Monitoring Agency Report Issued by the India ratings and Research Private Limited for the quarter ended 31st March 2026 with respect to the utilisation of the IPO procced is submitted
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India Ratings & Research, the monitoring agency, has submitted its report on Kross Ltd's IPO proceeds utilization for Q4 FY26. The INR 2,500 million IPO (September 2024) comprised capital expenditure (INR 700 million), debt repayment (INR 900 million), working capital (INR 300 million), general corporate purposes (INR 469.19 million), and offer expenses (INR 130.81 million). The report confirms no deviation from stated objects and all borrowings repayment has been completed. However, significant unutilized funds remain at INR 1,444.81 million (57.8% of issue size). Capital expenditure shows delay from original Fiscal 2025 timeline to revised Fiscal 2026. General corporate purpose utilization is minimal at INR 1.05 million.
No red flags raised - IPO funds being deployed as planned with debt repayment fully completed. The delay in capital expenditure spending is notable but not a deviation. Investors should expect gradual deployment over coming quarters with focus on machinery purchase.