Monitoring Agency report issue by CARE Ratings Limited for the utilization of Funds raised through Initial Public Offering for the quarter ended 31st March 2026
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Jinkushal Industries Ltd (scrip: JINKUSHAL, code: 544547) filed its Q4FY26 monitoring report for the September 2025 IPO of Rs. 104.54 crore. CARE Ratings identified minor deviations: General Corporate Purposes was over-utilised by Rs. 0.07 crore (0.33%) and Offer Expenses by Rs. 0.16 crore (1.53%), while Working Capital was under-utilised by Rs. 0.23 crore (0.32%) as funds were redirected to other objects. All IPO proceeds have been fully deployed with zero unutilised amount. The deviations are within the 10% threshold and are not considered material. The Audit Committee reviewed and the Board took the report on record on May 15, 2026.
The small deviations from the IPO objects are marginal and unlikely to materially impact shareholder value. Full deployment of funds indicates the company is executing its stated plans, though investors should note the reallocation from working capital to other uses.