Monitoring Agency Report for the quarter ended March 31, 2026
KEI · price
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KEI Industries has filed its Q4 FY26 monitoring report for the Rs. 2,000 crore Qualified Institutional Placement completed in November 2024. CARE Ratings, as the monitoring agency, confirms no material deviations from the stated objects. Rs. 1,614.34 crore (80.7%) has been utilized, with Rs. 385.66 crore remaining unutilized. The Sanand cable manufacturing facility in Gujarat has received Rs. 1,064.69 crore so far. The LT/HT cable production phase was commissioned by December 2025, while EHV cable production is now expected to start by Q4 FY27 (originally planned for FY26 completion). Debt repayment of Rs. 275.99 crore and issue expenses of Rs. 34.37 crore have been fully utilized. General corporate purpose spending stands at Rs. 239.29 crore with Rs. 0.35 crore remaining to be deployed in April 2026. The unutilized proceeds are temporarily parked in FDRs with AXIS, ICICI, and IDBI banks earning 4.75-7.51% interest.
The monitoring report shows proper fund deployment with no material deviations. A minor timeline slip for the EHV cable facility (Q4 FY27 vs original FY26 target) exists but is not flagged as a concern. Significant unutilized funds (Rs. 385.66 crore) remain deployed in FDRs pending capex needs, which is standard practice and earns good returns in the current interest rate environment.