We are enclosing herewith the Monitoring Agency Report for the quarter ended March 31, 2026.
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Man Industries (India) Ltd has filed the quarterly Monitoring Agency Report (issued by CRISIL Ratings Limited) for the quarter ended March 31, 2026, covering the utilization of Rs. 254.99 crore raised via a preferential issue of equity shares to non-promoters in July 2025. As of quarter-end, Rs. 195.27 crore (76.5%) has been deployed — Rs. 70.27 crore toward business expansion (capital expenditure for the company and subsidiary Man Stainless Steel Tubes Limited), Rs. 103.99 crore toward working capital, and Rs. 21 crore fully utilized for general corporate purposes. The remaining Rs. 59.73 crore sits in fixed deposits with Indian Overseas Bank and a monitoring account. The report flags an unresolved matter: a Rs. 63.95 crore guarantee deposit placed in escrow in Q2 FY2026 for a proposed acquisition by a wholly-owned subsidiary in Saudi Arabia, with no update as of March 2026. The report also notes a SEBI interim order (September 2025) barring the company from securities markets for two years, stayed by SAT in October 2025.
The company is deploying funds as intended but the stalled Saudi acquisition and pending SEBI regulatory case create uncertainty. The large unutilized balance (~Rs. 60 crore in FDs) suggests a slow deployment pace, and investors should monitor whether the escrow deposit for the acquisition is recovered or converted.