The Company informed about Monitoring Agency Report for the quarter ended 31st March, 2026.
POLYMED · price
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Poly Medicure's QIP (raised ~Rs 999.99 crore in August 2024) has seen only partial deployment as of March 2026. Of the net proceeds of Rs 98,534.37 lakh, Rs 50,102.62 lakh (about 51%) has been utilized, leaving Rs 48,431.75 lakh unutilized. Capital expenditure on three proposed manufacturing facilities (Jaipur, Palwal, Haridwar) stands at only Rs 6,198.32 lakh against the planned Rs 49,973.16 lakh — a significant shortfall. The inorganic acquisition bucket (Rs 25,026.84 lakh) remains entirely untouched. Critically, the monitoring agency (CRISIL Ratings) flagged that the company parked unutilized proceeds in various hybrid mutual fund schemes with equity and debt exposure, which is not in line with the Placement Document's disclosure permitting only bank deposits or money market funds. As of March 31, 2026, these investments are valued at Rs 52,792.51 lakh (cost Rs 48,431.74 lakh), including Rs 7,594.45 lakh in equity-exposed hybrid funds. The capex delay is attributed to a revised execution plan at the SEZ Jaipur location, with lease deed execution pending.
The company is sitting on a large idle corpus deployed in market-linked instruments not sanctioned by the offer document — a compliance red flag. Shareholders should monitor whether the GCP (Rs 18,877.46 lakh utilized out of Rs 23,534.37 lakh) and capex utilization accelerate, and whether the equity-hybrid fund investments are unwound or regularized. The overall ~51% utilization in ~20 months post-QIP signals slower-than-expected project execution.