Report of the Monitoring Agency for the quarter ended March 31, 2026.
JARO · price
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Jaro Institute filed its Q4 FY2026 (quarter ended March 31, 2026) Monitoring Agency Report, submitted by Crisil Ratings Limited. The IPO, completed in September 2025, raised Rs 1,700 million (net proceeds of Rs 1,561.53 million after issue expenses of Rs 138.47 million). As of March 31, 2026, Rs 1,185.72 million (69.7%) has been utilized out of the total issue size. The largest allocation of Rs 810 million for marketing, brand building, and advertising is only 44.7% utilized (Rs 361.89 million), with Rs 448.11 million remaining. The Rs 450 million allocated for repayment of borrowings has been fully deployed as of Q3. General corporate purpose spending stands at Rs 257.63 million out of Rs 301.53 million. Unutilized proceeds of Rs 514.28 million are parked in Axis Bank fixed deposits (Rs 400 million across 10 FDs) plus Rs 14.28 million in monitoring and public issue accounts. The monitoring agency explicitly noted a delay in the implementation schedule for marketing/GCP spending relative to the prospectus estimates.
The slow pace of marketing spend utilization — only 45% of the marketing budget deployed after two quarters — may concern investors expecting rapid scaling post-IPO. However, the prospectus allows rescheduling of fund utilization, and the company cited cost optimization as the reason. Full deployment of borrowings repayment is positive. The remaining Rs 514 million in unutilized proceeds should be deployed over the coming quarters.