Munish Forge Limited Submits First Monitoring Agency Report for Period Ended March 31, 2026

Munish Forge Limited has filed its First Monitoring Agency Report with the National Stock Exchange of India Limited for the period ended March 31, 2026. The report was prepared by Brickwork Ratings India Private Limited (BWR) pursuant to Regulation 262 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Monitoring Agency Engagement Letter dated September 16, 2025. The submission was made on May 15, 2026, by Yogita Dhall, Company Secretary & Compliance Officer.

IPO Issue Details

The company raised funds through a Fresh Issue and Offer for Sale of equity shares, with the total issue size aggregating to ₹73.92 crore. The issue was open for anchor investors on September 29, 2025, and for other investors from September 30, 2025 to October 3, 2025, at a price of ₹96 per share. The following table summarises the issue structure:

Particulars: Total Number of Securities Price (₹) Value as per Offer Document (₹ Crore) Amount Received (₹ Crore) Equity Shares – Fresh Issue: 63,56,400 96 61.02 73.92 Equity Shares – Offer for Sale: 13,44,000 96 12.90 — Total: 77,00,400 195 73.92 73.92

As disclosed in the prospectus, the Offer for Sale amounted to ₹12.90 crore, inclusive of the proportionate share of issue expenses. During the period ending March 31, 2026, the company transferred ₹12.90 crore to the selling shareholder. Total issue expenses aggregating to ₹12.75 crore had been incurred as of March 31, 2026, all of which were initially borne by the company. Of these, ₹2.22 crore represents the proportionate share attributable to the selling shareholder, which was paid by the company and remains reimbursable as on that date.

Utilisation of IPO Proceeds

Brickwork Ratings confirmed that all utilisation was in accordance with the disclosures in the offer document, with no material deviations observed. The monitoring agency noted that this is the first monitoring report and no prior reports exist for comparison. All government and statutory approvals related to the objects have been obtained. The following table details the progress in utilisation of IPO proceeds as on March 31, 2026:

Object: Amount as per Offer Document (₹ Crore) Amount Utilised During Period (₹ Crore) Total Utilised (₹ Crore) Unutilised Amount (₹ Crore) Capital Expenditure – Civil Construction & Plant & Machinery: 7.19 0.19 0.19 7.00 Repayment/Pre-payment of Certain Debt Facilities: 9.70 9.70 9.70 0.00 Working Capital Requirements: 30.00 30.00 30.00 0.00 General Corporate Purposes: 2.84 0.56 0.56 2.28 Issue Expenses: 9.33 10.50 10.50 -1.17*

*₹1.17 lakhs variance due to GST on payment of issue expenses.

Repayment of certain debt facilities (₹9.70 crore) and working capital requirements (₹30.00 crore) were fully utilised during the period. Capital expenditure towards civil construction and purchase of additional plant and machinery, as well as general corporate purposes, remain partially utilised and are ongoing. As per the prospectus, any unutilised net proceeds from a scheduled fiscal may be utilised in the subsequent fiscal, in accordance with applicable laws.

Deployment of Unutilised Proceeds

Unutilised IPO proceeds as on March 31, 2026 were deployed across bank accounts and fixed deposits. The details are as follows:

Instrument / Entity: Amount Invested (₹ Crore) Return on Investment (%) Market Value (₹ Crore) Axis Bank Public Issue Account (925020045128925): 0.92 — 0.92 Yes Bank Monitoring Account (039066300000017): 0.02 — 0.02 Fixed Deposit – Yes Bank (039040300007053): 4.21 3.50 4.22 Fixed Deposit – Yes Bank (039040300007136): 2.01 3.50 2.01 Fixed Deposit – Yes Bank (039040300007196): 1.00 3.50 1.00

General Corporate Purposes Utilisation

Of the ₹2.84 crore allocated for General Corporate Purposes (GCP) in the offer document, ₹0.56 crore had been utilised as on March 31, 2026. The balance net fresh offer proceeds of ₹283.91 lakhs are proposed to be utilised for general corporate purposes, subject to such utilisation not exceeding 15% of the gross proceeds or ₹10 crore, whichever is lower, in compliance with SEBI (ICDR) Regulations, 2018. Intended uses include strategic initiatives, brand building and strengthening of marketing activities, and ongoing general corporate exigencies, as approved by the board.

Monitoring Agency Observations

Brickwork Ratings confirmed no deviation from the objects of the issue and no unfavourable events affecting the viability of the objects were reported. The monitoring agency's findings were verified by M/s. Vinay & Associates (FRN Number: 004462N) vide CA certificate dated May 13, 2026, and the company's statement dated May 14, 2026. The report was signed by Mr. Niraj Kumar Rathi, Senior Director, Ratings at Brickwork Ratings, on May 14, 2026.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.