UltraTech Cement hit with ₹782cr tax notice

Business Dec 21, 2025

UltraTech Cement just got a hefty tax notice from the GST and Excise department in Patna, asking for ₹390 crore in alleged unpaid taxes—plus an equal penalty and some interest.
The issue? Authorities say there were problems with GST compliance and how input tax credits were used from 2018-19 to 2022-23.
UltraTech isn't backing down though—they plan to contest this order through legal options.

How's the company holding up?

Even with this big tax headache, UltraTech posted a solid profit of ₹1,232 crore last quarter, with revenues jumping 20% year-on-year to ₹19,607 crore.
The penalty is a pretty big chunk of their profits, but interestingly, their stock price has stayed steady all year.
Next up: they'll share Q3 results on January 24.