Rs 81.53 crore tax demand set aside; Rs 7.35 crore refund due

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Price reactionminutes from the announcement price · days from the prior close

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prior close

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announcement price

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Nifty Smallcap 250market · index membership as recorded later (tracked since Jun 2026)-0.9%-0.3% vs market

Civil Construction peers, median of 91sector-0.5%-0.7% vs sector

On the reaction day the stock moved 0.3 pts less than Nifty Smallcap 250 and 0.7 pts less 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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Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Income tax officials set aside the Rs 81.53 crore tax demand for the 2019-20 assessment year, making Kalpataru eligible for a Rs 7.35 crore refund. Earlier, the 2020-21 demand was reduced from Rs 38.51 crore to Rs 25.38 crore, and the 2016-17 demand of Rs 95.83 crore was reduced to nil. The company plans further appeals.

Likely market impact

Positive for shareholders: lower tax exposure and a likely refund support cash flow, though Rs 25.38 crore remains under appeal.