ATC Energies Uses Rs 50.80 Crore of IPO Proceeds With No Deviation

ATC Energies System Limited, referred to as ATC Energies, had used Rs 50.80 crore of Rs 51.02 crore in net IPO proceeds by September 30, 2026, leaving Rs 22.04 lakh unutilised. Its statutory-auditor certificate for the half year reported no deviation or variation from the stated IPO fund-use objects.

How much of ATC Energies' IPO proceeds had been used?

ATC Energies had utilised Rs 50.80 crore from net IPO proceeds of Rs 51.02 crore as at September 30, 2026. The balance pending for use was Rs 22.04 lakh, according to the statutory-auditor certificate, which describes the amount raised as net proceeds other than offer-for-sale proceeds.

The utilisation update covers the half year ended September 30, 2026, while the certificate identifies the fund-raising mode as an initial public offering. It also states that no monitoring agency was applicable and records nil comments from the auditors. The filing does not disclose a timeline for spending the remaining Rs 22.04 lakh.

The total utilised amount of Rs 50.80 crore was spread across six IPO objects. Four objects had been fully used by September 30, 2026: Noida Factory refurbishment and upgradation, repayment or prepayment of borrowings, working-capital requirements and offer-related expenses. The residual Rs 22.04 lakh was assigned to IT upgradation and general corporate purpose.

Where did ATC Energies deploy its IPO funds?

ATC Energies' largest original allocation was Rs 10.58 crore for general corporate purpose, of which Rs 10.41 crore had been used by September 30, 2026. This category retained Rs 16.57 lakh, making it the larger of the two unutilised IPO-fund balances.

The next-largest allocation was Rs 9.53 crore for repayment or prepayment of certain borrowings availed by ATC Energies. The company reported full utilisation of that Rs 9.53 crore. Working-capital requirements received a Rs 9.50 crore allocation, which was also fully utilised as of the reporting date.

ATC Energies allocated Rs 6.72 crore for refurbishment, civil work and upgradation at its Noida Factory and reported full use of that amount. The certificate does not provide a further division of the Rs 6.72 crore among refurbishment, civil work and upgradation activities.

The company separately allocated Rs 7.47 crore for IT upgradation at its Noida Factory, Vasai Factory and registered office. It had used Rs 7.41 crore by September 30, 2026, leaving Rs 5.47 lakh. This was the only remaining balance tied to a named operational upgrade.

What IPO money remained unutilised at September 30, 2026?

ATC Energies had Rs 22.04 lakh of IPO funds unutilised at September 30, 2026. This consisted of Rs 16.57 lakh under general corporate purpose and Rs 5.47 lakh for IT upgradation at the Noida and Vasai factories and the registered office.

The Rs 16.57 lakh general-corporate-purpose balance followed utilisation of Rs 10.41 crore against an original allocation of Rs 10.58 crore. In comparison, the IT-upgradation balance was Rs 5.47 lakh after Rs 7.41 crore was used from a Rs 7.47 crore allocation. These two balances reconcile with the reported total pending amount of Rs 22.04 lakh.

No balance remained against the Rs 9.53 crore borrowing-repayment allocation, Rs 9.50 crore working-capital allocation, Rs 7.22 crore offer-expense allocation or Rs 6.72 crore Noida Factory allocation. The difference between these fully used categories and the two partly used categories explains why almost all of the Rs 51.02 crore proceeds had been deployed.

The accompanying financial-results note also reported total utilisation of Rs 50.80 crore and a pending balance of Rs 22.04 lakh as at September 30, 2026. The auditor-certified table gives the detailed split, including the Rs 5.47 lakh IT-upgradation balance that is not separately visible in the results-note table as reproduced in the filing.

Did ATC Energies report an IPO-proceeds deviation?

ATC Energies reported no deviation or variation in the use of IPO funds for the half year ended September 30, 2026. The statutory auditors said they verified the books of account and other relevant records produced before them and confirmed the expenditure incurred from the issue proceeds.

No modified allocation was shown against any of the six objects in the certificate. Original allocation totalled Rs 51.02 crore, while Rs 50.80 crore had been utilised and Rs 22.04 lakh remained unutilised. The certificate records no shareholder-approved change in the terms of a contract or in the fund-use objects.

The filing distinguishes an unspent balance from a deviation. Although Rs 22.04 lakh remained pending at September 30, 2026, the certificate did not categorise that balance as a deviation because it remained within the original IT-upgradation and general-corporate-purpose objects.

The filing defines deviation or variation to include a change in the objects for which funds were raised, a change in terms of a contract in the fund-raising document, or a difference between the originally disclosed and actually utilised amount. ATC Energies recorded “No” against deviation or variation and “Nil” against auditor comments.

When was this IPO utilisation update approved?

ATC Energies included the IPO-proceeds statement with its unaudited standalone financial results for the half year ended September 30, 2026. The Audit Committee reviewed and the Board approved those financial results at their respective meetings held on November 13, 2026.

ATC Energies stated that it had no investor complaints pending at either the start or end of the half year ended September 30, 2026. The company also said it is listed on the SME Emerge platform of the National Stock Exchange of India Limited, for which year-to-date financial-result submission is not applicable under the cited Regulation 33(5).

The certificate identifies six original fund-use categories totalling Rs 51.02 crore and does not disclose any new object, revised allocation or future spending deadline. Its main outstanding item is therefore limited to the Rs 22.04 lakh still allocated within the two original objects.

Conclusion

ATC Energies had deployed Rs 50.80 crore of its Rs 51.02 crore net IPO proceeds by September 30, 2026, with the statutory-auditor certificate reporting no deviation or variation. The company had fully used Rs 9.53 crore for borrowings, Rs 9.50 crore for working capital, Rs 7.22 crore for offer-related expenses and Rs 6.72 crore for Noida Factory works.

The next disclosure to watch is the use of the remaining Rs 22.04 lakh, comprising Rs 16.57 lakh for general corporate purpose and Rs 5.47 lakh for IT upgradation. The filing provides no completion target or scheduled date for that deployment, so a later utilisation statement would show whether ATC Energies has spent those balances.