Nilkamal: GST appeal disallowed for FY 2019-20, demand of about Rs 37.37 lakh raised

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Nifty Microcap 250market · in no size index; the smallest one is used-2.1%+1.7% vs market

Plastic Products - Consumer peers, median of 7sector-1.4%+0.9% vs sector

On the reaction day the stock moved 1.7 pts more than Nifty Microcap 250 and 0.9 pts more than its Plastic Products - Consumer 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

Nilkamal received an order on 22 Jan 2026 from the Central GST Commissioner, Ahmedabad, disallowing its appeal against a GST assessment order for FY 2019-20 in Gujarat. A demand of Rs 37,36,987 (tax Rs 33.97 lakh plus penalty Rs 3.40 lakh) has been raised under Section 73(1) of the CGST and GGST Act. The company will file a further appeal before the Tribunal and states there is no material impact on financials or operations.

Likely market impact

Minor demand of about Rs 37 lakh; company plans to appeal in Tribunal. No material impact on financials or operations stated.