Bharat Heavy Electricals Limited has received substantial tax relief from the Telangana Commercial Tax Department, which has dropped a significant GST demand of ₹183.77 crore along with interest and penalty for FY22. This development provides major relief to the state-owned engineering company and resolves a substantial tax dispute.

Regulatory Disclosure Details

The company filed a regulatory disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 with BSE and NSE on January 2, 2026. The adjudication order was dated December 31, 2025, and received by the company on January 1, 2026, under Section 73 of CGST Act/TGST Act, 2017.

Tax Demand Resolution

The adjudication order addressed a show-cause notice that had raised a total demand of ₹184.55 crore for the financial year 2021-22. The tax authority ruled in BHEL's favour after accepting that the exports in question had already been completed, despite being flagged for being beyond the prescribed timeline.

Outstanding Amount Breakdown

A minimal residual demand of ₹1.43 crore remains outstanding, comprising multiple components. The company has indicated it will file an appeal against this balance amount before the Appellate Authorities.

Financial Impact Assessment

BHEL has stated there is no expected financial implication from the remaining demand, as the case is strong on merits. The company considers the export compliance matter resolved, with exports having been completed as required. This tax relief removes a significant financial overhang for the state-owned engineering major and provides clarity on a substantial compliance matter that had been pending resolution.

Bharat Heavy Electricals Limited has announced a significant administrative change with the appointment of Bigshare Services Private Limited as its new Registrar and Share Transfer Agent (RTA), effective January 1, 2026. The transition marks the end of Alankit Assignments Limited's tenure as the company's RTA following the completion of their contract period on December 31, 2025.

Regulatory Compliance and Communication

The company formally communicated this change to both BSE Limited and National Stock Exchange of India Limited through their respective listing platforms. Dr. Yogesh R Chhabra, Company Secretary of BHEL, issued the notification under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full regulatory compliance.

New RTA Contact Details

Shareholders have been provided with comprehensive contact information for the new registrar and share transfer agent:

Transition Process and Documentation

The company has indicated that a tripartite agreement between BHEL, the outgoing RTA Alankit Assignments Limited, and the incoming RTA Bigshare Services Private Limited is currently under process. This agreement, required under Regulation 7 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, will be communicated to stakeholders upon completion.

Impact on Shareholders

All equity share-related matters for BHEL shareholders will now be exclusively handled by Bigshare Services Private Limited. The company has emphasized that shareholders should direct all future correspondence regarding their equity holdings to the new RTA's contact details provided above. This includes matters related to share transfers, dividend payments, and other shareholder services.

The transition represents a routine administrative change aimed at ensuring continued efficient shareholder services for BHEL's investor base.