Monitoring Agency Report for the Quarter ended March 31, 2026

CRISIL Ratings Limited has submitted its Q4 FY2026 (quarter ended March 31, 2026) monitoring report for Western Carriers' IPO proceeds. The IPO raised Rs 4,928.80 million (net proceeds Rs 3,629.38 million after Rs 370.62 million issue expenses). Of the net proceeds, Rs 1,635 million was fully deployed for debt repayment, Rs 477.28 million for general corporate purposes (fully deployed), and Rs 1,517.10 million was allocated for capital expenditure, of which Rs 604.10 million (about 40%) has been used, leaving Rs 913 million unutilised. The unspent amount of Rs 935.21 million is deployed in HDFC Bank fixed deposits and a preferential account, earning interest at ~6.45-6.60%. The capital expenditure utilisation is delayed due to the company's ongoing evaluation of electric vehicle (EV) technologies for commercial vehicles, preferring to wait before committing to procurement.