The order was issued by the Office of the Deputy Commissioner of State Tax, Mandideep Circle, Bhopal Division-2, Madhya Pradesh, on March 17, 2026.
The notice was originally issued for FY 2019-20 and FY 2020-21, proposing recovery of IGST refunds with penalties of ₹282.34 crore for each tax period. The authority has now dropped proceedings for FY 2019-20 based on information available on record.
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The proceedings were initiated under Section 74 of the MPGST Act, 2017, and have been closed for the said period.
Third Quarter Results
Revenue rose 37% year-on-year to ₹656 crore. Operating margins expanded to 21.7% from 16.7% a year ago, marking the highest margin level since June 2023.
Profit after tax surged 148% year-on-year to ₹207 crore from ₹83 crore, aided by a sharp increase in profit from associates, which rose to ₹65 crore from ₹7 crore on a quarter-on-quarter basis.
Management had earlier indicated that prices were likely to remain largely flat, making the margin expansion and 20% plus margin print a positive surprise. Shares of HEG Ltd ended at ₹500.75, up by ₹3.70, or 0.74%, on the BSE.
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(Edited by : Jomy Jos Pullokaran)
