Monitoring Agency Report for Quarter Ended March 31, 2026

India Ratings & Research, the monitoring agency for Rubicon Research's IPO, has submitted its Q4 FY2026 report confirming that IPO proceeds of INR 5,000 Million are being utilized as per the disclosed objects with no deviation observed. As of March 31, 2026, the company has utilized INR 3,351.45 Million (67%), leaving INR 1,648.55 Million unutilized. Of the INR 3,100 Million allocated for debt repayment, INR 2,646.41 Million has been used. For inorganic growth and general corporate purposes, INR 590.05 Million of the INR 1,612.74 Million allocation has been deployed. The monitoring agency noted that the company transferred IPO proceeds from the monitoring account to multiple current accounts and Cash Credit accounts, resulting in fund comingling, though the company provided supporting bank entries for utilization. Unutilized funds are parked in fixed deposits with HDFC and Axis banks, with annualized returns ranging from 6.25% to 7.05%.