Krishival Foods Submits Revised First Monitoring Agency Report for Q4FY26
Krishival Foods Limited has submitted a Revised First Monitoring Agency Report for the quarter ended March 31, 2026, correcting a typographical error in the capital expenditure utilisation figure from Rs. 5.80 crores to Rs. 5.76 crores. The report, prepared by Brickwork Ratings India Private Limited, covers the utilisation of proceeds from the Rights Issue of Equity Shares aggregating Rs. 99.99 crore, of which Rs. 34.99 crore has been received as of March 31, 2026, representing 35.00% of total proceeds. The Monitoring Agency confirmed no deviation from the objects stated in the Offer Document dated December 15, 2025.
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Krishival Foods Limited has submitted a Revised First Monitoring Agency Report for the quarter ended March 31, 2026, to the stock exchanges on May 4, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The revision was taken up in the 02/2026-27 Audit Committee and Board Meeting to correct a typographical error on page no. 7, para ii, Sr. no. 1, where the amount utilised was incorrectly mentioned as Rs. 5.80 crores instead of the accurate figure of Rs. 5.76 crores. The report was prepared by Brickwork Ratings India Private Limited, the appointed Monitoring Agency, in accordance with Regulation 82 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Rights Issue Overview
The Revised Monitoring Agency Report pertains to the utilisation of proceeds from the Rights Issue of Equity Shares of Krishival Foods Limited. The issue was open from December 26, 2025 to January 07, 2026, with a total proposed issue size of Rs. 99.99 crore. The following table summarises the key issue details:
| Parameter: | Details |
|---|---|
| Issue Type: | Right Issue of Equity Shares |
| Issue Period: | December 26, 2025 to January 07, 2026 |
| Total Securities Offered: | 33,33,160 Equity Shares |
| Issue Price: | ₹300 per share |
| Value as per Offer Document: | Rs. 99.99 crore |
| Amount Received (as on March 31, 2026): | Rs. 34.99 crore |
| % of Total Proceeds Received: | 35.00% |
Utilisation of Issue Proceeds
The report details the progress in deployment of funds across the stated objects of the Rights Issue, as verified by M/s. Tamanna Parmar & Associates (Firm Registration Number: 014444C) and the company's statement, both dated May 04, 2026. The following table captures the object-wise utilisation as of March 31, 2026:
| Item Head: | Amount as per Offer Document (₹ Crore) | Amount Utilised During Quarter (₹ Crore) | Total Utilised (₹ Crore) | Unutilised Amount (₹ Crore) |
|---|---|---|---|---|
| Capital expenditure – processing & packaging unit, Kolhapur | 25.00 | 5.76 | 5.76 | 19.24 |
| Working capital requirements | 50.00 | 9.92 | 9.92 | 40.08 |
| General Corporate Purposes | 21.26 | 0.00 | 0.00 | 21.26 |
| Issue Expenses | 3.72 | 0.00 | 0.00 | 3.72 |
The Monitoring Agency confirmed no deviation from the objects stated in the Offer Document dated December 15, 2025. All utilisation was verified as being in line with disclosures, and no material deviations were observed. The means of finance for the disclosed objects has not changed.
Deployment of Unutilised Proceeds
Unutilised issue proceeds have been parked in the ICICI Bank Monitoring Account (Account No. 002005050968), with an amount of Rs. 19.30 crore invested as of the quarter end. The Monitoring Agency noted that this is the first monitoring report being prepared for the company, and hence no comparison with earlier reports is applicable.
Implementation Status and Compliance
The report confirms that all government and statutory approvals related to the objects of the issue have been obtained. No unfavourable events affecting the viability of the objects were reported. The capital expenditure object — part-funding for setting up a processing and packaging unit for cashews and other nuts at Kolhapur, Maharashtra — is ongoing, with a completion timeline up to Financial Year 2025-26 as per the Offer Document. Working capital and General Corporate Purposes objects are ongoing with timelines up to Financial Year 2026-27.
The Board Meeting at which the revised report was considered commenced at 09:10 P.M. and concluded at 09:20 P.M. on May 4, 2026. The Revised Monitoring Agency Report has also been made available on the company's investor relations webpage. The report was signed by Mr. Niraj Kumar Rathi, Senior Director, Ratings at Brickwork Ratings India Private Limited, and the regulatory submission was made by Rahul Gawande, Company Secretary and Compliance Officer of Krishival Foods Limited.
Will Krishival Foods be able to complete the Kolhapur processing and packaging unit within the Financial Year 2025-26 deadline given that only 23% of the allocated capital expenditure budget has been utilized so far?
How might the fact that only 35% of the total Rights Issue proceeds have been received impact Krishival Foods' ability to execute its expansion plans and meet working capital requirements on schedule?
What are the potential risks to Krishival Foods' cashew and nuts processing business if the remaining 65% of Rights Issue proceeds are delayed or not fully subscribed?
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