Poly Medicure Limited has released the Monitoring Agency Report for the quarter ended March 31, 2026. The report details the utilization of proceeds from the company’s Qualified Institutional Placement (QIP). While a significant portion of funds has been deployed toward manufacturing facilities and general corporate purposes, the monitoring agency highlighted that certain unutilized proceeds were temporarily parked in hybrid mutual fund schemes, which deviates from the original disclosures in the company’s placement document.
Utilization of QIP Proceeds
As of the quarter ended March 31, 2026, Poly Medicure Limited has utilized a total of Rs. 50,102.62 lakh out of the total net proceeds of Rs. 98,534.37 lakh. The funds were primarily directed toward the manufacturing facilities project and general corporate purposes. A total of Rs. 6,198.32 lakh has been spent on setting up manufacturing facilities, while Rs. 18,877.46 lakh has been allocated to general corporate activities.
Investment of Unutilized Funds
The monitoring agency, CRISIL Ratings Limited, noted that the company has deployed a portion of its unutilized proceeds into various hybrid mutual fund schemes. The market value of these investments as of March 31, 2026, stood at Rs. 7,594.45 lakh, compared to the total invested amount of Rs. 7,187.58 lakh. The agency observed that this investment approach, which carries exposure to equity and debt market fluctuations, is not in line with the initial disclosures made in the August 2024 placement document.
Project Delays and Outlook
The report also identifies a delay in the implementation of planned projects. Originally slated for completion by Fiscal 2026, the expenditure for key initiatives has been rescheduled to FY 2026-27 and FY 2027-28. This delay is attributed to a revised execution strategy for a project location at SEZ Jaipur. Although the land has been allotted, the execution of the lease deed is expected shortly, which will allow capital expenditure activities to commence.
Source: BSE
