Parmeshwar Metal receives GST order confirming Rs 1.35 Cr demand

Parmeshwar Metal received an order from the GST Authority, Gujarat on June 15, 2026, confirming a tax demand of Rs 1,34,92,864 along with interest and an equal penalty. The order was issued by the Office of the Commissioner (Appeals), Central GST, Appeal Commissionerate-Ahmedabad. The demand pertains to alleged inadmissible or fraudulent input tax credit under the Central Goods and Service Tax Act, 2017 and the Gujarat Goods and Service Tax Act, 2017.

The company disclosed that it is taking appropriate steps to file an appeal before the Appellate Tribunal against the order. Management stated that the demand confirmed in the order is without merits and is expected to be set aside during the appellate proceedings. Consequently, the company does not foresee any material impact on its financial, operational, or other activities.

Details of the GST Order

The following table outlines the key particulars of the order received by the company:

Particulars	Details
Name of the Authority	Office of the Commissioner (Appeals), Central GST, Appeal Commissionerate-Ahmedabad
Nature of Action	Order in Appeal confirming demand of tax, interest, and penalty
Date of Receipt	June 15, 2026
Violation Alleged	Alleged inadmissible / fraudulent ITC received
Financial Impact	Company to file appeal; no material impact expected

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.46%	+5.13%	-4.33%	+82.85%	+191.16%	+126.44%

Parmeshwar Metal Limited, formerly known as Parmeshwar Metal Private Limited, announced its audited financial results for the half year and year ended March 31, 2026, at a Board of Directors meeting held on May 08, 2026. The company, engaged in manufacturing and trading of non-ferrous metal related products and operating in a single business and geographical segment within India, reported a sharp improvement across key financial metrics for the full fiscal year.

Strong Revenue and Profit Growth in FY26

The company delivered robust top-line and bottom-line performance for the year ended March 31, 2026. Revenue from operations rose to INR 1,97,294.16 lacs from INR 1,38,243.37 lacs in the previous year, while total income reached INR 1,97,616.88 lacs against INR 1,38,511.07 lacs in the prior year. Net profit for the year stood at INR 3,249.37 lacs, compared to INR 1,097.80 lacs in the previous year. The following table summarises the key financial results:

Metric:	Year Ended March 31, 2026 (Audited)	Year Ended March 31, 2025 (Audited)
Revenue From Operations:	INR 1,97,294.16 lacs	INR 1,38,243.37 lacs
Other Income:	INR 322.72 lacs	INR 267.70 lacs
Total Income:	INR 1,97,616.88 lacs	INR 1,38,511.07 lacs
Total Expenses:	INR 1,93,274.07 lacs	INR 1,37,020.70 lacs
Profit Before Tax:	INR 4,342.81 lacs	INR 1,491.62 lacs
Total Tax Expense:	INR 1,093.44 lacs	INR 393.82 lacs
Net Profit:	INR 3,249.37 lacs	INR 1,097.80 lacs
Basic EPS (INR):	21.23	9.03
Diluted EPS (INR):	21.23	9.03

Half-Year Performance Highlights

For the half year ended March 31, 2026, the company reported revenue from operations of INR 1,12,770.38 lacs and a net profit of INR 2,345.70 lacs, compared to INR 75,138.63 lacs and INR 670.75 lacs respectively for the half year ended March 31, 2025. Basic and diluted earnings per share for the half year ended March 31, 2026 stood at INR 15.33, against INR 5.13 for the corresponding period of the previous year. These half-year figures are not annualised.

Balance Sheet and Cash Flow Position

The company's total assets as at March 31, 2026 stood at INR 13,960.40 lacs, up from INR 8,896.36 lacs as at March 31, 2025. Shareholders' funds comprised share capital of INR 1,530.60 lacs and reserves and surplus of INR 8,673.95 lacs. Net cash flow from operating activities for the year ended March 31, 2026 was INR 2,163.63 lacs, compared to a net outflow of INR (417.36) lacs in the previous year. Cash and cash equivalents at the end of the year stood at INR 64.71 lacs, against INR 269.16 lacs at the beginning of the year.

Parameter:	March 31, 2026 (Audited)	March 31, 2025 (Audited)
Total Assets:	INR 13,960.40 lacs	INR 8,896.36 lacs
Share Capital:	INR 1,530.60 lacs	INR 1,530.60 lacs
Reserves and Surplus:	INR 8,673.95 lacs	INR 5,547.18 lacs
Short-Term Borrowings:	INR 2,334.07 lacs	INR 1,120.49 lacs
Cash and Cash Equivalents:	INR 64.71 lacs	INR 269.16 lacs
Net Cash Flow from Operating Activities:	INR 2,163.63 lacs	INR (417.36) lacs

Dividend Recommendation and Key Appointments

The Board of Directors recommended a final dividend of INR 1.25 per equity share of INR 10/- each, representing 12.5%, for the financial year ended March 31, 2026, subject to shareholder approval at the ensuing Annual General Meeting. The Board also approved the following appointments for Financial Year 2026-2027:

Internal Auditor: M/s. R N C A & Associates, Practicing Chartered Accountants (Firm Registration No. 0131593W), based in Ahmedabad, Gujarat, appointed with effect from May 08, 2026.
Cost Auditor: M/s. S A & Associates, Practicing Cost Accountants (Firm Registration No. 000347), based in Ahmedabad, Gujarat, appointed with effect from May 08, 2026.

IPO Proceeds Utilisation

The company received INR 2,474.16 lacs as proceeds from the fresh issue of equity shares. As at March 31, 2026, all IPO proceeds have been fully utilised. The utilisation details are as follows:

Object of the Issue:	Amount Proposed to be Utilised (INR lacs)	Utilised upto 31-03-2026 (INR lacs)	Variation (INR lacs)
New manufacturing facility at Gandhinagar, Dehgam, Gujarat (Bunched copper wire and 1.6 MM Copper Wire):	218.08	218.08	-
Capital expenditure for Furnace Renovation:	186.67	186.67	-
Working Capital Requirements:	1,392.17	1,433.52	41.35
General Corporate Purpose:	402.22	402.22	-
Public Issue Expenses:	275.02	233.67	(41.35)
Total:	2,474.16	2,474.16	-

A reallocation of INR 41.35 lacs from public issue expenses to working capital requirements was approved by shareholders at the 9th Annual General Meeting held on September 30, 2025. The statutory auditors, M/s. Shah & Shah, Chartered Accountants (FRN: 131527W), have issued an audit report with an unmodified opinion on the standalone audited financial results for the year ended March 31, 2026.