MEIL has deployed only a portion of the funds raised through its initial public offering, according to a recent report. As of Q1FY27, just Rs. 97.98 crore has been used for debt repayment against a planned Rs. 101.27 crore, and only Rs. 4.76 crore has been allocated to capital expenditure out of the intended Rs. 49.93 crore. Approximately Rs. 85 crore remains in fixed deposits with HDFC Bank, earning a modest return. Delays in finalizing quotations are cited as the reason for the significant lag in capital expenditure deployment, while foreclosure charges have reportedly hindered full debt repayment. The company acknowledged in its IPO document the possibility of such variations, which may require shareholder approval.