Vilas Transcore Limited uses 99% of Rs 95.26 crore IPO proceeds

Vilas Transcore Limited had used Rs 94.46 crore, or 99.16%, of its Rs 95.26 crore initial public offering proceeds by September 30, 2026, leaving Rs 79.84 lakh unutilised. The auditor-certified statement records full deployment for factory construction, plant and machinery, and general corporate purposes.

How much of Vilas Transcore's IPO money remains unspent?

Vilas Transcore had Rs 79.84 lakh of IPO funds unutilised as of September 30, 2026, against total proceeds of Rs 95.26 crore. It had used Rs 94.46 crore, representing 99.16% of the disclosed proceeds when calculated from the utilisation statement. The balance represented the remaining 0.84% of IPO proceeds.

The Rs 79.84 lakh balance related entirely to the Rs 5 crore object for strategic investment and acquisition. Vilas Transcore had used Rs 4.20 crore for that object, or 84.03% of its allocation, while every other disclosed IPO object was fully utilised. Statutory auditor Talati & Talati LLP certified the statement on November 5, 2026.

The IPO comprised 64.80 lakh equity shares with a face value of Rs 10 each. Shares were allotted on May 30, 2024, and listed on June 3, 2024. The auditor assessed utilisation against the prospectus dated May 16, 2024, filed with the Securities and Exchange Board of India, stock exchanges and the Registrar of Companies.

Which Vilas Transcore IPO objects were fully funded?

Vilas Transcore fully deployed Rs 20.01 crore earmarked for capital expenditure towards construction of a factory building. The utilisation statement records no unspent amount against this object and says the funds were used for construction of a building and shed. This was the second-largest individual allocation after plant and machinery.

Vilas Transcore also fully used Rs 45.21 crore for acquiring and installing additional plant and machinery. The auditor's statement describes this use as purchases or advances for plant and machinery. At 47.46% of the Rs 95.26 crore issue size, plant and machinery was the largest IPO object.

Vilas Transcore further fully used Rs 24.95 crore allocated to general corporate purpose. The certified statement identifies IPO expenses, software expense and land purchase as the uses under this object. Unlike the Rs 5 crore strategic-investment and acquisition allocation, the general-corporate-purpose allocation had no balance remaining at September 30, 2026.

Together, the factory-building, additional-plant-and-machinery and general-corporate-purpose objects accounted for Rs 90.17 crore of the Rs 95.26 crore issue. All three were deployed in full. The only partly used object was strategic investment and acquisition, where Rs 4.20 crore had been spent and Rs 79.84 lakh remained.

What was Vilas Transcore's strategic-investment allocation used for?

Vilas Transcore used Rs 4.20 crore of the Rs 5 crore strategic-investment and acquisition allocation for acquisition of land and building. The auditor's utilisation table gives that specific remark for the partly deployed object. It does not identify a further acquisition or investment for the unspent Rs 79.84 lakh.

Vilas Transcore said the remaining Rs 79.84 lakh was temporarily invested in fixed deposits and a separate bank account as of September 30, 2026. The statement says these arrangements complied with applicable laws and disclosures in the offer document. The auditor also stated that unutilised amounts were held in appropriate interest-bearing instruments or accounts as permitted.

The residual amount is distinct from the Rs 24.95 crore general-corporate-purpose allocation, where land purchase was also listed among the recorded uses. In the certified table, land and building acquisition was recorded under the strategic-investment and acquisition object, while IPO expenses, software expense and land purchase were recorded under general corporate purpose.

The same financial-results filing states that Vilas Transcore acquired 100% of Leelajit Foundation, a Section 8 company, on May 7, 2026. However, the IPO-utilisation certificate does not link that acquisition to the Rs 5 crore strategic-investment and acquisition object. The filing says Leelajit Foundation's results were included from May 7, 2026, and its charitable activities were not material to the group.

What did Vilas Transcore's auditor conclude on IPO proceeds?

Talati & Talati LLP certified that Vilas Transcore used IPO proceeds during the period ended September 30, 2026 for the purposes stated in the prospectus. The audit firm said it examined books of account, relevant records and documents, applying Institute of Chartered Accountants of India guidance and standards on auditing applicable to assurance engagements.

The auditor also concluded that there was no material deviation or variation in the use of IPO proceeds. That conclusion covers Rs 94.46 crore deployed across four stated objects and Rs 79.84 lakh held unutilised. The certificate was issued in line with Regulation 32 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

The certificate was prepared for uploading on the National Stock Exchange site under the applicable Securities and Exchange Board of India requirement. It states that the auditor does not accept responsibility to update the certificate for events or circumstances after November 5, 2026. The conclusion therefore addresses the position reported as of September 30, 2026 rather than later deployment of the Rs 79.84 lakh balance.

Vilas Transcore's consolidated financial results, approved by its board on November 5, 2026, separately reported Rs 202.08 crore in revenue from operations for the half year ended September 30, 2026. The company identifies transformer components, including CRGO laminations, cores, coils and radiators, as its single reportable operating segment; the IPO certificate does not allocate proceeds by product category.

Conclusion

Vilas Transcore had substantially completed deployment of its Rs 95.26 crore IPO proceeds by September 30, 2026, with Rs 94.46 crore used and Rs 79.84 lakh remaining. Full deployment of the Rs 20.01 crore factory-building allocation, Rs 45.21 crore machinery allocation and Rs 24.95 crore general-corporate-purpose allocation contrasts with the partly used Rs 5 crore strategic-investment and acquisition allocation.

The next disclosed matter to watch is the eventual use of the Rs 79.84 lakh held in fixed deposits and a separate bank account, because the certificate does not specify a deployment date or additional transaction for that balance. Any later utilisation would need to be assessed against the strategic-investment and acquisition object in the May 16, 2024 prospectus and subsequent required disclosures.