Jyoti Structures Limited has submitted its Monitoring Agency Report for the quarter ended March 31, 2026, to both BSE Limited and National Stock Exchange of India Limited. The report, prepared by CARE Ratings Limited, provides an objective assessment of the utilization of proceeds from the company's Rights Issue II, which was conducted between February 17, 2025, and March 10, 2025. The submission was made in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Rights Issue had an original issue size of Rs. 499.09 crore, which was revised to Rs. 459.59 crore following subscription at 92.11% of the issue size. The proceeds were earmarked for specific objects including payment of NCLT-approved resolution plan dues, meeting operational costs, and general corporate purposes. As of March 31, 2026, the company had utilized Rs. 436.21 crore, leaving Rs. 23.49 crore unutilized.

Utilization of Issue Proceeds

The monitoring agency confirmed that there was no deviation from the objects of the issue. The table below provides a detailed breakdown of the utilization across various heads:

During Q4 FY26, the company utilized Rs. 36.39 crore across various categories. This included Rs. 29.94 crore for placing fixed deposit margins against letters of credit and bank guarantees, Rs. 0.23 crore for bank charges and commissions, Rs. 0.21 crore for salary payments, and Rs. 5.98 crore for vendor payments.

Deployment of Unutilized Proceeds

The unutilized proceeds of Rs. 23.49 crore have been deployed as follows:

The monitoring agency noted that the company transferred issue proceeds from the monitoring account to various current accounts for utilization, resulting in the commingling of funds. The agency relied on management declarations and the chartered accountant certificate for its assessment.

Key Observations and Timeline Extension

CARE Ratings highlighted several factors affecting the company's operations. The share price declined approximately 51% over the 12 months ending March 31, 2026, and was about 29% lower than the issue price. Additionally, the company had sizeable receivables of Rs. 2,061.5 crore as of March 31, 2025, which were outstanding for more than six months.

The letter of offer had stipulated March 31, 2026, as the timeline for deployment of gross proceeds. However, with Rs. 23.49 crore remaining unutilized, the board of directors approved a resolution on April 22, 2026, extending the implementation timeline for the objects of the issue to March 31, 2027. The extension allows the company to utilize the remaining net proceeds in subsequent periods in accordance with applicable laws.

Jyoti Structures Limited announced the appointment of M/s. Bhushan Khot and Co. as Internal Auditor for the financial year 2026-27, effective April 30, 2026. The appointment was approved by the Board of Directors during a meeting held on the same date, pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Auditor Appointment Details

The Board appointed M/s. Bhushan Khot and Co., Chartered Accountants, to conduct internal audit for the Financial Year 2026-27. The firm is registered with Firm Registration No. 116888 W.

Firm Profile

M/s. Bhushan Khot and Co. is a Peer Reviewed Chartered Accountancy firm with over 25 years of standing, specializing in a comprehensive spectrum of professional services. The firm's expertise spans accounting, taxation, advisory, and assurance across various industries including manufacturing, trading, and services. They have successfully served government organizations, public sector units, and corporates, providing consultancy and ensuring regulatory compliance.

Board Meeting Reference

The appointment was made vide Board resolution dated April 30, 2026, under reference number JSL/HO/CS/GEN/26-27/05. The announcement was made by Sonali K. Gaikwad, Company Secretary and FCS 13908.