Key Quantitative Figures

  • Gross Proceeds from IPO: ₹9,109.80 Lakhs
  • Offer Expenses: ₹225.00 Lakhs
  • Net Proceeds for Utilization: ₹8,884.80 Lakhs
  • Amount Transferred to Monitoring Agency Account: ₹8,882.21 Lakhs
  • Amount Remaining in Public Issue Account (Net Proceeds): ₹2.59 Lakhs (as of March 31, 2026)

Utilization of Proceeds as of March 31, 2026

The utilization of net proceeds is detailed against the objects stated in the offer document:

| Sr. No. | Item Head | Proposed in Offer Document (₹ Lakhs) | Utilized as of Quarter End (₹ Lakhs) | Unutilized Amount (₹ Lakhs) |

| 1 | Repayment of Loan | 600.00 | 600.00 | 0.00 |

| 2 | Working Capital | 5,927.02 | 5,927.02 | 0.00 |

| 3 | Capital Expenditure (Capex) | 1,367.78 | 291.08 | 1,076.70 |

| 4 | General Corporate Funds | 990.00 | 990.00 | 0.00 |

| | Total | 8,884.80 | 7,808.10 | 1,076.70 |

Quarterly Movement (Q4 FY26): During the quarter ended March 31, 2026, ₹176.71 Lakhs was transferred from the monitoring agency account to the company's current account and was fully utilized towards the objects of the issue (specifically for capex).

Deployment of Unutilized Proceeds

As of March 31, 2026, the total unutilized amount of ₹1,076.70 Lakhs was deployed as follows:

| Sr. No. | Instrument Details | Amount Invested (₹ Lakhs) | Maturity Date | Earnings for Q4 (₹ Lakhs) | Return (%) | Market Value (₹ Lakhs) |

| 1 | Monitoring Agency Account (Axis Bank - 925020041866195) | 374.11 | NA | NIL | NA | 374.11 |

| 2 | Public Issue Account (Axis Bank - 925020039322902) | 2.59 | NA | NIL | NA | 2.59 |

| 3 | Fixed Deposit (Axis Bank - 925040105382542) | 350.00 | April 6, 2026 | 5.20 | 3.00% | 355.20 |

| 4 | Fixed Deposit (Axis Bank - 925040105413413) | 350.00 | April 6, 2026 | 5.20 | 3.00% | 355.20 |

| | Total | 1,076.70 | | 10.40 | | 1,087.10 |

Breakdown of Account Balances:

  • Monitoring Agency Account: Total balance of ₹376.97 Lakhs, comprising ₹374.11 Lakhs (Issue Proceeds) and ₹2.86 Lakhs (earned interest during the quarter).
  • Public Issue Account: Total balance of ₹20.51 Lakhs, comprising ₹17.92 Lakhs (issue expenses) and ₹2.59 Lakhs (net proceeds).

Delay in Implementation and Forward Outlook

A delay has been reported in the implementation of the Capital Expenditure object.

  • Amount Delayed: ₹1,076.70 Lakhs (the unutilized portion of the capex object).
  • Original Estimate for Completion: Fiscal Year 2025-26.
  • Revised Estimate for Completion: End of Fiscal Year 2027 (Financial Year 2027-28).
  • Reason for Delay: Recent policy changes by the Chinese Government, coupled with prevailing market conditions affecting supplier capacity and lead times. The management has consequently decided to defer the orders for new machinery.
  • Prospectus Provision: The prospectus specified that if net proceeds are not completely utilized in the stated period, they would be utilized in FY 2027-28 in accordance with applicable law.

Auditor and Management Confirmation

Auditor's Certificate (Varadarajan & Co):

  • Confirms that all utilization is as per the disclosures in the Offer Document.
  • States there are no material deviations, no changes in means of finance, and no major deviations from earlier reports.
  • Declares no other relevant information that may materially affect investor decision-making.

Management Undertaking (To CRISIL Ratings Ltd.):

  • Affirms compliance with SEBI ICDR Regulations, 2018, and LODR Regulations, 2015.
  • Confirms no deviation from the objects stated in the Prospectus.
  • States that no part of the issue proceeds was paid to Promoters, Promoter Group, Directors, Key Managerial Personnel, or Group Companies during the quarter.
  • Confirms there were no transactions related to issue proceeds utilization with the aforementioned parties.