Monitoring agency report for the quarter ended March 31, 2026
MEIL · price
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CARE Ratings, as monitoring agency for Mangal Electrical's ₹400 crore IPO (August 2025), reported that ₹309.34 crore (77%) has been utilized as of March 31, 2026. Capital expenditure deployment is severely delayed—only ₹0.54 crore used against ₹49.93 crore earmarked for FY26—due to ongoing quotation finalization. Loan repayment is at ₹97.20 crore vs ₹101.27 crore planned, citing foreclosure charges as the reason. Working capital showed a ₹1.39 crore over-utilization in Q3 which was corrected in Q4. The unutilized ₹90.66 crore is parked in HDFC Bank fixed deposits maturing between May and November 2026. No material deviations were declared as defined by SEBI thresholds.
The significant under-utilization of capex funds (87% unspent) raises concerns about project execution timelines and potential delays in capacity expansion. Investors should monitor Q1 FY27 capex deployment closely, as the company has committed to deploying these funds in 2026-27. The working capital over-utilization was minor and already corrected.