Ramco Industries Gets Tamil Nadu GST Authority to Drop ₹37,49,490 in Guarantee Liabilities

Ramco Industries received orders from the Tamil Nadu GST authority dropping GST, interest and penalty liabilities totaling ₹37,49,490 for fiscal years FY19 through FY24, tied to a corporate guarantee given to group company Harini Textiles Limited. ScanX reported the relief on November 7, 2026.

How the Chengalpattu Orders Unfolded

Ramco Industries is an Indian public manufacturer of fibre cement boards and green dry-construction building materials, founded in 1965 and headquartered in Chennai, serving architects, builders, contractors and retail buyers through dealer networks and hardware stores.

The orders were issued on November 6, 2026, by the Office of Joint Commissioner (ST), Chengalpattu Intelligence Division. The relief follows an earlier intimation about notices being converted into orders in Form DRC-07 under Section 74 of the CGST Act, 2017.

The tax authority had raised demands on the GST impact of corporate guarantees Ramco Industries extended to Harini Textiles, based on Central Tax Notification No. 52/2023 dated October 26, 2023. The company had received notices turning those demands into formal orders for payment of GST, interest and penalties. The later orders withdrew the obligations across five cases.

The base GST amount was ₹8,33,220 for each fiscal year. Interest fell from ₹9,80,826 for FY19 to ₹1,15,052 for FY24, while the penalty was ₹8,33,220 per year. ScanX noted that the total penalty figure disclosed in the filing is ₹37,49,490, which appears to reflect the aggregate base liability or a specific subset of the total exposure including interest and penalties across the cited orders.

Ramco Industries' Full-Year Sales and Profit

According to akta.pro company records, Ramco Industries' full-year sales for FY26 reached ₹1,792.22 crore, and full-year net profit grew 69.29% to ₹306.26 crore. Consolidated net profit for the quarter ended March 2026 was ₹87.63 crore, up 145.39% from ₹35.71 crore in the same quarter the previous year.

Earlier Ramco Industries Disclosures

On August 20, 2026, Ramco Industries declared a final dividend of ₹1.25 per share for FY26 and approved its audited financial statements at its 61st Annual General Meeting, ScanX reported. The meeting also resulted in the reappointment of Chairman P.R.

On August 10, 2026, Business Standard reported that Ramco Industries' consolidated net profit rose 31.94% to Rs 86.59 crore for the quarter ended June 2026, compared with Rs 65.63 crore a year earlier. ScanX reported the same day that the profit increase was supported by 15% revenue growth and operating margin expansion to 16%, and that the company benefited from an ₹8.78 crore land sale.

What Comes Next for Ramco Industries

Ramco Industries has scheduled no further steps in the disclosed orders beyond the November 6, 2026 issuance by the Chengalpattu Intelligence Division.