Remi Edelstahl reports Rs 9.11 crore deployed without deviation

Remi Edelstahl Tubulars Limited deployed Rs 9.11 crore from its preferential-issue proceeds by September 30, 2026, comprising Rs 6.63 crore for plant and machinery and Rs 2.48 crore for civil work. Remi Edelstahl reported no deviation or variation from the objects stated in its July 31, 2026 notice to shareholders.

How much preferential-issue money did Remi Edelstahl use?

Remi Edelstahl reported utilisation of Rs 9.11 crore as of September 30, 2026, following a preferential issue of equity shares on September 17, 2026 that raised Rs 14.99 crore. The company submitted the statement for the quarter ended September 30 under Regulation 32 of the Securities and Exchange Board of India, or SEBI, Listing Obligations and Disclosure Requirements Regulations, 2015.

The difference between the Rs 14.99 crore raised and Rs 9.11 crore reported as utilised was Rs 5.88 crore at September 30, 2026. The filing does not identify the use, timing or object-wise allocation of that difference, and it does not give a subsequent deployment date.

Remi Edelstahl’s financial-results note said it allotted 8,33,331 equity shares during the quarter ended September 30, 2026. The shares had a face value of Rs 10 each and were issued at a premium of Rs 170 each, or an issue price of Rs 180 per share; the deviation statement describes the fund-raising mode as a preferential issue of equity shares.

Where did Remi Edelstahl deploy the Rs 9.11 crore?

Remi Edelstahl deployed Rs 6.63 crore for plant and machinery and Rs 2.48 crore for civil work by September 30, 2026. The company’s utilisation table lists these two objects, with no modified allocation recorded for either one.

Plant and machinery accounted for Rs 4.15 crore more than civil work within the Rs 9.11 crore total deployed. The original allocation table showed Rs 24.12 crore for plant and machinery and Rs 3.38 crore for civil work, for a total of Rs 27.50 crore; the filing does not explain how that total relates to the Rs 14.99 crore raised on September 17, 2026.

The disclosure does not identify the machinery purchased, the location or scope of civil work, suppliers, project milestones or commissioning dates. It also does not state an expected production-capacity addition from the Rs 6.63 crore plant-and-machinery deployment or the Rs 2.48 crore civil-work deployment.

Did Remi Edelstahl report any deviation in fund use?

Remi Edelstahl reported no deviation or variation in the use of its preferential-issue proceeds for the quarter ended September 30, 2026. Its November 6, 2026 letter to BSE Limited said the proceeds had been used in line with the objects stated in the July 31, 2026 notice to shareholders.

The formal statement marks “No” against deviation or variation in the use of funds raised. It records no modified object, no shareholder-approval date for a change, and no explanation of deviation, with those fields shown as not applicable.

Remi Edelstahl said its Audit Committee reviewed the no-deviation statement, and the statement records “No Comments” from the committee. It also records “No Comments” from auditors and identifies no monitoring agency, with the monitoring-agency fields marked not applicable as of September 30, 2026.

How does fund deployment compare with Remi Edelstahl’s cash flow?

Remi Edelstahl reported Rs 8.24 crore of purchases of fixed assets in the half year ended September 30, 2026, compared with Rs 5.06 crore in the corresponding 2025 period. The year-on-year increase was Rs 3.18 crore, while net cash used in investing activities rose to Rs 8.28 crore from Rs 5.28 crore.

The Rs 9.11 crore preferential-issue utilisation exceeds the Rs 8.24 crore fixed-asset-purchase line by Rs 87 lakh. The filing does not say that the cash-flow figure and the preferential-issue utilisation amount measure the same expenditure, so it does not establish a direct reconciliation between them.

Proceeds from the sale of fixed assets were Rs 75.73 lakh in the half year ended September 30, 2026, versus Rs 90 lakh a year earlier. Remi Edelstahl also disclosed that it disposed of its wind mill during the quarter ended September 30, 2026, but did not link that disposal to the plant, machinery or civil-work spending.

What does the filing say about Remi Edelstahl’s operating context?

Remi Edelstahl manufactures stainless steel tubes and pipes and reported an approximate order book of Rs 173 crore, including export orders from Middle East clients. The filing does not state that the Rs 6.63 crore machinery expenditure or Rs 2.48 crore civil-work expenditure is assigned to a particular order, client or export market.

The company said profitability for the half year ended September 30, 2026 was adversely affected by a substantial increase in energy costs during the period, which it linked to geopolitical disturbance in the Middle East. The fund-utilisation statement does not say whether the Rs 9.11 crore capital deployment is intended to reduce energy costs or offset the impact of the wind-mill disposal.

The board approved the unaudited financial results on November 6, 2026, while the utilisation filing covers only the quarter ended September 30, 2026. Accordingly, the no-deviation confirmation addresses the reported use of proceeds through that quarter rather than completion of the Rs 27.50 crore original allocation.

Conclusion

Remi Edelstahl’s September 2026 filing records Rs 9.11 crore of preferential-issue proceeds deployed across two stated objects, led by Rs 6.63 crore for plant and machinery and followed by Rs 2.48 crore for civil work. The company raised Rs 14.99 crore on September 17, 2026 and reported no deviation or variation in the use of funds through September 30.

The next disclosure to watch is whether Remi Edelstahl reports further use of the Rs 5.88 crore difference between funds raised and funds utilised, or provides milestones for the Rs 24.12 crore plant-and-machinery and Rs 3.38 crore civil-work allocations. Subsequent results may also show how the approximate Rs 173 crore order book and the disclosed higher energy costs affect operations.