The Bombay Dyeing and Manufacturing Company Limited has received an assessment order from the Assessment Unit of the Income Tax Department for Assessment Year 2023-24, disclosing the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order was received by the company via a system-generated email on Monday, 4th May, 2026. The disclosure was signed by Company Secretary Sanjive Arora (Membership No.: F3814) on behalf of the company.

Key Details of the Assessment Order

The assessment order carries significant financial implications for the company. The taxable income has been enhanced by Rs 574.35 cr, which has been set off against available tax losses. Additionally, a notice of income-tax demand of Rs 2,26,760/- has been raised, and penalty proceedings have been separately initiated by the income-tax department.

The following table summarises the key particulars of the assessment order as disclosed by the company:

Grounds for Income Enhancement

The income enhancement has been made on account of the following grounds, as stated in the company's disclosure:

• Transfer pricing adjustments made by the income-tax department
• Disallowance of deduction claimed with respect to real estate income offered in earlier years
• Certain other expenses disallowed by the assessing authority

Impact on Operations and Company's Response

Bombay Dyeing has stated that, except to the extent of the financial impact mentioned in the assessment order, the development has not impacted the operations or other activities of the company. The company has further indicated that it shall take necessary actions, including exercising the legal remedies available under the Income Tax Act, in response to the order and the penalty proceedings initiated against it.

Bombay Dyeing has announced the launch of THREE ICC, an ultra-luxury residential tower at Island City Center, Dadar, through its real estate arm Bombay Realty. The project represents a significant milestone in Mumbai's luxury residential market with an estimated revenue potential of approximately ₹6,500 crore. The company, with a market capitalization of ₹2,300 crore, made the announcement through a press release issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Project Overview and Market Positioning

THREE ICC builds on the success of One ICC and Two ICC, marking a new chapter in the evolution of Island City Center as one of Mumbai's most distinctive integrated residential addresses. The development has been designed for homebuyers seeking comprehensive lifestyle solutions that combine space, privacy, wellness, and connectivity in central Mumbai.

Leadership Commentary

Jehangir Wadia, Vice Chairman of Bombay Dyeing, emphasized the company's long-term vision for creating enduring urban landmarks. He highlighted that THREE ICC responds to evolving aspirations where people seek homes offering more room to live, better life balance, and deeper city connections. The project leverages Dadar's strategic location as one of Mumbai's most connected and culturally rooted areas.

Rohit Santhosh, CEO of Bombay Realty, noted the evolution in Mumbai's housing aspirations, particularly as infrastructure developments reshape the city's connectivity patterns. He emphasized that today's luxury homebuyers seek comprehensive ecosystems beyond traditional apartments, including scale, security, connectivity, and lifestyle infrastructure.

Development Features and Connectivity

The residences feature generous proportions with emphasis on natural light, ventilation, and openness. The development is surrounded by landscaped greens and open areas, creating a gated urban sanctuary while maintaining seamless connectivity to key business and lifestyle districts.

About the Companies

Bombay Realty operates as the real estate division of The Bombay Dyeing and Manufacturing Company Limited and serves as the real estate arm of the Wadia Group. The company focuses on creating developments that deliver long-term value while transforming urban living experiences in Mumbai.

Island City Center at Dadar stands as the company's flagship development, representing a benchmark for modern luxury living in central Mumbai. The project offers thoughtfully designed residences within a master-planned urban ecosystem.

As part of the Wadia Group, one of India's oldest conglomerates with nearly 300 years of legacy, Bombay Realty benefits from the group's diverse portfolio including iconic brands such as Bombay Dyeing in textiles and home furnishings, and Britannia Industries in food products. The group maintains presence across real estate, FMCG, textiles, chemicals, and plantations sectors.