Olympic Cards has secured a favorable ruling in a Goods and Services Tax appeal, reducing its total liability by ₹2.17 crore for the financial year 2018-19. The Deputy Commissioner of Central Tax Appeals, Chennai North, allowed the company’s petition on August 19, 2026.

The order pertains to Proceedings No. AP/GST/20/2025 and covers tax demands across Integrated GST (IGST), Central GST (CGST), and State GST (SGST). The reduction includes principal tax amounts along with associated interest and penalties.

Breakdown of Liability Reduction

The appellate authority reduced the company’s outstanding dues as follows:

The combined relief brings the total reduction to ₹2,17,22,955. This outcome resolves a specific portion of the company’s indirect tax disputes for FY18-19.

What the Numbers Show

The structure of the relief indicates that interest charges constituted a significant portion of the original demand. For both CGST and SGST, the interest amount (₹29.50 lakh each) exceeded the principal tax amount (₹56.22 lakh is incorrect, wait: Principal is 56.22L, Interest is 29.50L. Let's re-read carefully).

Correction: Principal CGST is 56,22,112. Interest is 29,50,322. Interest is roughly 52% of the principal. This highlights the cost of delayed resolution in tax matters, where accruals over time nearly match the core tax dispute value.

Pending Litigations

Despite this win, Olympic Cards faces several other pending appeals involving both GST and Income Tax demands:

• GST for FY18-19: ₹100.07 lakh
• GST for FY18-19: ₹28.30 lakh
• Income Tax for FY12-13: ₹22.35 lakh
• Income Tax for FY12-13: ₹30.92 lakh
• Income Tax for FY13-14: ₹17.62 lakh

The company informed the Bombay Stock Exchange about the development on August 20, 2026, through its Company Secretary, Dr. S. Kuppan.

Olympic Cards reported a standalone net loss of ₹106.96 lakh for the quarter ended June 30, 2026 (Q1FY27), compared to a net loss of ₹102.21 lakh in the same period last year. The company’s revenue from operations rose 16.4% year-on-year to ₹251.84 lakh, up from ₹216.89 lakh in Q1FY26.

The widening loss occurred despite top-line growth, driven primarily by a significant increase in changes in inventories of stock in trade, which rose to ₹212.58 lakh from ₹134.78 lakh in the prior year quarter. Finance costs also contributed to the pressure on margins, standing at ₹32.16 lakh against ₹38.38 lakh in Q1FY26, while depreciation expenses increased to ₹41.11 lakh from ₹31.33 lakh.

Financial Performance

For the full financial year ended March 31, 2026 (FY26), the company posted a net loss of ₹25.94 lakh, a significant improvement from the ₹439.06 lakh loss recorded in FY25. Annual revenue for FY26 stood at ₹1,043.50 lakh, up from ₹940.89 lakh in FY25.

What the Numbers Show

A notable divergence in the quarterly results is the absence of other income in Q1FY27, which stood at ₹0.00 lakh compared to ₹0.46 lakh in Q1FY26 and a substantial ₹232.92 lakh in FY26. This indicates that the previous year’s bottom-line improvement was partly supported by non-operating gains that did not recur in the current quarter, leaving the core operational losses more pronounced.

Corporate Actions

At its meeting held on August 12, 2026, the Board of Directors approved several key administrative matters:

• AGM Schedule: The 34th Annual General Meeting is scheduled for Monday, September 7, 2026, at 10:00 am via Video Conference / Other Audio Visual Means.
• Director Appointments: The Board approved the appointment of Mr. Nagayasamy Rajkumar as an Independent Director for a five-year term commencing September 7, 2026. It also approved the continuation of Mr. Alagarsamy Uthandan as an Independent Director beyond the age of 75 years.
• Compliance: The Board noted that GST current dues are nil, though appeals against old demands remain pending. Employees’ Provident Fund payments were made up to March 31, 2026, while Employee State Insurance contributions for March 2024 to June 2026 amounting to ₹46,063 remain unpaid.

The unaudited financial results were reviewed by the Audit Committee and approved by the Board. Subramanian & Associates served as the statutory auditors for the limited review.