Monitoring Agency Report for the quarter ended March 31, 2026
KSHINTL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings, as Monitoring Agency, has submitted its report for Q4FY26 on utilization of Rs.420 crore IPO proceeds (issue: December 2025). Of the total, Rs.349.89 crore has been deployed leaving Rs.70.11 crore unutilized, temporarily parked in fixed deposits (Rs.65 crore) and bank balances. Two issues are flagged: (1) delay in deployment of funds for the rooftop solar plant at Supa Facility and General Corporate Purpose (GCP), with the solar plant only installed on May 2, 2026 — after the March 31, 2026 target; (2) commingling of issue proceeds — Rs.1.78 crore was transferred from the public issue account to a cash credit (CC) account for GCP and issue expenses, which also recorded other business transactions, raising a compliance concern. Vendor changes for capital expenditure were approved via board resolution. The board approved a revised deployment schedule on May 14, 2026.
The delays and commingling of funds indicate internal control gaps in managing IPO proceeds, which could attract regulatory scrutiny. Investors should monitor the unutilized Rs.70 crore deployment and whether the board's revised timeline is adhered to.