Kamdhenu Limited has received a GST demand order of ₹63.40 lakhs from the Office of the Additional Commissioner of CGST, Alwar Commissionerate, as disclosed in a regulatory filing under SEBI Regulation 30 on January 2, 2026.

GST Demand Details

The demand order pertains to allegedly wrongly availed Input Tax Credit (ITC) for the period spanning from FY 2018-19 to FY 2021-22. The order was received by the company on January 1, 2026.

Nature of Alleged Violations

The GST demand order has been issued under the relevant provisions of the CGST Act, 2017, RGST Act, 2017, IGST Act, 2017 and relevant rules. The order specifically relates to:

• Wrongly availing input tax credit
• Other alleged contraventions of provisions of the GST Acts and Rules

The total demand includes both the principal amount of ₹63.40 lakhs towards the allegedly wrongly availed ITC and an equal amount of ₹63.40 lakhs as applicable interest and penalty.

Company's Response and Impact Assessment

Kamdhenu Limited has stated that it believes it has sufficient factual and legal basis to reasonably support its position in this matter. The company does not anticipate any material impact on its financial position, operations, or other activities arising from the said order at this stage.

Legal Remedy Plans

The company has announced its intention to take necessary legal remedy against the GST demand order. Kamdhenu plans to file an appeal before the Appellate Authority (Commissioner Appellate), GST, Alwar to contest the demand.

This disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding regulatory developments that could potentially impact the company.

Kamdhenu Limited , a leading player in the Indian steel industry, has announced an expansion plan aimed at significantly boosting its production capacity and market presence. The company plans to achieve a steel rebar capacity of 40 lakh MT and establish a network of over 100 franchisees.

Expansion Highlights

• Capacity Target: Kamdhenu aims to reach a steel rebar capacity of 40 lakh MT.
• Franchisee Network: Plans to expand to over 100 franchisees.
• Brand Sales Goal: Targeting ₹22,000 crore in brand sales.
• Royalty Income: Focus on increasing royalty income through the franchisee-led business model.
• Product Diversification: Strengthening presence in structural steel and colour-coated sheets segments.

Strategic Focus

Kamdhenu's expansion strategy includes:

1. Market Penetration: Deepening presence in tier-2 markets through its franchisee network.
2. Innovation: Continued focus on product innovation, including premium PAS 10000 TMT bars and structural solutions.
3. Franchisee Model: Leveraging its asset-light franchisee-based business model for scaling.

Financial Performance

The company's recent financial results reflect its growth:

Market Position and Outlook

Kamdhenu's expansion plans come as the Indian infrastructure and construction sectors are showing strong growth. The company's focus on TMT bars, one of the fastest-growing product categories, may position it to capitalize on this trend.

Mr. Satish Kumar Agarwal, Chairman & Managing Director of Kamdhenu Limited, commented on the company's performance and plans: "Kamdhenu's H1 FY26 performance underscored our ability to deliver resilient profitability amid a dynamic steel environment. This was primarily driven by robust growth in royalty income and our cost-optimization efforts."

He added, "As a highly trusted brand with a nationwide presence, Kamdhenu benefits from an extensive franchise network and well-established pan-India distribution capabilities. With these structural strengths in place and India's infrastructure momentum expected to remain strong, we are confident of sustaining robust growth and delivering enhanced value in the years to come."

The company's expansion strategy, coupled with its financial performance and market position, suggests that Kamdhenu may be well-positioned to capitalize on the growing demand in the Indian steel sector. However, the success of these plans will depend on various factors, including market conditions and the company's execution capabilities.