Date: 25th September, 2026

Regulatory Compliance Disclosure

Nature of Communication

The company has received a notice from the Office of the Principal Commissioner, Plot no. 36-37, Sector-32, Gurugram, regarding GST matters. This intimation is made under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Details of Authority

Name of Authority: Office of the Principal Commissioner, Plot no. 36-37, Sector-32, Gurugram

Nature and Details of Action

The GST department has issued a notice for filing an appeal with GSTAT (Goods and Services Tax Appellate Tribunal) against the Demand Order dropped by Commissioner Appeal dated 30th December, 2025, which was received by the company on 29th January, 2026.

The specific demands include:

  • Interest on Supplementary Invoices: Interest at applicable rate on supplementary invoices issued in respect of price escalation agreed with customers during the period July 2017 to March 2020, demanded under section 50(1) of the CGST Act read with rule 88B of CGST rules, by invoking the provision of section 74 of CGST Act
  • Penalty under Section 74(1): ₹2,40,83,954/- (₹2.41 crore)
  • Penalty under Section 125: ₹25,000/-

Total Monetary Demand: ₹2,41,08,954/- (approximately ₹2.41 crore)

Date of Receipt

The notice was received on 25th September, 2026 at 11:35 a.m. through email.

Details of Alleged Violations

The alleged contravention relates to interest at applicable rate on supplementary invoices issued in respect of price escalation agreed with customers during the period July 2017 to March 2020.

The company's appeal was previously allowed by the Commissioner (Appeals), and the review committee of the department has now decided to file an appeal against the order passed by the authority in GSTAT.

Financial and Operational Impact

The company does not foresee any material impact on its financial, operational or other activities. The impact is not quantifiable in monetary terms according to the company's assessment.

Company Response

The company is preparing to reply against the notice issued.

Historical Context

This intimation is in continuation of previous intimations dated 2nd August, 2024 and 29th January, 2026.

Signature and Authentication

Digital Signature Date: 2026.09.25 22:17:30 +05'30'