Monitoring Agency Report issued by CARE Ratings Limited for the utilization of funds raised through Initial Public Offering (IPO) for the quarter ended on 31st March, 2026
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CARE Ratings Limited has submitted the Monitoring Agency Report for Jinkushal Industries IPO proceeds of Rs. 104.54 crore for the quarter ending March 31, 2026. The company listed on NSE/BSE in September 2025 with an IPO size of Rs. 116.15 crore. The report reveals minor deviations from the stated objects: working capital was under-utilized by Rs. 0.23 crore (0.32%), while GCP was over-utilized by Rs. 0.07 crore (0.33%) and offer expenses by Rs. 0.16 crore (1.53%). All deviations are within the acceptable range of less than 10% as per SEBI regulations. The board and audit committee reviewed the report on May 15, 2026. CARE notes no material changes in means of finance, no major deviations from earlier reports, and no adverse events affecting viability of objects.
The deviations are minor and well within regulatory limits, indicating generally compliant utilization of IPO funds. The overutilization of offer expenses and GCP is modest and should not materially impact shareholder value or the stock's near-term performance.