Please find enclosed the Monitoring Agency Report for the quarter ended 31st March 2026
VIKRAMSOLR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research, the monitoring agency, has confirmed no deviation in utilization of IPO proceeds from the stated objects. Vikram Solar raised INR 15,000 million through its IPO in August 2025, of which INR 5,309.18 million (35.4%) has been utilized as of March 31, 2026, leaving INR 9,690.82 million unutilized. The proceeds are deployed across two solar manufacturing projects: Phase I (3,000 MW cell and module facility in Tamil Nadu) has spent INR 2,851.66 million of INR 7,697.30 million allocated, while Phase II (capacity expansion to 6,000 MW) has spent INR 1,179.87 million of INR 5,952.08 million allocated. All General Corporate Purpose funds (INR 495.49 million) have been utilized. The unutilized funds are parked in fixed deposits with various banks earning 3-6.61% interest annually.
The monitoring agency report shows the IPO proceeds are on track with no misuse, but project execution delays exist. All three project milestones have been pushed back by 3-6 months, extending timeline for commercial production to Q3-Q4 FY2027. This delays revenue generation from the expanded manufacturing capacity.