Mankind Pharma Limited has successfully won its appeal against a CGST penalty, with the Commissioner dropping a substantial penalty amount of INR 1,02,05,688. The pharmaceutical company informed the stock exchanges about this favorable regulatory development on February 26, 2026.

Appeal Order Details

The company received an order dated February 25, 2026, from the office of the Commissioner, CGST (Appeals), Meerut, Uttar Pradesh. This order was issued in response to the company's appeal filed against an earlier order passed by the Assistant Commissioner, Central Goods and Services Tax Act, Meerut, under Section 74 of the CGST Act, 2017.

Background and Timeline

The appeal was filed against an Order-in-Original dated December 27, 2024, which had imposed the penalty under Section 74 of the Central Goods and Services Tax Act, 2017. The company had previously informed the exchanges about this matter on December 28, 2024, and has now provided an update following the successful resolution of the appeal.

Regulatory Compliance

Mankind Pharma has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided detailed information as required under the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Impact Assessment

According to the company's disclosure, there is no quantifiable impact on the financial, operational, or other activities of the entity from this favorable order. The successful appeal represents a positive outcome for the pharmaceutical company, eliminating a significant penalty burden that was previously imposed.

Mankind Pharma Limited has received a credit rating reaffirmation from ICRA Limited, reinforcing the pharmaceutical company's strong financial position. The rating agency voluntarily reaffirmed the company's credit ratings on February 24, 2026, maintaining confidence in Mankind Pharma's creditworthiness across its debt instruments.

Credit Rating Details

ICRA Limited has reaffirmed ratings for two key financial instruments of the company, totaling ₹6,250 crore in credit facilities:

The AA+/Stable rating on the Non-Convertible Debentures worth ₹5,000 crore indicates high credit quality with very low credit risk. For the fund-based limits of ₹1,250 crore, ICRA has maintained both long-term AA+/Stable and short-term A1+ ratings, reflecting the company's strong liquidity position and ability to meet short-term obligations.

Regulatory Compliance

The company has disclosed this information in compliance with Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring transparency with stakeholders regarding material credit rating developments.

Corporate Communication

The rating reaffirmation was communicated to both BSE Limited and National Stock Exchange of India Limited on February 24, 2026. Company Secretary and Compliance Officer Hitesh Kumar Jain signed the regulatory filing, confirming the voluntary nature of the rating reaffirmation by ICRA Limited. The information has also been made available on the company's official website at www.mankindpharma.com for broader stakeholder access.