BSECompany Update10 Aug 2026 · 10 Aug 2026, 07:19 pm
Please find enclosed herewith Monitoring Agency Report for the quarter ended June 30,2026
Adcounty Media India Ltd · 544435
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Adcounty Media India Ltd has submitted a Monitoring Agency Report for the quarter ended June 30, 2026, as required by SEBI, detailing the utilization of proceeds from its Initial Public Offer (IPO). The report, issued by Acuité Ratings and Research Limited, states that there are no deviations from the objects of the issue and no material deviations from expenditures disclosed in the Offer Document.
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Earnings Impact5/10
Growth Catalyst2/10
Governance Concern1/10
Regulatory Risk1/10
Balance Sheet Risk1/10
Liquidity Impact8/10
Market Sentiment5/10
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Adcounty Media India Ltd - 544435 - Announcement under Regulation 30 (LODR)-Monitoring Agency Report
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Date: August 10, 2026
BSE Limited,
PJ Towers, Dalal Street,
Mumbai-400001.
BSE Script Code: 544435
Subject: Monitoring Agency Report in respect of utilization of proceeds in raised through Initial Public
Offer (“IPO”)
Ref: Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015
Dear Sir/Madam,
Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we have enclosed herewith
Monitoring Agency Report for the Quarter ended June 30, 2026, issued by Acuité Ratings and Research
Limited (“Monitoring Agency”), in respect of the utilization of proceeds raised through Initial Public Offer
(“IPO”) by the Company.
The aforesaid Monitoring Agency Report has been reviewed by the Audit Committee and taken on record
by the Board of Directors at its meeting held on August 10,2026.
The same may please be taken on record and suitably disseminated to all concerned.
Yours faithfully,
FOR ADCOUNTY MEDIA INDIA LIMITED
Garima Malik
Company Secretary and Compliance Officer
Report of the Monitoring Agency (MA)
Name of the issuer : AdCounty Media India Limited
For quarter ended : Q1 FY2026-27
Name of the Monitoring Agency : Acuité Ratings and Research Limited
(a) Deviation from the objects : No Deviation is observed
(b) Range of Deviation : Not Applicable
(C) Any other material fact to be highlighted : None
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided
by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent
verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no
responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal
in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship
between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38)
of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation
for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization
of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report
under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to
the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and
the MA takes no responsibility for such comments of the issuer’s Management/Board.
Signature:
Vikas Mishra
Deputy Vice President - Process Excellence
Report Date: August 10, 2026
1. Issuer Details:
Name of the issuer : AdCounty Media India Limited
Names of the promoter:
Promoters/Promoter Group
Mr. Chandan Garg
Mr. Aditya Jangid
Mr. Abbhinav Rajendra Jain
Mr. Delphin Varghese
Ms. Vartika Dangayach
M/S Innovana Thinklabs Limited
Industry/sector to which it belongs : Web based media and services / Media, Entertainment and Publication
2. Issue Details:
Issue Period : June 27, 2025 – July 01, 2025
Type of issue : Public Issue
Type of specified securities : Equity Shares
IPO Grading, if any : Not Applicable
Issue size (INR Cr.) : 50.69
Report Date: August 10, 2026
3. D etails of the arrangement made to ensure the monitoring of issue proceeds
Source of
information/
certifications
Sr. Reply from the Comments of the Monitoring Comments of the
Particulars considered by
No. issuer Agency Audit Committee
Monitoring Agency
for preparation of
report
Utilizations in the respective
1 Whether all utilization is as per the disclosures in the Offer Document? Yes objects are as per disclosures by No Comments
the company.
Whether shareholder approval has been obtained in case of
Not Material deviation is not
2 material deviations# from expenditures disclosed in the Offer No Comments
Applicable observed.
Document?
Whether the means of finance for the disclosed objects of the issue
3 No No change is observed. No Comments
has changed?
Is there any major deviation observed over the earlier The issuer had not appointed any
4 No No Comments
monitoring agency reports? Documents other Monitoring Agency earlier.
provided by the
Whether all Government/statutory approvals related to the object(s) Not issuer: including Government / Statutory approval
5 No Comments
have been obtained? Applicable Fixed Deposit is not required for the objects.
Certificates, Bank
Arrangement pertaining to
Statements,
Whether all arrangements pertaining to technical Not technical assistance /
6 Statutory Auditors No Comments
assistance/collaboration are in operation? Applicable collaboration is not required with
Certificate.
reference to the objects.
No favourable event is observed
Are there any favourable events improving the viability of these
7 No that may improve the viability of No Comments
object(s)?
these objects.
No unfavourable event is
Are there any unfavourable events affecting the viability of the
8 No observed affecting the viability No Comments
object(s)?
of these objects.
No relevant information is
Is there any other relevant information that may materially affect evident that may materially
9 No No Comments
the decision making of the investors? affect the decision making of the
investors.
Report Date: August 10, 2026
4. Details of object(s) to be monitored:
i. Cost of object(s)
Source of information / Original cost (as Comments of the Audit Committee
Comments of the
Sr. Item certifications considered by per the Offer Revised
Monitoring
No. Head M po ren pit ao rr ain tg io A n g oe f n rec py o f ro t r Do (Ic Nu Rm Ce r.n ) t) Cost Agency Rea Cs oo sn t of P finro ap no cs ie ngd Particulars of firm
arrangement
revision option
Working Capital No change is
1 25.00 - NA NA NA
Requirement observed.
Unidentified Acquisitions
As per the documents No change is
2 and General Corporate 9.15 - NA NA NA
provided by the issuer, observed.
Purposes
including Statutory
No change is
3 Capital Expenditure Auditors Certificate. 14.00 - NA NA NA
observed.
No change is
4 Issue Related Expense 2.53 - NA NA NA
observed.
Total 50.68 -
Report Date: August 10, 2026
ii. Progress in the object(s) –
Source of Amount utilized Comments of the Audit
information (INR Cr.) Committee
/ certifications Amount as
Total
considered by proposed in Amount
NS or. . Item Heads th Ae gM e to n hn c ei yt o fr oin r g Dt (oh INce Ru O m Cff e re .n )r t (Ir Na Ris e Cd r. ) be oA g fis n t ha n et in g Du qr uin ag rt eth r e eA n tt h dt eh o e f u (an INmu Rt oi l Ci uze n r.td ) MC oo nm itom rie nn gt s A o gf e t nh ce y R ie da les o fun ns d fo s r P cr o ao u cp r to s ioes ne o d f
preparation of quarter quarter
report
Working Capital No No
1 25.00 25.00 16.68 0.25 16.93 8.07 No comments
Requirement Comments Comments
Unidentified
Acquisitions and
No No
2 General As per the 9.15 9.15 9.15 - 9.15 - No comments. Comments Comments
Corporate
documents
Purposes
provided by
the issuer, The utilisation
in
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