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ARKADE DEVELOPERS LIMITED Regulatory Filings 2026
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Regulatory Filings
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CIN: L45200MH1986PLC039813
ARKADE DEVELOPERS LTD.
Ref No.: ADL/SE/26-27/6
Date: May 12, 2026
To,
The Manager
Corporate Relationship Department
BSE Limited
Floor 25, Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai - 400 001
BSE Scrip Code -544261
To,
The Manager
Listing Department
National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex
Bandra (East),
Mumbai - 400 051
NSE Symbol :ARKADE
Dear Sir/Madam,
Sub:- Monitoring Agency Report for the quarter ended March 31, 2026
Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 read with Regulation 41(4) of SEBI (Issue of capital and Disclosure Requirements) Regulation, 2018, please find enclosed herewith Monitoring Agency Report issued by CRISIL Rating Limited, Monitoring Agency, for the quarter ended March 31, 2026 in respect of utilization of proceeds of Initial Public offer of the company.
The same is also available on website of the company at https://arkade.in/stock-exchange-releases/
You are requested to take the above information on your records.
Thanking You,
For Arkade Developers Limited
SHEETAL
HARESH
SOLANI
Sheetal Solani
Company Secretary and Compliance Officer
Membership No: A45964
Encl: As above
a Arkade House, Next to Children's Academy,
A.S.Marg, Ashok Nagar, Kandivali (E),
Mumbai 400 101, Maharashtra, India
t 022 40033785 | 022 28874742
f 022 28874742
w www.arkade.in
Crisil Ratings
Monitoring Agency Report for Arkade Developers Limited for the quarter ended March 31, 2026
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
CRI/MAR/AKDPL/2025-26/1772
May 12, 2026
To
Arkade Developers Limited
Arkade House Opp Bhoomi Arkade,
Next to Children's academy, Thakur House,
Kandivali East, Mumbai– 400101, Maharashtra, India
Dear Sir/Madam,
Final Monitoring Agency Report for the quarter ended March 31, 2026- in relation to the Initial Public Offer ("IPO") of Arkade Developers Limited ("the Company")
Pursuant to Regulation 41(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and Monitoring Agency Agreement dated September 05, 2024, enclosed herewith the Final Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO for the quarter ended March 31, 2026.
Request you to kindly take the same on records.
Thanking you,
For and on behalf of Crisil Ratings Limited
Shounak Chakravarty
Director, Ratings (LCG)
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
Final Report of the Monitoring Agency (MA)
Name of the issuer: Arkade Developers Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: Crisil Ratings Limited
(a) Deviation from the objects: Not applicable
(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 confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable.
There are certain sections of the report under the title "Comments of the Board of Directors", that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board.
Signature: Shounak Chakravarty
Name and designation of the Authorized Signatory: Shounak Chakravarty
Designation of Authorized person/Signing Authority: Director, Ratings (LCG)
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
1) Issuer Details:
Name of the issuer: Arkade Developers Limited
Names of the promoter: Mr. Amit Mangilal Jain
Industry/sector to which it belongs: Residential, Commercial Projects
2) Issue Details
Issue Period: September 16, 2024, to September 19, 2024
Type of issue (public/rights): Initial Public Offer (IPO)
Type of specified securities: Equity Shares
IPO Grading, if any: NA
Issue size: Rs 4,100.00 million*
*Note:
| Particulars | Amount (Rs in million) |
|---|---|
| Gross proceeds of the Fresh Issue | 4,100.00* |
| Less: Issue Expenses | 299.25 |
| Net Proceeds | 3,800.75$ |
*Crisil Ratings shall be monitoring the gross proceeds.
$During the quarter ended March 31, 2026, net proceeds have been revised from Rs 3,810.65 million to Rs 3,800.75 million, on account of actual issue expenses being higher than estimated as disclosed in the Prospectus, by Rs 9.90 million and the same has been adjusted with General corporate purposes cost.
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Reply | Source of information/ certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? | Yes | Management undertaking, Statutory Auditor certificate^, Prospectus dated 29/09/2024 (“offer document”), Bank Statements | Proceeds were utilized towards funding development expenses, General corporate purposes and issue related expenses | No Comments |
| Whether shareholder approval has been obtained in case of material deviations from expenditures disclosed in the Offer Document? | NA | Management undertaking, Statutory Auditor certificate^ | No Comments | No Comments |
| Whether the means of finance for the disclosed objects of the issue has changed? | No | No Comments | No Comments | |
| Is there any major deviation observed over the earlier monitoring agency reports? | No | No Comments | No Comments | |
| Whether all Government/statutory approvals related to the object(s) have been obtained? | NA | No Comments | No Comments | |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | NA | No Comments | No Comments | |
| Are there any favorable events improving the viability of these object(s)? | No | No Comments | No Comments | |
| Are there any unfavorable events affecting the viability of the object(s)? | No | No Comments | No Comments | |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | No Comments | No Comments |
NA represents Not Applicable
^Certificate dated April 27, 2026, issued by M/s Mittal & Associates, Chartered Accountants (Firm Registration Number: 106456W), Statutory Auditors of the Company
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
4) Details of object(s) to be monitored:
i. Cost of the object(s):
| S. No. | Item Head | Source of information/ certification considered by MA for preparation of report | Original cost (as per the Offer Document) (Rs in million) | Revised Cost (Rs in million) | Comment of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason of Cost revision | Proposed financing option | Particulars of firm Arrangements made | ||||||
| 1 | Funding a part of the costs to be incurred in the development of the Ongoing Projects (viz. Arkade Nest, Prachi CHSL and C-Unit) (Funding Development Expenses) | Management undertaking, Statutory Auditor certificate^, Offer document | 2,500.00 | 2,500.00 | No revision | No Comments | ||
| 2 | Funding acquisition of yet-to-be identified land for real estate projects and general corporate purposes# | 1,310.65 | 1,300.75 | Refer Note 1 | No Comments | |||
| Net Proceeds | 3,810.65 | 3,800.75 | - | - | ||||
| 3 | Issue Expenses | 289.35 | 299.25 | Refer Note 1 | No Comments | |||
| Gross Proceeds | 4,100.00 | 4,100.00 | - | - |
^Certificate dated April 27, 2026, issued by M/s Mittal & Associates, Chartered Accountants (Firm Registration Number: 106456W), Statutory Auditors of the Company
Note 1: During the quarter ended March 31, 2026, net proceeds have been revised from Rs 3,810.65 million to Rs 3,800.75 million, on account of actual issue expenses being higher than estimated as disclosed in the Prospectus, by Rs 9.90 million and the same has been adjusted with General corporate purposes cost.
The amount to be utilized for Funding acquisition of yet-to-be identified land for real estate projects and general corporate purposes does not exceed 35% collectively (i.e., Rs 1,435.00 million) of the Gross Proceeds and individually GCP utilization does not exceed 25% (i.e., Rs 1,025.00 million) of Gross Proceeds.
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
ii. Progress in the object(s):
| Sr. No. | Item Head# | Source of information/ certifications considered by Monitoring Agency for preparation of report | (Revised) Amount as proposed in the Offer Document (Rs in million) | Amount utilized (Rs in million) | Total unutilized amount (Rs in million) | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter | During the quarter | At the end of the quarter | Reasons for idle funds | Proposed course of action | ||||||
| 1 | Funding a part of the costs to be incurred in the development of the Ongoing Projects (viz. Arkade Nest, Prachi CHSL and C-Unit) (Funding Development Expenses) | Management undertaking, Statutory Auditor certificate^, Offer document, Bank Statements | 2,500.00 | 2,341.88 | 158.12 | 2,500.00 | Nil | Proceeds utilized towards construction cost related to various development projects (Refer Note 2) | No Comments | |
| 2 | Funding acquisition of yet-to-be identified land for real estate projects and general corporate purposes | 1,300.75 | 1,290.28 | 10.47 | 1,300.75 | Nil | Proceeds utilized towards payment to vendors | No Comments | ||
| Net Proceeds | 3,800.75 | 3,632.16 | 168.59 | 3,800.75 | Nil | - | - | |||
| 3 | Issue Expenses | 299.25 | 280.61 | 18.64 | 299.25 | Nil | Proceeds utilized Brokerage and other IPO Expenses | No Comments | ||
| Gross Proceeds | 4,100.00 | 3,912.77 | 187.23 | 4,100.00 | Nil | - | - |
Note 2: During the quarter ended March 31, 2026, the company transferred Rs 5.15 million from its monitoring account to its other current account for utilization towards aforementioned object of the issue for operational ease. The transferred proceeds stand fully utilized as at quarter ended March 31, 2026.
As on March 31, 2026, both the Public Issue account balance and monitoring account balance stands Nil. Hence, this is the final Monitoring Agency report being issued by Crisil Ratings for the proceeds raised through the IPO of Arkade developers Limited.
^Certificate dated April 27, 2026, issued by M/s Mittal & Associates, Chartered Accountants (Firm Registration Number: 106456W), Statutory Auditors of the Company
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
*Brief description of objects:
| Object of the Issue | Description of objects as per the offer document filed by the issuer |
|---|---|
| Funding a part of the costs to be incurred in the development of the Ongoing Projects (viz. Arkade Nest, Prachi CHSL and C-Unit) (Funding Development Expenses) | The Company is currently developing 6 Ongoing Projects and has recently executed development agreements for the redevelopment of 6 Upcoming Projects. The Company intends to utilize Rs 2,500.00 million from the Net Proceeds towards meeting a portion of the total project cost for the identified Ongoing Project and for the Upcoming Projects. The funds from the Net Proceeds will be utilised towards obtaining necessary government and statutory approvals and construction cost for Arkade Nest, Deep Shikhar C Unit CHSL and Prachi CHSL. |
| Funding acquisition of yet-to-be identified land for real estate projects and general corporate purposes | The company intends to utilize up to Rs 1,310.65 million of the Net Proceeds towards funding land acquisition costs (Land acquisition) for future real estate projects and for the business requirements of Company and General corporate purposes may include, without limitation, |
| i. meeting ongoing general corporate contingencies, | |
| ii. meeting the business requirements, | |
| iii. funding growth opportunities, including funding any new or proposed projects | |
| iv. payment of commission and/or fees to consultants, | |
| v. and any other purpose, as may be approved by the Board or a duly constituted committee thereof from time to time, subject to compliance with applicable law, including provisions of the Companies Act |
The quantum of utilisation of funds towards each of the above purposes will be determined by the Board of Directors of the Company, based on the amount available under this head and business requirements, from time to time. |
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
iii. Deployment of unutilized proceeds^:
| No. | Type of instrument where amount is invested | Amount invested (in Rs million) | Maturity date | Accrued Earnings as on December 31, 2025 (in Rs million) | Return on Investment (%) | Market value as at the end of quarter (including Accrued Earnings) (in Rs million) |
|---|---|---|---|---|---|---|
| Not Applicable |
^On the basis of management undertaking and Certificate dated April 27, 2026, issued by M/s Mittal & Associates, Chartered Accountants (Firm Registration Number: 106456W), Statutory Auditors of the Company.
iv. Delay in implementation of the object(s)^:
| Object(s) | Completion Date | Delay (no. of days/ months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the Offer Document | Actual | Reason of delay | Proposed course of action | ||
| Not Applicable |
^On the basis of management undertaking and Certificate dated April 27, 2026, issued by M/s Mittal & Associates, Chartered Accountants (Firm Registration Number: 106456W), Statutory Auditors of the Company.
5) Details of utilization of proceeds stated as General Corporate Purpose^ amount in the offer document:
| S. No. | Item heads | Amount (Rs in million) | Remarks |
|---|---|---|---|
| 1 | Expenses incurred in the ordinary course of business | 10.47 | - Payment towards vendors. |
| - The Board of Directors of the Company vide resolution dated May 11, 2026, has approved the quantum of utilization of GCP towards mentioned item heads in line with the disclosure provided in the offer document dated September 29, 2024. |
^On the basis of management undertaking and Certificate dated April 27, 2026, issued by M/s Mittal & Associates, Chartered Accountants (Firm Registration Number: 106456W), Statutory Auditors of the Company.
Disclaimers:
a) This Report is prepared by Crisil Ratings Limited (hereinafter referred to as "Monitoring Agency" / "MA" / "CRL"). 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
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global
Crisil Ratings
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.
b) 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 Peer-reviewed Independent Chartered Accountants (or from peer reviewed CA firms) appointed by the Issuer believed by it to be accurate and reliable.
c) 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.
d) 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 (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.
e) 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.
f) 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 CRL 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.
g) Access or use of this report does not create a client relationship between CRL and the user.
h) CRL 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.
i) 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 in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The report should not be a basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).
j) The report comprises professional opinion of CRL as of the date they are expressed, based on the information received from the issuer and other sources considered reliable by CRL. 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.
k) Neither CRL 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. CRL and each aforesaid party disclaims 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 CRL 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.
l) CRL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with the preparation of this report. CRL has in place a code of conduct and policies for managing conflict of interest.
m) 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 CRL.
n) By accepting a copy of this Report, the recipient accepts the terms of this Disclaimer, which forms an integral part of this Report.
Crisil Ratings Limited
Corporate Identity Number: U67100MH2019PLC326247
Registered Office: Lightbridge IT Park, Saki Vihar Road, Andheri East, Mumbai- 400 072. India
Phone: +91 22 6137 3000 | www.crisilratings.com
a company of S&P Global