Pavna Industries Limited has filed its Monitoring Agency (MA) Report for the quarter ended March 31, 2026, with BSE Limited and the National Stock Exchange of India Limited. The report, prepared by CARE Ratings Limited under Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertains to the company's preferential issue of equity shares and fully convertible warrants aggregating to Rs. 210.70 crore. The Monitoring Agency Agreement between the company and CARE Ratings Limited is dated October 04, 2024.

Issue Overview

The preferential issue, allotted on January 29, 2025, comprised 17,72,200 equity shares and 24,00,000 fully convertible warrants, both at an issue price of Rs. 505 per share/warrant (including a premium of Rs. 495 per share). The key details of the issue are summarised below:

Fund Utilisation as at March 31, 2026

As of March 31, 2026, the company has received Rs. 119.80 crore of the total issue proceeds. This comprises the entire proceeds from preferential equity shares amounting to Rs. 89.50 crore and 25% of proceeds from share warrants amounting to Rs. 30.30 crore. The balance 75% from warrant holders, aggregating to Rs. 90.90 crore, is to be received in tranches within 18 months from the date of allotment. The company has utilised Rs. 119.81 crore, funded through issue proceeds of Rs. 119.80 crore and the balance Rs. 0.01 crore from interest income on fixed deposits.

The progress in utilisation across individual objects is detailed below:

Cost of Objects

The original cost of objects, as per the Shareholders' Resolution dated October 23, 2024, stood at Rs. 322.03 crore. This was subsequently revised to Rs. 210.70 crore as per the Board Resolution dated January 29, 2025. The revised cost breakdown is as follows:

Key Observations by Monitoring Agency

CARE Ratings confirmed that all fund utilisation is in accordance with the objectives stated in the Board Resolution dated January 29, 2025. No material deviations were observed when compared to the previous MA report for Q3FY26. The monitoring agency also noted the following:

• The current market share price stood at ₹21 per share as on April 22, 2026 (post share split effective from September 01, 2025), as compared to the conversion price of ₹505 per warrant (post-split equivalent conversion price: ₹50.50 per equity share).
• Till March 31, 2026, the company has received 25% of proceeds from warrants, while the balance 75% is to be raised in tranches within 18 months from the date of allotment (i.e., January 29, 2025).
• One of the stated objects — Strategic Acquisitions — has not yet been identified as of the reporting date.
• No amount was utilised towards General Corporate Purpose (GCP) during Q4FY26.
• An unutilised fund of Rs. 0.34 crore remains in the monitoring account with ICICI Bank, pertaining to interest income received on fixed deposits.

Implementation Timeline

The delay in implementation of objects is assessed as follows:

The Chartered Accountant certificate for this report was received from Arun Varshney & Associates (Statutory Auditor) dated April 15, 2026. The report was signed by Punit Singhania, Associate Director at CARE Ratings Limited, and submitted to the company's Board of Directors on May 13, 2026.

Pavna industries Limited has filed its quarterly compliance certificate under SEBI regulations for the quarter ended March 31, 2026. The certificate was submitted to both BSE and NSE on April 8, 2026, fulfilling mandatory regulatory requirements for listed companies.

Regulatory Compliance Filing

The company submitted its certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 to the stock exchanges. Managing Director Swapnil Jain signed and filed the compliance document, confirming the company's continued adherence to applicable listing requirements.

Registrar Confirmation

MUFG Intime India Private Limited, formerly Link Intime India Private Limited, served as the registrar and transfer agent for the compliance process. The registrar confirmed that all securities received from depository participants during the quarter were properly processed according to regulatory timelines.

Vice President Ashok Shetty from MUFG Intime provided the confirmation certificate, stating that securities received for dematerialization were confirmed to depositories and that security certificates were properly mutilated and cancelled after verification.

Quarter Activity Summary

A notable aspect of the Q4 FY26 filing was the absence of dematerialization and rematerialization activity. MUFG Intime specifically confirmed that no demat/remat requests were received for processing during the quarter ended March 31, 2026.

Company Information

Pavna Industries Limited operates from its registered office in Aligarh, Uttar Pradesh, with corporate address at Sushayat Khurd on Aligarh-Agra Road. The company trades on BSE under scrip code 543915 and on NSE under the symbol PAVNAIND, with ISIN INE07S101038.

The compliance filing demonstrates the company's commitment to maintaining regulatory standards and ensuring proper documentation of depository-related activities as required by SEBI regulations.