Monitoring Agency Report for the quarter ended June 30, 2025
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CRISIL Ratings submitted its Monitoring Agency Report on Krystal Integrated Services Limited's use of IPO proceeds for Q1 FY26. The company raised net proceeds of Rs 1,633.69 million from its March 2024 IPO (gross issue Rs 1,750 million + offer for sale Rs 1,251.25 million), earmarked for four objects: debt repayment (Rs 100 million), working capital (Rs 1,000 million), new machinery capex (Rs 100 million), and general corporate purposes (Rs 433.69 million). As of June 30, 2025, Rs 1,624.67 million (99.4%) has been utilized, with only Rs 9.02 million remaining unspent, parked in a UBI fixed deposit maturing September 29, 2025. During the quarter, Rs 156.22 million of GCP was used to pay statutory dues, and matured FDs of Rs 242.50 million were temporarily routed to the current/CC account before redeployment. The report confirms no deviation from stated objects and no change in means of finance.
Routine compliance filing — no negative signals. Nearly full deployment of IPO funds as planned, with the small remaining balance already in a fixed deposit. The use of GCP for statutory dues (Rs 156.22 million) instead of growth initiatives is a minor point of note for investors, but overall utilization remains on track with no deviations flagged by the Monitoring Agency.