Maithan Alloys has disclosed receiving a GST order from tax authorities, demanding an aggregate amount of ₹1,61,17,491.10 related to an alleged excess refund claim of Input Tax Credit on Compensation Cess. The company made this disclosure on December 13, 2025, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

GST Order Details

The Assistant Commissioner of ASANSOL-II Division, BOLPUR, KOLKATA, CBIC issued an order under Section 73 of CGST Act, 2017 against the company. The order addresses what the authority considers an erroneous refund of ITC of Compensation Cess, with the violation categorized as excess claim of refund in respect of ITC (Compensation Cess) under Section 54 of CGST Act, 2017 and rules framed thereunder.

Timeline and Communication

The GST order was originally dated December 4, 2025, but Maithan Alloys became aware of the particulars of this order on December 12, 2025, at around 2:30 P.M. via the GST portal. The company promptly disclosed this information to stock exchanges the following day, maintaining compliance with regulatory disclosure requirements.

Company's Response

Maithan Alloys has indicated that it is currently evaluating its options to contest the order issued by the CGST Authority. The company has assessed the potential impact on its financial, operational, or other activities at the aggregate amount of ₹1,61,17,491.10 mentioned in the order.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of SEBI (LODR) Regulations, 2015, read with Schedule III of the said regulations and Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, issued by SEBI. The company has informed all relevant stock exchanges including NSE, BSE, and The Calcutta Stock Exchange Limited about this development.

This regulatory action represents a financial exposure for the company, and the outcome of any potential contest proceedings will be crucial for determining the actual financial impact on Maithan Alloys' operations and financial position.

Maithan Alloys Limited has received a credit rating reaffirmation from CARE Ratings, maintaining its strong financial standing in the market. The rating agency communicated its decision through a letter dated December 10, 2025, which was received by the company and subsequently disclosed to stock exchanges under regulatory compliance requirements.

Rating Details and Categories

CARE Ratings reaffirmed the company's credit ratings across multiple facility categories. The rating committee reviewed and maintained CARE AA- Stable (Double A Minus, Outlook: Stable) for long-term bank facilities and CARE A1+ (A One Plus) for short-term bank facilities.

Facility Breakdown and Banking Partners

The company's banking arrangements span across multiple leading financial institutions. Long-term fund-based limits of ₹90.00 crores include cash credit facilities with Axis Bank Limited (₹30.00 crores), State Bank of India (₹30.00 crores), IndusInd Bank Limited (₹18.00 crores), and HDFC Bank Limited (₹12.00 crores).

Short-term facilities totaling ₹435.00 crores primarily consist of letters of credit and bank guarantees. The letter of credit facilities are distributed among State Bank of India (₹130.00 crores), Axis Bank Limited (₹115.00 crores), HDFC Bank Limited (₹63.00 crores), CitiBank (₹49.00 crores), and IndusInd Bank Limited (₹43.00 crores). Bank guarantee facilities of ₹35.00 crores are provided by State Bank of India.

Rating Assessment Basis

The rating reaffirmation was conducted based on recent developments including the company's operational and financial performance for FY25 (Audited) and H1 FY26 (Unaudited). CARE Ratings' assessment reflects the company's continued financial stability and operational efficiency during the review period.

Regulatory Compliance and Timeline

Maithan Alloys submitted this information to stock exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating event occurred on December 10, 2025, at 09:52 P.M., and the company promptly communicated this development to the Calcutta Stock Exchange Limited, National Stock Exchange of India Limited, and BSE Limited on December 11, 2025.

Future Monitoring and Surveillance

CARE Ratings reserves the right to undertake surveillance and review of the rating from time to time based on circumstances warranting such review, subject to at least one review or surveillance every year. The rating agency may revise, reaffirm, or withdraw the rating assigned based on periodic reviews and any events or information that warrant such action.