Enclosed herewith Monitoring Agency Report for Quarter ended 31 March, 2026.
PLATIND · price
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Platinum Industries Limited has submitted its Q4 FY2026 monitoring agency report from CRISIL Ratings Limited covering utilization of its IPO proceeds. The company raised Rs 2,118.29 million through its February 2024 IPO. As of March 31, 2026, Rs 1,507.87 million (71%) has been utilized, leaving Rs 610.42 million unutilized. The Egypt manufacturing facility is only 23% complete (Rs 155.02 million of Rs 677.21 million deployed), while the Palghar facility is 92% complete (Rs 653.78 million deployed). Working capital and general corporate purposes are nearly fully utilized at 91% and 99.8% respectively. The implementation is delayed beyond the original Fiscal 2025 target due to pending regulatory approvals (Fire NOC, Lift license for Palghar; Fire Permit for Egypt). The company expects full utilization by Fiscal 2027. Related party transactions of Rs 29.27 million for raw material purchases were disclosed, approved by shareholders in September 2025.
The IPO fund utilization is behind schedule with significant unutilized proceeds, mainly due to delays in regulatory approvals for the Egypt facility. However, there are no material deviations from the disclosed objects, and the Palghar facility is near completion, suggesting gradual progress toward full deployment.