SRM Contractors fully utilizes Rs 130.20 crore IPO proceeds

SRM Contractors Limited has successfully utilized the entire proceeds of its Initial Public Offer (IPO), aggregating to Rs. 130.20 crore, as of March 31, 2026. The Monitoring Agency Report submitted by CARE Ratings Limited confirms that the deployment of funds aligns with the objects specified in the offer document, marking the conclusion of the monitoring period for the IPO proceeds.

The company had raised capital through an IPO conducted between March 26, 2024, and March 28, 2024. The funds were originally allocated across various heads, including capital expenditure for equipment, working capital requirements, repayment of borrowings, and general corporate purposes. Following shareholder approval obtained during the Annual General Meeting on September 29, 2025, the company revised the cost of objects and reallocated a portion of the proceeds from capital expenditure to investments in joint ventures, associates, and subsidiaries.

Utilization of Proceeds

During the quarter ended March 31, 2026 (Q4FY26), the company utilized the remaining balance of funds. A significant portion of the general corporate purpose allocation was directed towards an investment in a Joint Venture project known as the SRM Rajinder Project, based on a board resolution passed on March 2, 2026. The final deployment ensured that the total unutilized amount stood at zero by the end of the quarter.

The following table details the utilization of the IPO proceeds across various object heads:

Item Head Original Cost (Rs. Crore) Revised Cost (Rs. Crore) Amount Utilised (Rs. Crore) Issue related expenses 6.82 6.82 6.82 Capital expenditure for equipment 31.50 18.49 18.49 Repayment of secured borrowings 10.00 10.00 10.00 Working Capital requirement 46.00 46.00 46.00 Investments in JVs/Associates/Subsidiaries 12.00 25.01 25.01 General corporate purposes 23.88 23.88 23.88 Total 130.20 130.20 130.20

Implementation Status

The Monitoring Agency reported that there were no major deviations from the objects of the issue, nor were there any unfavorable events affecting the viability of the projects. All statutory approvals required for the objects were either obtained or deemed not necessary. The implementation of the objects, such as the purchase of machinery and funding working capital, was completed within the stipulated timelines, with some activities finishing ahead of schedule in earlier quarters.

The Audit Committee of SRM Contractors Limited reviewed the Monitoring Agency Report at its meeting held on May 14, 2026. The company has confirmed that the report is available on its official website.

SRM Contractors Limited has been conferred with the prestigious 'Rashtriya Ratna Samman 2026' under the category of EPC Contractor of the Year. The company announced this significant achievement through a regulatory filing dated 28.04.2026, pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015.

Award Recognition and Ceremony

The prestigious award recognizes SRM Contractors Limited's outstanding contribution to infrastructure development and excellence in engineering, procurement, and construction (EPC) services. The recognition was presented at a grand ceremony held at Bharat Mandapam, New Delhi.

Award Details: Information Award Name: Rashtriya Ratna Samman 2026 Category: EPC Contractor of the Year Venue: Bharat Mandapam, New Delhi Received by: Mr. Puneet Pal Singh, Managing Director Date: 28.04.2026

Company's Engineering Excellence

This prestigious recognition highlights SRM Contractors Limited's commitment to delivering high-quality infrastructure projects across challenging terrains. The company has demonstrated particular expertise in high-altitude and complex engineering environments, showcasing its technical capabilities and innovative approach to construction challenges.

The award acknowledges the company's consistent demonstration of technical excellence, innovation, and timely project execution. These achievements have strengthened SRM's position as a leading EPC contractor in India's infrastructure development sector.

Strategic Vision and Future Outlook

This accolade reinforces SRM Contractors Limited's vision to expand its footprint across India and globally while maintaining the highest standards of engineering excellence. The recognition serves as validation of the company's operational capabilities and commitment to quality infrastructure development.

The award announcement was signed by Arun Mathur, Company Secretary and Compliance Officer, emphasizing the formal recognition of this achievement by the company's leadership and its significance for stakeholders.

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