Max India543223Routine SEBI update

Rights issue monitoring report: no deviation from objects, Rs. 12.82 crore utilised in September quarter

Max India Ltd has shared CARE Ratings' Monitoring Agency Report for the quarter ended September 30, 2026 on the use of its Rights Issue proceeds.

By ScoutQuest · Tue 3 Nov 2026, 6:06 PM IST · 3 min read

Rs. 124.23 croreAmount in the monitoring account

Net proceeds issue-related expensesRs. 121.00 crores

Issue related expensesRs. 3.23 crores

Amount in the monitoring account Rs. 124.23 crore: Net proceeds issue-related expenses Rs. 121.00 crores, Issue related expenses Rs. 3.23 crores.

Monitoring account: Rs. 124.23 crore
Utilised in the quarter: Rs. 12.82 crore; utilised till date: Rs. 119.92 crore
Unutilised: Rs. 4.31 crore

What this update is

Max India Ltd has shared the quarterly Monitoring Agency Report prepared by CARE Ratings Limited for the quarter ended September 30, 2026. It shows how the money raised through the company's Rights Issue has been used, and whether it went where the Offer Document said it would.

The headline finding

The report states No deviation from the objects of the issue, and the range of deviation is shown as Not Applicable.
CARE notes a slight variation in the timing of deployment of the net proceeds against the originally proposed estimates, with a portion of the utilisation deferred from FY26 to FY27/FY28.

Overall numbers

Amount in the monitoring account: Rs. 124.23 crore
Utilised before the quarter: Rs. 107.10 crore
Utilised during the quarter: Rs. 12.82 crore
Utilised up to September 30, 2026: Rs. 119.92 crore
Unutilised at the end of the quarter: Rs. 4.31 crore

Head-wise position

Investment in AACS for branding and marketing: proposed Rs. 65.00 crore, Rs. 9.18 crore used in the quarter, fully utilised.
Investment in AACS for working capital: proposed Rs. 35.00 crore, Rs. 0.08 crore used in the quarter, fully utilised.
General corporate purposes: proposed Rs. 21.00 crore, Rs. 3.53 crore used in the quarter, Rs. 3.52 crore unutilised.
Issue related expenses: proposed Rs. 3.23 crore, Rs. 0.03 crore used in the quarter, Rs. 0.79 crore unutilised.

The report explains that the Rs. 9.18 crore moved to AACS was spent on marketing campaigns and content creation, of which Rs. 1.29 crore went to brand marketing and the rest to performance marketing.

Pace of deployment

Of the total raised, Rs. 121.00 crores is net proceeds after Rs. 3.23 crores of issue-related expenses. The company had planned to deploy Rs. 90.00 crores during FY26 and the balance Rs. 31.00 crores in FY27. It actually deployed Rs. 78.53 crores in FY26 and intends to deploy the remaining Rs. 42.47 crore in FY27, of which Rs. 38.95 crores has already been used in H1FY27.

Reallocation approved

On May 28, 2026 the Board approved a proposal to reallocate unutilised proceeds aggregating to Rs. 23.00 crore within the sub-categories of the object investment in AACS for funding branding and marketing activities. Shareholders approved the proposal on July 12, 2026 through a postal ballot. The total object size is unchanged.

Where the unspent money sits

The unutilised amount is held in fixed deposits and the monitoring account: a Kotak Mahindra Bank deposit of Rs. 1.75 crore and Yes Bank deposits of Rs. 0.50 crore each, plus balances in the monitoring account, together Rs. 4.31 crore. Returns on these deposits range from 4.50% to 6.50%.

Implementation status

Investment in AACS for branding and marketing, investment in AACS for working capital and general corporate purposes are shown as completed; issue related expenses are ongoing. No delay is shown against these objects.

Point to note in the report

The report records a loss after tax of Rs. 12 crores in FY26 and Rs. 36 crores in Q1FY27 at the consolidated level.

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