Oriental rail infrastructure Limited has secured a substantial order worth Rs 1,73,49,540.00 from Integral Coach Factory (ICF), Chennai, Indian Railways. The company announced this development on February 27, 2026, in compliance with SEBI Listing Regulations, highlighting its continued engagement with India's railway infrastructure sector.

Order Details and Specifications

The contract encompasses the manufacturing, supply and installation of 13 sets of coach seats and berths with hardware. This order represents a comprehensive solution covering both the production and installation phases of railway coach interior components.

Payment Structure and Terms

The order features a structured payment mechanism designed to ensure quality delivery and installation. Payment terms specify that up to 80% of the supply portion will be released upon submission of the Inspection Certificate and Provisional Physical Receipt Certificate. The remaining 20% of the supply portion, along with 100% of installation charges, will be paid after receipt and acceptance of stores by the consignee based on the Installation Certificate issued by the competent authority.

Contract Classification

This represents a domestic contract with Indian Railways, one of the country's largest infrastructure organizations. The company confirmed that neither promoter groups nor group companies have any interest in the awarding entity, and the transaction does not fall within related party transactions, ensuring arm's length dealing.

Strategic Significance

The order reinforces Oriental Rail Infrastructure Limited's position in the railway components manufacturing sector. With delivery scheduled for March 29, 2026, the company has approximately one month to complete the manufacturing, supply and installation processes, demonstrating the operational efficiency required for railway infrastructure projects.

The contract covers both supply and installation services, indicating the company's comprehensive capabilities in railway coach interior solutions. This integrated approach from manufacturing to final installation positions the company as a complete solution provider for railway infrastructure requirements.

Oriental Rail Infrastructure Limited has submitted its formal compliance statement to BSE confirming no deviation or variation in the utilization of proceeds from its preferential allotment of securities worth Rs. 212.20 crore for the quarter ended December 31, 2025. The company also filed its quarterly monitoring agency report prepared by CARE Ratings Limited, providing comprehensive insights into fund deployment and regulatory compliance.

Compliance Statement and Regulatory Filing

The company submitted a statement of deviation/variation under Regulation 32 of SEBI Listing Regulations on February 12, 2026, explicitly confirming no deviation in fund utilization. This formal declaration reinforces the monitoring agency's findings and demonstrates adherence to approved fund deployment objectives.

Issue Details and Fund Allocation

The preferential issue comprised equity shares and convertible warrants totaling Rs. 212.20 crore. The funds were allocated across three primary objectives as outlined in the offer document.

Quarterly Utilization Progress

During the quarter ended December 31, 2025, the company utilized Rs. 0.37 crore exclusively towards general corporate purposes. The cumulative utilization across all objects reached Rs. 170.16 crore, leaving Rs. 42.04 crore unutilized.

Key Observations and Fund Deployment

The monitoring agency highlighted overutilization in working capital requirements by Rs. 12.15 crore, which remains within the 10% threshold of the total issue size. The quarterly utilization of Rs. 0.37 crore was directed towards income tax payments of Rs. 0.36 crore for outstanding FY19 demands and stamp duty payments of Rs. 0.01 crore for solar panel installations.

Management Confirmation and Regulatory Status

The company's compliance officer confirmed through the formal BSE filing that there has been no deviation in the utilization of issue proceeds from the objects approved by shareholders. The monitoring agency noted delays in implementation across fund utilization objectives but confirmed no material deviations requiring shareholder approval. The company continues to deploy unutilized funds primarily in fixed deposits with Bank of Baroda, earning returns ranging from 4.75% to 7.55%.