EMIAC Technologies deploys ₹24.8968 crore of IPO funds

EMIAC Technologies Limited deployed ₹24.8968 crore of its ₹31.752 crore gross initial public offering (IPO) proceeds by September 30, 2026, leaving ₹6.8552 crore unutilised. EMIAC Technologies spent only ₹16.68 lakh against its ₹5.415 crore manpower-hiring allocation, making hiring the largest pending use of IPO funds.

How much IPO money had EMIAC Technologies used by September 2026?

EMIAC Technologies had used ₹24.8968 crore of the ₹31.752 crore gross IPO proceeds by September 30, 2026, according to its half-year financial-results note. The ₹6.8552 crore balance was yet to be used, and the board approved the unaudited results on November 12, 2026.

The fresh issue comprised 32.40 lakh fully paid-up equity shares with a face value of ₹10 each, issued at ₹98 per share, including a ₹88 share premium. EMIAC Technologies allotted the shares on April 9, 2026, and listed them on the BSE SME Platform on April 13, 2026.

The utilisation disclosure reports gross proceeds and separately identifies ₹3.171 crore for issue-related expenses. EMIAC Technologies had used ₹3.1433 crore for that purpose by September 30, 2026, leaving ₹2.77 lakh, and reported nil deviation or variation for every stated IPO object.

Which IPO objects had EMIAC Technologies completed or nearly completed?

EMIAC Technologies had fully used its ₹3.90 crore allocation for branding, advertisement and marketing activities by September 30, 2026. It was the only disclosed object with no remaining balance, while working-capital utilisation reached ₹8.7772 crore against an ₹8.80 crore allocation.

For computers, laptops, related accessories, software subscriptions and cloud hosting, EMIAC Technologies used ₹4.3571 crore from an allocation of ₹5.7214 crore. The ₹1.3643 crore remaining for this technology-related object was substantially above the ₹2.28 lakh left under working capital.

General corporate purposes accounted for ₹4.5524 crore of utilisation against a ₹4.7446 crore allocation, leaving ₹19.22 lakh. Together with the ₹2.77 lakh pending for issue-related expenses, these balances were below the unutilised amounts for technology purchases and manpower hiring.

Why is EMIAC Technologies’ manpower-hiring spend largely pending?

The filing does not explain why hiring expenditure was pending, but EMIAC Technologies had used only ₹16.68 lakh of the ₹5.415 crore earmarked for manpower hiring by September 30, 2026. The ₹5.2482 crore unutilised hiring allocation was the largest outstanding amount among the six IPO objects disclosed.

The IPO-hiring figure is separate from the employee-benefit expense reported in the financial results. EMIAC Technologies recorded employee-benefit expense of ₹1.4118 crore for the half year ended September 30, 2026, compared with ₹64.07 lakh for the half year ended September 30, 2025, but did not link that expense line to the ₹16.68 lakh IPO utilisation.

EMIAC Technologies reported one business segment under Accounting Standard 17, covering digital content writing, digital marketing, branding, online reputation management, technical services and business automation. The filing therefore gives no service-level split of recruitment expenditure, hiring headcount target or deadline for using the remaining ₹5.2482 crore.

What do EMIAC Technologies’ half-year results show after listing?

EMIAC Technologies reported revenue from operations of ₹29.9083 crore for the half year ended September 30, 2026, compared with ₹14.1231 crore in the half year ended September 30, 2025. Profit after tax, however, fell to ₹3.0211 crore from ₹4.5477 crore, while profit before tax declined to ₹4.0248 crore from ₹6.0675 crore.

The period comparison shows revenue rising while profit before tax and profit after tax declined. Advertising and marketing expenses increased to ₹12.8866 crore from ₹6.3524 crore, other expenses rose to ₹11.3726 crore from ₹1.2978 crore, and employee-benefit expense increased to ₹1.4118 crore from ₹64.07 lakh.

At September 30, 2026, EMIAC Technologies reported shareholders’ funds of ₹44.5184 crore, compared with ₹12.6654 crore at March 31, 2026. Paid-up equity share capital rose to ₹12.2431 crore from ₹9.0031 crore, while reserves and surplus increased to ₹32.2753 crore from ₹3.6622 crore.

The results were prepared under Accounting Standards rather than Indian Accounting Standards, as the filing cited the February 16, 2015 Ministry of Corporate Affairs notification applicable to SME-platform companies. EMIAC Technologies also said its request to modify its corporate identification number after listing had been submitted on the Ministry of Corporate Affairs portal and remained pending approval.

Conclusion

EMIAC Technologies had deployed most of its ₹31.752 crore gross IPO proceeds by September 30, 2026, with ₹24.8968 crore used across the stated objects. Branding and marketing absorbed its full ₹3.90 crore allocation, and working capital used ₹8.7772 crore, but the ₹5.2482 crore hiring balance represented most of the ₹6.8552 crore still unutilised.

The next utilisation disclosure will show whether EMIAC Technologies begins using the manpower allocation and completes the ₹1.3643 crore pending for technology-related purchases. The filing gives no timetable for hiring expenditure, while approval of the company’s corporate identification number modification remains pending.