Agarwal Toughened Glass India uses Rs 62.6356 crore IPO

Agarwal Toughened Glass India Limited fully utilised Rs 62.6356 crore of December 2024 initial public offering proceeds by September 30, 2026, with no deviation from stated objects, according to Gopal Sharma & Co.’s certificate dated November 13, 2026, issued for stock-exchange submission.

Did Agarwal Toughened Glass India fully use its IPO proceeds?

Yes. Agarwal Toughened Glass India reported that it had fully used the IPO proceeds as at September 30, 2026, and Gopal Sharma & Co. certified that no unutilised balance remained on that date. The IPO comprised 57,99,600 equity shares of face value Rs 10 each, issued at Rs 108 per share, including a premium of Rs 98 per share, on December 4, 2024.

Agarwal Toughened Glass India stated in its half-year results notes that the balance IPO proceeds had been fully utilised by September 30, 2026. The company also stated that the funds were used in accordance with the objects in the offer document, with no deviation or variation in utilisation from those objects.

The shares were listed on the NSE Emerge platform on December 5, 2024, one day after the December 4, 2024 issue. Gopal Sharma & Co. said it examined the company’s books of account, registers, forms, documents and papers, alongside management explanations and information, before issuing its November 13, 2026 certificate.

What were Agarwal Toughened Glass India’s IPO objects?

Agarwal Toughened Glass India’s utilisation table showed Rs 55.6357 crore of stated objects, led by Rs 25 crore for incremental working capital. It also listed Rs 14.9676 crore for general corporate purposes, Rs 9.6681 crore for machinery at the existing manufacturing unit and Rs 6 crore for repayment of certain borrowings.

The March 31, 2026 column showed Rs 3.9845 crore outstanding against the machinery object, while the other three rows were nil. The filing does not identify the machinery acquired or provide a transaction-level breakdown of the spending at the existing manufacturing unit.

The four disclosed object amounts total Rs 55.6357 crore, while the certificate describes aggregate IPO proceeds of Rs 62.6356 crore. The supplied pages do not explain the Rs 6.9999 crore difference between those two figures, including whether it relates to issue expenses or another component not displayed in the object table.

Does the IPO certificate contain any unresolved disclosure detail?

Yes. The certificate conclusively states that all IPO proceeds were used and that no unutilised balance remained as at September 30, 2026, but its table labels the final column as amount utilised as at that date and shows zero for each object. A subsequent sentence also says unutilised proceeds continue to be held in bank balances and short-term deposits pending use.

Agarwal Toughened Glass India’s results notes support the full-utilisation conclusion, saying the balance proceeds were fully utilised as at September 30, 2026. However, the notes do not explain whether the zeroes in the September 30, 2026 table represent spending during the half year, a remaining balance, or another presentation basis.

The certificate nevertheless expressly says there was no deviation or variation from the offer-document objects. Separately, Gopal Sharma & Co.’s limited review of the half-year ended September 30, 2026 said nothing had come to its attention to indicate that the financial results failed to make required disclosures or contained a material misstatement; the firm described the review as narrower than an audit.

How did Agarwal Toughened Glass India perform in the September half year?

Agarwal Toughened Glass India reported total revenue of Rs 65.746 crore for the half year ended September 30, 2026, compared with Rs 49.2615 crore in the half year ended September 30, 2025. Profit after tax rose to Rs 12.9397 crore from Rs 12.2567 crore over the same comparison.

Revenue from operations increased to Rs 65.465 crore in the September 2026 half year from Rs 45.8838 crore a year earlier. Other income moved in the other direction, falling to Rs 28.10 lakh from Rs 3.3777 crore, meaning the increase in total revenue occurred alongside lower other income.

Profit before tax was Rs 18.524 crore for the half year ended September 30, 2026, against Rs 15.3527 crore a year earlier. Material consumption rose to Rs 38.0882 crore from Rs 26.7232 crore, employee-benefit expense increased to Rs 2.7789 crore from Rs 2.5223 crore, and finance costs were Rs 1.3037 crore versus Rs 1.3248 crore.

Agarwal Toughened Glass India said it is engaged mainly in manufacturing glass and allied activities and operates in a single segment. As a result, the September 2026 filing does not provide segment-level revenue, profit or capital-spending data that could separately link the IPO machinery and working-capital objects to individual product lines.

How is the July 2026 preferential issue different from the IPO?

Agarwal Toughened Glass India’s July 2026 preferential issue is separate from its December 2024 IPO and was not fully utilised as at September 30, 2026. The company allotted 16,51,866 equity shares and 45,90,000 convertible warrants at Rs 109 each on July 3, 2026, for aggregate proposed consideration of about Rs 68.04 crore.

The company had received Rs 18.01 crore for equity shares and Rs 12.51 crore as the 25% upfront amount on warrants, totalling Rs 30.51 crore by September 30, 2026. Of that received sum, Rs 17.01 crore had been utilised and Rs 13.50 crore remained in fixed deposits and current accounts, according to the separate utilisation certificate.

The balance 75% of warrant consideration remains receivable if the conversion option is exercised. The preferentially allotted equity shares were listed on NSE with effect from September 11, 2026, and the paid-up share capital increased to Rs 19.326466 crore, comprising 1,93,26,466 equity shares of Rs 10 each.

Conclusion

The November 13, 2026 certification establishes that Agarwal Toughened Glass India’s December 2024 IPO proceeds of Rs 62.6356 crore were fully used by September 30, 2026 without a reported departure from the offer-document objects. The disclosed allocation focused most heavily on incremental working capital at Rs 25 crore, followed by general corporate purposes, machinery and borrowing repayment.

The next point to watch is whether Agarwal Toughened Glass India clarifies the certificate table’s zero utilisation entries and the difference between its Rs 55.6357 crore displayed object total and Rs 62.6356 crore gross IPO proceeds. Investors can also track conversion of the 45,90,000 warrants, since 75% of their consideration was still receivable as at September 30, 2026.