Vandan Foods Limited Files Q3FY26 IPO Monitoring Report with BSE
Vandan Foods Limited filed its Q3FY26 monitoring agency report with BSE, showing Rs. 0.38 crore utilization from its Rs. 30.36 crore IPO proceeds during the quarter. The report confirms no deviations from stated objectives, with Rs. 0.10 crore remaining unutilized. Most IPO objects including working capital and general corporate purposes have been completed, with minimal balances remaining for loan repayments and facility expansion.
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Vandan Foods Limited has filed its monitoring agency report for the quarter ended December 31, 2025, with BSE Limited under Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was submitted on March 31, 2026, by Chairman and Non-Executive Director Jitendra Rameshbhai Patel.
IPO Proceeds Utilization Overview
The monitoring agency report, prepared by Infomerics Valuation and Rating Limited, covers the utilization of proceeds from the company's Initial Public Offering (IPO) that raised Rs. 30.36 crore. During Q3FY26, the company utilized Rs. 0.38 crore towards the objects of the issue and issue-related expenses.
| Parameter | Amount (Rs. crore) |
|---|---|
| Total IPO Proceeds | 30.36 |
| Issue-Related Expenses | 2.99 |
| Net Proceeds Available | 27.37 |
| Utilized in Q3FY26 | 0.38 |
| Remaining Unutilized | 0.10 |
IPO Details and Timeline
Vandan Foods conducted its public issue during June 30, 2025, to July 02, 2025, issuing 26,40,000 equity shares at Rs. 115.00 per share (including premium of Rs. 105.00). The company operates in the castor oil manufacturing sector, focusing on Refined F.S.G. Castor Oil and Castor De Oil Cake on a B2B business model.
Object-wise Fund Utilization Status
The monitoring agency confirmed that all utilizations were as per the disclosure in the offer document with no deviations observed:
| Object | Proposed Amount (Rs. crore) | Status |
|---|---|---|
| Working Capital Requirements | 8.57 | Fully utilized in Q2FY26 |
| Loan Repayments | 3.00 | Rs. 0.18 crore repaid in Q3FY26 |
| CAPEX for Dhinoj Facility | 8.29 | Rs. 0.07 crore remaining |
| General Corporate Purpose | 7.51 | Completed in Q2FY26 |
| Issue Related Expenses | 2.99 | Rs. 0.02 crore remaining |
Quarterly Fund Movements
During Q3FY26, the company transferred Rs. 0.38 crore from its Public Issue Account with Kotak Mahindra Bank to its current account on October 04, 2025, and November 21, 2025. The funds were utilized for loan repayments (Rs. 0.18 crore) and issue-related expenses (Rs. 0.20 crore).
Compliance and Monitoring
As an SME listed company, Vandan Foods is voluntarily complying with the monitoring requirements. The monitoring agency, led by Associate Director Mithun Vyas, declared no conflicts of interest and confirmed the report provides a true and fair view of issue proceeds utilization. The company's statutory auditors, M/s. Piyush Kothari & Associates, certified no deviations from expenditure as per applicable objects in their certificate dated February 10, 2026.
The remaining unutilized balance of Rs. 0.10 crore is maintained in the Public Issue Account with Kotak Mahindra Bank, comprising Rs. 0.08 crore for issue objects and Rs. 0.02 crore for issue-related expenses.
Historical Stock Returns for Vandan Foods
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.98% | -0.12% | -14.62% | -30.98% | -71.96% | -71.96% |
How will the completion of the Dhinoj facility CAPEX with only Rs. 0.07 crore remaining impact Vandan Foods' production capacity and revenue growth in FY27?
What are Vandan Foods' plans for future capital requirements now that nearly all IPO proceeds have been utilized within three quarters of listing?
How might the global castor oil market dynamics and demand trends affect Vandan Foods' business performance in the coming quarters?
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