Monitoring Agency Report for the Quarter Ended on 31st December, 2025.
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Patel Chem Specialities has submitted the quarterly Monitoring Agency Report (by Infomerics Valuation and Rating) tracking use of its Rs. 58.80 crore IPO funds raised in July 2025. The company used Rs. 6.29 crore in Q3FY26 towards project objects and nil towards issue expenses, taking total utilization to Rs. 22.55 crore. The Rs. 8.40 crore earmarked for general corporate purposes is now fully used up, while Rs. 36.25 crore remains unutilized and parked in Axis Bank fixed deposits earning 6.60% interest plus a small balance in the public issue account. The main object — setting up a new manufacturing plant at Indrad, Mahesana for CCS, SSG and Calcium CMC products — is under execution via a Rs. 45 crore turnkey contract with J & H Pharma Consultants signed in September 2025, with commercial production targeted by March 2026. The Monitoring Agency reported no deviation from stated objects and no delay in implementation as of the quarter end.
Investors get a clean, on-track update on IPO fund use with no red flags — new plant commissioning by March 2026 remains the key catalyst that could lift the company's capacity from 3,720 MTPA to 9,732 MTPA, while idle funds continue to earn interest in the meantime.