Jupiter Wagons Limited has submitted its Monitoring Agency Reports (MARs) for the quarter ended December 31, 2025, concerning previous capital raises: a QIP (November 2023), a Preferential Issue (May 2024), and a second QIP (July 2024). The reports, provided by CARE Ratings Limited, indicate no major deviations from the stated objects across the placements. For the QIP involving Rs. 800.00 crore, significant utilization towards the subsidiary’s capital expenditure was noted, while the Preferential Issue proceeds remain largely unutilized, primarily due to delays in deploying capex funds following project revision.
Jupiter Wagons Files Quarterly Monitoring Reports
Jupiter Wagons Limited has disclosed the submission of the Monitoring Agency Reports (MARs) for the quarter ended December 31, 2025, as required by corporate regulations. These reports cover three distinct fundraising activities: the initial Qualified Institutional Placement (QIP) dated November 23, 2023; a Preferential Issue dated May 19, 2024; and a subsequent QIP dated July 5, 2024. The reports confirm that CARE Ratings Limited acted as the Monitoring Agency (MA) for all three transactions.
QIP (November 2023) Utilization Summary
The report covering the QIP of Rs. 403.41 crore confirmed no utilization of proceeds during the quarter ending December 31, 2025. The object concerning the enhancement of the existing alloy steel foundry capacity by 1000MT/M at Bandel, West Bengal, remains Ongoing, with the expected timeline now unascertainable due to object revision approved on April 18, 2025. The unutilized balance was Rs. 43.64 crore, deployed in instruments like SBI Mutual Fund and various fixed deposits.
Preferential Issue (May 2024) Monitoring
The report for the Preferential Issue totaling Rs. 135 crore (Equity Warrants) also noted no utilization during the quarter. The sole object involved investment in a subsidiary, Jupiter Tatravagonka Railwheel Factory Pvt. Ltd., for working capital requirements, equity/quasi equity. The MA noted a delay in implementation, as the object remains Ongoing, with the projected completion date shifted to Fiscal 2027.
Second QIP (July 2024) Progress
The monitoring report for the second QIP amounting to Rs. 800.00 crore detailed significant progress in fund deployment. Of the total, Rs. 601.04 crore has been utilized against a proposed Rs. 800.00 crore. Crucially, for the largest object—capital expenditure towards the subsidiary’s wheel and axle plant construction—the remaining Rs. 82.97 crore was utilized during the quarter, resulting in zero unutilized proceeds (0.00 crore) for this specific purpose. However, other objects, including General Corporate Purposes (GCP) and working capital, showed no utilization during the quarter.
Overall Compliance and Delays
Across all filings, the MA confirmed that no major deviation was observed compared to earlier reports. The MA noted that the Capex object under the first QIP experienced a significant delay, leading to object revision. For the Preferential Issue, the MA confirmed that funds are invested in fixed deposits and mutual funds following Board approval. The company confirmed that all necessary statutory approvals related to the objects have been obtained.
Source: BSE
