deployment of general corporate purposes funds (Rs. 23.266 crore) for new land acquisition in Gujarat, and Rs. 51 crore deployed for working capital needs. However, the R&D Centre setup (planned Rs. 6.058 crore) has barely started with only Rs. 0.085 crore spent and civil/construction work not yet commenced. ICRA flagged that purchases under the R&D object do not align with vendor specifications originally proposed in the prospectus.
Overall a routine and largely on-track disclosure for shareholders. The minor flag on R&D Centre vendor specifications and slow start is worth monitoring, but no material deviation from stated objects has been reported, and idle funds are earning healthy interest in the meantime.