Monitoring Agency Report for the Quarter ended December 31, 2025.
PLATIND · price
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CRISIL Ratings, acting as the Monitoring Agency, has confirmed that Platinum Industries has utilized Rs 1,282.16 million out of Rs 2,118.29 million net IPO proceeds raised in February 2024, with Rs 836.13 million still unutilized and parked in fixed deposits and bank accounts. During the December 2025 quarter alone, Rs 230.53 million was deployed, including Rs 47.46 million for the Egypt facility, Rs 46.96 million for the Palghar plant, Rs 23.32 million for working capital, and Rs 112.79 million for general corporate purposes. The company has flagged significant delays: the Egypt PVC Stabilizers facility completion has been pushed to December 31, 2026 (from original February 2025), and the Palghar facility to June 30, 2026. Some statutory approvals such as Fire NOC and Lift License for Palghar, and Fire Permit for Egypt, remain pending. The report states no deviation from disclosed objects and no change in means of finance.
The sharp cost revision and extended timelines for the Egypt and Palghar manufacturing facilities are a red flag for shareholders, as the bulk of IPO proceeds were meant for these capacity expansions. Persistent delays and pending approvals suggest execution challenges, which could weigh on near-term growth and investor confidence in the stock.