Winny Immigration & Education Services reports Rs 2.72 crore unspent

Winny Immigration & Education Services Limited reported Rs 2.72 crore of unutilised initial public offering proceeds at September 30, 2026, while its annexure listed Rs 5.40 crore as utilised. The largest remaining amount was Rs 2.36 crore for advertising and business promotion, and the auditor-certified statement recorded no deviation from approved IPO objects.

How much of Winny Immigration & Education Services' IPO proceeds remained unspent?

Winny Immigration & Education Services reported Rs 2.72 crore as unutilised from its IPO proceeds as of September 30, 2026, according to the annexure accompanying the auditor's certificate. The same annexure listed Rs 5.40 crore as actual utilisation and Rs 9.12 crore as the revised amount approved at the extraordinary general meeting, or EGM, on October 11, 2025.

The statement relates to proceeds from the IPO dated June 25, 2024, rather than to revenue, operating costs or the cash balance at September 30, 2026. B N P S and Associates LLP issued its certificate on November 5, 2026, after examining books, statements, records and documents for the period ended September 30, 2026.

The disclosed utilised amount was higher than the disclosed unutilised balance, with Rs 5.40 crore shown as used against Rs 2.72 crore shown as remaining. The filing does not set a deadline, deployment schedule or future spending split for the reported unutilised amount, so it provides a period-end position rather than a timetable for using the balance.

Where were Winny Immigration & Education Services' unspent IPO funds allocated?

Winny Immigration & Education Services' largest disclosed unutilised amount was Rs 2.36 crore for advertising and business promotion. The annexure showed Rs 1.32 crore utilised for that object against a revised allocation of Rs 3.69 crore, making it the principal identified destination for funds still unspent at September 30, 2026.

The other disclosed balances were Rs 27.72 lakh for licensing an artificial intelligence-enabled customer relationship management, or CRM, system from a third-party vendor and Rs 8 lakh for obtaining an overseas recruitment agent, or RA, licence. The CRM allocation was Rs 75 lakh, of which Rs 47.28 lakh was shown as utilised; the RA-licence row showed no actual-utilisation figure.

Issue-related expenses, software development, repayment of debt and general corporate purpose were each shown as fully utilised. The annexure listed Rs 70 lakh for issue-related expenses, Rs 32.20 lakh for software development, Rs 1.59 crore for debt repayment and Rs 1.99 crore for general corporate purpose, with no unutilised amount displayed for any of those objects.

The annexure also includes an object for opening new offices in India, but its revised allocation, actual utilisation and unutilised columns are blank. Winny Immigration & Education Services therefore did not disclose a monetary amount for that object in the September 30, 2026 utilisation statement.

Did Winny Immigration & Education Services report an IPO-use deviation?

Winny Immigration & Education Services reported no deviation from approved IPO objects, and the annexure explicitly certifies that conclusion. The certificate says the June 25, 2024 IPO proceeds had been used for purposes stated in the offer document or prospectus, as modified from time to time and approved by the board, audit committee and shareholders where applicable.

B N P S and Associates LLP stated that the utilisation statement was accurately extracted from the books of account, based on its examination for the period ended September 30, 2026. The certificate was addressed to the board and issued for furnishing information to the National Stock Exchange of India.

The document defines deviation or variation as a change in the objects for which funds were raised, a difference in funds actually utilised from what was originally disclosed, or a change in terms of a contract referred to in the prospectus. The October 11, 2025 EGM revision is presented in the annexure as the revised approved allocation framework.

Do the printed IPO-utilisation totals reconcile?

The printed line items do not fully reconcile with the printed totals in the annexure, although the certificate reports no deviation. The individual actual-utilisation figures for issue expenses, software development, debt repayment, advertising, general corporate purpose and CRM licensing add to Rs 6.40 crore, while the annexure's total actual-utilisation line states Rs 5.40 crore.

There is also a smaller difference in the unutilised figures. The displayed balances of Rs 2.36 crore for advertising and promotion, Rs 27.72 lakh for CRM licensing and Rs 8 lakh for the RA licence total Rs 2.72 crore plus Rs 20,000, whereas the printed total unutilised figure is Rs 2.72 crore.

The revised allocations displayed in the populated rows total Rs 9.12 crore, including Rs 3.69 crore for advertising and promotion and Rs 1.99 crore for general corporate purpose. Using the annexure's printed totals of Rs 5.40 crore utilised and Rs 2.72 crore unutilised leaves Rs 1 crore and Rs 20,000 not accounted for by those two totals; the filing gives no explanation for this presentation difference.

How do the IPO figures differ from Winny Immigration & Education Services' cash position?

Winny Immigration & Education Services' reported IPO balance should not be treated as the same measure as its cash and cash equivalents. Cash and cash equivalents stood at Rs 2.78 crore on September 30, 2026, compared with Rs 3.60 crore on March 31, 2026, while the IPO annexure separately listed Rs 2.72 crore as unutilised proceeds.

The September 30 cash balance comprised Rs 2.76 crore in fixed deposits with maturities of up to three months, Rs 1.30 lakh held with banks and Rs 1.08 lakh in cash on hand. The cash-flow statement recorded a Rs 82.16 lakh decrease in cash and cash equivalents during the half year ended September 30, 2026.

For that half year, Winny Immigration & Education Services reported revenue from operations of Rs 1.52 crore, down from Rs 1.79 crore in the half year ended September 30, 2025. Its loss before exceptional and extraordinary items and tax narrowed to Rs 1.24 crore from Rs 2.12 crore, but these operating figures are separate from the certified use of IPO proceeds.

Conclusion

The September 30, 2026 statement presents Winny Immigration & Education Services as having used Rs 5.40 crore of IPO proceeds and retained Rs 2.72 crore as unutilised, with advertising and business promotion representing Rs 2.36 crore of the disclosed remaining balance. The certificate records no deviation from approved objects, while the listed issue expenses, software development, debt repayment and general corporate-purpose allocations were shown as fully utilised.

The next disclosure to watch is a subsequent utilisation statement showing whether the advertising and promotion balance, the Rs 27.72 lakh CRM-system balance and the Rs 8 lakh RA-licence balance have been deployed. Investors can also watch for any explanation of the Rs 1 crore difference between the printed actual-utilisation total and the sum of the displayed utilisation line items, which the November 5, 2026 certificate does not address.