Monitoring Agency Report for the Quarter ended December 31, 2025
ORIENTTECH · price
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Orient Technologies Limited has submitted the Monitoring Agency Report (by CARE Ratings) on the utilization of its Rs. 120 crore IPO proceeds for Q3 FY26. The IPO was held in August 2024. As of December 31, 2025, the company has utilized Rs. 54.42 crore in total, with Rs. 65.58 crore still unutilized. The office premise acquisition (Rs. 10.35 crore) and general corporate purposes (Rs. 17.93 crore) are fully utilized. However, only Rs. 18.41 crore (23%) of the Rs. 79.65 crore earmarked for capital expenditure has been spent, and Rs. 4.34 crore of the Rs. 12.07 crore issue expenses remains unutilized. The company had to get shareholder approval via Special Resolution on March 30, 2025, to extend the original FY25 deadline to FY26 for capital expenditure and GCP objects, and has also changed vendors and equipment specifications. Unutilized funds are parked in fixed deposits with Citi Bank (Rs. 35 crore at 4%) and ICICI Bank (Rs. 30 crore at 5.85%).
The prolonged delay in deploying IPO capital expenditure funds (77% still unutilized) and changes in vendors/specifications raise concerns about execution capability, though the funds are earning interest in FDs. Shareholders should track the March 31, 2026 revised deadline, as further delays could weigh on the stock and signal slower business expansion than originally planned.