Enviro Infra Engineers Limited has submitted its quarterly monitoring agency report for the period ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer (IPO). The report, prepared by CRISIL Ratings Limited as the appointed monitoring agency, confirms compliance with regulatory requirements and proper deployment of funds according to the stated objectives.

IPO Proceeds Utilization Overview

The company's IPO, conducted from November 22, 2024, to November 26, 2024, raised gross proceeds of ₹57,234.96 lakhs through fresh issue, resulting in net proceeds of ₹51,727.25 lakhs after deducting issue expenses of ₹5,507.71 lakhs. As of December 31, 2025, the company has cumulatively utilized ₹44,467.57 lakhs, leaving ₹7,259.68 lakhs unutilized.

Object-wise Fund Deployment

The monitoring report reveals varying levels of completion across the four stated objects of the IPO. Two objectives have been fully completed, while others show partial utilization during the reporting quarter.

General Corporate Purposes Deployment

During the quarter ended December 31, 2025, the company utilized ₹3,200.00 lakhs from the general corporate purposes allocation. This amount was deployed as a loan to Enviro Infra Engineers (Saharanpur) Private Limited, serving as promoter contribution for a Hybrid Annuity Model (HAM) project. The Board of Directors approved this utilization through a resolution dated February 09, 2026, ensuring alignment with the prospectus disclosures.

Investment of Unutilized Proceeds

The company has prudently invested its unutilized funds to generate returns while maintaining liquidity. The deployment strategy focuses on fixed deposits with established banking institutions.

Additionally, ₹43.25 lakhs remains in the company's monitoring account, representing earnings from fixed deposits. The fixed deposit also includes ₹126.32 lakhs from the remaining issue expenses allocation.

Regulatory Compliance and Monitoring

CRISIL Ratings Limited, serving as the monitoring agency under SEBI regulations, confirmed no deviations from the objects stated in the offer document. The report indicates no material changes in the means of finance for disclosed objects and no unfavorable events affecting project viability. The monitoring agency relied on statutory auditor certificates from M/s S. S. Kothari Mehta & Co. LLP, management undertakings, and bank statements for verification.

The company has maintained full compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No delays in implementation of stated objects were reported, and all utilizations align with the original timeline and objectives disclosed in the prospectus dated November 27, 2024.

Enviro Infra Engineers Limited has announced the favorable closure of GST proceedings initiated by the Punjab Tax Department. The company informed stock exchanges on February 09, 2026, that all proceedings against it have been dropped following a thorough review by tax authorities.

Background of GST Proceedings

The GST matter originated from a Show Cause Notice issued by the State Tax Officer, Taxation Commissionerate, Government of Punjab, which the company had disclosed to exchanges on July 11, 2025. The notice contained significant allegations that required immediate attention and formal response.

Company's Response and Resolution

Enviro Infra Engineers submitted a comprehensive response to the tax authorities within the prescribed timeline. The company provided detailed clarifications along with requisite supporting documents to address the allegations raised in the Show Cause Notice.

Following examination of the company's submissions, the GST Department issued Order Ref No. ZD030226009268O dated February 09, 2026, formally dropping the proceedings. This decision reflects the department's satisfaction with the explanations and documentation provided by the company.

Financial Impact and Current Status

The closure of proceedings brings complete resolution to the matter, with no financial implications for the company. The favorable outcome eliminates any potential liability related to the alleged discrepancies, interest, or penalty amounts.

The announcement was signed by Company Secretary and Compliance Officer Piyush Jain, confirming the successful resolution of this regulatory matter. This development removes any uncertainty regarding potential GST liabilities for the FY 2022-23 period and demonstrates the company's compliance with tax regulations.