Orchid Pharma 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 a Qualified Institutions Placement (QIP). It also highlights a significant delay in the implementation of the Jammu manufacturing facility, with commercial operations now expected by February 2027.
Orchid Pharma Submits Monitoring Agency Report
Orchid Pharma Limited has filed its Monitoring Agency Report for the second quarter of the fiscal year, ending September 30, 2026. The report, prepared by Care Ratings Limited, provides an objective overview of how the proceeds from the Qualified Institutions Placement (QIP) have been utilized by the company.
QIP Utilization Details
The report indicates that the company revised the allocation of QIP proceeds among the objects specified in the offer document, following shareholder approval on September 20, 2025. Funds are being utilized in line with this revised schedule. Specific details show that an amount of ₹3.77 crores has been spent on technical know-how for setting up a manufacturing facility.
Manufacturing Facility Delay Noted
A significant point highlighted in the report is the delay in the implementation of the manufacturing facility under Orchid Bio Pharma Limited in Jammu. While initially planned for earlier completion, commercial operations are now anticipated to commence by February 2027. The land acquisition process and subsequent construction activities have faced unforeseen challenges, impacting the original timeline. The total unutilized amount for the Jammu manufacturing facility as of September 30, 2026, was ₹0.00 crore, as the entire allotted funds were utilized.
API Facility Progress
Regarding the funding for capital expenditure for a new block at the API Facility in Alathur, Tamil Nadu, the report states that the entire allotted amount of ₹0.36 crore was utilized as of June 2025. No amount remains unutilized for this object.
General Corporate Purpose Utilization
The company has completed the utilization of the General Corporate Purpose (GCP) portion of the proceeds as of March 31, 2025. The revised GCP amount was ₹63.72 crores.
Source: BSE
