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Excelsoft Technologies Limited — Regulatory Filings 2026
May 13, 2026
61795_rns_2026-05-13_be4575bc-1647-4f5f-b735-d174d8daef2c.pdf
Regulatory Filings
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EXCELSOFT
EXCELSOFT TECHNOLOGIES LIMITED
Formerly known as Excelsoft Technologies Private Limited.
CIN: L72900KA2000PLC027256
1-B, Hotagalli Industrial Area, Mysuru - 570 018, Karnataka, India
0821-4282000 [email protected] www.excelsoftcorp.com
May 13, 2026
To
The Listing Department,
BSE Limited,
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai – 400001
Maharashtra, India
Scrip Code: 544617
ISIN: INE606N01019
To
The Listing Department
National Stock Exchange of India Limited,
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051
Maharashtra, India
Scrip Symbol: EXCELSOFT
Subject: Monitoring Agency Report for the Quarter and Year Ended March 31, 2026.
Dear Sir/Madam,
Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report dated May 13, 2026, issued by CARE Ratings Limited, Appointed Monitoring Agency of the Company in respect of utilisation of proceeds of the Initial Public Offer (“IPO”) of the Company, for the quarter and year ended March 31, 2026. The said report is duly reviewed by both the Audit Committee and subsequently approved by the Board of Directors of the company, and the same report is enclosed herewith.
The above information is also available on the website of the Company at
https://www.excelsoftcorp.com/investors/
Kindly take the above information on record.
Thanking you,
For Excelsoft Technologies Limited,
(Formerly known as Excelsoft Technologies Private Limited)
S M ADITHYA
JAIN
Digitally signed by S M
ADITHYA JAIN
Date: 2026.05.13
19:47:22 +05'30'
S M Adithya Jain,
Company Secretary, Chief Compliance Officer and
Chief Investor Relations Officer
(ICSI Membership No.: A49042)
Place: Mysuru
Enclosed: Monitoring Agency report
Kuvempunagar, Mysuru
Nikhil Plaza, 1310 & 1333,
Gaganachumbi Double Rd,
Block K, G & H Block, Kuvempu Nagara,
Mysuru-570 023, Karnataka, India
Hyderabad
2nd floor, IMAGE Incubation centre,
Software Technology Parks of India,
Divyasree solitaire, Plot No. 14 & 15,
Software Units layout, HITEC City, Madhapur,
Hyderabad - 500081, Telangana, India
Noida
Plot no. A 42/6, Suite No.401,
4th Floor, Sector - 62,
Noida – 201301, Uttar Pradesh, India
Page | 1
Monitoring Agency Report
CareEdge
RATINGS
No. CARE/PRO/GEN/2026-27/1018
The Board of Directors
Excelsoft Technologies Limited
1-B, Hootagalli Industrial Area,
Mysore, Karnataka 570018
May 13, 2026
Dear Sir/Ma’am,
Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the IPO of Excelsoft Technologies Limited (“the Company”)
We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.180.00 crore of the Company and refer to our duties cast under Regulation 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.
In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated November 07, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
Ashish Kashalkar
Associate Director
CareEdge RATINGS
Report of the Monitoring Agency
Name of the issuer: Excelsoft Technologies Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: CARE Ratings Limited
(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 confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
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: Ashish Kashalkar
Name and designation of the Authorized Signatory: Ashish Kashalkar
Designation of Authorized person/Signing Authority: Associate Director
Careedge
RATINGS
1) Issuer Details:
Name of the issuer : Excelsoft Technologies Limited
Name of the promoter : Dhananjaya Sudhanva, Lajwanthi Sudhanva, Shruthi Sudhanva and Pedanta Technologies Private Limited
Industry/sector to which it belongs : Information Technology - IT Services - IT Enabled Services
2) Issue Details
Issue Period : November 19, 2025 to November 21, 2025
Type of issue (public/rights) : Initial Public Offer (IPO)
Type of specified securities : Equity shares
IPO Grading, if any : Not Applicable
Issue size (in crore) : Rs.180.00 crore
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? | No | Prospectus®, Board Resolution, Chartered Accountant (CA) Certificate*, Bank statements, Supporting documents and Management confirmation | • During Q4FY26, the utilization of proceeds is as per the objects in the offer document. | |
| • There has been a delay in the utilization of funds for the objects ‘Funding expenditure for upgradation including external electrical systems of our Existing Facility at Mysore, India’, ‘Funding upgradation of our Company’s IT Infrastructure (Software, Hardware and Communications & Network Services)’ and ‘General Corporate Purpose’ as per the letter of offer. However, the company via Board Resolution dated March 27, 2026, has taken approval for extension of | No Comments |
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Careedge
RATINGS
| 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 |
|---|---|---|---|---|
| timelines for these objects. | ||||
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? | Not Applicable | CA Certificate, Prospectus and Management confirmation | Nil | No Comments |
| Whether the means of finance for the disclosed objects of the issue have changed? | No | CA Certificate, Prospectus and Management confirmation | Nil | No Comments |
| Is there any major deviation observed over the earlier monitoring agency reports? | No | Previous monitoring agency report | No major deviation observed. | No Comments |
| Whether all Government/statutory approvals related to the object(s) have been obtained? | Not Applicable | CA Certificate, Prospectus and Management confirmation | Not Applicable | No Comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | Not Applicable | CA Certificate, Prospectus and Management confirmation | Not Applicable | No Comments |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? | No | CA Certificate, Prospectus and Management confirmation | Nil | No Comments |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | CA Certificate, Prospectus and Management confirmation | Nil | No Comments |
*The above details are verified by Ramaswamy Vijayanand, Chartered Accountant vide its CA certificate dated May 10, 2026.
^Sourced from Page no.123 of the prospectus
Where material deviation may be defined to mean:
a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.
Careedge
RATINGS
4) Details of objects to be monitored:
(i) Cost of objects -
| Sr. 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 the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason for cost revision | Proposed financing option | Particulars of - firm arrangements made | ||||||
| 1 | Funding of capital expenditure for purchase of land and construction of new building at the Mysore Property | CA Certificate*, Prospectus^ | 61.77 | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| 2 | Funding expenditure for upgradation including external electrical systems of our Existing Facility at Mysore, India | CA Certificate*, Prospectus^ | 39.51 | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| 3 | Funding upgradation of our Company's IT Infrastructure (Software, Hardware and Communications & Network Services) | CA Certificate*, Prospectus^ | 54.63 | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| 4 | General Corporate Purposes | CA Certificate*, Prospectus^ | 8.98 | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| 5 | Issue related expenses | CA Certificate*, Prospectus^ | 15.11~ | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| Total | 180.00 |
*The above details are verified by Ramaswamy Vijayanand, Chartered Accountant vide its CA certificate dated May 10, 2026.
^Sourced from Page no.123 of the prospectus.
~Total issue expenses are estimated at Rs.41.97 crore, (Rs.15.11 crore to be borne by the company and Rs.26.86 crore to be borne by the promoter (OFS)) as per the prospectus.
Careedge
RATINGS
(ii) Progress in the objects –
| Sr. 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 utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | ||||||
| 1 | Funding of capital expenditure for purchase of land and construction of new building at the Mysore Property | CA certificate*, Prospectus, Bank statements, invoices | 61.77 | 30.31 | 2.67 | 32.98 | 28.79 | In Q4FY26, the company has utilised funds towards construction of new building at Mysore property, which is in line with the prospectus. | No Comments | No Comments |
| 2 | Funding expenditure for upgradation including external electrical systems of our Existing Facility at Mysore, India | CA certificate*, Prospectus, Bank statements | 39.51 | 0.00 | 0.00 | 0.00 | 39.51 | Nil utilization in Q4FY26. | No Comments | No Comments |
| 3 | Funding upgradation of our Company's IT Infrastructure (Software, Hardware and Communications & Network Services) | CA certificate*, Prospectus, Bank statements, invoices | 54.63 | 0.00 | 10.69 | 10.69 | 43.94 | During Q4FY26, the company has utilised funds towards purchase of hardware and software towards upgradation of Company's IT Infrastructure from the vendors as specified in the letter of offer. The company has also added Lampo Computers as a vendor for the purchase of certain products, for which it has obtained approval from the Board. | No Comments | No Comments |
| 4 | General Corporate Purposes | CA certificate*, Prospectus, Board Resolution, Bank statements | 8.98 | 7.79 | 0.00 | 7.79 | 1.19 | Nil utilization in Q4FY26. | No Comments | No Comments |
| 5 | Issue related expenses | CA certificate*, Prospectus, Bank | 15.11 | 7.20 | 7.91 | 15.11 | 0.00 | In Q4FY26, the company utilized Rs.23.55 crore towards issue related expenses (Rs.11.31 crore | No Comments | No Comments |
CareEdge
RATINGS
| Sr. 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 utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | ||||||
| statements, Invoices | was utilized from the public issue account, Rs.4.01 crore was utilized from the monitoring account and Rs.8.23 crore was reimbursed by the company for issue related expenses incurred before IPO). On a proportionate basis, issue expenses pertaining to fresh issue is Rs.8.48 crore, however, Rs.7.91 crore is considered to be utilized for fresh issue and the balance will be paid by selling share holder (OFS), for which CareEdge Ratings has relied on CA certificate and Management certificate. | |||||||||
| Total | 180.00 | 45.30 | 21.27 | 66.57 | 113.43 |
*The above details are verified by Ramaswamy Vijayanand, Chartered Accountant. vide its CA certificate dated May 10, 2026.
7
Careedge
RATINGS
(iii) Deployment of unutilized proceeds
| Sr. No. | Type of instrument and name of the entity invested in | Amount invested | Maturity date | Earning | Return on Investment (%) | Market Value as at the end of quarter |
|---|---|---|---|---|---|---|
| 1. | Fixed Deposit with ICICI Bank (703213000081) | 10.00 | 09-09-2026 | - | 5.50% | 10.00 |
| 2. | Fixed Deposit with ICICI Bank (703213000079) | 10.00 | 09-10-2026 | - | 5.50% | 10.00 |
| 3. | Fixed Deposit with ICICI Bank (703213000076) | 10.00 | 11-07-2026 | - | 5.50% | 10.00 |
| 4. | Fixed Deposit with ICICI Bank (703213000075) | 10.00 | 11-06-2026 | - | 5.50% | 10.00 |
| 5. | Fixed Deposit with ICICI Bank (703213000077) | 10.00 | 10-08-2026 | - | 5.50% | 10.00 |
| 6. | Fixed Deposit with ICICI Bank (703210000015) | 10.00 | 12-04-2026 | - | 5.25% | 10.00 |
| 7. | Fixed Deposit with ICICI Bank (703210000016) | 10.00 | 12-05-2026 | - | 5.25% | 10.00 |
| 8. | Fixed Deposit with ICICI Bank (703210000023) | 10.00 | 08-04-2026 | - | 4.75% | 10.00 |
| 9. | Fixed Deposit with ICICI Bank (703210000024) | 5.00 | 08-04-2026 | - | 3.75% | 5.00 |
| 10. | Fixed Deposit with ICICI Bank (703210000025) | 10.00 | 21-04-2026 | - | 4.50% | 10.00 |
| 11. | Fixed Deposit with ICICI Bank (703210000026) | 5.00 | 21-04-2026 | - | 3.75% | 5.00 |
| 12. | Fixed Deposit with ICICI Bank (703210000030) | 10.00 | 30-06-2026 | - | 5.25% | 10.00 |
| 13. | Fixed Deposit with ICICI Bank (703210000031) | 2.00 | 07-04-2026 | - | 2.75% | 2.00 |
| Total Fixed Deposits | 112.00 | 112.00 | ||||
| 14. | Bank balance in ICICI Bank Public Issue Account (000405164850) | 1.72^ | - | - | - | 1.72^ |
| 15. | Bank balance in ICICI Bank Monitoring Account (703205000038) | 0.17 | - | - | - | 0.17 |
| Less: Interest earned on FDs | 0.46 | 0.46 | ||||
| Total Unutilized Proceeds | 113.43 | 113.43 |
The above details are verified by Ramaswamy Vijayanand, Chartered Accountant. vide its CA certificate dated May 10, 2026.
^The closing balance of ICICI bank public issue account is ₹3.52 crore of which ₹1.72 crore represents the company's share of gross proceeds related to fresh issue whereas balance represents share of promoter (through offer for sale) including OFS related issue expenses.
8
Careedge
RATINGS
(iv) Delay in implementation of the object(s) –
| Objects | 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 | ||
| Funding of capital expenditure for purchase of land and construction of new building at the Mysore Property | Rs.30.31 crore by 31-03-2026 | December 08, 2025 | No delay | No Comments | No Comments |
| Rs.31.45 crore by 31-03-2027 | Ongoing | Not Applicable | |||
| Funding expenditure for upgradation including external electrical systems of our Existing Facility at Mysore, India | Rs.22.74 crore by 31-03-2026 | Ongoing | Delay, Company has not spent any amount for the object till March 31, 2026, however, the company has taken board resolution for extension in timelines (Exact number of days of delay not ascertainable) | Due to delay in the regulatory approval | Board approval has been taken for extension in timeline to Fiscal FY 2027 |
| Rs.16.77 crore by 31-03-2027 | - | Not Applicable | |||
| Funding upgradation of our Company's IT Infrastructure (Software, Hardware and Communications & Network Services) | Rs.35.57 crore by 31-03-2026 | Ongoing | Delay, Company has spent Rs.10.69 crore till March 31, 2026, which is lower than the amount specified in the letter of offer. However, the company has taken board resolution for extension in timelines (Exact number of days of delay not ascertainable) | Due to non-availability as per our requirement | Board approval has been taken for extension in time line to Fiscal FY 2027 |
| Rs.19.06 crore by 31-03-2027 | - | Not Applicable | |||
| General Corporate Purposes | 31-03-2026 | Ongoing | Delay, Company has spent Rs.7.79 crore till March 31, 2026, which is lower than the amount specified in the letter of offer. However, the company has taken board resolution for extension in timelines (Exact number of days of delay not ascertainable) | Due to business and operational requirements | Board approval has been taken for extension in time line to Fiscal FY 2027 |
| Issue related expenses | No timeline mentioned in prospectus | Not Applicable | Not Applicable | No Comments | No Comments |
The above details are verified by Ramaswamy Vijayanand, Chartered Accountant vide its CA certificate dated May 10, 2026
*Timeline is sourced from page 124 of the prospectus
Careedge RATINGS
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Sr. No | Item Head^ | Amount in Rs. Crore | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| - | - | - | - | - | - |
The above details are verified by Ramaswamy Vijayanand, Chartered Accountant vide its CA certificate dated May 10, 2026.
^Section from the offer document related to GCP:
"Our Company proposes to deploy the balance Net Proceeds, aggregating to ₹ 89.80 million, towards general corporate purposes, subject to such amount, not exceeding 25% of the Gross Proceeds from the Offer, in compliance with the SEBI ICDR Regulations. The general corporate purposes for which our Company proposes to utilise the Net Proceeds include strategic initiatives, Requirement for inorganic growth, working capital requirements, brand building, business development and other marketing costs, meeting exigencies and expenses incurred by our company in ordinary course of business and any other purpose as permitted by applicable laws and as approved by our board or a duly appointed committee thereof. The quantum of utilisation of funds towards any of the above purposes will be determined by our Board, based on the amount available under this head and the business requirements of our Company, from time to time.
In addition to the above, our Company may utilise the Net Proceeds towards other purposes relating to our business which are considered expedient and as approved periodically by our Board, subject to compliance with necessary provisions of the Companies Act and in accordance with the stated objectives and our business. Our Company's management shall have flexibility in utilising any surplus amounts."
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Disclaimers to MA report:
a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA”). 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.
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 statutory auditor 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 statutory 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.