Saraswati Saree Depot Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, in compliance with SEBI regulations. The report, prepared by CRISIL Ratings Limited and dated February 14, 2026, provides a comprehensive overview of the utilization of IPO proceeds.

IPO Details and Structure

The company's Initial Public Offer was conducted from August 12, 2024, to August 14, 2024, raising a total of ₹1,600.13 million. The issue comprised a fresh issue of ₹1,039.97 million and an Offer for Sale (OFS) of ₹560.16 million.

Fund Utilization Status

The monitoring report reveals that the company has substantially utilized its IPO proceeds according to the stated objectives in the offer document. The primary allocation was towards funding working capital requirements and general corporate purposes.

Quarterly Progress and Compliance

During the quarter ended December 31, 2025, the company utilized ₹1.34 million towards issue expenses, bringing the total utilization to ₹1,035.74 million. The unutilized amount of ₹4.23 million remains in the Public Issue Account.

The monitoring agency confirmed that:

• All utilization aligns with disclosures in the offer document
• No deviations from the stated objects were observed
• No material changes in financing means occurred
• All statutory requirements have been met

Regulatory Framework

The report was prepared pursuant to Regulation 41(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Monitoring Agency Agreement dated July 15, 2024. The report was reviewed and approved by the company's Audit Committee and Board of Directors on February 14, 2026.

Company Background

Saraswati Saree Depot Limited operates in the garments and apparels sector. The company is promoted by Mr. Mahesh Sajandas Dulhani, Mr. Rajesh Sujandas Dulhani, Mr. Shankar Laxmandas Dulhani, and Mr. Vinod Shevakram Dulhani, and is headquartered in Kolhapur, Maharashtra.

The monitoring agency report demonstrates the company's adherence to regulatory compliance and proper utilization of public funds as per the stated objectives in its IPO prospectus.

Saraswati Saree Depot Limited has released its investor presentation on the unaudited financial results for the quarter ended December 31, 2025, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation was released on February 19, 2026, providing comprehensive insights into the company's Q3FY26 performance and business outlook.

Q3FY26 Financial Performance

The company reported revenue from operations of ₹144.47 crore for Q3FY26, representing a decline of 20.7% compared to ₹182.14 crore in Q3FY25. This decrease was attributed to seasonal softness and normalization following a stronger previous period.

Nine-Month Performance Highlights

For the nine months ended December 31, 2025, the company demonstrated resilience with revenue growth of 4.3% year-on-year to ₹497.63 crore from ₹477.26 crore in the corresponding period last year.

Management Commentary

Mr. Shankar Dulhani, Chairman & Executive Director, commented on the performance, noting that demand remained softer during the quarter due to normalization following seasonally stronger previous periods. He highlighted that margins were impacted by input cost pressures and operating deleverage from lower volumes, while emphasizing the company's focus on maintaining financial discipline.

The Managing Director & CEO noted that despite near-term margin headwinds, the company's financial discipline remained intact, with priority on tighter working capital management, prudent capital allocation, and maintaining operating cash flow generation through the softer part of the cycle.

Business Operations and Strategic Initiatives

Saraswati Saree Depot, with origins dating back to 1966, operates as a key player in the sarees wholesale segment. The company serves over 13,000 unique customers and maintains a product catalogue of more than 3,00,000 different SKUs. The company sources products from over 9,000 weavers and suppliers across different states in India.

The management noted initial progress in their retail initiative, which contributed approximately 1% of sales during the quarter, representing a strategic step toward expanding market reach and building direct consumer connections.

Outlook and Regulatory Compliance

Looking ahead, management expects seasonal tailwinds in the fourth quarter driven by wedding season and spring festive demand, which historically supports recovery in wholesale volumes across key markets including Maharashtra, Karnataka, Tamil Nadu, and Goa.

The investor presentation was released in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency for investors and stakeholders. The document was digitally signed by Vinod Shevakram Dulhani, Director (DIN: 09105157), from Kolhapur.

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