Please find the enclosed Monitoring Agency Report for the quarter ended 31.03.2026.
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CARE Ratings submitted its Q4 FY26 Monitoring Agency Report covering three capital raises: a Rs 403.41 crore QIP (Nov 2023), a Rs 135 crore Preferential Warrants issue (May 2024), and a Rs 800 crore QIP (July 2024). For the first QIP, the working capital (Rs 215 crore) and GCP/growth (Rs 129.18 crore) components are fully utilized, but the Rs 50 crore capex for the Bandel foundry expansion remains incomplete with Rs 43.64 crore still unutilized and parked in SBI mutual funds, generating Rs 1.36 crore interest. The warrants proceeds (Rs 135 crore) have been fully deployed as equity into subsidiary Jupiter Tatravagonka Railwheel Factory Pvt Ltd for working capital. For the second QIP, the Rs 425 crore subsidiary investment and Rs 175 crore working capital are fully utilized, while Rs 115.99 crore of the Rs 183.24 crore GCP was deployed during the quarter for working capital. No material deviations were reported across any instrument.
All three issuances are tracking within disclosed objects with no formal deviations. However, the first QIP's capex object has seen significant delay beyond the original fiscal 2024 target, with the timeline now indeterminate following a shareholders-approved object revision in April 2025. Shareholders should note that idle funds are being productively deployed in liquid mutual funds.