Patil Automation Limited has announced the appointment of M/s. D Maurya & Associates, Company Secretaries in Practice (CP No. 9594), as its Secretarial Auditor for the financial year 2026-27. The decision was approved by the Board of Directors at its meeting held on May 07, 2026, based on the recommendation of the Audit Committee. The intimation has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Appointment Details

The following table summarises the key disclosures made by Patil Automation in connection with this appointment:

Profile of the Appointed Auditor

M/s. D Maurya & Associates is a Mumbai-based proprietary firm of Practicing Company Secretaries, established in the year 2010. The firm is led by Mr. Dhirendra Radheshyam Maurya, an Associate Member of the Institute of Company Secretaries of India (ICSI) with Membership No. 22005. Mr. Maurya is noted for his expertise in Secretarial Audit of Listed Companies, Compliances under SEBI (LODR) Regulations, Company Law Advisory, Due Diligence, and Representations before RD & NCLT.

Board Meeting Timing

The Board Meeting at which this appointment was approved commenced at 03:00 p.m. and concluded at 05:00 p.m. on May 07, 2026. The intimation was signed by Manoj Pandurang Patil, Managing Director (DIN: 06425903), on behalf of Patil Automation Limited. The company's registered office and works are located at Gat No. 154, Behind G.E. Company, Sudumbre, Tal. Maval, Dist. Pune (INDIA) – 412109.

Patil Automation Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, with the National Stock Exchange of India. The submission, dated May 07, 2026, was made pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report was prepared by CARE Ratings Limited, the designated Monitoring Agency, and pertains to the utilization of proceeds raised through the company's Initial Public Offer (IPO).

IPO Issue Overview

The company's IPO, which was open during June 16, 2025, to June 18, 2025, raised an aggregate amount of Rs. 69.61 crore through the issuance of equity shares. The promoters of the company are Manoj Pandurang Patil, Aarti Manoj Patil, and Prafulla Pandurang Patil. Patil Automation operates in the industrial machinery segment, specifically catering to the automotive industry. The following table summarizes the planned allocation of IPO proceeds as per the offer document:

Fund Utilization as of March 31, 2026

As of the quarter ended March 31, 2026, the company has cumulatively utilized Rs. 51.14 crore of the total IPO proceeds, leaving an unutilized balance of Rs. 18.47 crore. The following table presents the detailed utilization progress across all objects:

The Monitoring Agency noted that proceeds for the manufacturing facility were utilized for payments towards plant and machinery, routed through the company's cash credit account. Reimbursements were subsequently taken through the closure of fixed deposit proceeds created post transfer of funds into the cash credit account. Given the commingling of funds in the cash credit account, the Monitoring Agency primarily relied on the Chartered Accountant certificate and Management Certificate for verifying utilization.

Deployment of Unutilized Proceeds

The unutilized IPO proceeds of Rs. 18.47 crore have been deployed in a fixed deposit with ICICI Bank. The details of this deployment are as follows:

Key Observations and Deviations

The Monitoring Agency report flags a delay in the utilization of funds allocated for the setup of the new manufacturing facility. The original completion timeline as per the offer document was March 31, 2026; however, the implementation remains ongoing. The company has passed a board resolution dated March 30, 2026, extending the utilization deadline to September 30, 2026. The exact number of days of delay has been noted as not ascertainable by the Monitoring Agency.

Additionally, the report highlights a change in the location for setting up the manufacturing plant, which was approved by the board via a resolution dated August 04, 2025. The company has received electricity approval from Maharashtra State Electricity Distribution Company Limited, while other statutory approvals remain in process. No material deviation from the objects of the issue has been reported, and shareholder approval for material deviations was noted as not applicable. The means of finance for the disclosed objects have not changed, and no major deviation was observed over earlier monitoring agency reports.

General Corporate Purpose Utilization

For the quarter ended March 31, 2026, there was nil utilization under the General Corporate Purpose head. As per the offer document, the company had earmarked Rs. 55.77 Lakhs towards general corporate purposes. The full amount of Rs. 0.56 crore allocated to this object had already been utilized in prior periods, with no additional deployment recorded during the quarter under review.