Monitoring Agency Report is enclosed herewith
JSWINFRA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, as Monitoring Agency, submitted its Q4 FY2026 report on the utilization of Rs. 2,800 crore IPO proceeds (fresh issue of 235.29 million equity shares). Out of the total deployment target of Rs. 2,726.13 crore, Rs. 2,056.33 crore (75.4%) has been utilized, leaving Rs. 669.80 crore unutilized as of March 31, 2026. The unutilized funds are parked in fixed deposits across Axis Bank, IndusInd Bank, and Yes Bank. CARE flagged delays in capital expenditure implementation against the timelines disclosed in the Offer Document. Specifically, the LPG Terminal Project at Jaigarh Port has only spent Rs. 266.83 crore out of Rs. 865.75 crore planned, the Mangalore Container Terminal expansion has spent Rs. 82.02 crore out of Rs. 151.05 crore planned, and the dredger purchase (Rs. 103.88 crore) was delayed beyond its fiscal 2025 target. The monitoring agency also noted that the company commingled IPO proceeds with other funds in current accounts, relying on CA certificates and management declarations to ascertain utilization. No deviations from stated expenditures or changes in means of finance were reported.
The unutilized balance of Rs. 669.80 crore earning 6-7.9% in fixed deposits suggests slower-than-expected project execution at Jaigarh Port and Mangalore terminal. The delays are not quantified by the MA, which could concern investors expecting faster deployment of IPO capital. However, the full prepayment of borrowings (Rs. 880 crore) and general corporate purposes (Rs. 666.05 crore) have been fully utilized, suggesting no misuse of funds.