Monitoring agency report for the period ended 31.03.2026
SIGACHI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Kotak Mahindra Bank, the monitoring agency, has submitted its report for Sigachi Industries' IPO proceeds utilization for Q4 FY2026. Two microcrystalline cellulose (MCC) expansion projects at Dahej and Jhagadia are fully completed with ₹57.40 crore deployed. The Croscarmellose Sodium (CCS) project remains unutilized at ₹32.30 crore as site work has only recently commenced after relocation from Kurnool, Andhra Pradesh to Dahej SEZ, Gujarat. General corporate purpose funds of ₹20.43 crore are fully utilized. Total deployment stands at ₹77.83 crore out of ₹110.13 crore earmarked, with unutilized funds parked in fixed deposits earning 8% ROI. The CCS project completion has been delayed from FY2024 to FY2027, though all major statutory approvals including environmental clearance have been obtained.
The filing shows orderly utilization of IPO funds with no deviations. The delayed CCS project (36-month extension) carries execution risk but has received shareholder approvals and site work has started, which is a positive development for investors awaiting returns from the IPO.