SRF Limited has informed the Exchange about Action(s) taken or orders passed
SRF · price
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On the reaction day the stock moved 0.3 pts less than Nifty Midcap 150 and 0.2 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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SRF Limited informed exchanges that the Commissioner (Appeal), CGST & Central Excise, Vadodara has set aside the entire demand and penalty of approximately Rs. 85.23 Crores that was earlier imposed by the Joint Commissioner on 15 January 2025. The original order related to alleged ineligibility to claim IGST refund on certain exports made between October 2017 and March 2022. SRF had filed an appeal on 3 April 2025, and the appellate authority passed the favorable Order-in-Appeal on 12 June 2025, received by the company on 16 June 2025. The company has stated there is no financial or operational impact as the full demand and equivalent penalty have been quashed.
This is a positive outcome for SRF shareholders, as a potential tax liability of around Rs. 85.23 Crores (plus an equal penalty) has been completely removed. The win removes a material overhang on the stock and strengthens the company's cash flow outlook, though the original order was already disclosed in January 2025.