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EVERESTIND - Everest Inds.

📊 NSE: EVERESTIND 🏢 Cement Products 📅 Last Updated: 12/13/2025 22:00

📢 Recent Corporate Announcements

Everest Industries Appoints Aasheesh Saxena as VP & Business Head - Roofing

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 11 Mar 2026, 07:02 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 09 Feb 2026, 09:43 PM

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.

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

💡 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

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 06:20 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 04 Feb 2026, 06:47 PM

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.

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

💡 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 Receives GST Show Cause Notice for Rs 1.33 Crore

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Jan 2026, 03:22 PM

Everest Industries Limited has received a Show Cause Notice (DRC 01) from the GST Department, Jabalpur, for the financial year 2022-23. The total demand amounts to Rs 1.33 crore, which includes a tax demand of Rs 80.96 lakh, interest of Rs 43.72 lakh, and a penalty of Rs 8.10 lakh. The notice pertains to alleged discrepancies in Input Tax Credit (ITC) claims and short payment under the Reverse Charge Mechanism (RCM). The company believes it has strong legal grounds and expects no material impact on its financial or operational activities.

Total demand of Rs 1.33 crore raised by the Deputy Commissioner of State GST, Jabalpur.
The demand includes Rs 80,95,982 in tax, Rs 43,71,829 in interest, and Rs 8,09,598 in penalty.
Discrepancies cited include excess ITC claimed in GSTR 3B vs 2A/2B and short GST paid under RCM.
The notice pertains specifically to the financial year 2022-23.
Management states there is no material impact on the company's operations or financials at this stage.

💡 No immediate action is required as the financial implication is negligible relative to the company's scale. Investors should monitor for any final adjudication orders that might confirm the liability.

Everest Industries Extends Podanur Land Sale Deadline to March 31, 2026

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 25 Jan 2026, 04:32 PM

Everest Industries Limited has announced an extension for the execution of the sale deed for its land located at Podanur. The transaction, which was previously expected to conclude by January 25, 2026, has now been pushed to March 31, 2026. This delay is attributed to the ongoing process of obtaining necessary government approvals. The extension was mutually agreed upon between the company and the buyer, G Square Realtors Private Limited.

Execution of the sale deed for Podanur land extended to March 31, 2026.
The sale was originally estimated to be completed by January 25, 2026.
Delay is due to pending government approvals required for the transaction.
The agreement remains active with the buyer G Square Realtors Private Limited.

💡 Investors should monitor the company's progress toward the new March deadline as the land sale is part of its asset monetization strategy.

Everest Industries Disinvests 3.12% Stake in Amplus Ampere for Rs 1.76 Crore

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 21 Jan 2026, 03:16 PM

Everest Industries has transferred 1,759,999 equity shares of Amplus Ampere Private Limited to Amplus Energy Solutions PTE Ltd for a total consideration of Rs 1.76 crore. This transaction represents a 3.12% stake in the entity and was executed on January 20, 2026. The move is a procedural requirement to maintain compliance with Group Captive norms for the company's 5.5 MWp solar power arrangement. The buyer is not a related party, and the divestment follows previous share allotments made in 2025.

Transferred 1,759,999 equity shares of Amplus Ampere Private Limited
Total consideration received for the stake sale is Rs 1,75,99,990
Divestment represents a 3.12% equity stake in the solar power entity
Action taken to ensure compliance with Group Captive norms for 5.5 MWp solar power
Transaction completed with Amplus Energy Solutions PTE Ltd, a non-related party

💡 This is a routine regulatory compliance update with minimal financial impact. No specific action is required as it pertains to maintaining power procurement norms.

Everest Industries' GST Demand Slashed from Rs 56.06 Cr to Rs 69.1 Lakhs

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 02 Jan 2026, 08:00 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 02 Jan 2026, 07:48 PM

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.

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.

💡 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 Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jan 2026, 07:32 PM

Everest Industries Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The certificate, issued by its Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, confirms that securities received for dematerialization were processed within the stipulated 15-day period. It also verifies that physical certificates were mutilated and cancelled, with the depository's name updated in the records. This is a standard procedural filing required by all listed companies in India.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed within 15 days of receipt.
Physical security certificates were mutilated and cancelled after due verification.
The name of the depository has been substituted in the records as the registered owner for dematerialized shares.

💡 No action is required from investors as this is a routine regulatory filing confirming administrative compliance regarding share dematerialization.

Everest Industries GST Tax Demand Slashed from Rs 56.06 Cr to Rs 39.13 Lakhs

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 31 Dec 2025, 06:37 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 30 Dec 2025, 12:00 PM

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.

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.

💡 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.

Everest Industries VP - Roofing Puneet Sharma Resigns Effective February 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 29 Dec 2025, 05:30 PM

Everest Industries Limited has announced the resignation of Mr. Puneet Sharma, Vice President and Business Head of the Roofing division. The resignation was tendered on December 29, 2025, with his final working day set for February 2, 2026. Mr. Sharma is leaving the company to pursue career opportunities elsewhere. This transition in senior management is being handled with a notice period to ensure a smooth handover of responsibilities.

Mr. Puneet Sharma has resigned from the position of Vice President - Roofing.
The resignation will take effect from the close of business hours on February 2, 2026.
The departure is attributed to the executive pursuing external career opportunities.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should monitor the company's upcoming announcements regarding the appointment of a new head for the Roofing business. No immediate impact on stock performance is expected from this routine management change.

Everest Industries to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 03:51 PM

Everest Industries Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the financial results are declared. The specific date for the Board Meeting to approve these results will be notified separately.

Trading window closure effective from January 1, 2026
Closure relates to Unaudited Standalone & Consolidated Financial Results for Q3 and nine months ending Dec 31, 2025
Restriction applies to designated persons and their immediate relatives
Window to reopen 48 hours after the official declaration of financial results

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals; investors should wait for the actual Q3 results to assess company performance.

Everest Industries GST Tax Demand Reduced to Rs 16.04 Lakhs from Rs 63.86 Lakhs

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 24 Dec 2025, 03:38 PM

Everest Industries Limited has received a favorable order from the CGST authorities in Roorkee regarding a Show Cause Notice issued in June 2025. The tax demand has been significantly reduced from Rs 63,85,585 to Rs 16,04,126. Additionally, the penalty has been lowered from Rs 41,41,536 to Rs 16,04,126. The company intends to further contest the remaining total demand of approximately Rs 32.08 lakhs.

Tax demand reduced by Rs 47,81,459, bringing the current demand to Rs 16,04,126
Penalty reduced by Rs 25,37,410, bringing the current penalty to Rs 16,04,126
Total potential liability decreased from over Rs 1.05 crore to approximately Rs 32.08 lakhs
The company plans to appeal and contest the remaining tax and penalty order

💡 This is a minor positive development as it significantly reduces a potential tax liability. No immediate action is required as the financial impact is relatively small compared to the company's scale.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 was INR 306.16 Cr, a decline of 18.7% YoY from INR 376.82 Cr. Building Products (BP) segment revenue was INR 230.76 Cr, down 37.8% QoQ. Steel Buildings (PEB) segment revenue was INR 75.40 Cr, down 42% QoQ.

Geographic Revenue Split

Not disclosed in available documents, though the company is expanding its footprint in Eastern India through a new plant in Assam.

Profitability Margins

The company reported a consolidated loss before tax of INR 24.75 Cr in Q2 FY26. Operating margins have faced sustained pressure, with EBITDA margins falling to 0.9% in H1 FY26 compared to earlier expectations of 5-6%. Return on Net Worth was -0.60% in FY24.

EBITDA Margin

EBITDA margin was 0.9% in H1 FY26, significantly lower than the 5-6% target. This was driven by lower processing efficiency in the roofing business and execution of low-margin PEB contracts.

Capital Expenditure

The company announced a total capex of INR 187 Cr for a new Boards and Panels (B&P) plant in Assam, with INR 169 Cr already incurred by the end of FY25. Additionally, INR 138 Cr was specifically allocated for Eastern market expansion.

Credit Rating & Borrowing

Ratings were downgraded to [Crisil] A-/Negative and [ICRA] A (Negative). Debt of INR 95 Cr was availed in FY25 to fund capex. Interest coverage moderated to 2.1x in FY25 from 5.7x in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Asbestos (for roofing) and Steel (for PEB). Asbestos dependence on Russian suppliers has been a historical risk, now being mitigated through diversification.

Import Sources

Asbestos was primarily sourced from Russia; the company is now adding new suppliers from other regions to de-risk the supply chain.

Key Suppliers

Not specifically named, but the company has transitioned from a heavy reliance on Russian asbestos suppliers to a more diversified vendor base.

Capacity Expansion

B&P capacity was increased by 91,000 MT in FY24. A new plant in Assam is being set up to capture Eastern Indian markets.

Raw Material Costs

Raw material costs for H1 FY26 were INR 441.49 Cr, representing approximately 54.7% of total revenue. Costs have been impacted by rising input prices and inflationary pressures.

Manufacturing Efficiency

ROCE was 1.63% in FY25, down from 12.19% in FY22, indicating a significant drop in capital efficiency due to lower fixed cost absorption in the B&P segment.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be driven by the ramp-up of the B&P segment (higher margin urban clientele), the new INR 187 Cr Assam plant for Eastern markets, and a focus on higher-margin PEB orders. The company is also expected to receive INR 134 Cr from a land sale in FY26 to bolster liquidity.

Products & Services

Asbestos Cement (AC) Roofing, Fiber Cement Boards, Panels, and Pre-Engineered Steel Buildings (PEB).

Brand Portfolio

Everest

New Products/Services

Expansion of the Boards and Panels (B&P) portfolio to target urban markets, expected to contribute to a 300-400 bps margin improvement over the medium term.

Market Expansion

Targeting Eastern India through the new Assam plant and increasing the revenue share of the PEB segment, which has grown from 20% to 30% over the last 5 years.

Market Share & Ranking

The company has reported an increased market share over the past two years, though specific ranking is not provided.

🌍 External Factors

Industry Trends

The industry is shifting toward non-asbestos building products (B&P) and pre-engineered steel structures for industrial use. Everest is positioning itself by increasing its PEB revenue share to 30%.

Competitive Landscape

Faces intense competition from regional players in the roofing segment and substitute products like galvanized steel sheets.

Competitive Moat

Moat is built on a strong distribution network and brand recognition in the roofing segment, coupled with early diversification into the high-growth PEB sector.

Macro Economic Sensitivity

High sensitivity to rural spending and GDP growth, as AC roofing demand is derived from rural household construction.

Consumer Behavior

Shift in urban demand toward fiber cement boards and panels for modern construction.

Geopolitical Risks

Exposure to the Russia-Ukraine conflict due to historical dependence on Russian asbestos suppliers, now being mitigated through supply chain de-risking.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to pollution norms and safety standards for asbestos handling. The company is diversifying into non-asbestos products to mitigate regulatory risks.

Taxation Policy Impact

The company received a tax credit of INR 5.25 Cr in Q2 FY26. GST incentives of INR 9.50 Cr were recognized, with INR 7.79 Cr as an exceptional item for prior periods.

⚠️ Risk Analysis

Key Uncertainties

Recovery of operating margins from the current 0.9% to the targeted 5-6% remains the primary uncertainty. Processing inefficiencies in roofing could impact profitability by 4-5%.