SSMD Agrotech India Limited submitted a regulatory filing to BSE Limited regarding the utilization of funds raised through its Initial Public Offer (IPO) for the half year ended September 30, 2026. The filing was made pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Fund Utilization Status
The company reported no deviation in the utilization of IPO funds from the objects stated in the Prospectus. However, there has been a variation in the implementation schedule of certain objects due to business and operational reasons.
Total Funds Raised: ₹34.0857 crore
Cumulative Utilization as of 30.09.2026: ₹24.9000 crore
Unutilized Amount as of 30.09.2026: ₹9.1857 crore
Detailed Utilization Breakdown:
1. Working Capital Requirements:
- Allocated: ₹13.1000 crore
- Utilized: ₹9.3957 crore
- Unutilized: ₹3.7043 crore
- Q1 FY27 utilization: ₹0.3975 crore
- Q2 FY27 utilization: ₹1.6460 crore
2. Repayment of Borrowings:
- Allocated: ₹6.8333 crore
- Utilized: ₹5.6055 crore
- Unutilized: ₹1.2278 crore
- Q1 FY27 utilization: ₹0.1498 crore
- Q2 FY27 utilization: ₹0.1557 crore
3. Capital Expenditure for D2C Dark Store Factories:
- Allocated: ₹2.0336 crore
- Utilized: ₹0.0516 crore
- Unutilized: ₹1.9820 crore
- No utilization during Q1 or Q2 FY27
4. Capital Expenditure for Namkeen Plant Machinery:
- Allocated: ₹0.9675 crore
- Utilized: ₹0.1900 crore
- Unutilized: ₹0.7775 crore
- Q1 FY27 utilization: ₹0.0941 crore
- No utilization during Q2 FY27
5. General Corporate Purpose:
- Allocated: ₹5.1000 crore
- Utilized: ₹3.7472 crore
- Unutilized: ₹1.3528 crore
- Q1 FY27 utilization: ₹0.3082 crore
- Q2 FY27 utilization: ₹0.3690 crore
6. Issue Related Expenses:
- Allocated: ₹6.0513 crore
- Utilized: ₹5.9100 crore
- Unutilized: ₹0.1413 crore
- No utilization during Q1 or Q2 FY27
Reasons for Variation/Deviation:
1. Working Capital Requirements: Funds utilized for increased business operations, raw material procurement, inventory management, distribution network expansion, and day-to-day operational requirements. The unutilized amount is for future working capital needs.
2. Repayment of Borrowings: Phased repayment considering cash flow position and financial requirements to reduce finance costs and strengthen financial position.
3. D2C Dark Store Factories: Implementation progressing slower due to phased execution strategy, identification of suitable locations, and assessment of commercial and operational viability.
4. Namkeen Plant Machinery: Evaluation and planning ongoing for machinery requirements, procurement, and implementation. Timing dependent on finalization of specifications and project requirements.
5. General Corporate Purpose: Funds utilized for administrative expenses, business development, operational strengthening, and other corporate requirements. Balance retained for future needs.
6. Issue Related Expenses: Substantially incurred for statutory fees, professional charges, listing expenses, intermediary fees, and advertisement expenses. Remaining amount for any residual expenses.
Auditor Certification:
Chanana & Associates, Chartered Accountants (FRN: 028379N), certified the fund utilization status. Their verification noted a rounding difference of ₹0.02 lakhs between the reported unutilized amount (₹918.57 lakhs) and the bank balance (₹918.59 lakhs).
Governance Review:
The Audit Committee of the Company reviewed the Statement of Deviation or Variation at its meeting held on November 14, 2026.