Monitoring Agency Report for the quarter ended 30 September 2025
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CARE Ratings, the Monitoring Agency, has submitted its report on Kinetic Engineering's preferential issue of convertible warrants for Q2FY26. The original issue of Rs. 177.10 crore was undersubscribed, reducing the actual size to Rs. 166.84 crore after one non-promoter allottee did not subscribe fully. Of the Rs. 61.84 crore received from the issue so far, the company has utilised Rs. 44.46 crore, including Rs. 19.64 crore to redeem preference shares, Rs. 4.82 crore to pay overdue liabilities, and Rs. 20 crore as equity investment in subsidiary Kinetic Watts and Volts Limited. The remaining Rs. 17.38 crore is parked in fixed deposits with Saraswat Co-op Bank at 4.75% annual interest. No deviation from stated objects was flagged, but the agency noted that undersubscription could affect the viability of some planned expenditures.
The company is steadily deploying funds toward stated purposes, with active investment in its EV-focused subsidiary being a positive signal. However, the Rs. 10.26 crore undersubscription and zero spending so far on capex, working capital, and general corporate purposes could raise execution concerns for investors tracking fund utilisation timelines.