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Everest Industries Appoints Aasheesh Saxena as VP & Business Head - Roofing
Everest Industries has appointed Mr. Aasheesh Saxena as Vice President and Business Head for its Roofing division, effective March 11, 2026. Mr. Saxena is a seasoned professional with over 20 years of experience in the building materials and consumer products sectors, having previously worked with industry leaders like JSW Paints, Havells India, and Asian Paints. His appointment to the senior management team is aimed at driving profitable growth and scaling sales operations in the company's core roofing segment. This strategic hire brings specialized expertise in project sales and institutional business development.
Key Highlights
Mr. Aasheesh Saxena appointed as VP (Business Head – Roofing) effective March 11, 2026
Brings over 20 years of experience in sales, business development, and supply chain management
Previously served as Head of Project & Institutional Sales at JSW Paints Ltd
Past leadership experience at Havells India, Kansai Nerolac, Saint-Gobain, and Asian Paints
Focus will be on driving value-added sales and gaining market share in the roofing vertical
💼 Action for Investors
Investors should view this as a positive step in strengthening the leadership of a core business vertical. Monitor the roofing segment's performance over the next 2-3 quarters to see if this leadership change translates into improved market share or margins.
Everest Industries Appoints Lakshmana Rao Challa as Head of Manufacturing & Supply Chain
Everest Industries has appointed Mr. Lakshmana Rao Challa as the Head of Manufacturing Operations & Supply Chain Management for its Fibre Cement Plants, effective February 9, 2026. Mr. Challa brings over 27 years of extensive experience in the building materials and automotive sectors, having held leadership positions at prominent firms like Saint-Gobain and DCM Shriram Group. His expertise spans greenfield setups, Lean Six Sigma, and operational excellence, which is expected to strengthen the company's production efficiency. This appointment is part of the company's strategy to bolster its senior management team and drive sustainable growth in its core business segments.
Key Highlights
Mr. Lakshmana Rao Challa appointed as Head of Manufacturing Operations & Supply Chain for Fibre Cement Plants effective February 9, 2026
Appointee brings over 27 years of experience in building materials and automotive industries
Previously served as a Founding and Executive Committee member and Head of Operations at Saint-Gobain India
Expertise includes managing greenfield and brownfield manufacturing setups and multi-plant operations
Educational background includes Mechanical Engineering and PGDBA in Operations Management with leadership training from XLRI
💼 Action for Investors
Investors should view this as a positive step towards improving operational efficiency and supply chain management in the core Fibre Cement segment. Monitor for improvements in manufacturing margins and operational excellence over the next few quarters.
Everest Industries Q3 FY26 Revenue Falls 27% YoY; Net Loss Widens to ₹31.7 Crore
Everest Industries reported a weak performance for Q3 FY26, with revenue from operations declining 26.8% YoY to ₹268.8 crore. The company's net loss widened significantly to ₹31.7 crore, compared to a loss of ₹11.9 crore in the same period last year. Performance was dragged down by a 44.7% YoY drop in the Steel Buildings segment revenue and a one-time exceptional charge of ₹16.3 crore related to new Labour Code gratuity obligations. Despite the overall downturn, the Building Products segment maintained a profit of ₹9.5 crore.
Key Highlights
Revenue from operations decreased to ₹26,883.42 Lakhs from ₹36,743.26 Lakhs in Q3 FY25.
Net loss for the quarter widened to ₹3,172.40 Lakhs against a loss of ₹1,185.67 Lakhs YoY.
Steel Buildings segment revenue saw a sharp decline of 44.7% YoY to ₹7,203.91 Lakhs.
Recognized an exceptional loss of ₹1,329.56 Lakhs, primarily due to a ₹1,634.14 Lakhs charge for Labour Code compliance.
Building Products segment revenue fell 17% YoY to ₹19,679.51 Lakhs.
💼 Action for Investors
Investors should exercise caution as the company faces significant revenue contraction and widening losses, particularly in the Steel Buildings division. Monitor the company's ability to stabilize margins and manage the transition to new labor regulations in upcoming quarters.
Everest Industries Appoints Subramaniam Venkatakrishnan as VP for Boards & Panels Business
Everest Industries has appointed Mr. Subramaniam Venkatakrishnan as Vice President and Business Head for its Boards & Panels division, effective February 4, 2026. He brings over 20 years of specialized experience from Knauf India, where he led solution selling for ceilings and wall paneling. Concurrently, the former head, Mr. Rahul Chopra, has transitioned to a new role as Senior VP of Skill Development, CSR, and Public Advocacy. This leadership refresh in a core business segment suggests a strategic focus on leveraging technical expertise and market development.
Key Highlights
Appointment of Mr. Subramaniam Venkatakrishnan as VP (Business Head – Boards & Panels) effective Feb 4, 2026
Mr. Venkatakrishnan brings over 20 years of experience in building materials, including a long tenure at Knauf India
Mr. Rahul Chopra moves from BU Head to Senior VP - Head of Skill Development, CSR, and Public Advocacy
New appointee holds a B.Arch from NIT Trichy and a PG in Construction Management from NICMAR Pune
💼 Action for Investors
Investors should view this as a positive step toward strengthening the leadership of a key business vertical. Monitor the Boards & Panels segment's performance in upcoming quarters to see if this leadership change translates into market share gains.
Everest Industries' GST Demand Slashed from Rs 56.06 Cr to Rs 69.1 Lakhs
Everest Industries has received a favorable order from the Deputy Commissioner CGST, Ranchi, regarding a previously issued Show Cause Notice. The total tax demand, which originally stood at Rs 56.06 crore including interest and penalties, has been drastically reduced to just Rs 69.10 lakhs. This massive reduction of over Rs 55 crore significantly mitigates a major potential financial liability for the company. The company has expressed its intention to contest the remaining demand of Rs 69.10 lakhs in higher forums.
Key Highlights
Total GST demand reduced from Rs 56.06 crore to Rs 69.10 lakhs following a successful representation.
The revised demand consists of Rs 39.13 lakhs in tax, Rs 26.05 lakhs in interest, and Rs 3.91 lakhs in penalty.
The order was passed under Section 73 of the Central GST Act, 2017 and related state/integrated acts.
Company plans to further contest the remaining liability of Rs 69.10 lakhs.
💼 Action for Investors
Investors should view this as a significant positive development as it removes a substantial contingent liability from the balance sheet. No immediate action is required as the remaining disputed amount is financially immaterial.
Everest Industries GST Demand Reduced Significantly from ₹56.06 Cr to ₹69.10 Lakhs
Everest Industries Limited has clarified a significant reduction in a previously reported GST demand. Due to typographical and calculation errors in an earlier intimation, the total demand of ₹56.06 crore has been corrected to just ₹69.10 lakhs. This revised amount includes tax, interest, and penalties under the CGST, SGST, and IGST Acts. The company has expressed its intention to contest the remaining demand of ₹69.10 lakhs before the appropriate authorities.
Key Highlights
Total GST demand reduced from ₹56,06,00,928 to ₹69,10,068 following a revised order.
The corrected demand includes a tax component of ₹39,13,383 and interest of ₹26,05,347.
A penalty of ₹3,91,338 has been levied as part of the total ₹69.10 lakhs demand.
The company plans to legally contest the remaining demand of ₹69.10 lakhs.
💼 Action for Investors
Investors should view this as a positive development as it eliminates a potential liability of over ₹55 crore. Monitor the progress of the company's appeal regarding the remaining ₹69.10 lakh demand.
Everest Industries GST Tax Demand Slashed from Rs 56.06 Cr to Rs 39.13 Lakhs
Everest Industries has successfully contested a GST Show Cause Notice from the Odisha tax authorities. The initial tax demand of Rs 56.06 crore has been drastically reduced by Rs 55.67 crore to just Rs 39.13 lakhs. Including interest and penalties, the total remaining liability is approximately Rs 69.10 lakhs. The company intends to further contest this remaining amount in higher forums.
Key Highlights
Tax demand reduced by Rs 55.67 crore following company representation.
Revised tax liability stands at Rs 39.13 lakhs plus interest and penalties.
Total remaining financial impact is approximately Rs 69.10 lakhs.
Company to contest the remaining demand and penalties.
💼 Action for Investors
The significant reduction in tax liability is a positive outcome for the company's balance sheet. No immediate action is required as the remaining liability is relatively small.
Everest Industries GST Demand Reduced from ₹8.26 Crore to Nominal ₹51,786
Everest Industries has received a favorable order from the Deputy Commissioner of State Tax, Jabalpur, regarding a prior GST show cause notice. The original demand of ₹8.26 crore, which included tax, interest, and penalties, has been reduced by ₹8.26 crore following the company's representation. The company now has zero tax liability from this notice, with only a nominal interest of ₹1,786 and a penalty of ₹50,000 remaining to be paid. This resolution effectively eliminates a significant potential financial liability for the company.
Key Highlights
Original GST demand of ₹8,26,59,694 has been reduced by ₹8,26,07,908 following a successful appeal.
The tax demand component of ₹2,58,31,923 has been completely waived by the authorities.
Final liability is reduced to a nominal interest of ₹1,786 and a penalty of ₹50,000.
The order was received on December 29, 2025, from the Office of Deputy Commissioner of State Tax, Jabalpur.
💼 Action for Investors
Investors should view this as a positive development as it clears a significant tax contingency and prevents a cash outflow of over ₹8 crore. No further action is required as the matter is largely resolved.