Zelio reports Rs 53.26 crore used across IPO objects

Zelio E-Mobility Limited reported Rs 53.26 crore of object-wise IPO utilisation by September 30, 2026, including Rs 20 crore for borrowing repayment and Rs 16.35 crore for a new manufacturing unit. Zelio’s filing says there was no deviation or variation in use of funds, but its object-wise table does not support a Rs 59.62 crore utilisation figure.

How much of Zelio’s IPO allocation was used?

Zelio reported Rs 53.26 crore used across its four stated IPO objects by September 30, 2026, based on the object-wise utilisation table in its November 13, 2026 filing. The public issue raised Rs 62.84 crore on October 8, 2025, and Brickwork India Private Limited was named as the monitoring agency.

The original allocations shown in the table total Rs 56.84 crore, while the amount raised was Rs 62.84 crore. The filing does not explain the Rs 6 crore difference between the issue amount and the total of the four object allocations, and it does not state an aggregate unspent-proceeds amount. Accordingly, the disclosure supports Rs 53.26 crore of reported object-wise utilisation, not Rs 59.62 crore.

Which IPO objects has Zelio fully funded?

Zelio reported full utilisation of the Rs 20 crore allocated to repayment or prepayment of borrowings and the Rs 8 crore allocated to working-capital requirements by September 30, 2026. Together, those two objects accounted for Rs 28 crore, or more than half of the Rs 53.26 crore reported as used in the object-wise table.

The filing describes the capital-expenditure object as funding requirements for setting up a new manufacturing unit. Zelio reported Rs 16.35 crore used against a Rs 19.75 crore allocation for that object, leaving Rs 3.40 crore unutilised within the disclosed allocation. This is the largest unutilised amount among the four listed objects.

Zelio also reported Rs 8.91 crore used for general corporate purpose against an allocation of Rs 9.09 crore. That leaves Rs 18 lakh within the general-corporate-purpose allocation. Across the four stated allocations, the difference between Rs 56.84 crore allocated and Rs 53.26 crore used is Rs 3.58 crore, although the filing does not explicitly label that amount as unspent proceeds.

Has Zelio changed the purpose of its IPO proceeds?

Zelio reported no deviation or variation in the use of IPO funds as of September 30, 2026. The company marked “No” against the question of whether there had been any deviation or variation in use of the funds raised from the October 8, 2025 public issue.

The filing defines deviation or variation as a change in the objects or purposes for which funds were raised, a difference in the amount actually used against the originally disclosed amount, or a change in terms of a contract mentioned in the offer document. Zelio nevertheless recorded no applicable deviation in its Rs 62.84 crore issue disclosure.

Zelio recorded “No Comments” from its audit committee and “No Comments” from the auditor in the deviation statement dated November 13, 2026. Brickwork India Private Limited was identified as monitor of the fund use, but the announcement does not reproduce a separate conclusion from Brickwork on the timing or deployment of the remaining allocations.

What balance-sheet evidence relates to the manufacturing-unit object?

Zelio’s capital work in progress was Rs 16.16 crore at September 30, 2026, compared with Rs 6.90 crore at March 31, 2026. That was an increase of Rs 9.27 crore during the half year, alongside the reported Rs 16.35 crore utilisation for capital expenditure on a new manufacturing unit.

Property, plant and equipment stood at Rs 16.16 crore at September 30, 2026, up from Rs 13.84 crore at March 31, 2026. The balance-sheet movements are consistent with higher investment in fixed assets and projects under construction, but Zelio does not assign the capital work in progress or property balance to a particular funding source.

The half-year cash-flow statement records Rs 12.80 crore of fixed-asset purchases for the period ended September 30, 2026, compared with Rs 5.23 crore a year earlier. This year-on-year increase provides additional context for the manufacturing-related capital-expenditure object, though it does not establish that all fixed-asset purchases were financed from IPO proceeds.

Does Zelio identify where unused IPO proceeds are held?

Zelio does not identify a specific cash or deposit balance as unused IPO proceeds in the September 30, 2026 utilisation statement. Its consolidated balance sheet reported cash and bank balances of Rs 7.10 crore, but the filing does not link that figure, or any component of it, to the IPO’s remaining object allocations.

The cash-flow statement breaks the Rs 7.10 crore closing cash and cash-equivalent balance into Rs 6.78 crore of bank fixed deposits, Rs 23 lakh in current-account balances and Rs 9 lakh in cash in hand. These balances cannot be treated as IPO proceeds because the disclosure does not make that attribution.

Cash and bank balances declined from Rs 26.04 crore on March 31, 2026 to Rs 7.10 crore on September 30, 2026. For the half year, Zelio reported operating cash outflow of Rs 30.33 crore and investing cash outflow of Rs 12.56 crore, partly offset by financing cash inflow of Rs 23.96 crore, including Rs 24.54 crore from short-term borrowings.

Conclusion

Zelio’s filed object-wise table shows Rs 53.26 crore used by September 30, 2026 across borrowing repayment, manufacturing-unit capital expenditure, working capital and general corporate purpose. The debt-repayment and working-capital allocations were fully used, while Rs 3.40 crore remained within the manufacturing-unit allocation and Rs 18 lakh within the general-corporate-purpose allocation.

The next utilisation disclosure should show whether Zelio deploys the remaining Rs 3.58 crore within the four listed objects, particularly the new manufacturing-unit allocation. It should also clarify, if applicable, the Rs 6 crore gap between the Rs 62.84 crore amount raised and the Rs 56.84 crore total original allocation displayed in the statement.