KSH International Limited has released its monitoring agency report for the quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offering (IPO). The report, prepared by CARE Ratings Limited as the appointed monitoring agency, covers the deployment of funds from the company's Rs.626.35 crore public issue.

IPO Proceeds Utilization Overview

During Q3FY26, KSH International utilized Rs.248.90 crore out of the total Rs.420.00 crore raised through fresh issue proceeds. The monitoring agency reported no deviations from the objects disclosed in the offer document, confirming adherence to the planned fund deployment strategy.

Object-wise Fund Deployment

The company's fund utilization across different objectives demonstrates strategic execution of its expansion and debt optimization plans:

Debt Repayment - Completed Ahead of Schedule

KSH International successfully deployed Rs.225.98 crore for prepayment and repayment of outstanding borrowings, completing this objective by December 31, 2025, ahead of the March 31, 2026 timeline. The repayment included:

• Term Loans: Rs.175.98 crore repaid, verified through term loan statements
• Working Capital Facilities: Rs.50.00 crore deployed across three cash credit accounts
  • HDFC Bank CC account: Rs.9.93 crore for WCDL repayment
  • ICICI Bank CC account: Rs.27.47 crore
  • Federal Bank CC account: Rs.12.60 crore for WCDL and CC facilities

Capital Expenditure Progress

For funding capital expenditure requirements, the company utilized Rs.5.44 crore out of the allocated Rs.87.02 crore:

General Corporate Purposes

Under general corporate purposes, Rs.17.48 crore was deployed as authorized by the board resolution dated December 18, 2025:

• Raw Material Purchases: Rs.17.13 crore paid to vendors
• Advance to Raw Material Suppliers: Rs.0.34 crore
• Borrowing Repayment: Rs.10,000

The board authorized key management personnel including Managing Director Rajesh Kushal Hegde, CEO Sandesh Bhagwat, and CFO Amod Joshi to implement these utilizations.

Deployment of Unutilized Proceeds

The remaining Rs.171.10 crore of unutilized proceeds are strategically deployed to earn returns while maintaining liquidity:

Project Timeline Status

The monitoring agency confirmed no delays in project implementation. The debt repayment objective was completed ahead of schedule, while other objectives including capital expenditure funding, solar power plant setup, and general corporate purposes remain on track with their respective March 2026 and March 2027 timelines.

Regulatory Compliance

CARE Ratings Limited confirmed that all fund utilizations comply with SEBI regulations and the terms disclosed in the offer document. The report was verified by Kirtane & Pandit LLP through their CA certificate dated January 31, 2026, ensuring accuracy and regulatory adherence.

The company's systematic approach to IPO proceeds utilization demonstrates disciplined capital allocation, with successful debt optimization and ongoing investments in growth initiatives as outlined in its public offering prospectus.

KSH International Limited has announced a scheduled one-on-one investor meeting as part of its regulatory disclosure obligations. The company informed stock exchanges about the upcoming interaction through a formal communication dated January 4, 2026.

Meeting Details

The investor engagement has been scheduled with specific parameters to ensure compliance with regulatory requirements.

Regulatory Compliance

The disclosure has been made pursuant to Regulation 30 read with Clause 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Sarthak Arun Malvadkar signed the regulatory filing, emphasizing the company's commitment to transparency requirements.

The company has specifically noted that the meeting schedule may change due to exigencies on the part of either the investor or the company. Additionally, KSH International has clarified that discussions will be based exclusively on publicly available information, with no unpublished price sensitive information intended to be discussed during the interaction.

Corporate Communication

The formal intimation was sent to both BSE Limited and National Stock Exchange of India Limited, maintaining standard protocol for listed companies. The communication reflects the company's adherence to disclosure norms and investor engagement practices as mandated by securities market regulations.