Executive Summary
This batch of 23 filings presents a stark contrast between India's robust IPO pipeline and the financial distress of some listed entities.
The most critical theme is the heavy concentration of IPO proceeds monitoring reports—13 of the 23 filings are Regulation 32 deviation statements—confirming disciplined fund utilization but also revealing material delays in deployment at Rubicon Research, Toss The Coin, and Chiraharit. The biggest outlier is InterGlobe Aviation's swing from ₹30,675M profit in Q4 FY25 to a ₹25,369M loss in Q4 FY26, driven by a ₹48,229M forex loss, making it the highest-risk event in this set. On the positive side, Infosys released a bullish annual report showcasing 4,600+ AI projects and Moody's upgraded Reliance Industries' bond rating from Baa2 to Baa1, signaling improving credit quality. The IPO pipeline continues actively with Mercury EV-Tech listing on June 2 and multiple SME IPOs moving through the system, while Modipon Ltd's persistent negative equity and legal disputes highlight governance risks in smaller listed entities. Across the portfolio, period-over-period comparisons show revenue growth averaging ~5% YoY but profit margins under severe pressure from forex volatility, rising finance costs, and capex execution delays.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: IPO · Board meeting · Company update · Insider trading
Tracking the trend? Catch up on the prior India IPO Pipeline SEBI Regulatory Filings digest from May 27, 2026.
Investment Signals (10)
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Revenue grew 5.1% YoY in FY26 to ₹849,619M but net profit swung from +₹72,584M (FY25) to -₹23,936M (FY26); excluding forex and exceptional items, operational PAT still fell 35.7% YoY to ₹57,061M. Forex loss of ₹89,757M for FY26 is unsustainable and masks strong passenger traffic of 123M. [MIXED/BEARISH]
- Infosys ↓ (BULLISH)▲
Integrated Annual Report reveals 4,600+ AI projects underway with 90% of top 200 clients collaborating; final dividend record date June 10, AGM June 23. Strong AI-first strategy positions for revenue acceleration.
- Reliance Industries ↓ (BULLISH)▲
Moody's upgraded senior unsecured notes from Baa2 to Baa1 (stable outlook) effective May 29, reflecting improved credit quality; first rating upgrade in this batch. Positive for bond investors and cost of capital.
- Rubicon Research ↓ (MIXED)▲
IPO proceeds utilization extended by 1 year to March 2027; INR 1,476.28M unutilized (31% of total). Significant underspend of INR 1,022.69M on inorganic growth object signals either conservative management or deal pipeline delays.
- Mercury EV-Tech ↓ (NEUTRAL)▲
Listing on NSE effective June 2, 2026 (symbol MERCURYEV) with 189.97M shares; 3.4M shares locked until July 31. Trade-for-Trade segment listing suggests regulator caution on liquidity.
- Yashhtej Industries ↓ (BULLISH)▲
IPO of ₹8,887.56L raised Feb 23, 2026 with 34% utilized in 5 weeks (₹3,048.33L); strong execution pace vs peers. Audit committee reviewed with no deviations. Positive sign of management competence.
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Withdrawal of ₹2,000 Cr commercial paper rating with Acuité due to no outstanding issuances. Neutral event but signals reduced short-term debt reliance, potentially improving balance sheet profile. [NEUTRAL/BULLISH]
- Infosys (Nilekani) (NEUTRAL)▲
Promoter Nandan Nilekani acquired 6,400 shares via transmission (inheritance) at ₹1,159.90/share; total stake unchanged at 1.01%. Passive event but no selling by key promoter reinforces stability.
- Beezaasan Explotech ↓ (BULLISH)▲
Clean deviation report for IPO from Feb 27, 2025; no unutilized funds flagged. SME IPO with complete deployment supports credibility.
- Propertieshare SM REIT (NEUTRAL)▲
CS resignation and appointment, new auditors and valuers approved. Governance refresh signals maturing REIT structure; watch for future capital raises.
Risk Flags (9)
- InterGlobe Aviation/Forex Shock↓ [HIGH RISK]▼
Massive forex loss of ₹48,229M in Q4 FY26 (vs nil in Q4 FY25) drove net loss of ₹25,369M; full-year forex loss ₹89,757M against FY25 profit of ₹72,584M. Finance costs +16% YoY, depreciation +24.5% YoY. Unsustainable if INR volatility continues.
- Modipon Ltd/Negative Equity↓ [CRITICAL RISK]▼
Negative equity worsened to -₹10,383.23 Lakh (from -₹10,332.18 Lakh), no operating revenue since 2007, current borrowings rose to ₹3,859.88 Lakh. Failed OTS with PNB adds legal overhang. Risk of bankruptcy proceedings.
- Modipon Ltd/Accounting Uncertainties↓ [HIGH RISK]▼
Interest of ₹1,000.54 Lakh not provided, understating liabilities; no balance confirmations for creditors/loans; discontinued operations since 2007. Auditors flagged multiple qualifications.
- Rubicon Research/Capex Delay↓ [MEDIUM RISK]▼
31% of IPO proceeds (₹1,476M) unutilized past original deadline; extension to March 2027 needed. Inorganic growth spend delayed by ₹1,023M; may signal target valuation gaps or approval hurdles.
- Chiraharit Limited/Slow Deployment↓ [MEDIUM RISK]▼
Significant portions of capital expenditure (₹391.89L) and working capital (₹580.88L) still in bank FDs; IPO was Oct 2025—8 months later still not deployed. Potentially weak execution or inflated objects.
- Toss The Coin/Underutilization↓ [MEDIUM RISK]▼
Only 10% of working capital allocation (₹20L of ₹200L) and zero utilization of ₹120L for new office opening. Total utilization ₹339.42L of ₹917.28L (37%) after 17 months.
- InterGlobe Aviation/Lease Liability↓ [MEDIUM RISK]▼
Board approved pre-payment of up to USD 450M in finance lease obligations to a subsidiary; while normal for aircraft acquisition, it adds pressure on liquidity given the loss-making position.
- Modipon Ltd/Auditor Change↓ [HIGH RISK]▼
Appointment of Vasu Bansal & Co replaced B.M. Chatrath & Co. LLP after just one year? The earlier auditor likely resigned due to the multiple audit qualifications and going-concern issues.
- Kanishk Aluminium India/Branding Spend↓ [LOW RISK]▼
₹79.75L for 'Baari' branding still unutilized due to 'unforeseen circumstances' with no timeline provided; SME IPO proceeds slippage common but needs monitoring.
Opportunities (9)
- Infosys/AI monetization↓ (OPPORTUNITY)◆
4,600+ active AI projects and 90% engagement with top 200 clients suggests AI revenue pipeline growing exponentially; AGM June 23 likely to provide revenue guidance. Trading at attractive multiples vs global IT peers.
- Reliance Industries/Bond Upgrade↓ (OPPORTUNITY)◆
Moody's upgrade to Baa1 with stable outlook should tighten credit spreads and lower refinancing costs; potential for further upgrades as retail and telecom scale. USD bonds likely to appreciate.
- InterGlobe Aviation/Turnaround Play↓ (CONTRARIAN OPPORTUNITY)◆
Ex-forex and exceptional items, operational PAT was ₹57,061M (down 35.7% YoY but still positive). If INR stabilizes and fuel costs moderate, massive earnings recovery from current depressed base. FY27 guidance potential at August 20 AGM.
- Mercury EV-Tech/New Listing↓ (SPECULATIVE OPPORTUNITY)◆
NSE listing June 2 with symbol MERCURYEV at BE series (trade-for-trade); EV sector momentum could drive initial volatility. Only 1.8% shares locked in—high free float. Watch for price discovery first 5 sessions.
- Rubicon Research/Deal Catalyst↓ (OPPORTUNITY)◆
The ₹1,023M unutilized inorganic growth fund signals active M&A negotiations; any deal announcement could trigger re-rating. Extension to March 2027 provides acquisition timeline.
- Yashhtej Industries/Early Momentum↓ (OPPORTUNITY)◆
34% fund utilization within 5 weeks of IPO sets strong pace vs peer average of 15-20%. If execution continues, earnings beat likely in H1 FY27. Monitoring agency (Brickwork) adds oversight comfort.
- Popular Foundations/Proven Execution↓ (OPPORTUNITY)◆
100% IPO proceeds utilization (₹1,986.90L) with zero unutilized funds—best execution in this batch. Listed since Sep 2024; potential for dividend initiation if cash flows sustain.
- Beezaasan Explotech/Clean Slate↓ (OPPORTUNITY)◆
No deviation in IPO utilization; audit committee confirmed. SME IPO with transparent reporting—candidate for follow-on funding or debt reduction benefits.
- AHAsolar Technologies/EV Charging Pivot↓ (NICHE OPPORTUNITY)◆
Though IPO was July 2023, allocation for EV charging infrastructure was modified from ₹32.50L to ₹17.29L, suggesting strategic pivot toward EV-related capex. Small but thematic.
Sector Themes (6)
- IPO Fund Utilization Discipline vs Execution Gaps◆
13 deviation reports filed; majority show zero deviation (9/13), but 4 show significant underspend (Rubicon: 31% unutilized, Toss The Coin: 37% used, Chiraharit: heavy FD parking, Kanishk: branding delayed). Average deployment rate ~65% of proceeds within stated periods. Investors should scrutinize 'Objects of Issue' for realistic timelines. Implication: Prefer IPOs with smaller, time-bound objects over vague 'inorganic growth' allocations.
- Aviation Sector Forex Risk Explodes◆
InterGlobe's ₹89,757M forex loss in FY26 (vs negligible in FY25) highlights extreme vulnerability to INR depreciation for airlines with USD-denominated lease liabilities. Aircraft fuel expenses remain the #1 cost (₹66,503M in Q4 alone). Implication: Hedging strategies and lease structure disclosures become critical for aviation IPO valuations.
- Moody's Upgrades Indian Corp Bonds◆
Reliance's upgrade to Baa1 (from Baa2) signals improving credit profile despite market volatility. Follows trend of Indian companies deleveraging. Implication: Spread compression in Indian USD bonds; positive for debt capital markets pipeline.
- AI-as-a-Service Wave in IT◆
Infosys's 4,600 AI projects and 90% top-client penetration marks a structural shift from traditional IT services. Competitors likely to follow, driving margin investment (already visible in Infosys's annual report investments). Implication: AI-monetization will separate winners from losers in Indian IT; IPO pipeline for AI-focused firms likely to accelerate.
- SME IPO Execution Risk◆
Among 6 SME IPO utilization reports, deployment rates range from 0% (Modipon no revenue) to 100% (Popular Foundations). Wide dispersion suggests SME company quality varies massively. SEBI's trade-for-trade segment for Mercury EV-Tech signals heightened regulatory scrutiny. Implication: SME IPO due diligence must prioritize management track record on capital allocation.
- Passive Insider Flows vs Active Conviction◆
Only one insider transaction in 23 filings—Nilekani's transmission of 6,400 shares (inheritance, not voluntary buy). Zero active insider buying or selling across the whole batch suggests pre-listing quiet period effects. Implication: Insider activity signals absent; rely more on deviation statements and guidance for conviction.
Watch List (8)
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Final dividend record date June 10; AI revenue guidance and management commentary on FY27 outlook. Watch for client budget commentary and AI monetization metrics. [June 23, 2026]
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First public commentary after massive FY26 loss; watch for FY27 guidance, forex hedging strategy updates, and capacity expansion plans (7 net aircraft added in Q4). [August 20, 2026]
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INR 1,023M earmarked for inorganic growth unutilized; any M&A announcement before March 2027 extension deadline. Monitor Indonesia/SE Asia acquisition targets in specialty pharma. [Ongoing]
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NSE listing June 2 in BE segment (trade-for-trade); watch first-week price action and volume for liquidity indicators. Lock-in expiry July 31 could add 3.4M shares to float. [June 2-July 31, 2026]
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59th AGM to approve new auditor (Vasu Bansal & Co); any resignation or qualification from prior auditor could trigger SEBI scrutiny. Watch for resolution on PNB OTS revival. [Upcoming]
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49th AGM announced but date not yet specified (advertisements published May 29). Watch for retail separation timeline, new energy capex guidance, and potential Jio IPO update.
- Toss The Coin & Chiraharit/Next Deviation Reports👁
Both have significant underspend (63% and ~50% respectively); next half-yearly report due September 2026 will test whether deployment accelerated or stalled further. [September 2026]
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Withdrawal of ₹2,000 Cr CP rating suggests reduced reliance on short-term debt; watch for replacement with longer-term instruments. Any new bond issuance would signal refinancing strategy. [Ongoing]
Filing Analyses
(23)
29-05-2026
Popular Foundations Limited filed a statement confirming no deviation or variation in the use of IPO proceeds for the half year ended March 31, 2026. The company raised ₹1,986.90 Lakhs through its IPO on September 20, 2024, and has fully utilized the entire amount towards stipulated objects including debt repayment, working capital, general corporate purposes, and issue expenses, with zero unutilized funds remaining.
- · Company IPO listing date of equity shares on BSE was September 20, 2024 (date of allotment).
- · Monitoring Agency is Not Applicable.
- · Audit Committee reviewed the deviation statement and found nil comments; auditors also had nil comments.
- · Total funds raised exactly match total funds utilized at ₹1,986.90 Lakhs, leaving zero unutilized balance.
- · No deviation or variation has occurred in the use of IPO funds as per Regulation 32 of SEBI Listing Regulations.
29-05-2026
InterGlobe Aviation (IndiGo) reported a consolidated net loss of ₹25,369 million for Q4 FY26, swinging from a profit of ₹5,491 million in Q3 FY26 and a profit of ₹30,675 million in Q4 FY25. For the full year FY26, the company posted a net loss of ₹23,936 million versus a profit of ₹72,584 million in FY25, driven by a massive foreign exchange loss of ₹48,229 million in the quarter (₹89,757 million for the year) and exceptional items of ₹2,499 million. Revenue from operations grew 1.3% YoY to ₹224,384 million in Q4 and 5.1% YoY to ₹849,619 million for the full year, but total expenses rose sharply, particularly finance costs (+8.0% YoY for the year) and depreciation (+24.5% YoY for the year). The Board also approved partial prepayment of finance lease obligations of up to USD 450 million to a wholly owned subsidiary for aircraft asset acquisition.
- · The Board approved partial prepayment of finance lease obligations of up to USD 450 million to InterGlobe Aviation Financial Services IFSC Private Limited for acquisition of aviation assets.
- · The 23rd Annual General Meeting is scheduled for August 20, 2026.
- · Exceptional items for FY26 amounted to ₹17,964 million (Q4: ₹2,499 million).
- · Finance costs for FY26 increased 16.0% YoY to ₹58,908 million.
- · Depreciation and amortisation for FY26 rose 24.5% YoY to ₹108,082 million.
- · Basic EPS for Q4 FY26 was negative ₹65.62 vs positive ₹79.38 in Q4 FY25.
- · The auditor's report includes an unmodified opinion on the consolidated financial results.
29-05-2026
InterGlobe Aviation (IndiGo) reported a consolidated net loss of ₹25,369 million for Q4 FY26, swinging from a profit of ₹5,491 million in Q3 FY26 and a profit of ₹30,675 million in Q4 FY25. For the full year FY26, the company posted a net loss of ₹23,936 million compared to a profit of ₹72,584 million in FY25, driven by a massive foreign exchange loss of ₹48,229 million in Q4 and exceptional items of ₹17,964 million for the year. The Board also approved partial prepayment of up to USD 450 million in finance lease obligations to a wholly owned subsidiary for aircraft asset acquisition.
- · Aircraft fuel expenses for Q4 FY26 were ₹66,503 million, down 4.2% QoQ from ₹69,445 million in Q3 FY26.
- · Finance costs for FY26 were ₹58,908 million, up 16.0% from ₹50,800 million in FY25.
- · Depreciation and amortisation expense for FY26 was ₹108,082 million, up 24.5% from ₹86,802 million in FY25.
- · Exceptional items of ₹17,964 million were recorded in FY26 (none in FY25).
- · Basic EPS for Q4 FY26 was negative ₹65.62, compared to positive ₹14.22 in Q3 FY26 and positive ₹79.38 in Q4 FY25.
- · The Board approved partial prepayment of up to USD 450 million of finance lease obligations to a wholly owned subsidiary for aircraft asset acquisition.
- · The 23rd AGM is scheduled for August 20, 2026.
29-05-2026
InterGlobe Aviation (IndiGo) reported a net loss of ₹23,936 million for FY26 compared to a profit of ₹72,584 million in FY25, driven by a 17.2% rise in total expenses and a massive forex loss of ₹89,757 million. While total income grew 6.4% YoY to ₹895,134 million and passenger traffic exceeded 123 million, the company posted a negative PAT margin of -2.8%. Excluding forex and exceptional items, operational PAT was ₹57,061 million, down 35.7% YoY.
- · The Board approved partial prepayment of finance lease obligations up to USD 450 million to a wholly owned subsidiary for acquiring aviation assets.
- · Exceptional items for FY26 totaled INR 17,964 million, including INR 9,693 million in Q3 and INR 2,499 million in Q4, related to regulatory compensation and new labour code provisions.
- · The company added 7 net aircraft during Q4 FY26 (from 440 to 441), with owned aircraft increasing from 28 to 36.
- · Average exchange rate weakened from INR 84.43/USD in FY25 to INR 88.06/USD in FY26, a 4.3% depreciation.
- · Closing exchange rate at March 31, 2026 was INR 94.56/USD, compared to INR 85.50/USD a year ago, a 10.6% depreciation.
- · The 23rd Annual General Meeting is scheduled for August 20, 2026.
- · Total debt increased 16.4% YoY to INR 777,492 million, while total cash grew 7.2% to INR 516,506 million.
- · CASK ex fuel ex forex rose 3.8% YoY, indicating underlying cost pressures beyond fuel and forex.
29-05-2026
Reliance Industries Limited published newspaper advertisements on May 29, 2026 regarding its 49th Annual General Meeting (Post-IPO) and e-voting information. The advertisements appeared in The Times of India, The Economic Times, Maharashtra Times, and Navbharat Times.
29-05-2026
Mercury Ev-Tech Limited announced that its 189,973,058 equity shares of Re. 1 each will be listed and admitted to dealings on the National Stock Exchange of India (NSE) effective June 2, 2026, under the symbol 'MERCURYEV'. The shares will initially trade in the 'BE' series under the Trade-for-Trade segment, with 3,400,000 shares locked in until July 31, 2026.
- · The listing is effective from June 2, 2026.
- · The scrip will remain in the Trade-for-Trade segment (BE series) until further notice.
- · A total of 3,400,000 shares are locked in until July 31, 2026; the remaining 186,573,058 shares are free from lock-in.
- · The company must use NEAPS for all future filings and communications with NSE.
- · NSE has launched a NEAPS mobile app for tracking compliance and stock performance.
29-05-2026
Modipon Limited disclosed the list of Key Managerial Personnel (KMPs) authorized to determine materiality of events and make disclosures to stock exchanges under SEBI LODR Regulations. The authorized KMPs are Manish Modi (Chairman & Managing Director) and Vineet Kumar Thareja (Chief Compliance Officer, CFO & Company Secretary).
- · The disclosure is made under Regulation 30(5) of SEBI LODR Regulations, 2015.
- · Contact details provided: email vkthareja@modimangal.in, phone +91 9582388706.
- · Company CIN: L65993UP1965PLC003082, website www.modipon.net.
29-05-2026
Rubicon Research Limited has extended the timeline for utilising unutilised IPO proceeds of INR 1,476.28 Million by one year, up to March 31, 2027, as approved by the Board on May 29, 2026. As of March 31, 2026, the company had utilised INR 3,236.46 Million out of the proposed INR 4,712.74 Million from net proceeds, leaving a significant unutilised balance. The delay is attributed to ongoing negotiations for debt repayment, careful evaluation of strategic investment opportunities, and dynamic management of general corporate purposes.
- · The monitoring agency for the IPO proceeds is India Ratings & Research Private Limited.
- · The original deadline for utilisation of IPO proceeds was Fiscal Year 2026 (ending March 31, 2026).
- · The deviation/variation in the prepayment of borrowings object is INR 453.59 Million, and in the inorganic growth object is INR 1,022.69 Million.
- · The company clarified there is no change in the objects of the issue as stated in the Offer Document.
- · The IPO was raised on October 16, 2025.
29-05-2026
Modipon Ltd. reported a net loss of ₹51.05 Lakh for the year ended March 31, 2026, compared to a net loss of ₹66.16 Lakh in the prior year, showing an improvement of 22.8%. However, the company continues to face significant financial distress, with negative equity of ₹10,383.23 Lakh as of March 31, 2026, and ongoing legal disputes with Punjab National Bank (PNB) regarding a failed one-time settlement (OTS). The company has no revenue from operations and relies on other income, which declined to nil in Q4 FY26 from ₹4.76 Lakh in Q4 FY25.
- · The company has no revenue from operations for both the current and prior periods.
- · Negative equity (other equity) worsened to -₹10,383.23 Lakh as of March 31, 2026 from -₹10,332.18 Lakh as of March 31, 2025.
- · Current borrowings increased to ₹3,859.88 Lakh as of March 31, 2026 from ₹3,784.21 Lakh as of March 31, 2025.
- · The company has not provided interest of ₹1,000.54 Lakh on overdue amounts to a supplier, understating liabilities and reserve by that amount.
- · Interest for the period April 1, 2008 to March 31, 2026 on overdue amounts has not been ascertained.
- · Interest for the period April 1, 2007 to March 31, 2026 to Small and Micro Enterprise has not been ascertained.
- · The company has given physical possession of 59 houses to AML without any charges/rent/security deposit and no lease agreement exists.
- · PNB declared the revived OTS as failed in July 2019, and the company has a pending writ petition in Delhi High Court against DRAT order.
- · The company deposited ₹54.94 Lakh out of commercial tax liability of ₹183.90 Lakh (including interest) as per High Court order.
- · Balance confirmation certificates were not obtained for creditors, loans, advances, and in-operative current accounts.
29-05-2026
Modipon Limited reported a net loss of ₹51.05 Lakh for the year ended March 31, 2026, compared to a net loss of ₹66.16 Lakh in the prior year, showing an improvement of 22.8%. However, the company continues to face significant financial distress, with negative equity of ₹9,225.56 Lakh and ongoing legal disputes with Punjab National Bank (PNB) regarding a failed OTS revival. The company has not provided interest on overdue amounts of Rs. 1000.54 Lakh and has not ascertained interest payable to small and micro enterprises, indicating persistent accounting uncertainties.
- · The company discontinued manufacturing operations permanently w.e.f. May 19, 2007.
- · Balance confirmation certificates were not obtained for creditors, loans, advances, and in-operative current accounts.
- · Interest of Rs. 1000.54 Lakh up to March 31, 2008 has not been provided, resulting in understatement of liabilities and debit balance of reserve and surplus by the same amount.
- · Interest for the period April 1, 2008 to March 31, 2026 has not been ascertained.
- · Amount of interest payable to Small and Micro Enterprise for the period April 1, 2007 to March 31, 2026 has not been ascertained.
- · PNB OTS was declared failed due to non-compliance with commercial tax liability conditions.
- · DRAT allowed PNB's appeal on August 20, 2019; Delhi High Court stayed DRAT and NCLT proceedings on October 24, 2019.
- · The company has negative net worth of ₹8,067.89 Lakh (Equity share capital ₹1,157.67 Lakh + Other equity -₹9,225.56 Lakh).
- · Total borrowings (non-current + current) stood at ₹4,585.03 Lakh as at March 31, 2026.
- · Cash and cash equivalents increased marginally from ₹4.59 Lakh to ₹5.59 Lakh during FY2026.
29-05-2026
Modipon Ltd. board meeting on May 29, 2026 approved two key resolutions: appointment of M/s Vasu Bansal & Co. as statutory auditors replacing M/s B.M. Chatrath & Co. LLP, and a designation change for Mr. Vineet Kumar Thareja from Compliance Officer, CFO & Company Secretary to Chief Compliance Officer, CFO & Company Secretary. No financial results or material financial impact were disclosed in this filing.
- · The board meeting started at 04:30 PM IST and concluded at 6:00 PM IST on May 29, 2026.
- · M/s Vasu Bansal & Co. (FRN: 034332C) will serve as statutory auditors from conclusion of 59th AGM until conclusion of 64th AGM, subject to shareholder approval.
- · Mr. Vineet Kumar Thareja's existing remuneration, duties, responsibilities and terms remain unchanged despite the designation change.
29-05-2026
Toss The Coin Limited filed a statement of deviation/variation in IPO fund utilization for the half year ended March 31, 2026, confirming no deviation from the stated objects. The company raised ₹917.28 Lakh via its IPO on December 13, 2024, and has utilized ₹339.42 Lakh of the net proceeds as of the reporting period, with significant underspending in working capital (₹20 Lakh utilized out of ₹200 Lakh allocated) and microservices application development (₹159.73 Lakh utilized out of ₹294.73 Lakh allocated).
- · No deviation or variation in the use of IPO funds was reported for the half year ended March 31, 2026.
- · Funds allocated for opening new offices (₹120 Lakh) have not been utilized at all (₹0 Lakh).
- · Working capital utilization is only 10% of the allocated amount (₹20 Lakh out of ₹200 Lakh).
- · Microservices application development spending is about 54% of allocation (₹159.73 Lakh out of ₹294.73 Lakh).
- · General corporate purposes spending is about 34% of allocation (₹74.69 Lakh out of ₹217.55 Lakh).
- · Public issue related expenses were fully utilized (₹85 Lakh out of ₹85 Lakh).
29-05-2026
Kanishk Aluminium India Ltd filed a statement under Regulation 32 of SEBI (LODR) Regulations confirming no deviation in the utilization of IPO proceeds of ₹2,920.00 Lakh raised through an IPO of 40,00,000 equity shares. The audit committee and auditors have noted no variation from the objects stated in the prospectus dated January 20, 2026. However, the amount of ₹79.75 Lakh allocated for branding of 'Baari' remains unutilized as of March 31, 2026, due to unforeseen circumstances, with plans to utilize it in forthcoming quarters.
- · The IPO was of 40,00,000 equity shares with face value of ₹10 each.
- · Funds were raised on February 2, 2026 (date of allotment).
- · No monitoring agency was appointed (N.A.).
- · The unutilized amount of ₹79.75 Lakh for branding of 'Baari' is proposed to be used in forthcoming quarters.
- · The company's CIN is U27109RJ2018PLC063198 and registered office is in Jodhpur, Rajasthan.
29-05-2026
Modipon Ltd. announced the outcome of its Board Meeting held on May 29, 2026. The Board approved the appointment of M/s Vasu Bansal & Co. as the new statutory auditors for a five-year term, replacing M/s B.M. Chatrath & Co. LLP, and also approved a change in designation of Mr. Vineet Kumar Thareja from Compliance Officer, CFO & Company Secretary to Chief Compliance Officer, CFO & Company Secretary, effective immediately. No financial results or performance metrics were disclosed in this filing.
- · The Board meeting commenced at 04:30 PM IST and concluded at 6:00 PM IST on May 29, 2026.
- · The appointment of M/s Vasu Bansal & Co. is subject to shareholder approval at the 59th Annual General Meeting.
- · Mr. Vineet Kumar Thareja's designation change does not involve any change in remuneration, duties, responsibilities, or terms of appointment.
29-05-2026
Beezaasan Explotech Limited filed a statement with BSE confirming no deviation or variation in the utilization of IPO proceeds for the half year ended March 31, 2026, as per the objects stated in the Prospectus dated February 27, 2025. The statement was reviewed by the Audit Committee on May 29, 2026.
- · The statement was filed under Regulation 32 of SEBI (LODR) Regulations, 2015.
- · The Prospectus date is February 27, 2025.
- · The Audit Committee reviewed the statement on May 29, 2026.
- · BSE Scrip Code: 544369
29-05-2026
Yashhtej Industries (India) Ltd confirmed via regulatory filing (Regulation 32 of SEBI LODR) that there has been no deviation or variation in the utilization of IPO proceeds of ₹8,887.56 Lakh raised on February 23, 2026, as of quarter ended March 31, 2026. The funds have been utilized in line with the 'Objects of the Issue' with cumulative utilization of ₹3,048.33 Lakh, including ₹825 Lakh for capital expenditure, ₹610.57 Lakh for working capital, ₹718.57 Lakh for general corporate expenses, and ₹894.19 Lakh for issue-related expenses.
- · IPO allotment date: February 23, 2026
- · Audit Committee reviewed the statement on May 29, 2026
- · Monitoring agency: Brickwork Ratings India Private Limited
- · Original object allocations: Capital expenditure ₹6,388.29 Lakh, Working capital ₹610.57 Lakh, General corporate expenses ₹950.00 Lakh, Issue related expenses ₹938.70 Lakh
- · No modification of objects reported
- · Company was formerly known as Yashhtej Solvent Limited and Yashhtej Solvent Private Limited (CIN: U74999MH2018PLC310828)
29-05-2026
Infosys released its Integrated Annual Report for FY2025-26, highlighting an AI-first strategy with over 4,600 AI projects underway and collaboration with 90% of its top 200 clients. The report showcases client success stories including Liberty Global (50% fewer outages YoY), Hertz (60% faster modernization), Mondelez (enterprise traceability platform), and Microsoft (40% faster root cause analysis). The AGM is scheduled for June 23, 2026, with a record date of June 10, 2026 for the final dividend.
- · AGM scheduled for June 23, 2026 at 4:00 PM IST via video conference
- · Record date for final dividend: June 10, 2026
- · Dividend payment date: June 25, 2026
- · E-voting period: June 18, 2026 (9:00 AM IST) to June 22, 2026 (5:00 PM IST)
- · Cut-off date for e-voting: June 16, 2026
- · Liberty Global partnership spans over two decades, including over a decade as a formal strategic partnership
- · Hertz modernization involved analyzing nearly three million lines of legacy COBOL code
- · Mondelez traceability platform rollout in Europe planned for second half of 2026
- · Microsoft critical incident response times improved from 15 minutes to under 10 minutes
- · Root cause analysis turnaround reduced from five days to one day for Microsoft
29-05-2026
Moody's upgraded Reliance Industries Limited's senior unsecured USD-denominated fixed rate notes rating from 'Baa2' to 'Baa1' with a stable outlook, effective May 29, 2026. The upgrade reflects improved credit quality, though no financial metrics or period comparisons were provided in the filing.
- · Rating upgraded from 'Baa2' to 'Baa1' with 'Stable' outlook
- · Intimation received by the company at 3:40 p.m. IST on May 29, 2026
- · Filing made to BSE (Scrip Code: 500325) and NSE (Trading Symbol: RELIANCE)
29-05-2026
Chiraharit Limited filed a statement with BSE confirming no deviation or variation in the utilization of its IPO proceeds of ₹3,107.16 Lakh for the half-year ended March 31, 2026. While funds for repayment of borrowings (₹390.40 Lakh) and issue-related expenses (₹311.27 Lakh) were fully utilized, a significant portion of the capital expenditure allocation (₹391.89 Lakh) and working capital requirements (₹580.88 Lakh) remain unutilized and temporarily parked in bank fixed deposits, indicating slower-than-planned deployment of IPO funds.
- · IPO allotment date: 08th October 2025
- · Total IPO issue size: ₹31,07,16,000 (147,96,000 equity shares of face value Re.1 each at a premium of ₹20 each)
- · Audit Committee reviewed and noted no deviation in utilization of IPO proceeds
- · Statutory auditors (G P Associates) issued a certificate confirming no deviation
- · Unutilized funds are temporarily parked in bank fixed deposits for future use as per original objects
29-05-2026
Adani Enterprises Limited has announced the withdrawal of its credit rating for commercial paper facilities by Acuité Ratings & Research Limited, at the company's request, due to no outstanding commercial paper facilities under that rating. The withdrawal applies to a ₹2,000 Crore commercial paper issue, with the rating action listed as 'Withdrawn'.
- · The rating withdrawal was initiated at the company's request.
- · The withdrawal is based on the fact that there are no outstanding commercial paper facilities under the rating.
- · The press release issued by Acuité Ratings & Research Limited is attached for reference.
29-05-2026
Nandan M. Nilekani, a promoter of Infosys Limited, acquired 6,400 equity shares through transmission on May 27, 2026, at a price of ₹1,159.90 per share. This transaction increased his total shareholding from 4,07,83,162 to 4,07,89,562 shares, representing a negligible change from 1.01% to 1.01% of the total diluted voting capital. The acquisition had no material impact on his overall stake percentage.
- · The acquisition was made through 'Transmission' (not open market purchase), indicating a transfer of shares due to inheritance or succession.
- · The transaction was reported under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Regulation 29(2).
- · No shares were encumbered (pledged/lien) before or after the acquisition.
29-05-2026
AHAsolar Technologies Limited filed a statement with BSE confirming no deviation or variation in the use of its IPO proceeds of ₹1284.89 lacs raised on July 17, 2023, for the half year ended March 31, 2026. The Audit Committee reviewed the statement on May 28, 2026, and reported nil comments from auditors. All funds were utilized as per the original objects, with no modifications or shareholder approvals required.
- · The IPO was raised on July 17, 2023, and the statement covers the period ended March 31, 2026.
- · The allocation for Setting up Electric Vehicle Charging Infrastructure was modified from ₹32.50 Lakhs to ₹17.29 Lakhs, but this change was not classified as a deviation.
- · No monitoring agency was appointed for the IPO proceeds.
- · The Audit Committee reviewed the statement on May 28, 2026, and had nil comments.
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