Kross Limited Reports No Deviation in IPO Fund Utilization for Q4FY26

Kross Limited has confirmed that there was no deviation or variation in the utilization of proceeds from its Initial Public Offering (IPO) for the quarter ended March 31, 2026. In a regulatory filing submitted on May 12, 2026, pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company stated that the funds were deployed strictly in accordance with the objects mentioned in the prospectus. The Audit Committee reviewed the utilization statement, and no comments were raised by either the auditors or the committee regarding the fund deployment.

IPO Fund Raising Details

Kross Limited raised funds through an IPO on September 12, 2024. The total amount raised was INR 2500 million, comprising a fresh issue and an offer for sale. The net proceeds from the issue amounted to INR 2369.19 million. India Ratings and Research Private Limited serves as the monitoring agency for the fund utilization. The company reported that all allocated funds have been utilized for their designated purposes during the reported quarter.

Breakdown of Fund Allocation

The following table details the utilization of IPO proceeds against the original and modified objects for the quarter ended March 31, 2026:

Original Object:	Original Allocation (INR million)	Modified Allocation (INR million)	Funds Utilised (INR million)
Funding of capital expenditure requirements for machinery and equipment	700.00	Not Applicable	700.00
Repayment or prepayment of borrowings from banks and financial institutions	900.00	Not Applicable	900.00
Funding working capital requirements of the Company	300.00	Not Applicable	300.00
General corporate purposes	461.92	469.19	469.19
Total (A)	2361.92	2369.19	2369.19
Offer Expenses (B)	138.08	130.81	130.81
Total (A+B)	2500.00	2500.00	2500.00

The actual issue expense was INR 130.81 million against the estimated INR 138.08 million. The balance of INR 7.27 million, resulting from lower-than-estimated expenses, has been proposed to be utilized for General Corporate Purposes. Consequently, the allocation for general corporate purposes was adjusted from INR 461.92 million to INR 469.19 million. The company confirmed that there were no deviations in the usage of funds for all specified objects.

Regulatory Compliance

The statement was signed by Debolina Karmakar, Company Secretary and Compliance Officer, on May 12, 2026, and submitted to both BSE Limited and the National Stock Exchange of India Limited. The filing is also available on the company's official website. The company's registered and corporate office is located at M-4, VI Phase, Gamharia, Adityapur Industrial Area, Jamshedpur - 832108, India.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.91%	-0.28%	+1.40%	+12.43%	+7.46%	-27.22%

Kross Limited has submitted its mandatory disclosure to the Bombay Stock Exchange and National Stock Exchange of India, confirming that the company does not qualify as a Large Corporate under the Securities and Exchange Board of India's Large Corporate Framework as of March 31, 2026.

Regulatory Compliance Disclosure

The disclosure was made in accordance with SEBI Circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023, along with related operational circulars. The company filed the declaration on April 8, 2026, through its Company Secretary and Compliance Officer, Debolina Karmakar, and Whole Time Director (Finance) & CFO, Kunal Rai.

Financial Position and Credit Rating

As part of the disclosure requirements, Kross Limited provided key financial metrics that determine its status under the Large Corporate Framework:

Parameter	Details
Outstanding Borrowings (March 31, 2026)	INR 44.23 crore
Credit Rating	'IND A' (Outlook Stable)
Rating Agency	India Ratings (A Fitch group company)
Large Corporate Status	Not Applicable

The company's outstanding borrowings of INR 44.23 crore as of March 31, 2026, fall below the threshold criteria that would classify it as a Large Corporate under SEBI's framework.

SEBI Large Corporate Framework

The Large Corporate Framework requires entities meeting specific criteria to raise a certain portion of their incremental borrowings through debt securities. Companies that qualify as Large Corporates must comply with mandatory borrowing requirements through debt markets, with penalties imposed for shortfalls.

Since Kross Limited does not meet the applicability criteria, it is exempt from these mandatory borrowing requirements. The company confirmed this status through a formal declaration in the prescribed format as required by SEBI regulations.

Corporate Information

Kross Limited operates from its registered and corporate office located at M-4, VI Phase, Gamharia, Adityapur Industrial Area, Jamshedpur. The company maintains various international certifications including IATF 16949, ISO 9001, ISO 14001, and ISO 45001, demonstrating its commitment to quality and environmental standards.

This disclosure ensures transparency and regulatory compliance, providing stakeholders with clarity on the company's status under the current regulatory framework governing large corporate borrowings in India.