Parag Milk Foods Limited has confirmed that there was no deviation or variation in the utilization of proceeds received from the issuance of Convertible Share Warrants for the quarter ended December 31, 2025. The company raised INR 40.30 crore on May 23, 2025, through a Preferential Issue. The funds were earmarked for Debt Reduction (INR 17.50 crore), Working Capital (INR 7.80 crore), Capital Expenditure (INR 5.00 crore), and General Corporate Purposes (INR 10.00 crore). The statement, reviewed by the Audit Committee and Board of Directors, confirms that the utilized amounts matched the original allocation for all purposes, with no deviation reported. The statement of no deviation or variation was prepared in accordance with SEBI Master Circular No. HO/49/14/14(7)2025 -CFD- POD2/I/3762/2026 dated January 30, 2026. India Ratings & Research Private Limited was the monitoring agency for these funds. The original objects for fund raising included Debt Reduction, Working Capital, Capital Expenditure, and General Corporate Purposes. The total funds raised were INR 40.30 crore, with a total modified allocation of INR 40.00 crore. The utilized amount for the quarter was INR 40.00 crore, resulting in Nil deviation or variation for the quarter.