Accretion Nutraveda fully deploys Rs 24.77 crore IPO proceeds

Accretion Nutraveda Limited said it had fully used Rs 24.77 crore raised through its initial public offering by September 30, 2026, leaving no unutilised balance. The largest combined allocation was Rs 12.25 crore for machinery at its existing manufacturing unit and a new manufacturing setup. V S S B & Associates certified the utilisation after examining company records.

How much of Accretion Nutraveda's IPO proceeds was used?

Accretion Nutraveda reported total IPO proceeds of Rs 24.77 crore and a nil unutilised balance as of September 30, 2026. The issue comprised 19,20,000 equity shares with a face value of Rs 10 each, issued at Rs 129 per share, including Rs 109 in share premium. The shares were listed on the BSE SME Platform on February 4, 2026.

Accretion Nutraveda had recorded utilisation of Rs 18.21 crore by March 31, 2026, followed by Rs 6.55 crore in the column for the period to September 30, 2026. Together, those amounts equal the full Rs 24.77 crore issue proceeds. The company’s disclosure states that any pending balance would remain in short-term fixed deposits or bank balances, but no balance was reported at September 30.

V S S B & Associates, Chartered Accountants, examined the books, records and documents relating to the IPO proceeds. In its certificate dated October 31, 2026, the firm stated total utilisation of Rs 24.77 crore, matching the proceeds received. The company also said its Audit Committee reviewed the use of the funds in line with the objects in the offer documents and issue resolutions.

Where did Accretion Nutraveda spend the IPO money?

Accretion Nutraveda allocated Rs 12.25 crore to machinery purchases, comprising Rs 4.22 crore for automation at its existing manufacturing unit and Rs 8.03 crore for a new manufacturing setup. Both machinery allocations had been fully used by September 30, 2026. The filing does not identify the machinery acquired, state the location of the new setup or give a commissioning date.

The new manufacturing setup was the largest single stated use at Rs 8.03 crore. Accretion Nutraveda recorded Rs 5.25 crore of utilisation for that object by March 31, 2026 and Rs 2.78 crore in the subsequent reported column to September 30. Automation expenditure followed a different timing pattern, with Rs 70 lakh recorded by March 31 and Rs 3.52 crore by September 30.

Working-capital requirements received Rs 5.50 crore. Of this, Accretion Nutraveda recorded Rs 5.24 crore by March 31 and Rs 25.59 lakh by September 30. General corporate purposes accounted for Rs 3.69 crore and IPO-related expenses for Rs 3.33 crore, with both amounts reported as fully utilised by March 31, 2026.

The five disclosed objects total Rs 24.77 crore: machinery for the new manufacturing setup, existing-unit automation, working capital, general corporate purposes and IPO expenses. The independent certificate reports the same object-wise totals as the company’s additional disclosure. Neither document provides a more detailed split of general corporate purposes or working-capital deployment.

What changed in Accretion Nutraveda's assets after the reported deployment?

Accretion Nutraveda’s property, plant and equipment stood at Rs 4.92 crore on September 30, 2026, compared with Rs 1.66 crore on March 31, 2026. The Rs 3.26 crore increase coincided with the period in which the company recorded Rs 6.29 crore of utilisation across its two machinery objects. The filing does not reconcile the machinery expenditure to property, plant and equipment item by item.

Other non-current assets were Rs 3.52 crore at September 30, down from Rs 3.91 crore at March 31. The half-year cash-flow statement separately reported Rs 2.26 crore of capital advances and Rs 3.43 crore spent on property, plant and equipment. Those cash-flow classifications indicate that the reported investment outflows were not presented exclusively as property, plant and equipment at the reporting date.

Inventories increased to Rs 11.55 crore at September 30 from Rs 8.99 crore at March 31, while trade receivables rose to Rs 13.25 crore from Rs 8.11 crore. Short-term loans and advances were Rs 10.76 crore, compared with Rs 7.75 crore. These balance-sheet movements occurred alongside the reported Rs 5.50 crore use of IPO proceeds for working-capital requirements.

Cash and cash equivalents declined to Rs 14.89 lakh on September 30 from Rs 1.28 crore on March 31. For the half year, Accretion Nutraveda reported Rs 5.68 crore of net cash used in investing activities, Rs 1.14 crore of net cash from operating activities and Rs 3.42 crore of net cash from financing activities. The resulting net decrease in cash was Rs 1.13 crore.

How did Accretion Nutraveda's financial performance change?

Accretion Nutraveda reported revenue from operations of Rs 29.44 crore for the half year ended September 30, 2026, versus Rs 14.06 crore in the corresponding half year ended September 30, 2025. Profit for the period was Rs 4.73 crore, compared with Rs 2.38 crore a year earlier. Profit before tax increased to Rs 5.69 crore from Rs 2.91 crore.

The September 2026 half also exceeded the immediately preceding half year ended March 31, 2026, when revenue from operations was Rs 19.54 crore and profit for the period was Rs 2.69 crore. Total expenses in the September half were Rs 23.91 crore, up from Rs 16.35 crore in the March half. Cost of materials consumed was Rs 21.68 crore, compared with Rs 15.24 crore in the preceding half.

Against the corresponding prior-year half, cost of materials consumed increased from Rs 9.50 crore to Rs 21.68 crore, while employee-benefit expense rose from Rs 37.48 lakh to Rs 63.52 lakh. Accretion Nutraveda reported one primary business segment under Accounting Standard 17, covering activities in drugs, nutraceutical wellness products and related products. It therefore did not provide separate segment revenue or profit data.

The unaudited half-year results were reviewed by the Audit Committee and approved by the board on October 31, 2026. The limited review report, also dated October 31, said nothing had come to the reviewer’s attention suggesting that the financial results did not disclose the information required under the listing regulations or contained a material misstatement.

Conclusion

Accretion Nutraveda’s September 30, 2026 disclosure records complete deployment of Rs 24.77 crore of IPO proceeds, with Rs 12.25 crore assigned to machinery for automation and a new manufacturing setup. The company reported no remaining balance, said the Audit Committee reviewed utilisation, and obtained an accountant’s certificate that matched the stated use of funds to the IPO proceeds.

The next periodic disclosures will show whether the Rs 8.03 crore new manufacturing setup and Rs 4.22 crore automation investment affect assets, working capital or revenue. The October 31, 2026 filing does not disclose a commissioning schedule, capacity target, output target or separate revenue contribution for either machinery project, leaving those matters unresolved.