Please find enclosed herewith Monitoring Agency Report for the quarter ended 31.03.2026.
VSSL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Vardhman Special Steels Limited submitted its Q4 FY2026 monitoring report for a Rs 384.91 crore preferential issue completed on July 4, 2025. Of the total proceeds, Rs 183.95 crore (47.8%) has been utilized so far. The entire allocation for working capital repayment (Rs 150 crore) has been used, while Rs 33.95 crore was spent on capital expenditure at the existing plant during the quarter. However, the Rs 134.91 crore earmarked for the greenfield steel manufacturing plant at Ludhiana remains completely unutilized. The unutilized Rs 200.96 crore is deployed in liquid instruments including fixed deposits (ICICI Bank) and mutual funds (SBI, Bandhan, Kotak), generating returns of 4.5-6.0% per annum. The monitoring agency (CRISIL Ratings) confirmed all utilization is in line with the offer document disclosures with no deviations observed.
The unutilized funds being parked in liquid instruments is standard practice, but the greenfield plant capex remains pending. Shareholders should monitor whether the plant construction begins in upcoming quarters, as delays could affect future growth prospects.