Mahindra Holidays gets GST show cause notice worth Rs 36.3 crore for FY23

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MHRIL · price

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

-0.3%Reaction day

₹194.75

prior close

₹193.94

announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used-1.3%+1.0% vs market

Hotels & Resorts peers, median of 58sector-0.8%+0.5% vs sector

On the reaction day the stock moved 1.0 pts more than Nifty Microcap 250 and 0.5 pts more than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Hotels & Resorts peers, median of 58Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Mahindra Holidays received a Show Cause Notice from the Deputy Commissioner of State Tax, Mumbai on Sep 30, 2026, demanding Rs 36.30 crore for FY 2022-23. This includes Rs 19.11 crore tax, Rs 15.27 crore interest, and Rs 1.92 crore penalty. The dispute covers GST on stay facilities, cross-charge invoices, fixed asset classification, food and travel services, and ineligible input tax credit. The company says this will not materially impact finances and plans to contest before the appropriate authority.

Likely market impact

Company received notice, not an order. Says no material impact. Rs 36.3 crore demand is small relative to annual revenue. Watch for hearing outcome.