Chemkart used Rs 39.4805 crore of IPO proceeds by September 30, 2026

Chemkart India Limited had used Rs 39.4805 crore of its initial public offering (IPO) proceeds by September 30, 2026, according to an auditor-certified statement. Chemkart had fully used allocations for borrowing repayment and general corporate purposes, while Rs 24.9994 crore remained unutilised for its manufacturing facility.

How has Chemkart used its IPO proceeds?

Chemkart used Rs 39.4805 crore against its three disclosed IPO objects by September 30, 2026. The largest utilised amount was Rs 20 crore for repayment or prepayment of borrowings, followed by Rs 9.7966 crore for general corporate purposes and IPO issue expenses, and Rs 9.6839 crore for manufacturing-facility capital expenditure.

The auditor-certified schedule records an original total allocation of Rs 64.4799 crore. It shows Rs 24.9994 crore unutilised at September 30, 2026, and this entire balance related to the manufacturing-facility object. The allocations for borrowing repayment or prepayment and for general corporate purposes and issue expenses had no remaining balance.

Which Chemkart IPO allocation remains unspent?

Chemkart's only unspent IPO balance, Rs 24.9994 crore at September 30, 2026, was allocated to its manufacturing facility. Of the Rs 34.6833 crore originally assigned to that object, the company had used Rs 9.6839 crore, or less than the Rs 20 crore used for borrowing repayment or prepayment.

The facility expenditure is to be financed through Easy Raw Materials Private Limited, Chemkart's wholly owned subsidiary. The certificate identifies this as capital expenditure for setting up the manufacturing facility, while the related investor presentation describes the subsidiary's greenfield project at the JNPA Special Economic Zone in Maharashtra.

The completed allocations together totalled Rs 29.7966 crore by September 30, 2026: Rs 20 crore for borrowings and Rs 9.7966 crore for corporate purposes and IPO expenses. In contrast, the facility allocation still had Rs 24.9994 crore available, indicating that future use of the remaining IPO proceeds is concentrated in the construction project.

What is Chemkart spending on the manufacturing facility?

Chemkart is funding a greenfield facility intended to add value-added processing, product development and export-oriented contract development and manufacturing capabilities. The October 2026 presentation cited a 4,120 square metre plot leased for 60 years and planned manufacturing, quality-control, warehousing, packaging and export infrastructure.

The project remained under construction and had not begun commercial operations as of September 30, 2026. Construction work included reinforcement and shuttering for columns extending from the second slab towards the third floor, concrete curing, and compound-wall blockwork, according to the October 2026 presentation.

Warehouse construction was also progressing through the erection of columns, beams, sub-beams, purlins and bracing. Chemkart reported 55 personnel across project supervision and construction teams at the site, while saying that civil and steel-structure execution were proceeding in parallel with engineering, utility and operational-readiness work.

Chemkart reported consolidated capital work-in-progress of Rs 9.5695 crore at September 30, 2026, compared with Rs 4.8677 crore at March 31, 2026. The Rs 4.7018 crore increase was reported alongside the group’s construction and expansion activity, but the source does not present capital work-in-progress as a direct reconciliation to the Rs 9.6839 crore of IPO utilisation for the facility.

When does Chemkart expect to commission the facility?

Chemkart is targeting a 2027 commissioning milestone for the JNPA facility, subject to project execution progress, equipment delivery and applicable regulatory requirements. The facility had not commenced commercial operations at September 30, 2026, so the expected manufacturing, export and contract development benefits remain prospective.

The next stated stages are completion of civil and structural works, equipment installation, validation and the necessary operational approvals. Chemkart said that the project is part of its Vision 2030 roadmap, which envisages an integrated nutraceutical ingredients and contract development and manufacturing platform.

The planned processing and application capabilities include customization, granulation, micronization and blending. Packaging and export-oriented services are also contemplated, but Chemkart said their development depends on commercial and regulatory readiness, while the timing of investment and capacity deployment depends on demand, approvals, execution progress and financial discipline.

Who certified Chemkart's IPO-proceeds statement?

Chemkart's IPO-proceeds statement was certified by Prem Chand Jain & Co., Chartered Accountants, in a certificate dated October 30, 2026. The certificate states that Rs 39.4805 crore had been utilised by September 30, 2026 in line with the IPO objects disclosed in the offer document.

The practitioner said the examination was based on Chemkart's unaudited books, information and documents, as well as allied records provided by the company. It was conducted under the Institute of Chartered Accountants of India guidance note for reports or certificates for special purposes and relevant quality-control requirements.

The certificate assigns responsibility for accounting records, internal controls and preparation of the proceeds statement to Chemkart's management. It was issued at the board's request for onward submission to the Securities and Exchange Board of India, and the source does not disclose any revision, diversion or reallocation of the Rs 24.9994 crore facility balance.

Conclusion

Chemkart had used Rs 39.4805 crore of its Rs 64.4799 crore IPO proceeds by September 30, 2026. Borrowing repayment and general corporate purposes, including issue expenses, were fully funded, while the unfinished manufacturing facility accounted for the whole Rs 24.9994 crore unutilised balance.

The next disclosed milestone is Chemkart's targeted 2027 commissioning of the JNPA facility. Progress on civil and structural completion, equipment installation, validation and operational approvals will determine the pace of deployment, as management has said the target remains subject to execution, equipment delivery and regulatory requirements.