Please find enclosed Monitoring Agency Report received from CARE Ratings Limited for the quarter ended June 30, 2025.
VRAJ · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Vraj Iron and Steel has submitted the Monitoring Agency Report from CARE Ratings for Q1FY26, covering how it used the Rs. 171 crore it raised from its June 2024 IPO. As of June 30, 2025, the company has used Rs. 168.08 crore, with only Rs. 2.94 crore left unspent (Rs. 2.69 crore for issue expenses and Rs. 0.25 crore for capex). The Rs. 70 crore earmarked for repaying term loans and the Rs. 22.80 crore for general corporate purposes are fully deployed, while Rs. 59.25 crore of the Rs. 59.50 crore planned for the Bilaspur Plant expansion has been spent. The Sponge Iron Plant was completed in December 2024, the Captive Power Plant in March 2025 (2 months late), but the Billet Plant remains delayed due to late supplier deliveries and an early monsoon. Idle funds of Rs. 5.05 crore are parked in an HDFC Bank fixed deposit (earning 6.60%) and a monitoring account. There are no deviations from the stated use of proceeds.
Positive for shareholders as the company has used IPO funds in line with what it promised, with no misuse or major diversions. However, ongoing delays at the Billet Plant could push back capacity ramp-up and revenue benefits from the expansion, which investors should watch closely.