Happy Forgings Limited — Others, 09-08-2025: Monitoring Agency Report

Happy Forgings Limited's monitoring agency report for Q1 FY2026 confirms that the utilization of IPO proceeds aligns with stated objectives, showing no deviation. Of the INR 377.823 Cr net proceeds, the company has fully utilized funds for debt prepayment (INR 152.760 Cr) and general corporate purposes (INR 53.937 Cr). For equipment and machinery purchase, INR 94.657 Cr has been used so far, with INR 52.704 Cr in Q1 FY2026, which was a reimbursement for earlier expenses. The remaining INR 76.469 Cr for equipment is expected to be deployed by FY2026, experiencing a 3-12 month delay. Unutilized funds are strategically placed in a fixed deposit, earning returns.