Favourable GST appeal order vacates about Rs 29.3 crore demand

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REFEX · price

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

-1.5%Reaction day

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prior close

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Nifty Microcap 250market-1.6%+0.2% vs market

Waste Management peers, median of 7sector-1.4%-0.1% vs sector

On the reaction day the stock moved 0.2 pts more than Nifty Microcap 250 and 0.1 pts less than its Waste Management 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

Refex Industries won its GST appeal before the Commissioner (Appeals), Bhopal. The order dated October 13, 2026 set aside the earlier demand of Rs 14.66 crore in tax plus an equal penalty (total about Rs 29.32 crore plus interest) related to alleged wrongful Input Tax Credit on coal and ash handling work. The company is eligible for refund of Rs 5.87 crore paid under protest. No material adverse impact on financials expected.

Likely market impact

Positive - about Rs 29.3 crore tax and penalty demand vacated; Rs 5.87 crore paid under protest eligible for refund. Department may still appeal.