Devson Catalyst uses ₹9.2086 crore of IPO proceeds by September

Devson Catalyst Limited had used ₹9.2086 crore of ₹39.3884 crore raised through its fresh IPO issue by September 30, 2026, leaving ₹30.1798 crore unutilised. The auditor-certified statement shows ₹3.9995 crore went to issue-related expenses, while ₹5.2091 crore was deployed for the new manufacturing unit and working-capital requirements.

How much of Devson Catalyst's IPO money was used by September 2026?

Devson Catalyst had used ₹9.2086 crore, or 23.38% of its ₹39.3884 crore gross fresh-issue proceeds, by September 30, 2026. The company raised the funds on July 14, 2026, and listed on the BSE SME platform on July 16, 2026, making the disclosure a position roughly 11 weeks after the fund raise.

The ₹9.2086 crore total includes ₹3.9995 crore of IPO issue-related expenses and ₹5.2091 crore used for stated business objects. The remaining ₹30.1798 crore comprised unspent allocations for the new manufacturing unit, working capital, general corporate purposes and residual issue expenses, according to the statutory auditor's certificate dated November 2, 2026.

The distinction between gross proceeds and operating-object deployment is material in the filing. Of the ₹35.0837 crore allocated to the new manufacturing unit, working capital and general corporate purposes, Devson Catalyst had used ₹5.2091 crore by September 30, 2026, while ₹29.8746 crore remained available for those objects.

Where did Devson Catalyst deploy its IPO proceeds?

Devson Catalyst deployed ₹4.1411 crore toward working-capital requirements and ₹1.068 crore toward capital expenditure for a new manufacturing unit by September 30, 2026. Working capital therefore accounted for the larger share of the ₹5.2091 crore spent on business objects during the reporting period.

The working-capital allocation was ₹12 crore, leaving ₹7.8589 crore unutilised at the half-year date. The auditor's Annexure A describes this object as funding working-capital requirements, while the financial-results note describes it as funding long-term working-capital requirements; both disclosures report ₹4.1411 crore of utilisation.

The new manufacturing unit had an original allocation of ₹17.3984 crore, of which ₹1.068 crore had been used. That left ₹16.3304 crore unutilised, the largest remaining amount among the stated IPO objects. Devson Catalyst reports one segment, manufacturing of catalysts, and does not provide a product-wise or customer-wise split for the proposed unit.

No amount had been used for general corporate purposes by September 30, 2026. The full ₹5.6853 crore earmarked for that object was unutilised, while IPO issue-related expenses of ₹3.9995 crore had been incurred against an allocation of ₹4.3047 crore.

Was there a deviation in Devson Catalyst's IPO fund use?

Devson Catalyst reported no deviation or variation in the use of IPO funds for the half year ended September 30, 2026. Its deviation-or-variation statement identifies the original objects as the manufacturing unit, working capital, IPO expenses and general corporate purposes, with no modified object or modified allocation reported.

The statutory auditor, O.M.M.S. & Associates, certified the object-wise utilisation using separate bank-account statements and related documents provided by Devson Catalyst. The certificate, issued on November 2, 2026, records no auditor comments in the deviation-or-variation disclosure.

The filing does not disclose a commissioning date, completion timetable or revised budget for the new manufacturing unit as of September 30, 2026. It also does not state when the ₹5.6853 crore reserved for general corporate purposes will be deployed, although the allocation itself remained unchanged at the reporting date.

What does Devson Catalyst's cash position indicate after the IPO?

Devson Catalyst reported cash and cash equivalents of ₹41.0905 crore at September 30, 2026, compared with ₹2.165 crore at March 31, 2026. Its cash-flow statement records ₹35.0838 crore of proceeds from issue of share capital net of IPO-related expenses during the half year, closely aligning with the ₹35.0837 crore allocated to operating and corporate objects.

The September-end cash and cash-equivalent balance included ₹35 crore in bank deposits with maturities of more than three months and less than 12 months, ₹6.048 crore in bank balances and ₹4.25 lakh of cash on hand. The filing does not identify which deposits, if any, correspond to individual unspent IPO objects.

Property, plant and equipment stood at ₹11.8054 crore on September 30, 2026, versus ₹11.7051 crore on March 31, 2026, an increase of ₹10.03 lakh. The cash-flow statement separately reports ₹93.43 lakh of purchases of property, plant and equipment, including capital work-in-progress, so the ₹1.068 crore IPO utilisation for the manufacturing unit cannot be directly matched to one balance-sheet line.

How did Devson Catalyst perform during the utilisation period?

Devson Catalyst reported revenue from operations of ₹31.6878 crore for the half year ended September 30, 2026, up from ₹31.332 crore in the half year ended September 30, 2025. Net profit rose to ₹7.5036 crore from ₹6.6333 crore, while profit before tax increased to ₹9.8028 crore from ₹8.8996 crore over the same year-on-year comparison.

Materials consumed increased to ₹16.0834 crore in the September 2026 half year from ₹14.5208 crore a year earlier, while employee-benefit expense rose to ₹2.1701 crore from ₹2.1225 crore. Other expenses declined to ₹3.3267 crore from ₹4.2849 crore, and the company reported no exceptional or discontinued-operation items in either half-year period.

The September 2026 financial results were unaudited and subject to limited review, whereas the IPO-utilisation certificate was separately issued by the statutory auditor. Devson Catalyst's paid-up equity share capital was ₹13.588 crore at September 30, 2026, compared with ₹10.25 crore at March 31, 2026, following the IPO share issue.

Conclusion

Devson Catalyst's September 30, 2026 disclosure shows that most fresh-issue proceeds remained unspent shortly after the July 14, 2026 IPO. Of ₹39.3884 crore in gross proceeds, ₹9.2086 crore had been used, with ₹3.9995 crore attributable to issue expenses and ₹5.2091 crore applied to the manufacturing-unit and working-capital objects. The company reported no deviation from the original uses of funds.

The unresolved items to watch are deployment of the ₹16.3304 crore remaining for the new manufacturing unit, ₹7.8589 crore for working capital and ₹5.6853 crore for general corporate purposes. The November 2, 2026 filing gives no manufacturing-unit completion date, commissioning schedule or revised allocation, so subsequent utilisation disclosures will indicate the timing and direction of spending.