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Latest filing: 2026-08-21 11:54
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22 announcements match the current filters (relevance ≥ 5).
Maharashtra GST Department Initiates Search Under Section 67 at Corporate Office and Factory
Everest Industries informed exchanges that Maharashtra State GST officials initiated inspection and search proceedings on August 20, 2026, at 12:00 PM. The proceedings under Section 67 of the Maharashtra GST Act, 2017, cover the company's Corporate Office in Mumbai and its manufacturing unit in Maharashtra. No specific violation or monetary demand has been communicated by the authorities yet. The company stated that there is currently no material impact on operations or financials, and it is extending full cooperation.
Confidence: HIGH
What changedState GST authorities initiated an on-site search/inspection proceeding at the company's Mumbai corporate office and Maharashtra factory.
Why it mattersWhile operations remain uninterrupted, tax search proceedings carry the potential risk of unexpected tax demands, interest, or penalties depending on the inspection's findings.
Initiation Date: August 20, 2026Initiation Time: 12.00 NoonStatutory Provision: Section 67 of MGST Act, 2017Monetary Demand: not disclosed
📅 Short termNear-term overhang may persist until the GST department concludes inspection proceedings and clarifies whether any tax liability arises.
📈 Long termLimited operational impact unless material tax irregularities or substantial penalties are formally quantified and demanded.
⚠ Risk flags
- Unquantified potential tax liabilities or penalties
- Regulatory scrutiny on sales/input tax credit accounting
Key Highlights
Search proceeding initiated on August 20, 2026, at 12:00 Noon under Section 67 of Maharashtra GST Act, 2017
Covers Corporate Office in Mumbai and Maharashtra manufacturing unit
No specific contravention or monetary demand communicated as of August 21, 2026
Company reports no current material impact on business operations or financials
👀 What to Watch
Watch for subsequent regulatory filings regarding the conclusion of the search and whether any show-cause notices, tax demands, or penalties are issued by the GST authorities.
₹42 Cr Consolidated Loss; Everest Industries Cancels Major CAPEX Plans
Everest Industries reported a weak Q1 FY27 with consolidated revenue dropping 34.6% YoY to ₹327.17 Cr. The company swung to a consolidated net loss of ₹42.08 Cr from a profit of ₹3.32 Cr in the previous year's quarter. While standalone profits were inflated by a ₹96.15 Cr one-time gain from a property sale, the core business remains under pressure. Critically, the board has withdrawn previously announced CAPEX plans for new Fiber Cement Boards and PEB manufacturing facilities, citing a re-assessment of feasibility.
Confidence: HIGH
What changedThe company has shifted from a growth phase to a defensive posture by cancelling major expansion plans and reporting a significant operational loss at the consolidated level.
Why it mattersThe withdrawal of CAPEX for higher-margin segments like PEB and Boards suggests a significant hurdle in the company's long-term growth strategy and capital allocation efficiency.
Consolidated Revenue (Q1 FY27): ₹327.17 CrConsolidated Net Loss: ₹42.08 CrExceptional Gain (Property Sale): ₹96.15 CrProperty Sale vs Market Cap: ~11.5%Revenue Growth (YoY): -34.6%
📅 Short termNegative sentiment is expected due to the consolidated loss and the cancellation of expansion projects which were key to the company's growth narrative.
📈 Long termThe structural outlook is weakened by the withdrawal of CAPEX, limiting the company's ability to scale its higher-margin urban-focused product portfolio.
⚠ Risk flags
- Cancellation of growth CAPEX
- Significant revenue contraction
- Operational losses at consolidated level
- High dependency on one-time asset sales for standalone profitability
Key Highlights
Consolidated revenue declined 34.6% YoY to ₹327.17 Cr from ₹500.72 Cr.
Reported a consolidated net loss of ₹42.08 Cr compared to a profit of ₹3.32 Cr in Q1 FY26.
Standalone results included a ₹96.15 Cr exceptional gain from the sale of property at Podanur.
Withdrew CAPEX plans for new manufacturing facilities in both Fiber Cement Boards and Pre-Engineered Buildings (PEB).
Recognized provisions and write-offs totaling ₹4.88 Cr related to the cancelled expansion projects.
👀 What to Watch
Investors should monitor management commentary regarding the rationale for cancelling growth CAPEX and the strategy to arrest the sharp decline in consolidated revenues.
Rs 125 Cr CAPEX Withdrawal: Everest Industries Cancels Andhra Pradesh PEB Plant
Everest Industries' subsidiary, ESBPL, has decided to withdraw its planned Rs 125 crore investment for a new Pre-Engineered Steel Buildings (PEB) facility in Andhra Pradesh. The company had already invested Rs 2.91 crore in land from APIIC, which will now be surrendered. This withdrawal represents approximately 23.9% of the company's current net worth (Rs 523 Cr). The decision follows a feasibility re-assessment, occurring while the company is reporting TTM losses of Rs 101 Cr.
Confidence: HIGH
What changedThe company has officially scrapped a major expansion project in South India that was in the planning and land-acquisition phase since early 2023.
Why it mattersThe cancellation suggests a pivot toward capital conservation or a focus on the Eastern market (Assam) as the company struggles with negative ROCE (-7.0%) and recent quarterly losses.
Cancelled CAPEX: Rs 125 CrLand Investment Surrendered: Rs 2.91 CrCancelled CAPEX vs Net Worth: ~23.9%TTM PAT: Rs -101 CrAssam Plant CAPEX (Ongoing): Rs 138 Cr
📅 Short termNeutral to slightly negative; while it prevents further cash outflow for a loss-making firm, it removes a key growth catalyst for the PEB segment.
📈 Long termNegative for geographical diversification; indicates management is prioritizing the turnaround of existing operations over aggressive capacity expansion in the South.
⚠ Risk flags
- Strategic uncertainty
- Loss of growth momentum in PEB segment
- Continued operational losses
Key Highlights
Withdrawal of Rs 125 crore CAPEX originally approved in February 2023 for a PEB plant.
Surrender of land at Ananthpuram, Andhra Pradesh, involving a prior investment of Rs 2.91 crore.
The cancelled project was intended to expand the Pre-Engineered Steel Buildings (PEB) segment.
Decision follows a feasibility re-assessment by the subsidiary Board on July 3, 2026.
Company maintains a separate Rs 138 crore CAPEX commitment for a Fibre Cement Boards plant in Assam.
👀 What to Watch
Monitor management's commentary in the next earnings call regarding the strategic shift away from the Southern PEB market and the progress of the Rs 138 Cr Assam plant.
Rs 125 Cr CAPEX Withdrawal: Everest Industries Cancels Proposed PEB Plant in Andhra Pradesh
Everest Industries' wholly-owned subsidiary, Everest Steel Building Private Limited (ESBPL), has decided to withdraw its previously approved Rs 125 crore CAPEX plan for a Pre-Engineered Steel Building (PEB) facility in Andhra Pradesh. The company had already invested Rs 2.91 crore in land at Ananthpuram, which will now be surrendered back to the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). This decision follows a feasibility re-assessment, occurring at a time when the company has reported a TTM loss of Rs 101 crore.
Confidence: HIGH
What changedThe company has officially scrapped a major planned manufacturing facility in South India that had been in the pipeline since early 2023.
Why it mattersThe PEB segment is a higher-margin business for Everest; cancelling this expansion suggests either a cautious outlook on demand or a strategic move to preserve capital following significant recent losses.
Withdrawn CAPEX: Rs 125 CrLand Investment to be Surrendered: Rs 2.91 CrCAPEX vs Net Worth: ~23.9%TTM PAT: Rs -101 CrCAPEX vs TTM Revenue: ~8.8%
📅 Short termThe stock may face pressure as the withdrawal signals a halt in the growth trajectory of its high-potential PEB segment.
📈 Long termWhile it protects the balance sheet from further debt or cash drain, it limits the company's manufacturing footprint in Southern India and may slow down its target of 12% growth.
⚠ Risk flags
- Growth slowdown in PEB segment
- Capital allocation concerns
- Continued operational losses
Key Highlights
Withdrawal of Rs 125 crore CAPEX plan originally approved in February 2023
Surrender of land at Ananthpuram, Andhra Pradesh, involving a prior investment of Rs 2.91 crore
The cancelled facility was dedicated to the Pre-Engineered Steel Buildings (PEB) segment
Decision represents a reversal of a project worth approximately 23.9% of the company's net worth (Rs 523 Cr)
👀 What to Watch
Investors should monitor the company's strategy for the PEB segment, which was previously a growth driver, and track the progress of the Rs 187 Cr Assam plant to see if capital is being consolidated there.
₹1.00 Final Dividend: Everest Industries Sets July 27 as Record Date
Everest Industries has announced a final dividend of ₹1.00 per equity share for FY 2025-26, despite a challenging financial year where the company reported a TTM net loss of ₹101 Cr. The record date for determining shareholder eligibility is July 27, 2026, with the 93rd Annual General Meeting (AGM) scheduled for August 3, 2026. If approved at the AGM, the dividend will be paid to shareholders by September 1, 2026. This payout comes at a time when the company is facing negative operating margins (-2.7%) and a drop in ROCE to -7.0%.
Confidence: HIGH
What changedThe company has finalized the record date and payment timeline for its FY 2025-26 final dividend.
Why it mattersThe dividend provides a small cash return to shareholders, but the company's negative TTM PAT and ROCE suggest that operational recovery in the Boards & Panels and PEB segments is more critical for long-term value.
Dividend per share: ₹1.00Face Value: ₹10Record Date: July 27, 2026TTM PAT: ₹ -101 CrDividend as % of Face Value: 10%
📅 Short termThe stock may see minor activity around the record date of July 27, but the dividend amount is relatively small compared to the company's recent quarterly losses.
📈 Long termLimited significance; structural growth depends on the successful execution of the Assam plant expansion and improving margins in the urban-focused Boards and Panels segment.
⚠ Risk flags
- Company is currently loss-making (TTM PAT -₹101 Cr)
- Negative ROCE of -7.0%
- Operational inefficiencies in the roofing business impacting margins
Key Highlights
Final dividend declared at ₹1.00 per equity share of face value ₹10 each
Record date for eligibility fixed as Monday, July 27, 2026
93rd Annual General Meeting (AGM) to be held on August 3, 2026
Dividend payment deadline set for September 1, 2026, subject to shareholder approval
Company reported a TTM net loss of ₹101 Cr on revenue of ₹1417 Cr
👀 What to Watch
Monitor the upcoming AGM on August 3, 2026, for management commentary on the ramp-up of the ₹187 Cr Assam plant and strategies to reverse the current loss-making trend.
Rs 1.00 Final Dividend: Everest Industries Sets July 27 as Record Date for 93rd AGM
Everest Industries has announced a final dividend of Rs 1.00 per equity share for FY2025-26, despite reporting a TTM net loss of Rs 101 Cr. The 93rd Annual General Meeting (AGM) is scheduled for August 3, 2026, via video conferencing. The record date to determine eligibility for the dividend is July 27, 2026, with payment expected by September 1, 2026. This payout comes at a time when the company is facing operational challenges, including a negative ROCE of -7.0%.
Confidence: HIGH
What changedThe company has formalized the schedule for its 93rd AGM and established the record date for its FY26 final dividend payout.
Why it mattersThe announcement confirms a small dividend payout despite significant recent losses (Rs -47 Cr in Mar 2026 quarter), indicating a policy of maintaining shareholder distributions during a downturn.
Final Dividend: Rs 1.00 per shareFace Value: Rs 10.00TTM Net Profit: Rs -101 CrTTM Revenue: Rs 1417 CrAssam Plant Capex: Rs 187 Cr
📅 Short termThe stock may trade with a slight positive bias leading up to the July 27 record date, though the small dividend amount relative to recent losses may limit enthusiasm.
📈 Long termLimited structural impact from this routine announcement; long-term recovery depends on the ramp-up of the B&P segment and stabilizing margins in the roofing business.
⚠ Risk flags
- Sustained quarterly losses (last three quarters negative)
- Negative ROCE of -7.0%
- Operational inefficiencies in the roofing segment impacting margins
Key Highlights
Final dividend declared at Rs 1.00 per equity share of face value Rs 10 each.
Record date for dividend eligibility fixed as Monday, July 27, 2026.
93rd Annual General Meeting scheduled for Monday, August 3, 2026, at 3:30 p.m.
Dividend payment to be completed by September 1, 2026, subject to shareholder approval.
Company reported a TTM revenue of Rs 1,417 Cr against a TTM net loss of Rs 101 Cr.
👀 What to Watch
Investors should monitor the AGM for management commentary on the turnaround of the roofing business and the execution timeline for the Rs 187 Cr Assam plant expansion.
Everest Industries Appoints Nachiket Badnore as VP & BU Head - ESBS
Everest Industries Limited has appointed Mr. Nachiket Badnore as Vice President & BU Head - ESBS, effective June 18, 2026. Mr. Badnore joins the senior management team with over 22 years of experience in the process industry and EPC ecosystem. He previously served as Director at Sulzer India, where he managed P&L for Europe, Middle East, Africa, and India. His background includes significant expertise in business transformation, project execution, and scaling global operations.
Key Highlights
Appointment of Mr. Nachiket Badnore as Vice President & BU Head - ESBS effective June 18, 2026.
Brings over 22 years of experience in process industry, EPC ecosystem, and global operations management.
Previously Director at Sulzer India, overseeing Static Mixer Business across multiple international regions.
Educational background includes Mechanical Engineering and a Senior Management Program from IIM Ahmedabad.
Expected to lead business transformation and P&L management for the Everest Steel Building Solutions (ESBS) unit.
👀 What to Watch
Investors should monitor the growth and margin performance of the ESBS division under the new leadership to assess the impact of Mr. Badnore's business transformation expertise.
Everest Industries Recommends Rs 1 Dividend Despite FY26 Net Loss of Rs 100 Crore
Everest Industries reported a weak financial performance for FY26, swinging to a standalone net loss of Rs 100.17 crore from a profit of Rs 14.35 crore in FY25. Annual revenue from operations declined by 20.7% to Rs 1,354.24 crore compared to Rs 1,707.02 crore in the previous fiscal year. Despite the significant losses and a challenging Q4, the Board has recommended a final dividend of Rs 1.00 per share. The bottom line was further pressured by exceptional items totaling Rs 41.99 crore during the year.
Key Highlights
Recommended a final dividend of Rs 1.00 per equity share of face value Rs 10 for FY26.
Annual revenue from operations dropped 20.7% YoY to Rs 1,354.24 crore.
Reported a standalone net loss of Rs 100.17 crore for FY26 versus a profit of Rs 14.35 crore in FY25.
Q4 FY26 revenue stood at Rs 310.01 crore, down from Rs 444.54 crore in Q4 FY25.
Exceptional items impacted the full-year performance by a loss of Rs 41.99 crore.
👀 What to Watch
Investors should exercise caution as the company has transitioned from profitability to a significant loss alongside shrinking revenues. The small dividend provides little cushion against the deteriorating fundamental performance and high exceptional costs.
Everest Industries Reports Q4 FY26 Net Loss of ₹63.5 Cr; Recommends ₹1 Dividend
Everest Industries witnessed a sharp decline in financial performance for the quarter ended March 31, 2026, reporting a net loss of ₹63.5 crore compared to a profit of ₹15.7 crore in the previous year's corresponding quarter. Revenue from operations dropped significantly by 30.3% year-on-year to ₹310 crore. For the full financial year 2025-26, the company recorded a total net loss of ₹100.2 crore, a stark contrast to the ₹14.3 crore profit in FY25. Despite the poor results, the Board has recommended a final dividend of ₹1.00 per equity share.
Key Highlights
Quarterly revenue from operations fell 30.3% YoY to ₹31,001.49 lakhs from ₹44,453.81 lakhs.
Reported a net loss of ₹6,352.71 lakhs in Q4 FY26 versus a profit of ₹1,567.23 lakhs in Q4 FY25.
Full-year FY26 revenue declined to ₹1,35,423.80 lakhs from ₹1,70,702.18 lakhs in FY25.
Bottom line was further pressured by an exceptional loss item of ₹2,870 lakhs during the quarter.
Board recommended a final dividend of ₹1.00 per equity share (10% of face value).
👀 What to Watch
Investors should exercise caution as the company has swung to a significant loss alongside a substantial contraction in revenue. It is critical to analyze the nature of the exceptional items and management's outlook on demand recovery in the building products and steel buildings segments.
Everest Industries Completes Phase I Land Sale for ₹100.83 Crore
Everest Industries has successfully concluded the Phase I sale of 16.84 acres of vacant, excess land in Podanur, Coimbatore. The company received a total of ₹100.83 crore for this phase, which includes a final tranche of ₹85.83 crore received on April 10, 2026. This transaction is part of a larger agreement to sell 23.32 acres for a total consideration of ₹133.86 crore. The remaining 6.48 acres are expected to be transferred by November 4, 2026, providing further liquidity from non-core assets.
Key Highlights
Completed sale of 16.84 acres of vacant land in Coimbatore to G Square Properties.
Total consideration received for Phase I amounts to ₹100.83 crore.
Total deal value for the entire 23.32-acre land parcel is fixed at ₹133.86 crore.
Phase II involving the remaining 6.48 acres is scheduled for completion by November 4, 2026.
The sale involves non-core, vacant land and does not impact existing operations or revenue units.
👀 What to Watch
Investors should view this as a positive liquidity event that strengthens the company's balance sheet. Monitor the company's upcoming quarterly results for details on how these proceeds will be utilized, specifically for debt reduction or growth capital.
Everest Industries Withdraws ICRA Credit Rating for ₹440 Cr Bank Facilities; Outlook was Negative
Everest Industries has voluntarily withdrawn its credit ratings from ICRA for bank facilities totaling ₹440 crore, while continuing to maintain ratings with CRISIL. Prior to withdrawal, ICRA had assigned a 'Negative' outlook to the long-term ratings, reflecting financial stress. The company's financial health has deteriorated, reporting a consolidated net loss of ₹54.5 crore in 9MFY2026 compared to a profit of ₹18 crore in FY2024. Operating margins have also turned negative at -1.1% for the 9-month period ending December 2025.
Key Highlights
Voluntary withdrawal of ICRA ratings for ₹440 crore total bank facilities, including ₹130 crore in cash credit.
Long-term rating prior to withdrawal was [ICRA]A with a 'Negative' outlook, indicating potential credit risk.
Consolidated net loss reached ₹54.5 crore in 9MFY2026 on an operating income of ₹1,089.8 crore.
Operating profit margin (OPBDIT/OI) declined from 2.6% in FY2024 to -1.1% in 9MFY2026.
Total Debt/OPBDIT ratio significantly worsened to 8.9x in FY2025 from 2.3x in FY2024.
👀 What to Watch
Investors should be cautious as the 'Negative' outlook and recent losses suggest operational challenges; monitor the company's ability to stabilize margins and manage its debt levels.
Everest Industries Defers Andhra Pradesh Steel Building Plant to FY 2026-27
Everest Industries has announced a delay in the establishment of its manufacturing facility for the Steel Building Division in R. Ananthpuram, Andhra Pradesh. The project, which is being executed through its wholly-owned subsidiary Everest Steel Building Private Limited, is now deferred to Financial Year 2026-27. The company stated that the project is currently being re-evaluated and is under discussion with the Andhra Pradesh Industrial Infrastructure Development Corporation Ltd (APIIDC). This deferment suggests a delay in the company's planned capacity expansion and potential revenue growth from this segment.
Key Highlights
Manufacturing facility for Steel Building Division in Andhra Pradesh deferred to FY 2026-27.
Project is being implemented by wholly-owned subsidiary Everest Steel Building Private Limited.
The company is re-evaluating the project and holding discussions with APIIDC.
The delay follows a previous project update provided on March 21, 2025.
👀 What to Watch
Investors should monitor for further updates regarding the re-evaluation of the project and its impact on long-term growth guidance. The delay may result in a slower-than-expected ramp-up in the Steel Building segment's capacity.
Everest Industries to Sell Podanur Land in Two Phases; Phase 1 (15-16 Acres) in April 2026
Everest Industries has announced a modification to its land sale agreement at Podanur with G Square Realtors Private Limited. Originally expected to conclude by March 31, 2026, the transaction will now be executed in two phases due to the progress of government approvals. The first phase, involving approximately 15-16 acres, is now slated for completion in April 2026. This update indicates a slight delay in the full realization of sale proceeds but confirms the deal remains active.
Key Highlights
Podanur land sale restructured into two phases due to pending government approvals
Phase 1 of the sale involves approximately 15-16 acres of land
Phase 1 completion expected in April 2026, slightly beyond the original March 31 deadline
Transaction partner confirmed as G Square Realtors Private Limited
👀 What to Watch
Investors should track the successful closure of Phase 1 in April to ensure the asset monetization process is proceeding as planned. The cash inflow from this sale is expected to strengthen the company's balance sheet.
Everest Industries Invests ₹15 Crore in Subsidiary Everest Buildpro via Rights Issue
Everest Industries has infused approximately ₹15 crore into its wholly-owned subsidiary, Everest Buildpro Private Limited (EBPL), by subscribing to 154,150 partly paid-up equity shares. The shares were issued at a total price of ₹8,299 per share, with ₹973 per share paid on application. EBPL, which operates in the boards and panels manufacturing segment, has shown rapid growth with turnover increasing from ₹19.77 lakh in FY24 to ₹15.68 crore in FY25. This investment is aimed at supporting the subsidiary's business requirements and general corporate purposes.
Key Highlights
Allotment of 154,150 partly paid-up equity shares at a premium of ₹8,289 per share
Initial investment of ₹14.99 crore paid at ₹973 per share (including ₹968 premium)
Subsidiary turnover grew significantly to ₹15.68 crore in FY 2024-25 from ₹19.77 lakh in FY 2023-24
Everest Industries continues to hold 100% equity in Everest Buildpro Private Limited
Total rights issue size for the subsidiary is valued at approximately ₹127.94 crore
👀 What to Watch
Investors should track the scaling of the Boards & Panels business under EBPL, as the parent company is increasing its capital commitment to this segment. No immediate action is required as this is an internal capital allocation to a 100% owned subsidiary.
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
👀 What to Watch
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
👀 What to Watch
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.
👀 What to Watch
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
👀 What to Watch
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.
👀 What to Watch
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.
👀 What to Watch
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.
