Pidilite Industries has received an Order-in-Appeal from the Deputy Commissioner of State Tax, Appeal, Mumbai, confirming a penalty of Rs 21,44,192 for FY 2022-23. The order, dated June 30, 2026, upholds the penalty originally imposed on May 9, 2024, under applicable provisions of the Central Goods and Services Tax Act. The company stated that the order is appealable and it is currently evaluating the next steps, including the possibility of appealing to the highest authority permitted by law.

Financial Impact and Assessment

The company confirmed that there is no material impact on its financials, operations, or other activities as a result of this order. Management is reviewing the order to ascertain the full facts before deciding on the further course of action. The intimation regarding this development was filed at the earliest opportunity upon examining the order.

Penalty Details

Pidilite Industries Ltd’s wholly owned subsidiary, Pidilite Ventures Pvt. Ltd., has completed the transfer of its entire shareholding in Buildnext Construction Solutions Private Limited to JSW One Platforms Limited. The transaction was executed pursuant to a Share Swap Agreement entered into between the parties, resulting in Pidilite Ventures receiving equity shares of JSW One in exchange. Following the completion of this transfer, Buildnext has ceased to be an associate company of Pidilite Ventures.

The share swap was conducted at a mutually agreed valuation, though specific financial details regarding the valuation and the number of shares exchanged have not been disclosed for confidentiality reasons. The completion of this strategic move marks the exit of Pidilite Ventures from Buildnext Construction Solutions Private Limited.

Transaction Details

The exchange filing submitted on July 1, 2026, confirmed the finalization of the agreement initially intimated to the exchanges on April 29, 2026. The regulatory disclosure was made under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.