G V Electricals Limited deploys Rs 15.2124 crore of IPO proceeds

G V Electricals Limited had deployed Rs 15.2124 crore of the Rs 39 crore planned uses of its initial public offering (IPO) proceeds by September 30, 2026, chiefly allocating Rs 9.7895 crore to working capital and Rs 5.4229 crore to issue-related expenses. No amount was disclosed as utilised for borrowing repayment or general corporate purposes.

How much of G V Electricals' IPO proceeds had been used?

G V Electricals had utilised Rs 15.2124 crore, or about 39% of its Rs 39 crore estimated IPO deployment, as of September 30, 2026. The company disclosed the position in its November 12, 2026 filing with unaudited standalone financial results for the half year ended September 30, 2026.

The difference between the Rs 39 crore estimated cost and Rs 15.2124 crore utilised was Rs 23.7876 crore. The filing listed four planned uses of IPO proceeds, but it reported amounts utilised only for working-capital requirements and issue-related expenses.

Working capital represented Rs 9.7895 crore of the reported deployment, while issue expenses represented Rs 5.4229 crore. The company had used all but Rs 0.0867 crore of the Rs 5.5096 crore estimated issue-expense budget by September 30, 2026.

Where did G V Electricals deploy its reported IPO proceeds?

G V Electricals reported Rs 9.7895 crore of IPO-proceeds utilisation for working-capital requirements and Rs 5.4229 crore for issue-related expenses by September 30, 2026. The filing does not identify individual working-capital uses such as inventory purchases, customer receivables, supplier payments or advances.

Its standalone balance sheet showed inventory of Rs 7.4259 crore at September 30, 2026, compared with Rs 4.7345 crore at March 31, 2026. Trade receivables declined to Rs 45.8241 crore from Rs 51.1556 crore, while other current assets increased to Rs 7.9213 crore from Rs 1.0104 crore.

Cash and bank balances stood at Rs 38.6111 crore at September 30, 2026, against Rs 6.0133 crore at March 31, 2026. The cash-flow statement separately reported closing cash and cash equivalents of Rs 27.0547 crore, whereas the balance-sheet line reported cash and bank balances.

Has G V Electricals repaid borrowings from IPO proceeds?

G V Electricals did not disclose any utilisation against its Rs 6 crore IPO objective for repayment of a portion of certain borrowings as of September 30, 2026. The utilisation schedule left that line without an amount, unlike the working-capital and issue-expense lines.

Long-term borrowings were Rs 1.0234 crore at September 30, 2026, down from Rs 9.36 crore at March 31, 2026. Short-term borrowings moved higher to Rs 17.8463 crore from Rs 15.4777 crore during the same six-month period.

The half-year cash-flow statement included Rs 0.0298 crore under proceeds or repayment of long-term borrowings and Rs 2.3686 crore under proceeds or repayment of short-term borrowings. The filing does not connect those cash-flow movements with the Rs 6 crore IPO repayment objective, so it does not establish that IPO proceeds funded a debt repayment.

Finance costs were Rs 0.8415 crore for the half year ended September 30, 2026, compared with Rs 0.5845 crore in the corresponding half year ended September 30, 2025. G V Electricals did not provide a narrative explanation linking the higher finance cost with its borrowing balances or the unutilised repayment allocation.

How did G V Electricals' balance sheet change by September 2026?

G V Electricals reported total assets of Rs 117.3102 crore at September 30, 2026, up from Rs 78.3974 crore at March 31, 2026, while shareholders' funds rose to Rs 73.4103 crore from Rs 33.6656 crore. Share capital increased to Rs 11.2792 crore from Rs 8.2792 crore and reserves and surplus reached Rs 62.1311 crore from Rs 25.3864 crore.

Current assets increased to Rs 103.8293 crore at September 30 from Rs 65.4855 crore at March 31, while non-current assets rose to Rs 13.481 crore from Rs 12.9119 crore. The largest current-asset line was trade receivables at Rs 45.8241 crore, followed by cash and bank balances of Rs 38.6111 crore.

The company was listed on the BSE SME Platform on August 12, 2026, at a listing price of Rs 130 per share. Its IPO comprised a fresh issue of up to 30 lakh equity shares and an offer for sale of up to 2.5 lakh equity shares, totalling up to 32.5 lakh shares.

What did G V Electricals report for the September 2026 half year?

G V Electricals reported revenue from operations of Rs 81.9708 crore for the half year ended September 30, 2026, compared with Rs 73.4627 crore in the corresponding 2025 period. Profit before tax increased to Rs 8.2134 crore from Rs 6.4411 crore, according to the unaudited standalone results.

Total income was Rs 82.0504 crore for the September 2026 half year, versus Rs 73.4775 crore a year earlier. Total expenses were Rs 73.837 crore, compared with Rs 67.0364 crore, leaving the reported Rs 8.2134 crore profit before tax.

Net cash generated from operating activities was negative Rs 1.3971 crore in the September 2026 half year, compared with positive Rs 1.3362 crore in the prior-year period. Net cash used in investing activities was Rs 8.2721 crore, including Rs 7.0037 crore invested in fixed deposits and Rs 1.0816 crore spent on property, plant and equipment.

Financing activities generated Rs 35.2634 crore in the September 2026 half year, compared with Rs 6.554 crore a year earlier. The statement recorded Rs 30.7065 crore of securities premium and Rs 3 crore from shares issued during the period.

Conclusion

G V Electricals had used about 39% of its Rs 39 crore IPO deployment plan by September 30, 2026, with reported spending concentrated in working capital and issue expenses. The balance sheet showed assets of Rs 117.3102 crore and cash and bank balances of Rs 38.6111 crore, while operating cash flow for the half year was negative Rs 1.3971 crore.

The next utilisation update will show whether G V Electricals applies the Rs 23.7876 crore balance to the Rs 6 crore borrowing-repayment allocation, the Rs 5.4904 crore general-corporate-purpose allocation or the remaining working-capital budget. The November 12, 2026 filing states the position at September 30 but gives no target date for completing those planned uses.