KEI Industries: Monitoring Agency Report for QIP Proceeds for Quarter Ended June 30, 2026
KEI Industries' Monitoring Agency Report for QIP proceeds ending June 30, 2026, shows ₹1784.62 crore utilized out of ₹2,000 crore. The Sanand plant has ₹215.38 crore unutilized. First phase of LT/HT cable production commissioned by Dec 2025, EHV cable production by Q4 FY27.
This is a routine regulatory filing providing an update on the utilization of funds raised through a previous Qualified Institutions Placement. It does not introduce new material financial information or strategic shifts that would significantly impact the company's stock price.
The report is a routine monitoring agency submission regarding QIP fund utilization. It confirms no deviations from the stated objectives, which is positive, but also notes some delays and unutilized funds, keeping the sentiment neutral.
KEI Industries Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026, concerning the utilization of proceeds from its Qualified Institutions Placement (QIP). The report, issued by CARE Ratings Limited, confirms that the utilization of funds is in line with the stated objects of the issue, with no deviations reported.
The QIP, amounting to ₹2,000 crore, was conducted between November 25 and November 28, 2024, with an allotment date of November 28, 2024. The primary object of the QIP was the partial funding for setting up a cable manufacturing facility at Sanand, Ahmedabad, with an allocation of ₹1450.00 crore. Other objects included repayment of borrowings (₹275.99 crore), general corporate purposes (₹239.64 crore), and issue-related expenses (₹34.37 crore).
As of June 30, 2026, a total of ₹1784.62 crore has been utilized. The Sanand manufacturing facility has seen an utilization of ₹1234.62 crore (₹161.41 crore in FY25 and ₹1064.69 crore till FY26), with ₹215.38 crore remaining unutilized. The repayment of borrowings and issue-related expenses have been fully utilized. General corporate purposes have also been largely utilized, with only ₹0.35 crore remaining, which was completed in early Q1FY27.
The company's Board of Directors reviewed the project implementation status and noted that the first phase of LT/HT Cable production at the Sanand facility was commissioned by December 2025, with EHV Cable production expected to commence by Q4 FY 2026-27. The report indicates a delay in the full completion of the Sanand plant, with the Board noting the commissioning of the first phase and expected start of EHV cable production in Q4 FY 2026-27. A minor delay of one month was noted for the General Corporate Purpose utilization.
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