Excelsoft Technologies544617Update

Monitoring Agency Report for Q2 FY27: no deviation from IPO objects, but utilisation timelines extended

CARE Ratings has submitted its Monitoring Agency Report on the use of Excelsoft Technologies' IPO proceeds of Rs.180.00 crore for the quarter ended September 30, 2026.

By ScoutQuest · Thu 5 Nov 2026, 6:51 PM IST · 2 min read

What has been shared

Excelsoft Technologies has submitted the Monitoring Agency Report dated November 05, 2026, issued by CARE Ratings Limited, for the second quarter ended September 30, 2026. It relates to how the company has used the money raised in its Initial Public Offer of Rs.180.00 crore. The report was reviewed by the Audit Committee and then approved by the Board of Directors.

No deviation from the objects

Against the question of whether there is any deviation from the objects of the issue, the report says: No deviation. It also records No major deviation observed over the earlier monitoring agency reports.

Where utilisation has been delayed

Against the question of whether all utilisation is as per the disclosures in the Offer Document, the reply given is No. In its comments, the monitoring agency states that during Q2FY27 the utilisation of proceeds is as per the objects in the offer document, but that there has been a delay in utilisation of funds for these objects:

Funding expenditure for upgradation including external electrical systems of our Existing Facility at Mysore, India
Funding upgradation of our Company's IT Infrastructure (Software, Hardware and Communications & Network Services)
General Corporate Purpose

Board action on timelines

The Board of Directors, through a resolution passed at its meeting, approved the extension of the implementation timeline to FY 2027. The reasons given are the time required for obtaining regulatory approvals, the non-availability of components meeting the Company's specified requirements, and prevailing business and operational requirements.

What the monitoring agency flagged

On the question of whether any favourable or unfavourable events affect the viability of these objects, the reply given is No, but the monitoring agency's comment is that, as per the schedule of implementation in the Prospectus, there is a delay in utilisation of issue proceeds towards certain objects, and such delay may impact the viability.

Other checks in the report

Whether the means of finance for the disclosed objects has changed: No
Whether shareholder approval was obtained for material deviations: Not Applicable
Whether any other relevant information may materially affect investor decision making: No
Whether all Government/statutory approvals related to the objects have been obtained: Not Applicable
Whether all arrangements pertaining to technical assistance/collaboration are in operation: Not Applicable

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