Key Quantitative Figures

  • IPO Size: Rs. 58.80 crore comprising fresh issue of 25,00,000 equity shares (Rs. 49.00 crore) and offer for sale of 5,00,000 equity shares (Rs. 9.80 crore)
  • Net Proceeds: Rs. 41.87 crore (after deducting issue expenses of Rs. 6.49 crore from estimated Rs. 7.13 crore)
  • Total Utilization: Rs. 40.04 crore utilized as of June 30, 2026
  • Unutilized Amount: Rs. 8.96 crore

Parties Involved

  • Issuer: Sharvaya Metals Limited
  • Monitoring Agency: Infomerics Valuation and Rating Limited
  • Signing Authority: Mr. Sudarshan Shreenivas, Director - Ratings
  • Tax Auditor: M/s Rishabh S. Katariya & Associates (certificate dated July 23, 2026)
  • Promoter: Shreyans Ravindra Katariya

Utilization Breakdown by Objects

1. Working Capital Requirements (Allocated: Rs. 9.00 crore)

  • Utilized: Rs. 7.47 crore (83% of allocation)
  • Unutilized: Rs. 1.53 crore
  • Status: Ongoing, no delay
  • Purpose: Funding expansion in operations, higher inventory stocking, and normalization of receivable cycles

2. Civil Construction and Electrification (Allocated: Rs. 5.17 crore)

  • Quarter Beginning: Rs. 1.12 crore
  • Quarter Utilization: Rs. 1.61 crore
  • Total Utilized: Rs. 2.73 crore (53% of allocation)
  • Unutilized: Rs. 2.44 crore
  • Status: Ongoing, no delay
  • Purpose: Construction of new pre-engineered building (PEB) shed for aluminium extrusion capacity of 8,000 metric tonnes per annum

3. Plant and Machinery Purchase (Allocated: Rs. 20.40 crore)

  • Quarter Beginning: Rs. 4.95 crore
  • Quarter Utilization: Rs. 11.10 crore
  • Total Utilized: Rs. 16.05 crore (79% of allocation)
  • Unutilized: Rs. 4.35 crore
  • Status: Ongoing, no delay
  • Purpose: Purchase of extrusion press, handling systems, cranes, precision machining equipment for new extrusion facility
  • Note: Majority of payments during quarter made to vendor mentioned in RHP

4. General Corporate Purposes (Allocated: Rs. 7.30 crore)

  • Utilized: Rs. 7.30 crore (100% of allocation)
  • Unutilized: Rs. 0.00 crore
  • Status: Completed, no delay
  • Purpose: Routine operational and business expenses including business development, employee costs, administrative overheads

5. IPO Expenditure (Estimated: Rs. 7.13 crore)

  • Utilized: Rs. 6.49 crore
  • Unutilized: Rs. 0.64 crore (lying in Monitoring Account)

Deployment of Unutilized Proceeds (Rs. 8.96 crore)

  • Fixed Deposits with Small Finance Bank: Rs. 8.00 crore (maturing December 04, 2026, interest rate 6.90%)
  • Cash Balance in Monitoring Account: Rs. 0.96 crore

Industry Context

The Company operates in aluminium manufacturing segment, producing alloyed ingots, billets, slabs, sheets, circles and EV battery housings. Products cater to automotive, electric vehicles, cookware, consumer appliances, defence, aviation, extrusions and construction industries. Manufacturing facility located in Ahmednagar, Maharashtra.

Monitoring Agency Declaration

Infomerics Valuation and Rating Limited declares no direct/indirect interest or relationship with the issuer/promoters/directors/management and confirms no conflict of interest. The report provides an objective view based on information provided by the issuer but does not perform audit or independent verification.

Disclaimer

The report contains standard disclaimers stating that the Monitoring Agency accepts no responsibility for loss or damage from use of the information and that the report does not constitute investment advice or create any legally binding obligations.