Monitoring Agency Report for the quarter ended September 30, 2025
POWERMECH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
CARE Ratings, the monitoring agency for Power Mech Projects' Rs. 350 crore QIP raised in October 2023 (net proceeds Rs. 343 crore), confirmed no deviation from the stated objects of the issue. Of the total, Rs. 171.70 crore has been utilized cumulatively, with Rs. 32 crore deployed in Q2FY26 towards the coal washery installation at the Tasra opencast project. The remaining Rs. 171.70 crore is unutilized and parked in fixed deposits with RBL Bank earning 7.95–8.05% interest, plus a small balance in the monitoring account. The Bank of Bahrain loan repayment (Rs. 20 crore) and general corporate purposes (Rs. 83.40 crore) are fully utilized, but the main coal washery capex is significantly behind schedule — actual spend of Rs. 68.30 crore versus the original plan of Rs. 240 crore spread across FY24–FY26. Approvals for the coal washery installation were delayed and received only by June 2025.
No misuse of funds and proceeds remain safely deployed in fixed deposits, which is positive. However, the meaningful delay in the Tasra coal washery capex — originally targeted for FY24 completion, now pushed to FY26 — may worry investors tracking project execution timelines. Watch for further updates on washery installation progress and any revised completion schedule.