Globe Civil Projects Files Q4FY26 Monitoring Agency Report; Rs. 108.83 Crore of IPO Proceeds Utilised, Rs. 10.17 Crore Remaining

Globe Civil Projects Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, with the National Stock Exchange of India and BSE Limited, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared by CARE Ratings Limited, the monitoring agency appointed to oversee the utilisation of proceeds raised through the company's Initial Public Offer of equity shares. The filing was made on May 06, 2026, and the monitoring agency report itself is dated May 05, 2026.

IPO Overview and Issue Details

The IPO of Globe Civil Projects Limited was conducted during June 24, 2025 to June 26, 2025, raising an aggregate amount of Rs. 119.00 crore through a public issue of equity shares. The company operates in the EPC (Engineering, Procurement & Construction) sector. The promoters of the company are Mr. Ved Prakash Khurana, Mr. Nipun Khurana, and Mr. Vipul Khurana.

The IPO proceeds were earmarked across four objects as disclosed in the offer document:

Object: Original Cost (Rs. Crore) Capital Expenditure 14.26 Working Capital Requirements 75.00 General Corporate Purposes 17.13 Issue Related Expenses 12.62 Total 119.00

Q4FY26 Fund Utilisation Progress

As of March 31, 2026, Globe Civil Projects had cumulatively utilised Rs. 108.83 crore of the total IPO proceeds, with Rs. 10.17 crore remaining unutilised. During Q4FY26 alone, the company deployed Rs. 5.20 crore across various objects. The following table summarises the utilisation progress across all objects:

Object: Proposed (Rs. Crore) Utilised at Start of Q4FY26 (Rs. Crore) Utilised During Q4FY26 (Rs. Crore) Utilised at End of Q4FY26 (Rs. Crore) Unutilised (Rs. Crore) Capital Expenditure 14.26 2.33 4.49 6.81 7.44 Working Capital Requirements 75.00 74.77 0.04 74.82 0.18 General Corporate Purpose 17.13 14.01 0.61 14.62 2.51 Issue Related Expenses 12.62 12.52 0.06 12.58 0.03 Total 119.00 103.63 5.20 108.83 10.17

During Q4FY26, Rs. 4.49 crore was utilised towards the purchase of scaffolding and shuttering material under capital expenditure, entirely from the current account. Rs. 0.04 crore was deployed primarily towards procurement of construction materials under working capital requirements. Rs. 0.61 crore was utilised towards TDS deposits under General Corporate Purpose, also from the current account. Rs. 0.06 crore was spent towards consultancy fees under issue-related expenses, from the monitoring account.

Deployment of Unutilised Proceeds

The remaining unutilised balance of Rs. 10.17 crore has been deployed in fixed deposits as detailed below:

Instrument: Amount (Rs. Crore) Maturity Date Return on Investment (%) FDR HDFC Bank 3.27 April 28, 2027 6.40% FDR HDFC Bank 3.08 April 28, 2027 6.40% FDR HDFC Bank 2.31 May 02, 2026 3.25% FDR HDFC Bank 1.23 May 02, 2026 3.25% FDR ICICI Bank 0.53 June 04, 2026 4.50% Less: Interest accumulated on FDR (0.25) — — Total 10.17

Key Observations and Monitorables

CARE Ratings confirmed there is no deviation from the objects stated in the offer document, and no major deviation was observed over the previous monitoring agency report. However, the monitoring agency flagged several key observations:

Capital Expenditure Delay: The funding towards capital expenditure of Rs. 14.26 crore was originally scheduled for completion by March 2026. The timeline has been extended to September 2026 due to timing differences in vendor finalisation, procurement schedules, and delivery lead times. As of March 31, 2026, approximately 48% of the capital expenditure amount has been utilised. CARE Ratings noted that given volatile prices during Q4FY26, the delay may result in cost overruns, which could impact the viability of the object.

Commingling of Funds: During Q2FY26, the company transferred the unutilised portion of IPO proceeds into its current accounts and created fixed deposits with varied maturity dates. In Q4FY26, certain objects were met through utilisation from the current account. Owing to various transactions pertaining to capital expenditure and General Corporate Purpose from current accounts, there has been commingling of funds, which restricted the monitoring agency's ability to directly ascertain them. CARE Ratings relied on management and Chartered Accountant certifications.

Income Tax Demand Notice: The company received an income tax demand notice of Rs. 80.19 lakh for assessment year 2018-19 under reassessment, disclosed on March 30, 2026. The company has indicated plans to appeal the notice and stated it has no material impact on its operations or financials.

Implementation Delays: Delays in the completion of all four objects — working capital requirements (99% utilised), capital expenditure (48% utilised), General Corporate Purpose (85% utilised), and issue-related expenses (99% utilised) — have been noted, with the number of days or months of delay not ascertainable. Management approval for rescheduling of timelines pertaining to all objects has been obtained by the company.

The Chartered Accountant certificate referenced in the report was issued by M/s Jagdish Chand & Co. (Statutory Auditor) and is dated April 29, 2026. The monitoring agency report was signed by Sachin Mathur, Associate Director at CARE Ratings Limited.

Globe Civil Projects Limited has demonstrated strong execution momentum with a robust order book of ₹730 crore as of March 2026, according to its latest business update filed under Regulation 30. The integrated EPC company operates across civil, structural, MEP, and turnkey segments with a government-focused business model.

Order Book and Business Metrics

The company's financial performance showcases strong business fundamentals:

Metric Details Order Book Value ₹730 crore (March 2026) Peak Order Book ₹1,000+ crore milestone crossed Government Projects Share ~55% of pending work Private Projects Share ~45% of pending work Ongoing Projects 13-15 projects Completed Projects 37+ projects Geographic Presence 11+ states

Major Order Wins in FY26

Globe Civil Projects secured several significant contracts during the financial year, strengthening its project portfolio:

Project Order Value International Cricket Stadium ₹222 crore Central University of Punjab ₹173 crore IIT Kanpur ₹71 crore NIT Delhi Project ₹13 crore

These major order wins demonstrate the company's capability to secure large-scale institutional and infrastructure projects with project timelines ranging from 4 to 30 months.

Government-Focused EPC Model

The company's strategic focus on government projects provides stability and predictable revenue streams. Globe Civil Projects has established strong relationships with key government clients including CPWD, NBCC, IITs, and NITs. This government exposure of approximately 55% of the pending order book offers more secure payment terms compared to private sector projects.

The company operates as a fully integrated EPC platform covering civil and structural work, MEP and HVAC systems, and complete turnkey execution capabilities.

Growth Outlook and Strategy

Globe Civil Projects expects continued growth driven by execution of its existing ₹1,000+ crore order book and participation in institutional and public infrastructure projects. The company plans expansion into new geographies and project segments while maintaining its disciplined bidding strategy focused on margin discipline and timely project delivery.

The management expects margins to remain stable, supported by efficient project execution and selective bidding approach. The company is positioned as a government-focused EPC execution platform with strong revenue visibility for sustained business growth.

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