Monitoring agency report on the IPO proceeds utilisation for the quarter ended 31.03.2026
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CARE Ratings, as monitoring agency, submitted its report on utilization of Rs. 600 crore IPO proceeds (net Rs. 566.24 crore after issue expenses). As of March 31, 2026, Rs. 526.85 crore (93%) has been deployed, with Rs. 39.38 crore remaining in fixed deposits. The company opened 25 of 30 planned new stores (3 in Q4FY26) and completed repayment of Rs. 50 crore borrowings. Working capital utilization shows Rs. 282.43 crore (vs. Rs. 280.07 crore earmarked) due to Rs. 2.36 crore reallocation from store setup funds. No material deviation in amounts was reported, though timeline extensions were approved for store and warehouse setup till September 2026. Warehouse construction remains significantly delayed from the original March 2024 target.
The IPO funds are being deployed largely as planned with no material deviation in amounts. The delays in store and warehouse rollout and extended timeline for full utilization suggest slower-than-expected expansion, but the funds remain safely deployed in FDs. Shareholders can note that the expansion is progressing, albeit at a measured pace.