STALLION · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings, the monitoring agency for Stallion India's Rs. 160.73 crore IPO, has flagged material deviations. The company overspent Rs. 3.99 crore on issue expenses (actual Rs. 15.99 crore vs. allocated Rs. 11.99 crore) and Rs. 3.71 crore extra on working capital (Rs. 98.71 crore vs. Rs. 95 crore), totaling Rs. 7.71 crore in excess utilization. Both capex projects (Semiconductor & Specialty Gas facility in Khalapur and Refrigerant facility in Mambattu) are delayed beyond their October 2025 deadline due to re-engineering and weather issues. The monitoring agency also found data classification errors and commingling of IPO funds with other company money in current accounts. The company states excess spending was due to the IPO being oversubscribed 188 times and was used for favorable working capital conditions, with shareholder approval for deviations currently under process via e-voting.
The material deviations and capex delays signal weak financial controls and potential misuse of IPO proceeds. While the company claims no impact on capex projects, the Rs. 7.71 crore overutilization may leave insufficient funds for other planned objectives. Shareholders should closely monitor the upcoming e-voting approval and the June 2026 restart of delayed facilities.