Gujarat High Court quashes GST demand order against Zodiac Energy

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ZODIAC · price

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

-1.3%Reaction day

₹200.00

prior close

₹200.77

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-1.7%+0.4% vs market

Civil Construction peers, median of 96sector-1.6%+0.4% vs sector

On the reaction day the stock moved 0.4 pts more than Nifty Microcap 250 and 0.4 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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30m

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Sessions after the filingfrom the prior close

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Reaction day

-1.3-1.7+0.4-1.6+0.4

Next day

-5.0-4.2-0.8-4.8-0.3

-6.5-5.2-1.3-6.0-0.5

-4.5-7.4+2.9-8.3+3.8

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-3.0-5.5+2.5-7.1+4.1

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UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 96Pending

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

AI summary

Gujarat High Court quashed the Show Cause Notice dated June 30, 2025 and Order dated December 24, 2025 on alleged GST demand for FY 2018-19 related to solar power systems. Court held Section 74 of GST law was not attracted. No financial or operational impact on the company.

Likely market impact

Positive outcome. GST demand quashed, removing tax liability uncertainty for FY 2018-19. No financial or operational impact on the company.