Jyoti Structures Limited has announced the appointment of Amit Dutta as Chief Operating Officer (COO), effective February 05, 2026. The appointment was formally communicated to stock exchanges under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015.

Leadership Appointment Details

Professional Background and Experience

Amit Dutta brings extensive industry expertise to his new role, with 36 years of experience in the transmission and distribution sector. His professional background encompasses multiple critical areas including business development, tendering, project execution, and contract management with cost and time control capabilities.

Prior to this appointment, Dutta spent over six years with another sector company as Senior Vice President, where he led EPC transmission projects across the Africa region and several North and South American countries. His experience includes managing execution in challenging operating environments, along with claims management and stakeholder engagement responsibilities.

Role and Responsibilities

In his capacity as COO, Dutta will oversee operations within Jyoti Structures' EPC portfolio. His key focus areas include:

• Execution discipline across project operations
• Operational governance and efficiency enhancement
• Timely and cost-efficient project delivery
• Strengthening alignment between project functions
• Supporting disciplined delivery within the EPC portfolio

Company Association History

This appointment marks Dutta's return to Jyoti Structures, representing his second stint with the company. His association with the organization spans nearly three decades, beginning in 1991 when he joined as an Assistant Engineer. Throughout his tenure, he has held multiple leadership positions covering project execution, coordination, business development, tendering, and marketing functions. He has been associated with several landmark transmission projects both in India and overseas markets.

Management Commentary

Rajesh Kumar Singh, CEO of Jyoti Structures Limited, commented on the appointment: "Amit's appointment strengthens our operational leadership at a critical phase of the company's journey. His deep execution experience, long-standing association with Jyoti Structures, and exposure to complex domestic and international projects make him well placed to support disciplined delivery and operational efficiency within our EPC portfolio."

Amit Dutta expressed his perspective on rejoining the company: "I am pleased to rejoin Jyoti Structures at an important phase in its journey. The company has a strong legacy in power transmission EPC, and my focus will be on supporting disciplined execution, strengthening operational efficiencies, and ensuring consistent delivery on complex projects in diverse operating environments."

Recent Company Developments

Jyoti Structures recently commissioned galvanisation operations at its second tower manufacturing unit in Nashik, expanding manufacturing capacities to support execution for ongoing and future projects. The company also reported strong Q3 FY2025-26 performance, reflecting robust execution momentum and improved operational discipline within its core businesses.

Jyoti Structures Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, in compliance with SEBI regulations regarding the utilization of proceeds from its Rights Issue II. The report, prepared by CARE Ratings Limited as the monitoring agency, provides a comprehensive overview of fund deployment during Q3FY26.

Rights Issue Overview and Subscription Details

The company's Rights Issue was conducted from February 17, 2025 to March 10, 2025, with an original issue size of ₹499.09 crore. However, due to undersubscription, the issue received only 92.11% subscription, resulting in a revised issue size of ₹459.69 crore. The board resolution dated May 06, 2025 approved the reallocation of funds across various objects due to this undersubscription.

Fund Utilization During Q3FY26

During the quarter ended December 31, 2025, Jyoti Structures utilized ₹78.18 crore from the rights issue proceeds. This brought the total cumulative utilization to ₹399.82 crore, leaving ₹59.88 crore unutilized as of December 31, 2025.

Specific Utilization Breakdown

The major utilization during Q3FY26 included ₹43.31 crore towards fixed deposits as margin against letters of credit (₹37.13 crore) and bank guarantees (₹6.18 crore), along with ₹0.53 crore for bank charges and commissions. Under general corporate purposes, the company deployed ₹17.39 crore for salary payments and ₹16.92 crore for vendor payments.

Deployment of Unutilized Proceeds

The remaining ₹59.88 crore is deployed across different instruments:

Monitoring Agency Observations

CARE Ratings Limited reported no deviations from the objects disclosed in the offer document. However, the monitoring agency highlighted several concerns including the impact of undersubscription on object viability and a significant decline in share price of around 58% over the 12 months ending December 31, 2025. The current share price is approximately 47% lower than the issue price.

The monitoring agency noted that the company has transferred issue proceeds from the monitoring account to various current accounts, resulting in comingling of funds. The assessment relied on management declarations and chartered accountant certificates from M/s. SARC & Associates dated January 21, 2026.

Compliance and Timeline Status

All utilizations during Q3FY26 were in accordance with the disclosures in the offer document and the revised cost of objects approved by the board. The company has obtained necessary government and statutory approvals related to the objects. Most objects are progressing as per the timeline, with completion targeted by March 31, 2026, and no significant delays reported in implementation.