Shri Ahimsa Naturals Limited deploys Rs 46.38 crore of IPO proceeds

Shri Ahimsa Naturals Limited had deployed Rs 46.38 crore of its Rs 50.02 crore initial public offering (IPO) proceeds by September 30, 2026, including Rs 31.35 crore for its wholly owned subsidiary’s proposed Sawarda manufacturing unit in Jaipur, Rajasthan, leaving Rs 3.65 crore unutilised.

How much IPO money has Shri Ahimsa Naturals used?

Shri Ahimsa Naturals had used 92.7% of the IPO amount allocated to its disclosed objects as of September 30, 2026. The company reported total utilisation of Rs 46.38 crore against allocations of Rs 50.02 crore, leaving Rs 3.65 crore to be deployed under the subsidiary-project object.

The utilisation schedule was included in the unaudited standalone financial results for the half year ended September 30, 2026. The audit committee reviewed the results and the board approved them on November 6, 2026; the filing says the statutory auditors reviewed the standalone results under Regulation 33 of the Securities and Exchange Board of India listing regulations.

Two of the three IPO objects had been fully used by September 30, 2026. Shri Ahimsa Naturals deployed the entire Rs 7.33 crore allocated to issue-related expenses and the full Rs 7.69 crore earmarked for general corporate purposes, leaving the project investment as the sole category with an unused balance.

Where did Shri Ahimsa Naturals direct the largest IPO allocation?

Shri Ahimsa Naturals directed Rs 31.35 crore to Shri Ahimsa Healthcare Private Limited for a manufacturing unit at Sawarda, Jaipur, Rajasthan. The IPO object identifies the subsidiary as wholly owned and describes the spending as an investment for the proposed project.

The Rs 31.35 crore deployed for Sawarda was Rs 3.65 crore below the project’s Rs 35.00 crore allocation as of September 30, 2026. By comparison, the Rs 15.02 crore combined provision for issue expenses and general corporate purposes had been fully used, so the full remaining IPO balance related to the subsidiary investment.

The consolidated balance sheet gives context on the group’s asset build-out, although it does not link every balance-sheet line to IPO proceeds. Capital work-in-progress was Rs 54.01 crore at September 30, 2026, compared with Rs 18.09 crore at March 31, 2026, an increase of Rs 35.91 crore. Consolidated total assets rose to Rs 310.52 crore from Rs 218.37 crore over the same period.

The consolidated auditor’s review names Shri Ahimsa Healthcare Private Limited as the group subsidiary. Its interim financial results recorded total assets of Rs 110.02 crore at September 30, 2026, while revenue and net profit after tax were nil for the half year; net cash inflows were Rs 3.52 crore before consolidation adjustments.

What do Shri Ahimsa Naturals’ half-year results show?

Shri Ahimsa Naturals reported standalone revenue from operations of Rs 80.05 crore for the half year ended September 30, 2026, compared with Rs 60.52 crore in the half year ended September 30, 2025. Profit for the period increased to Rs 17.15 crore from Rs 14.83 crore, while basic and diluted earnings per share rose to Rs 7.23 from Rs 6.36.

Total income was Rs 83.26 crore in the September 2026 half year, up from Rs 63.72 crore a year earlier. Total expenses increased to Rs 60.32 crore from Rs 43.77 crore, and profit before tax rose to Rs 22.94 crore from Rs 19.94 crore across the two six-month periods.

Shri Ahimsa Naturals described its standalone business as manufacturing Caffeine Anhydrous Natural and Green Coffee Bean Extract from crude caffeine. It classified the activity as a single segment because it reported no other reportable segment under Accounting Standard 17, while the Sawarda project is disclosed through the investment in the subsidiary.

Standalone operating cash flow was an outflow of Rs 25.26 crore for the half year ended September 30, 2026, compared with an outflow of Rs 26.10 crore in the corresponding 2025 period. Investing cash flow included a Rs 29.28 crore loan given to a subsidiary, versus Rs 12.57 crore a year earlier; these cash-flow entries are separate from the IPO utilisation schedule.

What additional equity funding has Shri Ahimsa Naturals disclosed?

Shri Ahimsa Naturals disclosed the issue of 13,34,400 warrants through private placement on January 13, 2026, at Rs 227 per warrant. Each warrant is convertible into one equity share with a face value of Rs 10, and the company received initial application money of Rs 56.75 per warrant, equal to 25% of the issue price.

The remaining Rs 170.25 per warrant is payable within 18 months from the warrant allotment date, according to the filing. Of the issued warrants, 3,77,600 were converted into equity shares on May 12, 2026 after the remaining payment was received.

Shri Ahimsa Naturals also said it had received the full Rs 227 per warrant for 3,80,400 warrants, but the related equity-share allotment remained pending at September 30, 2026. The filing does not state a proposed use for money raised through the warrants.

On the consolidated balance sheet, money received against share warrants was Rs 11.91 crore at September 30, 2026, compared with Rs 7.57 crore at March 31, 2026. Share capital was Rs 23.81 crore at September 30, 2026, versus Rs 23.43 crore at March 31, 2026, reflecting the period in which warrant conversions and receipts were disclosed.

Conclusion

Shri Ahimsa Naturals had deployed Rs 46.38 crore of its Rs 50.02 crore stated IPO allocation by September 30, 2026. The Sawarda manufacturing project accounted for Rs 31.35 crore of that deployment, while the Rs 7.33 crore issue-expense allocation and Rs 7.69 crore general-corporate-purpose allocation were fully utilised.

The next disclosed matter to watch is deployment of the remaining Rs 3.65 crore assigned to the Sawarda project. The filing also leaves the allotment of equity shares against 3,80,400 fully paid warrants unresolved as of September 30, 2026, while the warrant balance-payment period extends for 18 months from the January 13, 2026 allotment date.