Monitoring Agency Report for quarter ended March 31, 2026

Parag Milk Foods Ltd has submitted its quarterly monitoring agency report for Q4 FY26, covering the utilization of funds from a preferential issue of convertible warrants issued in May 2025. The total issue size was INR 161.19 Crores (90 lakh warrants at INR 179.10 each), but only INR 40.30 Crores (25% upfront subscription) has been received so far as the balance 75% will be paid when warrant holders exercise their conversion option within 18 months. Of the INR 40.30 Crores received, INR 40.00 Crores has been utilized across four stated objects: Debt Reduction (INR 17.50 Crores), Working Capital (INR 7.80 Crores), Capital Expenditure (INR 5.00 Crores), and General Corporate Purpose (INR 9.70 Crores). The remaining INR 0.30 Crores lies in the company's Union Bank account. India Ratings & Research has confirmed no deviation from the stated objects of the issue, with all utilization matching the disclosures in the offer document.