Submission of Monitoring Agency Report for the half year ended on March 31, 2026
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Mahamaya Lifesciences submitted its half-yearly Monitoring Agency Report (covering Nov 18, 2025 to March 31, 2026) for its IPO proceeds. The company raised Rs. 64.28 crore (net proceeds Rs. 61.96 crore after IPO expenses). As of March 31, 2026, Rs. 29.17 crore (47%) has been utilized across all objects: Rs. 18 crore fully deployed for working capital, Rs. 8.26 crore fully deployed for general corporate purposes, Rs. 1.65 crore toward warehouse/machinery (ongoing), and Rs. 1.26 crore toward equipment purchases. The new technical manufacturing plant (Rs. 29.42 crore, the largest object) has seen minimal utilization (Rs. 0.76 crore). The remaining Rs. 32.79 crore is deployed in fixed deposits across HDFC Bank, DBS Bank, and IndusInd Bank earning 4.5%-6.3% interest. The monitoring agency (Infomerics Valuation and Rating Limited) confirmed zero deviation from the offer document objects, verified by statutory auditor N Naresh & Co.
No red flags for shareholders — the monitoring agency confirms all utilization is per the prospectus. However, the new technical manufacturing plant (backward integration project) is significantly behind schedule, which delays the company's stated growth strategy. The rescheduling of IPO proceeds to FY28 gives management more time but investors should track execution.