Report of the Monitoring Agency under Regulation 41 (4) of the Securities and ExchangeBoard of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
SYRMA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Crisil Ratings, the monitoring agency, has confirmed that Syrma SGS Technology has used Rs 6,252.63 million out of Rs 7,257.22 million in net IPO proceeds as of March 31, 2025, with no deviation from stated objects. Of the Rs 4,030 million earmarked for R&D facility and manufacturing expansion (new SMT lines in Chennai, Hyderabad, Manesar, Bawal, and Hosur), only Rs 3,037.50 million has been spent, leaving Rs 992.50 million unutilized. Working capital (Rs 1,315.80 million) and general corporate purposes (Rs 1,911.42 million) buckets are nearly fully utilized. The capex object, originally targeted for completion by FY24 and later revised to FY25, is now further delayed to FY26 due to prudent capex and capacity optimization. The unutilized Rs 1,004.59 million is parked in fixed deposits with HDFC and RBL Bank earning 6.50%–7.95% interest.
The delay in deploying capex proceeds is mildly negative, as the original growth investments in new SMT lines are pushed further out, though management cites prudent spending. No deviation from objects means investor funds are intact and earning returns on idle deposits, which limits downside. Shareholders should track FY26 progress on manufacturing capacity expansion to gauge whether the delay impacts revenue growth timelines.