Excelsoft Technologies IPO Fund Utilisation: ₹113.40 Crore Remains Unutilised as of June 2026

BY ADMIN • FILED 08 Aug 2026, 1:00 PM

Excelsoft Technologies Limited has submitted the Monitoring Agency Report for the quarter ended June 30, 2026, providing an update on the utilisation of funds raised through its Initial Public Offering (IPO).

The report, prepared by CARE Ratings Limited, shows that Excelsoft Technologies raised ₹180 crore through its IPO. As of June 30, 2026, the company had utilised ₹66.60 crore, while ₹113.40 crore remained unutilised.

The company said there was no deviation from the objects of the IPO, although utilisation of funds for certain projects has been delayed. The Board has extended the implementation timeline for these activities to FY2027.

₹180 Crore IPO: Where the Money Was Planned to Be Used

Excelsoft Technologies had outlined five major uses for the IPO proceeds:

IPO Object	Amount
Land purchase and construction of new building at Mysore	₹61.77 crore
Upgradation of existing Mysore facility	₹39.51 crore
IT infrastructure upgradation	₹54.63 crore
General Corporate Purposes	₹8.98 crore
Issue-related expenses	₹15.11 crore
Total	₹180.00 crore

The largest allocation was towards the company’s new Mysore facility, followed by investment in IT infrastructure and upgrading the existing facility.

₹66.60 Crore Utilised So Far

According to the monitoring report, Excelsoft Technologies had utilised ₹66.60 crore of the IPO proceeds by the end of June 2026.

The utilisation during the June quarter was relatively small at ₹0.03 crore.

IPO Object	Amount Proposed	Utilised Till June 30, 2026	Unutilised
New building at Mysore	₹61.77 crore	₹33.01 crore	₹28.76 crore
Existing Mysore facility upgrade	₹39.51 crore	Nil	₹39.51 crore
IT infrastructure	₹54.63 crore	₹10.69 crore	₹43.94 crore
General Corporate Purpose	₹8.98 crore	₹7.79 crore	₹1.19 crore
Issue-related expenses	₹15.11 crore	₹15.11 crore	Nil
Total	₹180.00 crore	₹66.60 crore	₹113.40 crore

New Mysore Facility

The company had allocated ₹61.77 crore towards purchasing land and constructing a new building at its Mysore property.

By June 30, 2026, Excelsoft had utilised ₹33.01 crore, leaving ₹28.76 crore unutilised.

During Q1 FY27, the company used a small amount towards TDS payment related to an advance paid to Angel Construction for the new building.

The company had originally planned to deploy ₹30.31 crore by March 31, 2026, which was completed by December 8, 2025. The remaining deployment is currently ongoing.

No Utilisation for Existing Mysore Facility Upgrade

The company had earmarked ₹39.51 crore for upgrading its existing Mysore facility, including external electrical systems.

However, no amount was utilised under this category during Q1 FY27, leaving the entire ₹39.51 crore unutilised.

The project has been delayed because of regulatory approvals. Excelsoft’s Board has approved an extension of the implementation timeline to FY2027.

IT Infrastructure Upgrade Also Delayed

Excelsoft had allocated ₹54.63 crore for upgrading its IT infrastructure, including software, hardware, communications and network services.

The company had utilised ₹10.69 crore by June 30, 2026, leaving ₹43.94 crore unutilised.

During the June quarter, the company utilised only ₹12,624 towards TDS associated with the purchase of hardware and software.

The company said the delay was linked to the non-availability of components meeting its requirements. The Board has therefore extended the implementation timeline to FY2027.

General Corporate Purpose Allocation Almost Utilised

The company had allocated ₹8.98 crore towards general corporate purposes.

Of this amount, ₹7.79 crore had already been utilised, leaving just ₹1.19 crore unutilised.

The company reported no utilisation under this category during Q1 FY27 and said the delay was related to business and operational requirements.

₹113.40 Crore Kept in Fixed Deposits and Bank Accounts

A significant portion of the unutilised IPO proceeds has been parked in fixed deposits with ICICI Bank.

The monitoring report shows fixed deposits aggregating to ₹110.40 crore, with interest rates ranging between 5.25% and 5.50%.

In addition, the company had:

₹0.54 crore in the ICICI Bank Public Issue Account
₹3.82 crore in the ICICI Bank Monitoring Account
Less: ₹1.36 crore interest adjustment

After these adjustments, the total unutilised IPO proceeds stood at ₹113.40 crore.

This indicates that the company has largely preserved the unused IPO funds while awaiting deployment towards the stated objectives.

Why Has the IPO Fund Utilisation Been Delayed?

The Monitoring Agency highlighted delays in three major areas:

1. Regulatory approvals

The upgrade of the existing Mysore facility, including external electrical systems, has been delayed due to regulatory approval requirements.

2. Availability of required components

The planned IT infrastructure investment has been delayed because components meeting the company’s specific requirements were not available.

3. Business and operational requirements

The company has also delayed the deployment of funds allocated towards general corporate purposes because of its prevailing business and operational requirements.

The Board has approved extending the relevant timelines to FY2027.

No Major Deviation From IPO Objectives

One of the important takeaways from the CARE Ratings report is that there was no deviation in the objects for which the IPO funds were raised.

Although the utilisation schedule has been delayed, the funds continue to be earmarked for the purposes disclosed in the IPO documents.

The Monitoring Agency also reported no major deviation compared with earlier monitoring reports.

There was also no change in the means of finance for the disclosed IPO objectives.

What Investors Should Watch

The monitoring report provides investors with a clear picture of how Excelsoft Technologies is deploying its IPO proceeds.

The company has utilised around 37% of the ₹180 crore IPO proceeds, while approximately 63% remains unutilised.

The key issue is therefore not a change in the intended use of funds, but the pace of deployment.

Investors may want to monitor:

Progress on the new Mysore facility
Regulatory approvals for the existing facility upgrade
Deployment of the ₹43.94 crore remaining IT infrastructure allocation
Utilisation of the remaining ₹1.19 crore under general corporate purposes
Future movement of the ₹113.40 crore unutilised IPO proceeds
Whether the revised FY2027 timelines are met