Monitoring Agency Report for the quarter ending March 31, 2026.
ORIENTTECH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, as Monitoring Agency for Orient Technologies' Rs. 120 crore IPO (August 2024), has submitted its report for Q4FY26. As of March 31, 2026, the company has utilized Rs. 76.27 crore (63.5%) out of Rs. 120 crore. The capital expenditure object (Rs. 79.65 crore) has seen only Rs. 40.21 crore utilized with Rs. 39.44 crore remaining. Originally, funds were to be fully deployed by end of FY25, but timelines have been extended twice via shareholder resolutions - first to FY26 and now to FY27. The company has changed vendors and specifications for equipment purchases as approved by shareholders. Unutilized proceeds of Rs. 43.75 crore are parked in fixed deposits with Citi Bank (Rs. 35 crore), ICICI Bank (Rs. 5 crore), and Axis Bank (Rs. 4 crore).
The IPO proceeds are being deployed slower than originally planned, with about 50% still unused 18 months after the issue. While there is no deviation in the intended use of funds (shareholder approval obtained), the extended delays in capital expenditure deployment may signal execution challenges or shifting business priorities to investors.