Key Quantitative Figures

The IPO was a Fresh Issue of Equity Shares aggregating to ₹50.92 Crore. The issue comprised 53,04,000 equity shares issued at a price of ₹96 per share.

Utilization of Proceeds

The report confirms that the utilization of the ₹50.92 crore IPO proceeds is in line with the objects disclosed in the Offer Document (Prospectus dated December 15, 2025). The detailed utilization against each object is as follows:

1. Funding capital expenditure: For setting up an assembly & glass glazing line at Rajoda, Ahmedabad for façade work.

  • Amount proposed in Offer Document: ₹18.30 Crore
  • Amount utilized as of June 30, 2026: ₹15.19 Crore
  • Unutilized amount: ₹3.11 Crore

2. Funding Working Capital requirements:

  • Amount proposed in Offer Document: ₹19.00 Crore
  • Amount utilized as of June 30, 2026: ₹19.06 Crore (₹0.06 Crore over the proposed amount)
  • Unutilized amount: -₹0.06 Crore

3. General Corporate Purpose:

  • Amount proposed in Offer Document: ₹7.62 Crore
  • Amount utilized as of June 30, 2026: ₹7.61 Crore
  • Unutilized amount: ₹0.00 Crore
  • The report notes that as of June 30, 2026, the balance for General Corporate Purpose is ₹0.00.

4. Issue Expenses:

  • Amount proposed in Offer Document: ₹6.00 Crore
  • Amount utilized as of June 30, 2026: ₹6.00 Crore
  • Unutilized amount: ₹0.00 Crore

Deployment of Unutilised Proceeds

The total unutilized proceeds of ₹3.11 crore (pertaining to the capex object) are currently deployed as follows:

  • ₹2.50 Crore in a Fixed Deposit with SBI (A/c No. 44768673806) maturing on December 24, 2026. The FD has earned interest of ₹0.425 Crore at a return of 6.25%, with a market value of ₹2.54 Crore as of quarter-end.
  • ₹0.67 Crore is held in a Monitoring Account with SBI (A/c No. 44734086114).
  • ₹0.00 Crore is held in the Public Issue Account with Kotak Mahindra Bank (A/c No. 51802646).

Key Confirmations and Status

The Monitoring Agency report, based on bank statements, a company letter dated August 04, 2026, and a CA Certificate from Shah & Patel Chartered Accountants dated August 06, 2026, confirms the following:

  • No Deviations: There is no deviation from the objects of the issue.
  • No Revised Costs: The cost for all objects remains unchanged from the original Offer Document.
  • Approvals Obtained: All necessary Government/statutory approvals related to the objects have been obtained.
  • No Viability Events: There are no favorable or unfavorable events affecting the viability of the objects.
  • Implementation Status: The working capital, general corporate purpose, and issue expenses objects are reported as 'Completed'. The capital expenditure object is 'Ongoing' and is expected to be completed within the original timeline of up to Financial Year 2026-27. There is no delay reported.

Governance and Approval

The Monitoring Agency Report (No. BWR/2026-27/IPM/HRSAL/03, dated August 07, 2026) was reviewed and taken on record by the company's Audit Committee and Board of Directors via a circular resolution passed on August 11, 2026.