GST authority orders Rs 7.11 Crore penalty to KPIL over Cenvat credit dispute

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Nifty Smallcap 250market · index membership as recorded later (tracked since Jun 2026)-2.3%+1.3% vs market

Civil Construction peers, median of 97sector-2.8%+1.8% vs sector

On the reaction day the stock moved 1.3 pts more than Nifty Smallcap 250 and 1.8 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Kalpataru Projects International received an order from Central Excise and GST Authority on 5 Dec 2025 demanding a penalty of Rs 7.11 Crore related to alleged wrong availment of Cenvat credit for FY 2014-15 by erstwhile JMC Projects, since amalgamated with KPIL. The company says the order was passed without considering its reply and documentary evidence and will appeal before the Appellate Authority within prescribed timelines. The company has stated the penalty has no significant impact on its financials or operations.

Likely market impact

Penalty of Rs 7.11 Crore is small relative to KPIL scale. Company will appeal. Management calls impact non-significant. Watch appeal outcome.