GP Petroleums Limited Reports Promoter Share Transfer Following GST Department Recovery Action

GP Petroleums Limited has disclosed to stock exchanges the involuntary transfer of promoter shares following regulatory action by the GST Department. The company received communication on March 02, 2026, from its promoter entity Nivaya Resources Private Limited regarding the transfer of equity shares from its demat account. Share Transfer Details The transfer involved significant shareholding of the promoter entity, with specific details outlined in the regulatory filing: Parameter: Details Shares Transferred: 6,93,895 equity shares Transferor: Nivaya Resources Private Limited Transferee: SBICAP Securities Limited Transfer Date: February 26, 2026 Communication Date: March 02, 2026 GST Department Recovery Action The share transfer was executed pursuant to a notice issued by the GST Department under Section 79(1)(c) of the CGST Act, 2017. This provision allows for recovery of government dues through attachment of shares and stocks. The GST authorities issued the notice to NSDL (National Securities Depository Limited) and copied it to Nivaya Resources Private Limited. The promoter entity promptly informed GP Petroleums about the transfer upon receiving the holding and transaction statements. However, complete details of the transferee are not fully available in the transaction statement, and the promoter entity is seeking further information from concerned authorities and intermediaries. Company's Response and Clarifications GP Petroleums has emphasized several key points regarding this development: The company is examining the matter and seeking appropriate clarifications from concerned intermediaries No financial impact on the company as the matter pertains to promoter shareholding transfer No aberrations or non-compliances have been reported against the company The GST notices were issued to NSDL and the promoter entity, not to the company No penalty, restriction, or sanction has been imposed on the company Regulatory Compliance The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has taken note of the communication from the promoter entity and sought additional details for completeness of records. GP Petroleums clarified that this matter pertains solely to the promoter entity and does not involve any transaction or liability of the company itself. GP Petroleums Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, alongside approving a significant acquisition in the specialty bitumen segment. The Board meeting held on February 14, 2026, addressed key strategic and operational decisions for the company's growth trajectory. Financial Performance for Q3FY26 The company reported mixed financial performance for the third quarter of FY26. While revenue from operations showed strong growth, profitability faced some pressure compared to the previous year. Financial Metric: Q3FY26 (Dec 31, 2025) Q3FY25 (Dec 31, 2024) Change Revenue from Operations: Rs. 16,923.08 lakhs Rs. 13,588.20 lakhs +24.50% Total Income: Rs. 17,131.19 lakhs Rs. 13,717.42 lakhs +24.90% Net Profit: Rs. 523.52 lakhs Rs. 666.92 lakhs -21.50% Basic EPS: Rs. 1.03 Rs. 1.31 -21.40% For the nine months ended December 31, 2025, the company achieved revenue from operations of Rs. 47,958.62 lakhs compared to Rs. 42,690.59 lakhs in the corresponding period of the previous year. Net profit for the nine-month period stood at Rs. 1,714.76 lakhs versus Rs. 1,770.87 lakhs in the previous year. Specialty Bitumen Plant Acquisition The Board approved a strategic acquisition of a specialty bitumen manufacturing plant located at GIDC Road, Manjusar, Savli, Vadodara, Gujarat. This acquisition represents a strategic shift from the company's earlier plan to acquire the plant jointly with a joint venture partner, which could not be consummated due to commercial, operational and implementation-related challenges. Transaction Parameter: Details Seller: New Horizons Asphalt Private Limited Maximum Consideration: Rs. 14.75 crores Plant Location: Savli, Vadodara, Gujarat Transaction Nature: Related Party Transaction Valuation Basis: Independent Registered Valuer Report The acquisition serves multiple strategic purposes including entering niche production of PMB, CRMB, emulsions and value-added bitumen products, strengthening market presence in the specialty bitumen segment, and aligning with the company's strategic expansion and growth plans. Segment Performance Analysis The company's business segments showed varied performance during Q3FY26. The manufacturing segment continued to be the primary revenue driver, while the trading segment faced challenges. Segment: Q3FY26 Revenue Q3FY25 Revenue Segment Result Q3FY26 Manufacturing: Rs. 13,277 lakhs Rs. 12,423 lakhs Rs. 927 lakhs Trading: Rs. 3,646 lakhs Rs. 1,165 lakhs Rs. (80) lakhs Exceptional Items and Regulatory Impact The company reported exceptional items of Rs. 194.82 lakhs during Q3FY26, primarily due to the impact of new Labour Codes notified by the Government of India on November 21, 2025. This incremental liability comprises additional gratuity liability of Rs. 97.20 lakhs and leave encashment compensation of Rs. 97.62 lakhs based on the revised definition of wages. Related Party Transaction Details The plant acquisition qualifies as a related party transaction since Mr. Ayush Goel, Chairman & Managing Director of GP Petroleums, serves as a common director in both companies. The transaction is proposed to be undertaken in the ordinary course of business on an arm's length basis, with consideration approved based on the Audit Committee's recommendation and independent valuation. The definitive agreement for the plant purchase is currently under finalization and in the process of execution. The company does not hold any equity shareholding in New Horizons Asphalt Private Limited. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. 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