Monitoring Agency Report for the quarter ended on 31st March 2026
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India Ratings & Research (Fitch Group) has released the Q4 FY2026 monitoring report for Kross Limited's IPO proceeds. The IPO, which raised INR 2,500 million in fresh capital (total issue INR 5,000 million including OFS) in September 2024, shows partial utilization across all four objects. As of March 31, 2026, INR 605.91 million out of INR 2,500 million has been deployed — INR 146.71 million towards machinery/equipment purchase, INR 155.20 million for debt repayment, INR 302.95 million for working capital, and INR 1.05 million for general corporate purposes. No unutilized funds are sitting in market instruments. The capital expenditure object has a revised completion date to Fiscal 2026 due to delays, with INR 207.66 million deployed against the INR 700 million allocation. The monitoring agency confirms no deviation from the objects as per the statutory auditor's certificate.
No red flags for shareholders — the monitoring agency and statutory auditor both confirm all IPO proceeds are being utilized as per the prospectus. The delay in capex deployment is minor and board-approved, with INR 492.35 million remaining to be deployed.