MONITORING AGENCY REPORT FOR THE QUARTER ENDED MARCH, 31, 2026

Stanbik Agro Limited raised ₹12.28 crore through an IPO in December 2025. Brickwork Ratings, the monitoring agency, has reported that the company has not fully utilized the IPO proceeds as of March 31, 2026, despite the prospectus stating full utilization by FY 2025-26. Out of ₹12.28 crore, only ₹4.63 crore (37.7%) has been utilized. The major concern is that ₹3.58 crore allocated for retail network expansion, ₹0.37 crore for security deposits, and ₹0.19 crore for brokerage charges remain completely unutilized. The company states that rent agreements with outlet owners are still being finalized, with expected completion by June 30, 2026. Working capital utilization stands at ₹4 crore out of ₹6.39 crore allocated.