Mittal Sections Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. The report, issued by CARE Ratings Limited, details the utilization of funds raised through its SME Initial Public Offer (IPO). Key areas covered include capital expenditure, working capital requirements, and other specified objects, with details on amounts utilized and unutilized as of the reporting date.
Mittal Sections Limited Submits IPO Fund Utilization Report
Mittal Sections Limited has submitted its Monitoring Agency Report for the quarter that concluded on September 30, 2026. This report, prepared by CARE Ratings Limited, provides a comprehensive overview of how the funds raised through the company’s SME Initial Public Offer (IPO) have been utilized.
Key Observations for Q2 FY27
Capital Expenditure
For the object of financing expenditure towards Acquisition of Land, Construction of Factory Building, and Purchase of Plant & Machineries, the company utilized ₹20.21 crore during the quarter. As of September 30, 2026, the total unutilized amount for this object stood at ₹0.61 crore. The company has been interchanging utilization between objects, with a deviation less than 10% noted, which is pertaining to interchangeability between stated objects.
Working Capital Requirements
Regarding Working Capital requirements, the utilization was reported as ₹15.29 crore by the end of the quarter. Notably, this category showed an unutilized amount of -₹0.29 crore as of September 30, 2026, indicating a slight over-utilization that has been adjusted and reimbursed. The company has confirmed that the utilization is in line with stated objects and does not impact funding for capital expenditure.
Other Objects
Funds allocated for Full or part repayment and/or prepayment of certain outstanding secured borrowings (₹5.00 crore), General Corporate Purpose (₹2.06 crore), and Issue Related Expense (₹10.03 crore) were all reported as completed in Q3FY26, with no unutilized amounts remaining for these categories.
Unutilized Proceeds Deployment
As of September 30, 2026, the company had unutilized IPO funds aggregating ₹0.32 crore. This amount was parked in a fixed deposit with City Union Bank Limited, maturing on April 23, 2027, earning a return of 6.25%. This deposit represents the balance unutilized IPO proceeds after adjustments for internal accruals.
Implementation of Objects
The object related to Capital expenditure towards Acquisition of Land, Construction of Factory Building and Purchase of Plant & Machineries is currently ongoing, with a delay noted in its completion. The offer document projected completion by February 2026, but it remains in progress. However, the company stated its intention to utilize any unutilized amount in the next financial year, as per the prospectus.
Source: BSE
