Dr. Agarwals Health Care544350Routine SEBI update

Monitoring agency report for the September 30, 2026 quarter: no material deviation in IPO proceeds use

ICRA's monitoring agency report for the quarter ended September 30, 2026 is out — it tracks how Dr. Agarwal's Health Care used its IPO money.

By ScoutQuest · Thu 5 Nov 2026, 7:57 PM IST · 2 min read

General corporate purposes revised: INR 92.350 crore from INR 77.466 crore — a 19.21% change
Total cost of objects: Rs. 300.000 crore
Deviation status: No material deviation; utilisation is in line with the objects of the issue

What this update is

Dr. Agarwal's Health Care Limited has submitted ICRA Limited's Monitoring Agency Report for the quarter ended September 30, 2026, on how the money raised in its Initial Public Offer has been used. The report is dated November 04, 2026.

What the monitoring agency concluded

ICRA records "No Material Deviation" and states that the utilisation of the issue proceeds is in line with the objects of the issue. The range of deviation is shown as "Not Applicable".

The issue and the money involved

The IPO was an offer of equity shares that opened on January 29, 2025 and closed on January 31, 2025.
Issue Size is Rs. 3,027.260 crore with the offer-for-sale (OFS) portion, and Rs. 300.00 crore excluding the OFS portion.
Net proceeds are shown as 272.466, excluding issue related expenses.
ICRA states it monitored gross proceeds of INR 300.000 crore in Q2 FY2027.

What changed this quarter

Offer-related expenses were lower than originally estimated, so the amount earmarked for general corporate purposes was revised by the issuer to INR 92.350 crore from INR 77.466 crore, a revision of 19.21%.
The amount spent on issue related expenses is stated at INR 12.650 crore.
The total cost of the objects remains Rs. 300.000 crore; what changed is the split between the heads, not the total.

Where the Rs. 300.000 crore is earmarked (as monitored, Rs. crore):

Repayment/prepayment, in part or full, of certain borrowings: 195.000 (unchanged)
General corporate purposes and unidentified inorganic acquisition: revised to 92.350 from 77.466
Issue related expenses: revised to 12.650
Total: 300.000

Other points in the report

The means of finance for the disclosed objects has not changed.
No major deviation was observed over earlier monitoring agency reports.
The issuer's management confirmed there were no favourable or unfavourable events affecting the viability of the objects.
ICRA's declaration states that it does not perform an audit and does not independently verify the information or certifications it receives, so the report is an objective view built on information supplied by the issuer rather than an audit opinion.

How to read this as an investor

This is a periodic check on whether IPO money is being used as promised. Here the objects are unchanged in total and the only shift is that lower offer expenses released more money towards general corporate purposes and inorganic acquisition, with the borrowings repayment amount untouched. The report records no material deviation for the quarter.

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