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Aplab Ltd. — Capital/Financing Update 2026
Feb 16, 2026
58978_rns_2026-02-16_e27ec6a9-82c8-4228-9f77-f044c1153fa8.pdf
Capital/Financing Update
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SEC:APL RKD:1248726:26
February 16, 2026
The Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001
Sub: Submission of Certificate regarding Utilization of Funds Raised through Rights Issue of Equity Shares
Ref: Scrip Code Fully Paid – 517096 and Partly Paid- 890217
Dear Sir/Madam,
This is with reference to the Rights Issue of 1,25,70,000 Equity Shares of ₹10/- each at a price of ₹ 5/- per share (including premium of ₹2.50) made by Aplab Limited in the ratio of 1:1 to the eligible equity shareholders as on the Record Date 29[th] May 2025 which closed on 3[rd] July 2025
Pursuant to Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the following documents regarding the utilization of funds raised through the Rights Issue of the Company:
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Certificate of Utilization:
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A certificate from Infomerics Ratings-Monitoring Agency dated 14[th] February 2026, certifying that the funds raised through the Rights Issue (which closed on July 3, 2025, have been utilized for the objects stated in the Letter of Offer.
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Statement of Deviation/Variation (if applicable): "We confirm that there is no deviation/variation in the utilization of proceeds from the objects stated in the Letter of Offer."
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Summary of Utilization as of 31[st] December 2025:
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Total Amount Raised: ₹629.00 Lakhs
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Amount Utilized: ₹629.00 Lakhs
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Balance Amount Unutilized: ₹ 0.00 Lakhs (
A copy of the certificate is attached herewith for your records.
We request you to take this on record.
Thanking You,
Yours Faithfully, For Aplab Limited
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Rajesh K. Deherkar Company Secretary & Compliance Officer Membership No.: 10783
Encl: Certificates from Monitoring Agency regarding utilization of proceeds.
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Monitoring Agency Report for Aplab Limited for the Quarter ended December 31, 2025
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Monitoring Agency Report
February 16, 2026
To Aplab Limited Plot No. 12, TTC Industrial Area, Village Digha, Thane Belapur Road, Mumbai, Maharashtra-400708, India.
Dear Sir,
Monitoring Agency Report for the Quarter ended December 31, 2025 - in relation to the Rights issue of Aplab Limited (“The Company”)
We write in our capacity of Monitoring Agency for the right issue of equity shares for the amount aggregating to Rs.23.88 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations).
In this connection, we are enclosing the Monitoring Agency Report for the Quarter ended December 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 29 May 2025.
Request you to kindly take the same on records.
Thanking you,
For and on behalf of Infomerics Valuation and Rating Limited
GAURAV NAVEEN JAIN
Digitally signed by GAURAV NAVEEN JAIN Date: 2026.02.16 15:21:29 +05'30'
Gaurav Jain
(Director - Ratings)
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Report of the Monitoring Agency
Name of the Issuer: Aplab Limited
For quarter ended: December 31, 2025
Name of the Monitoring Agency: Infomerics Valuation and Rating Limited
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(a) Deviation from the objects: None
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(b) Range of Deviation: NA
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses.
We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer.
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We further declare that this report provides true and fair view of the utilization of issue proceeds.
GAURAV
NAVEEN JAIN
Digitally signed by GAURAV NAVEEN JAIN Date: 2026.02.16 15:21:52 +05'30'
Signature:
Name of the Authorized Person/Signing Authority: Gaurav Jain Designation of Authorized person/Signing Authority: Director - Ratings Seal of the Monitoring Agency: Date: February 16, 2026
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1) Issuer Details:
Name of the issuer: Aplab Limited
Names of the promoters of the issuer: Ms. Amrita Prabhakar Deodhar
Industry/sector to which it belongs: The Company is presently engaged in the business of industrial power electronics, with its operations centered around the design, control, and conversion of electrical power to meet various industrial requirements. The Company has been serving a moderate range of industries by offering reliable and application-oriented solutions that support efficient power managements.
2) Issue Details:
Issue Period: June 04, 2025, to July 03, 2025
Type of issue (public/rights): Rights Issue
Type of specified securities: Rights Equity shares
Grading: Not Applicable
Issue size (Rs in Crores): Rs. 23.88 crores (Refer Note No. 1 & Note No. 2)
Note 1
During Q2FY26 (i.e. 01 July 2025 to 30 September 2025), the company proposed via its prospectus to issue 1,25,70,000 Rights Equity Shares at an issue price of Rs. 19.00 (including a premium of Rs. 9.00) aggregating to Rs. 23.88 crore. However, company had only called Rs. 5.00 per rights equity
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share during Q2FY2026. Further no call were made during Q3FY2026. The remaining portion of Rs. 14.00 per rights equity share (aggregating to Rs. 17.59 crore) is yet to be called.
Note 2
| Particulars | Amount as per the Prospectus (Rs. in crore) |
|---|---|
| Total Issue Proceeds proposed to be received as per prospectus | 23.88* |
| Less:Estimated Issue Related to Expenses | 0.50** |
| Net Proceeds for Utilization | 23.38 |
*Out of the total proposed issue price of Rs. 19.00 per rights equity share, the company had called only Rs. 5.00 per share during Q2 FY2026, aggregating total receipts to Rs. 6.29 crore. No further call were made in Q3 FY2026. Thus, receipts during Q3 FY2026 remained Nil.
**Issue related expenses estimated as per prospectus were Rs. 0.50 crore. However, out of the estimated Rs. 0.50 crore, the company utilized only Rs. 0.25 crore towards the issue related expenses till Q2FY26. Remaining estimated issue related cost of Rs. 0.25 crore pertains to the portion of funds which is yet to be called. Since no calls were made during Q3FY2026, no utilizations were made towards issue related expenses during Q3 FY2026.
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Particulars | ||||
|---|---|---|---|---|---|
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of Monitoring Agency |
Comments of Board of Directors |
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| Whether all the utilization is as per disclosure in Offer Document? |
Yes | Bank Statement, CA Certificate*, Ledger, Letter of Offer. No Due Certificate |
Refer Note 1 | No Comments |
| Whether Shareholder approval is obtained in case of material deviations from expenditures disclosed in Offer Document? |
Not Applicable as no deviations observed |
NA | No Comments | No Comments |
| Whether means of finance for disclosed objects of the Issue has changed? |
Yes | NA | Refer Note 1 | No Comments |
| Any major deviation observed over the earlier monitoring agency reports? |
Refer Note 1 | Bank Statements, CA Certificate*, Ledger, Letter of Offer, No Due Certificate |
Refer Note 1 | No Comments |
| Whether all Government / Statutory approvals related to the object(s) obtained? |
Yes | Principal approval from BSE | No Comments | No Comments |
| Whether all arrangements pertaining to technical assistance/collaboration in operation? |
Not Applicable | Not applicable | Not Applicable | No Comments |
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| Any favourable events improving object(s) viability |
There are no events affecting the viability of the objects of the issue. |
Not applicable | Nil | No Comments |
| Any unfavourable events affecting object(s) viability |
There are no events affecting the viability of the objects of the issue. |
Not applicable | Nil | No Comments |
| Any other relevant information that may materially affect the decision making of the investors |
There is no other relevant information that may affect the decision making of the investor. |
Not applicable | Nil | No Comments |
- The above details are verified by statutory auditors M/s. R. Bhargava & Associates; Chartered Accountants vide its certificate dated 11 February 2026.
Auditor’s remark: No deviations from expenditure as per applicable objects.
Note 1 - In Q2FY26 the company utilized entire receipts of Rs. 6.29 crore towards Object No. 1, Object No. 3 and issue related expenses. These utilizations were made out of cash credit account in which issue proceeds were transferred. We relied upon CA Certificate dated 14 November 2025 along with invoices and ledgers submitted with us which reflected payments made from cash credit account towards the working capital requirements of the company during Q2 FY2026.
Subsequently during Q3FY2026 the company, in line with Object No. 2 i.e. repayment of loans, has repaid its outstanding borrowings from Laxmimanak Finance Private Limited out of the said cash credit account and requested for reallocation of Rs. 2.75 crore of
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utilization from Object No.1 to Object No. 2. This is made under the premise that the earlier payment made towards working capital requirements were funded from internal accruals and balance in cash credit account represented issue proceeds. The reallocation during
Q3 FY2026 has been presented accordingly, supported by the company’s request, CA Certificate dated 11 February 2026 from statutory auditor, No Due Certificate from Laxmimanak Finance Private Limited and Cash Credit statements reflecting payment made to Laxmimanak Finance Private Limited.
^ Material Deviation would mean
a) deviation in the objects or purposes for which the funds have been raised
b) deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer document
4) Details of object(s)s to be monitored:
(i) Cost of object(s)-
| Sl. No |
Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report |
Original cost (as per the Offer Document) in Rs. Crore |
Revised Cost in Rs. Crore |
Comments of Monitoring Agency |
Comments of Board of Directors |
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| Reason of cost revision |
Proposed financing option |
Particulars of firm arrangeme nts made |
||||||
| 1 | For funding the working capital requirements of the Company |
Letter of Offer* | 15.00 | Not Applicabl e |
(Refer Note 1) | No Comments |
No Comments | No Comments |
| 2 | Repayment of Loan | Letter of Offer* | 2.75 | Not Applicabl e |
(Refer Note 1) | No Comments |
No Comments | No Comments |
| 3 | General Corporate Purpose |
Letter of Offer* | 5.63 | Not Applicabl e |
(Refer Note 1) | No Comments |
No Comments | No Comments |
| TOTAL | 23.38 |
- Sourced from final prospectus dated 27 May 2025, Page No. 46.
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(ii) Progress in the object(s)-
| Sl. No |
Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report |
Amount as proposed in the Offer Document in Rs. Crore |
Amount raised till Dec 31, 2025 (Rs. crore) |
Amount utilized | Unutilised amount in Rs. crore |
Comments of Monitoring Agency |
Comments of Board of Directors |
|||
| As at Beginning of the Q3FY26 |
During Q3FY26 |
At the end of Q3FY26 |
Reason of idle funds |
Proposed Course of Action |
|||||||
| 1 | For funding the working capital requirements of the Company |
CA Certificate*, Bank Statements, and Prospectus |
15.00 | 3.03 | 5.78 | -2.75 | 3.03 | - | Refer Note 1 | No Comments |
No Comments |
| 2 | Repayment of Loan |
CA Certificate*, Bank Statements, |
2.75 | 2.75 | - | 2.75 | 2.75 | - | Refer Note 1 | No Comments |
No Comments |
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| NDC,Ledger and Prospectus |
|||||||||||
| 3 | General Corporate Purpose |
CA Certificate*, Bank Statements, and Prospectus |
5.63 | 0.26 | 0.26 | - | 0.26 | - | No Comments |
No Comments |
No Comments |
| TOTAL | 23.38 | 6.04 | 6.04 | - | 6.04 | - | - |
- CA Certificate dated 11 February 2026, issued by the statutory auditors M/s. R. Bhargava & Associates.
**Sourced from Letter of Offer issued by the company dated May 27, 2025
Note 1: In Q2FY26 the company utilized entire receipts of Rs. 6.29 crore towards Object No. 1, Object No. 3 and issue related expenses. These utilizations were made from cash credit account in which issue proceeds were transferred. We relied upon CA Certificate dated 14 November 2025 along with invoices and ledgers submitted with us which reflected payment made from cash credit account towards the working capital requirements of the company during Q2 FY2026.
Subsequently during Q3FY2026 the company, in line with Object No. 2 i.e. repayment of loans, has repaid its outstanding borrowings from Laxmimanak Finance Private Limited out of the said cash credit account and requested for reallocation of Rs. 2.75 crore of utilization from Object No.1 to Object No. 2. This is made under the premise that the earlier payment made towards working capital
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requirements were funded from internal accruals and balance in cash credit account represented issue proceeds. The reallocation during Q3 FY2026 has been presented accordingly, supported by the company’s request, CA Certificate dated 11 February 2026 from statutory auditor, No Due Certificate from Laxmimanak Finance Private Limited and Cash Credit statements reflecting payment made to Laxmimanak Finance Private Limited.
#Brief description of Object(s):
| S.no | Name of the object(s) | Brief description of the object(s) |
|---|---|---|
| 1 | For funding the working capital requirements of the Company. |
Company proposes utilizing Rs. 15.00 Crore from Net Proceeds towards the working capital requirements of the Company over Fiscals 2026. The balance of working capital requirement shall be met through internal accruals and borrowings. The company expects Trade Payable Days to reduce from 101 as of Dec 31, 2024, to 76 in FY26, supported by improved liquidity from proposed working capital funding, adoption of early payment discounts, and a shift toward shorter credit terms with suppliers—aimed at enhancing supply chain reliability and overall working capital efficiency. Similarly, Trade Receivable Days are projected to decline from 142 to 95 over the same period, driven by stricter credit controls, improved collections, focus on customers with stronger credit profiles, and a higher proportion of advance or cash-based sales, collectively indicatingaplanned improvement in liquiditymanagement and operational efficiency. |
| 2 | Repayment of Loan. | The Company has availed a loan from M/s Laxmimanak Finance Pvt. Ltd. and the aggregate amount outstanding on this loan as on December 31, 2024, is Rs. 2.75 crore. Company will utilize the aggregate amount of Rs. 2.75 crore from Net Proceeds towards repayment of this loan. |
| 3 | General Corporate Purpose | Company intends to deploy the balance Net Proceeds towards general corporate purposes, subject to such utilization not exceeding 25% of the Issue Proceeds, in compliance with applicable laws, to drive the business growth, including, amongst other things, (a) funding growth opportunities, including strategic initiatives; (b) meeting any expenses incurred in the ordinary course of business by our Company including salaries and wages,rent,administration expenses,insurance related expenses,vendorpayments andpayment |
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of taxes and duties; (c) meeting our working capital requirements including payment of interest on borrowings; (d) meeting of exigencies which our Company may face in course of any business, (e) brand building and other marketing expenses; (f) repayment of current liabilities and (g) any other purpose as permitted by applicable laws and as approved by our Board or a duly appointed committee thereof. Company management, in response to the competitive and dynamic nature of the industry, will have the discretion to revise its business plan from time to time and consequently our funding requirement and deployment of funds may change. This may also include rescheduling the proposed utilization of Net Proceeds. Company management, in accordance with the policies of our Board, will have flexibility in utilizing the proceeds earmarked for general corporate purposes. If company is unable to utilize the entire amount that we have currently estimated for use out of Net Proceeds in a Fiscal, Company will utilize such unutilized amount in the subsequent Fiscals.
(iii) Deployment of unutilized Issue proceeds-
| Sl. no. | Type of instrument where amount invested |
Amount invested (in Crores) |
Maturity date | Earnings (in Crores) |
Return on Investment (ROI %) |
Market Value as at the end of Q3 FY 2026 |
| NA | NA | NA | NA | NA | NA | NA |
- The above details are verified by M/s. R. Bhargava & Associates vide its CA certificate dated 11 February 2026.
(iv) Delay in implementation of the object(s)- No comments
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| Object(s) Name | Completion Date | Delay (No. of days/ months) |
Comments of Board of Directors | ||
| As per Offer Document | Actual* | Reason of delay | Proposed Course of Action |
||
| For funding the working capital requirements of the Company |
Till FY 2026 | Ongoing | No Delay | No Comments | No Comments |
| Repayment of Loan | Till FY 2026 | Completed | No Delay | No Comments | No Comments |
| General Corporate Purpose |
Till FY 2026 | Ongoing | No Delay | No Comments | No Comments |
Note : Utilization of proceeds towards Object No. 2 i.e. Repayment of Loan was completed during Q3FY2026.
v) Details of utilisation of Proceeds stated as for funding the repayment of loans of the company amount in the offer document:
| S. No. |
Item Head | Amount in Rs. Crore |
Source of Information/Certifications Considered by the Monitoring agency for preparation of report |
Comments of Monitoring Agency |
Comments of the Board of Directors |
|
|---|---|---|---|---|---|---|
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| 1 | M/s Laxmimanak Finance Pvt. Ltd. |
2.75 | NDC, Ledgers, Bank Statements, CA Certificate* | No Comments | No Comments |
|---|---|---|---|---|---|
| TOTAL | 2.75 |
*The above details are verified by M/s. R. Bhargava & Associates vide its CA certificate dated 11 February 2026.
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DISCLAIMERS:
➢ This Report is prepared by Infomerics Valuation and Rating Limited (hereinafter referred to as "Monitoring Agency” / “MA" / “IVRL”). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.
➢ This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditors/independent chartered accountant appointed by the Issuer believed by it to be accurate and reliable.
➢ Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.
➢ The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from auditors, lawyers, chartered engineers or other experts, and relies on in its reports
➢ The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.
➢ The MA report is intended for the jurisdiction of India only. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as MA providing or intending to provide any services in jurisdictions outside India, where it does not have the necessary licenses and/or registration to carry out its business activities referred to above.
➢ Access or use of this report does not create a client relationship between MA and the user.
➢ MA is not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In preparing this report, MA has not taken into consideration the objectives or particular needs of any particular user. ➢ It is made abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not an offer to sell or an offer to purchase or subscribe for any investment inany securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains.
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➢ The report comprises professional opinion of MA as of the date they are expressed, based on the information received from the issuer and other sources considered reliable by MA. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. The report does not constitute statements of fact or recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions.
➢ Neither MA nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents guarantee the accuracy, completeness or adequacy of the report, and shall not have any liability for any errors, omissions or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the report. MA and each aforesaid party disclaim any and all express or implied warranties, including but not limited to any warranties of merchantability, suitability or fitness for a particular purpose or use or use. In no event shall MA or any aforesaid party be liable to any user for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.
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➢ Unless required under any applicable law, this report should not be reproduced or redistributed to any other person or in any form without prior written consent from MA. ➢ By accepting a copy of this Report, the recipient accepts the terms of this Disclaimer, which forms an integral part of this Report.
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Monitoring Agency Report for Aplab Limited for the quarter ended September 30, 2025
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Monitoring Agency Report
November 18, 2025
To Aplab Limited Plot No. 12, TTC Industrial Area, Village Digha, Thane Belapur Road, Mumbai,, Maharashtra-400708, India
Dear Sir,
Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Right issue of Aplab Limited (“The Company”)
We write in our capacity of Monitoring Agency for the Right issue of equity shares for the amount aggregating to Rs. 23.88 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations).
In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated 21 May 2025.
Request you to kindly take the same on records.
Thanking you,
For and on behalf of Infomerics Valuation and Rating Limited
GAURAV NAVEEN JAIN
Digitally signed by GAURAV NAVEEN JAIN Date: 2025.11.18 18:22:02 +05'30'
Gaurav Jain
(Director - Ratings)
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Report of the Monitoring Agency
Name of the Issuer: Aplab Limited
For quarter ended: September 30, 2025
Name of the Monitoring Agency: Infomerics Valuation and Rating Limited
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(a) Deviation from the objects: No Deviation
-
(b) Range of Deviation: Not Applicable
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses.
We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer.
We further declare that this report provides true and fair view of the utilization of issue proceeds.
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GAURAV NAVEEN JAIN
Digitally signed by GAURAV NAVEEN JAIN Date: 2025.11.18 18:22:27 +05'30'
Signature:
Name of the Authorized Person/Signing Authority: Gaurav Jain Designation of Authorized person/Signing Authority: Director - Ratings Seal of the Monitoring Agency: Date: November 18, 2025
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1) Issuer Details:
Name of the issuer: Aplab Limited
Names of the promoters of the issuer: Ms. Amrita Prabhakar Deodhar
Industry/sector to which it belongs: The Company is presently engaged in the business of industrial power electronics, with its operations centered around the design, control, and conversion of electrical power to meet various industrial requirements. The Company has been serving a moderate range of industries by offering reliable and application-oriented solutions that support efficient power managements.
2) Issue Details:
Issue Period: June 04, 2025, to July 20, 2025,
Type of issue (public/rights): Rights Issue
Type of specified securities: Rights Equity shares
Grading: Not Applicable Issue size (Rs in Crores): Rs. 23.88 crores (Note No. 1 & Note No. 2)
Note 1
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During Q2FY26 (i.e. 01 July 2025 to 30 September 2025), the company had proposed via its prospectus to issue 1,25,70,000 Rights Equity Shares at an issue price of Rs. 19.00 (including a premium of Rs. 9.00) aggregating to Rs. 23.88 crore. However, company had only called Rs 5.00 per rights equity share during Q2FY2026, thus total rights issue receipts during the period amounted to Rs 6.29 crore. The remaining portion of Rs. 14.00 per rights equity share (aggregating to Rs. 17.59 crore) is yet to be called.
.
Note 2
| Particulars | Amount as per the Prospectus (Rs. in crore) |
|---|---|
| Total Proceeds proposed to be Received from rights issue | 23.88* |
| Less:Issue Related Expenses | 0.50** |
| Net Proceeds for Utilization | 23.38 |
*Out of total proposed issue price of Rs. 19.00 per rights equity share, the company had called only Rs. 5.00 per equity share during Q2FY2026. Thus, total receipts during Q2FY2026 amounted to Rs 6.29 crore.
**Issue related expenses estimated as per prospectus were Rs. 0.50 crore. However, out of the estimated Rs. 0.50 crore, the company utilized only Rs. 0.25 crore towards the issue related expenses during Q2FY2026. Remaining estimated issue related cost of Rs. 0.25 crore pertains to the portion of funds which is yet to be called.
*Issue related expenses as per prospectus
**Infomerics Ratings shall be monitoring the Net Proceeds
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
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| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report |
Comments of Monitoring Agency |
Comments of Board of Directors |
| Whether all the utilization is as per disclosure in Offer Document? |
Yes | Bank Statement, CA Certificate, Invoices, Ledger, Letter of Offer |
Towards Object no. 1 – Working capital company has made payments towards Suppliers, Salaries, GST payments and TDS. For Object no. 3 – GCP, the company has made payment towards PF and Employee expense reimbursement. |
No Comments |
| Whether Shareholder approval is obtained in case of material deviations from expenditures disclosed in Offer Document? |
Not Applicable | NA | No Comments | No Comments |
| Whether means of finance for disclosed objects of the Issue has changed? |
There is no change in means of finance |
NA | No Comments | No Comments |
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| Any major deviation observed over the earlier monitoring agency reports? |
Not Applicable | Not Applicable | Not Applicable | No Comments |
| Whether all Government / Statutory approvals related to the object(s) obtained? |
Yes | Principal approval from BSE | No Comments | No Comments |
| Whether all arrangements pertaining to technical assistance/collaboration in operation? |
Not Applicable | Not applicable | Not Applicable | No Comments |
| Any favourable events improving object(s) viability |
There are no events affecting the viability of the objects of the issue. |
Not applicable | Nil | No Comments |
| Any unfavourable events affecting object(s) viability |
There are no events affecting the viability of the objects of the issue. |
Not applicable | Nil | No Comments |
| Any other relevant information that may materially affect the decision making of the investors |
There is no other relevant information that may affect the |
Not applicable | Nil | No Comments |
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decision making of the investor.
- The above details are verified by statutory auditors M/s. R. Bhargava & Associates; Chartered Accountants vide its certificate dated 14
November 2025. Auditor’s remark: No deviations from expenditure as per applicable objects.
.
^ Material Deviation would mean
a) deviation in the objects or purposes for which the funds have been raised
b) deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer document
4) Details of object(s)s to be monitored:
(i) Cost of object(s)-
| Sl. No |
Item Head | Source of informatio / certifications considered by Monitoring Agency for preparation of report |
Original cost (as per the Offer Document) in Rs. Crore |
Revised Cost in Rs. Crore |
Comments of Monitoring Agency |
Comments of Board of Directors |
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| Reason of cost revision |
Proposed financing option |
Particulars of firm arrangeme nts made |
||||||
| 1 | For funding the working capital requirements of the Company |
Letter of Offer* | 15.00 | Not Applicabl e |
(Refer Note 1) | No Comments |
No Comments | No Comments |
| 2 | Repayment of Loan | Letter of Offer* | 2.75 | Not Applicabl e |
(Refer Note 1) | No Comments |
No Comments | No Comments |
| 3 | General Corporate Purpose |
Letter of Offer* | 5.63 | Not Applicabl e |
(Refer Note 1) | No Comments |
No Comments | No Comments |
| TOTAL | 23.38 |
*Sourced from final prospectus dated 27 May 2025, Page No. 46
Note 1: Though the allocations towards the objects out of the entire issue proceeds are proposed to be Rs. 23.38 crore, during Q2 FY2026, the company has only called Rs. 5.00 per rights equity shares, aggregating to Rs. 6.29 crore. Out of these, Rs. 0.25 crore is utilized towards issue related expenses. Remaining Rs. 6.04 crore were utilized towards the objects of the issue
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(ii) Progress in the object(s)-
| Sl. No |
Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report |
Amount as proposed in the Offer Document in Rs. Crore |
Amount raised till September 30, 2025 (Rs. crore) |
Amount utilized |
Unutilised amount in Rs. crore |
Comments of Monitoring Agency |
Comments of Board of Directors |
|||
| As at Beginning of the quarter |
During the quarter |
At the end of the quarter |
Reason of idle funds |
Proposed Course of Action |
|||||||
| 1 | For funding the working capital requirements of the Company |
CA Certificate*, Bank Statements, and Prospectus |
15.00 | 5.78 | - | 5.78 | 5.78 | - | Utilizations towards the payment of the suppliers, GST payments and TDS. |
No Comments |
No Comments |
| 2 | Repayment of Loan |
CA Certificate*, Bank |
2.75 | - | - | - | - | - | No Comments | No Comments |
No Comments |
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==> picture [699 x 217] intentionally omitted <==
----- Start of picture text -----
Statements,
Bank Closure
Letter and
Prospectus
3 General CA 5.63 0.26 - 0.26 0.26 - Utilizations No No
Corporate Certificate, towards Comments Comments
Purpose Bank payment of
Statements,
Salaries, PF,
and
Employee
Prospectus
Expense
reimbursement.
TOTAL 23.38 6.04 - 6.04 6.04 -
----- End of picture text -----*
*CA Certificate dated 14 November 2025, issued by the statutory auditors M/s. R. Bhargava & Associates.
**Sourced from Letter of Offer issued by the company dated May 27, 2025
Note 1 Though the allocations towards the objects out of the entire issue proceeds are proposed to be Rs. 23.38 crore, during Q2 FY2026, the company has only called Rs. 5.00 per rights equity shares, aggregating to Rs. 6.29 crore. Out of these, Rs. 6.04 crore is utilized towards the objects of the issue. Allocations of the issue receipts during Q2FY2026 towards the objects is based on actual utilizations made towards the objects during the period.
#Brief description of Object(s):
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| S.no | Name of the object(s) | Brief description of the object(s) |
|---|---|---|
| 1 | For funding the working capital requirements of the Company. |
Company proposes utilizing Rs. 15.00 Crore from Net Proceeds towards the working capital requirements of the Company over Fiscals 2026. The balance of working capital requirement shall be met through internal accruals and borrowings. The company expects Trade Payable Days to reduce from 101 as of Dec 31, 2024, to 76 in FY26, supported by improved liquidity from proposed working capital funding, adoption of early payment discounts, and a shift toward shorter credit terms with suppliers—aimed at enhancing supply chain reliability and overall working capital efficiency. Similarly, Trade Receivable Days are projected to decline from 142 to 95 over the same period, driven by stricter credit controls, improved collections, focus on customers with stronger credit profiles, and a higher proportion of advance or cash-based sales, collectively indicating a planned improvement in liquidity management and operational efficiency. |
| 2 | Repayment of Loan. | The Company has availed a loan from M/s Laxmimanak Finance Pvt. Ltd. and the aggregate amount outstanding on this loan as on December 31, 2024, is Rs. 2.75 crore. Company will utilize the aggregate amount of Rs. 2.75 crore from Net Proceeds towards repayment of this loan. |
| 3 | General Corporate Purpose | Company intends to deploy the balance Net Proceeds towards general corporate purposes, subject to such utilization not exceeding 25% of the Issue Proceeds, in compliance with applicable laws, to drive the business growth, including, amongst other things, (a) funding growth opportunities, including strategic initiatives; (b) meeting any expenses incurred in the ordinary course of business by our Company including salaries and wages, rent, administration expenses, insurance related expenses, vendor payments and payment of taxes and duties; (c) meeting our working capital requirements including payment of interest on borrowings; (d) meeting of exigencies which our Company may face in course of any business, (e) brand building and other marketing expenses; (f) repayment of current liabilities and (g) any other purpose as permitted by applicable laws and as approved by our Board or a duly appointed committee thereof. Company management, in response to the competitive and dynamic nature of the industry, will have the discretion to revise its business plan from time to time and consequently our funding requirement and deployment of funds may change. This may also include rescheduling the proposed utilization of Net Proceeds. Company management, in accordance with the policies of our Board, will have flexibility in utilizing the proceeds earmarked for general corporate purposes. If company are unable to utilize the entire amount that we have |
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currently estimated for use out of Net Proceeds in a Fiscal, Company will utilize such unutilized amount in the subsequent Fiscals.
(iii) Deployment of unutilized Issue proceeds-
| Sl. no. | Type of instrument where amount invested |
Amount invested (in Crores) |
Maturity date |
Earnings (in Crores) |
Return on Investment (ROI %) |
Market Value as at the end of quarter |
| Not Applicable |
Not Applicable | Not Applicable |
Not Applicable |
Not Applicable |
Not Applicable | Not Applicable |
Note: Company had called Rs. 5.00 per rights equity share during Q2FY2026. The total receipts from issue during Q2FY2026 amounted to Rs. 6.29.
The company has fully utilized the issued proceeds received during Q2 FY2026 towards issue related expenses (Rs. 0.25 crore) and towards Objects of the issue (Rs. 6.04 crore).
(iv) Delay in implementation of the object(s)-
==> picture [699 x 95] intentionally omitted <==
----- Start of picture text -----
Object(s) Name Completion Date Delay (No. of days/ Comments of Board of Directors
months)
As per Offer Document Actual * Reason of delay Proposed Course of
Action
----- End of picture text -----
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| For funding the working capital requirements of the Company |
Till FY 2026 | Ongoing | No Delay | No Comments | No Comments |
| Repayment of Loan | Till FY 2026 | Ongoing | No Delay | No Comments | No Comments |
| General Corporate Purpose |
Till FY 2026 | Ongoing | No Delay | No Comments | No Comments |
v) Details of utilisation of Proceeds stated as General Corporate Purpose (GCP) amount in the offer document: Not Applicable
| S.No | Item Head | Amount in Rs. Crore |
Source of Information/Certifications Considered by the Monitoring agency for preparation of report |
Comments of Monitoring Agency |
Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | Expense reimbursement to employee |
0.18 | Invoices, Ledgers, Bank Statements, CA Certificate* |
No comments | No Comments |
| 2 | PF | 0.08 | Invoices, Ledgers, Bank Statements, CA Certificate* |
No comments | No Comments |
| TOTAL | 0.26 |
*CA Certificate dated 14 November 2025, issued by the statutory auditors of the company i.e. M/s. R. Bhargava & Associates, Chartered Accountants
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DISCLAIMERS:
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➢ The report comprises professional opinion of MA as of the date they are expressed, based on the information received from the issuer and other sources considered reliable by MA. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. The report does not constitute statements of fact or recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions.
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