Monitoring Agency Report for the quarter ended March 31,2026
SAATVIKGL · price
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Crisil Ratings Limited has submitted the Q4 FY2026 monitoring agency report for Saatvik Green Energy's IPO proceeds. The company raised Rs 7,000 million in September 2025 and as of March 31, 2026, has deployed Rs 3,931.97 million (56%) of the gross proceeds. Rs 3,068.03 million remains unutilized and is parked in fixed deposits and monitoring accounts, earning Rs 30.23 million in interest. There is a notable delay in project implementation—the company planned to deploy Rs 4,433.59 million by FY2026 but only deployed Rs 1,895.49 million. The 4 GW solar PV module manufacturing facility in Odisha has received Rs 1,782.70 million so far with Rs 2,989.57 million still pending. The monitoring agency found no deviations from the stated objects of the issue.
The slower-than-expected utilization of IPO proceeds is not unusual for capital-intensive projects, and the extension to March 2027 is permitted under the prospectus. However, shareholders should note that major project milestones are behind schedule, and the company is earning modest returns (6-7%) on idle funds held in fixed deposits.