Monitoring Agency Report For The Quarter/Year Ended 31 March, 2026
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Shree Ram Twistex Limited submitted its Q4 FY26 monitoring report for IPO proceeds utilization. The company raised Rs 11,024 lakh in its IPO (Feb 23-25, 2026) with net proceeds of Rs 10,523.55 lakh. Of this, Rs 7,623.55 lakh has been utilized across four objects: Solar power plant reimbursement (Rs 734.55 lakh fully utilized), wind power plant (Rs 500 lakh of Rs 3,900 lakh utilized with Rs 3,400 lakh remaining), debt repayment to SIDBI (Rs 1,489 lakh fully utilized), and working capital funding (Rs 4,400 lakh fully utilized). The monitoring agency (Crisil Ratings) noted a delay in wind power plant implementation as only Rs 500 lakh was deployed against the planned Rs 3,900 lakh by fiscal 2026. The unutilized Rs 3,400.45 lakh remains in the IPO account with Axis Bank. No deviations from stated objects were reported, and all utilization is confirmed as per the offer document.
The wind power plant project is behind schedule with significant unutilized proceeds held in the IPO account. While the delay is noted as per the offer document's contingency provision allowing deployment in subsequent fiscals, investors should monitor the timeline for the 4.2 MW windmill execution by Suzlon Energy Limited. All other IPO objects (solar plant, debt repayment, working capital) have been fully deployed as planned.