Monitoring Agency Report for the quarter ended March 31, 2026.
TIMETECHNO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, the monitoring agency, has submitted its Q4FY26 report on the Rs. 800 crore Qualified Institutional Placement (QIP) completed in November 2025. Out of Rs. 800 crore raised, Rs. 443.59 crore (55%) has been utilized by end of Q4FY26, leaving Rs. 356.41 crore unutilized. The repayment of outstanding borrowings (Rs. 400 crore) has been fully completed. Capital expenditure on automation and recycling plants is progressing slower than planned, with Rs. 10.53 crore and Rs. 14 crore utilized respectively against targets. The inorganic growth fund of Rs. 222.06 crore remains entirely unutilized, and the company has passed a Board resolution to extend the utilization period from FY26 to FY27. Unutilized funds are deployed in Fixed Deposits with various banks earning interest rates between 4-7.25%. There are no material deviations from the offer document, though some government approvals for recycling plants remain pending.
Positive for shareholders as the QIP funds are being deployed as intended, with borrowings fully repaid reducing debt burden. The extension of inorganic growth timeline to FY27 may delay strategic acquisitions, but allows more time for value-accretive opportunities.