N R Vandana Tex says Rs 27.89 crore IPO fully utilised

N R Vandana Tex Industries Limited said its Rs 27.89 crore initial public offering proceeds were fully utilised by September 30, 2026, according to an auditor-certified statement. The disclosure assigns Rs 16.28 crore to working capital, Rs 5 crore to loan repayment and Rs 1.16 crore of stated issue-cost savings to general corporate purposes.

What did N R Vandana Tex report on IPO utilisation?

N R Vandana Tex reported that all proceeds from its initial public offering, or IPO, had been used for the objects disclosed in its prospectus as of the half-year ended September 30, 2026. The company made the declaration in a statement of deviation or variation filed under Regulation 32 of the Securities and Exchange Board of India Listing Regulations, 2015.

J.B.S. & Company, N R Vandana Tex's statutory auditor, certified on November 12, 2026 that the IPO proceeds had been fully utilised. The auditor said it reviewed the company's documents, statements, papers and accounts relating to the public issue before issuing the certificate under National Stock Exchange, or NSE, Circular NSE/CML/2024/23 dated September 5, 2024.

The certificate lists four original objects: working-capital requirements, prepayment or repayment of loans, general corporate purposes and issue-related expenses. Its original-allocation and total-utilisation columns each total Rs 27.89 crore, while the funds-unutilised column is blank for every category and for the total.

N R Vandana Tex's Audit Committee reviewed the utilisation statement and auditor's certificate, and its board took both on record at meetings held on November 12, 2026. The exchange filing identifies the company's NSE trading symbol as NRVANDANA and relates specifically to the six months ended September 30, 2026.

How did N R Vandana Tex use its IPO proceeds?

N R Vandana Tex used Rs 16.28 crore for working-capital requirements and Rs 5 crore for loan prepayment or repayment, exactly matching the original allocations shown in the auditor-certified table. These two objects accounted for Rs 21.28 crore of the Rs 27.89 crore total proceeds.

The table records Rs 3.27 crore of total utilisation for general corporate purposes against an original allocation of Rs 2.11 crore. It records Rs 3.33 crore for issue-related expenses against an original Rs 4.50 crore estimate, with no modified object or modified allocation listed in either category.

The category comparison shows a shift from the issue-expense estimate to general corporate purposes, rather than an increase in the total IPO amount. The table's unrounded figures show general-corporate-purpose utilisation higher by Rs 1.16 crore and issue-expense utilisation lower by the same amount, preserving total utilisation of Rs 27.89 crore.

The filing does not provide a breakdown of the working-capital deployment, identify the loans repaid, or specify repayment dates and counterparties for the Rs 5 crore loan-use category. It also does not identify individual payments within the Rs 3.27 crore general-corporate-purpose amount.

Why did N R Vandana Tex move issue-cost savings?

N R Vandana Tex said the prospectus dated May 30, 2025 estimated issue-related expenses at Rs 4.50 crore, while a surplus of Rs 1.16 crore was used for general corporate purposes. The explanatory note says this utilisation remained within the permissible limit of 15% of gross proceeds.

The note describes actual issue expenses as Rs 3.30 crore and says that amount resulted in the Rs 1.16 crore surplus. However, the utilisation table gives a different issue-expense figure of Rs 3.33 crore, which is the figure that corresponds with a Rs 1.16 crore difference from the Rs 4.50 crore original estimate.

There is therefore an unresolved difference within the certificate's disclosures. The note's stated actual expense of Rs 3.30 crore is Rs 3 lakh below the table's Rs 3.33 crore issue-expense utilisation, and the filing does not provide a reconciliation between those two figures.

The arithmetic stated in the explanatory note also differs from the figures printed there: subtracting its Rs 3.30 crore actual-expense figure from the Rs 4.50 crore estimate would produce Rs 1.19 crore, not Rs 1.16 crore. The source does not explain whether the table, note or wording on the stated surplus is intended to prevail.

What does the filing confirm and leave undisclosed?

N R Vandana Tex confirmed that no IPO proceeds remained unutilised as of September 30, 2026, and its auditor certified total utilisation of Rs 27.89 crore on November 12, 2026. The company also stated that all funds were used for the objects in the prospectus, despite the different final amounts shown for general corporate purposes and issue expenses.

The filing does not describe a revised allocation approved for the extra Rs 1.16 crore directed to general corporate purposes. Instead, the auditor's table lists “NA” under modified object and modified allocation, while the accompanying note describes the use of the surplus as within the permissible 15% of gross-proceeds limit.

N R Vandana Tex operates in one business segment, manufacturing and trading textile goods under the Vandana brand, according to its September 30, 2026 financial-results notes. That disclosure gives business context to the Rs 16.28 crore working-capital allocation but does not connect specific inventory, receivable or operating-cash-flow items to the IPO funds.

For the half-year ended September 30, 2026, N R Vandana Tex reported revenue from operations of Rs 138.13 crore and profit for the period including associate profit of Rs 6.24 crore. Those financial results were approved on November 12, 2026, the same date on which the board took the IPO-utilisation certificate on record.

Conclusion

N R Vandana Tex's filing establishes that its Rs 27.89 crore IPO had been fully deployed by September 30, 2026, with working capital receiving Rs 16.28 crore and loan repayment receiving Rs 5 crore. The reported movement of Rs 1.16 crore from estimated issue expenses to general corporate purposes explains the changed category amounts without changing the total proceeds used.

The next item to watch is whether N R Vandana Tex clarifies the unresolved Rs 3 lakh difference between the table's Rs 3.33 crore issue-expense utilisation and the note's Rs 3.30 crore actual-expense figure. The November 12, 2026 filing records board and Audit Committee review but gives no timetable for a reconciliation or further update.