statement of Deviation and Variation for half Year Ended September 2025
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Awaiting price reaction for this filing.
Patel Chem Specialities, which raised ₹58.80 crore via an IPO in July 2025, has confirmed that there is no deviation or variation from the objects stated in its prospectus for the half year ended September 30, 2025. The filing reports fund utilisation during Q2FY26: ₹6.90 crore of ₹7.25 crore used for issue-related expenses, ₹4.86 crore of ₹8.40 crore deployed for general corporate purposes, and ₹4.51 crore of ₹43.15 crore used for capital expenditure. Total utilisation stood at ₹16.27 crore, leaving ₹42.53 crore (about 72% of funds raised) still unutilised, which the company says is parked in bank fixed deposits. The statement was reviewed by the Audit Committee and approved by the Board on November 14, 2025, with Infomerics Valuation and Rating Limited acting as the monitoring agency.
No deviation is a mildly positive governance signal — the company is using IPO money as promised to investors. However, a large chunk of capital expenditure funds remains unspent and is sitting in FDs, meaning the growth plan backed by IPO money is progressing slowly and shareholders may have to wait before seeing the full deployment translate into revenue or capacity expansion.