Thermax Limited Receives Rs. 1.52 Crore Assessment Order from Customs Authority

Thermax Limited has received an assessment order from customs authorities demanding Rs. 1.52 crores plus applicable interest, the company disclosed to stock exchanges under regulatory compliance requirements.

Assessment Order Details

The assessment order was issued by the office of the Principal Commissioner of Customs, Ahmedabad, and was received by the company on April 01, 2026 at 4.21 p.m. IST.

Parameter:	Details
Issuing Authority:	Office of Principal Commissioner of Customs, Ahmedabad
Amount Demanded:	Rs. 1.52 crores plus applicable interest
Date of Receipt:	April 01, 2026
Nature of Demand:	Penalty on customs duty & IGST

Background of the Case

The penalty demand relates to customs duty and Integrated Goods and Services Tax (IGST) against damage to plant and goods due to a fire incident that occurred in SEZ, Dahej in 2020. The assessment order appears to be connected to this historical incident at the company's Special Economic Zone facility.

Company's Response

Thermax Limited has indicated its intention to challenge the assessment order through proper legal channels. The company stated that it shall file an appeal challenging the said demand in due course of time.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided detailed information as required by SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

The company has informed both BSE Limited and National Stock Exchange of India Limited about this development as part of its ongoing compliance with listing regulations and transparency requirements for shareholders.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.49%	+1.43%	+5.71%	+4.12%	-7.16%	+148.43%

Thermax Limited has received an assessment order from the Joint Commissioner CGST, Pune, Maharashtra, imposing a penalty of Rs 3.14 crore. The company disclosed this development under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Assessment Order Details

The assessment order was received by the company on March 30, 2026 at 6:30 p.m. IST. The penalty relates to alleged violations concerning GST rate classification for goods under the Harmonized System of Nomenclature (HSN) codes.

Parameter	Details
Authority	Joint Commissioner, CGST, Pune, Maharashtra
Penalty Amount	Rs 3.14 Cr
Order Receipt Date	March 30, 2026
Violation Period	2019-20 to 2022-23

Nature of Alleged Violation

The assessment order pertains to the disallowance of lower GST rates for goods that were allegedly incorrectly classified under HSN codes. This classification issue spans a period from 2019-20 to 2022-23, indicating a multi-year assessment by the GST authorities.

The penalty arises from the tax department's contention that certain goods manufactured or traded by Thermax should have attracted higher GST rates than what was applied during the specified period.

Company's Response

Thermax Limited has indicated that it will file an appeal challenging the assessment order and the associated demand. The company stated that the appeal will be filed in due course of time, suggesting a structured legal response to contest the penalty.

Regulatory Compliance

The disclosure was made in accordance with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The company fulfilled its obligation to inform stock exchanges BSE and NSE about this material development through its Company Secretary and Compliance Officer, Sangeet Hunjan.

The assessment order represents a regulatory challenge that Thermax will need to address through the appropriate legal channels while continuing its business operations.