Tax Setback for Jubilant Generics as Department Orders Rs 107.89 Cr Adjustment
New Delhi: Jubilant Pharmova has informed the stock exchanges that Jubilant Generics Limited (JGL), a wholly owned step-down Indian subsidiary of the company, has received an order from the Income Tax Department involving tax adjustments of Rs 107.89 crore for FY23, primarily arising out of transfer pricing adjustments.
According to the company’s regulatory filing, the disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule III and SEBI Master Circular dated January 30, 2026.
The company stated that the order was dated May 21, 2026 and was received by Jubilant Generics Limited on May 22, 2026 at 8:42 AM IST.
Jubilant Pharmova said the tax adjustments were made by the Income Tax Department primarily due to transfer pricing adjustments while allegedly ignoring the facts and contentions submitted by the company.
The filing stated that Jubilant Generics Limited believes the impugned tax adjustments are unsustainable and therefore the company is in the process of filing the necessary appeal against the order.
According to the disclosure, the appeal will be filed before the Commissioner of Income Tax (Appeals) against the impugned order issued by the Income Tax Department.
The company further informed that a separate application before the Advance Pricing Authority covering the year under consideration has also been filed independently.
Jubilant Pharmova said that after completion of the adjudication or redressal process, the impugned tax adjustments are likely to get deleted.
The filing also mentioned that Jubilant Generics Limited expects to obtain relief from the relevant appellate authority and/or the Advance Pricing Authority. The company clarified that it does not anticipate any material financial implications arising out of the matter.
However, according to the annexure attached with the filing, there could be a reduction in Deferred Tax Assets to the extent of Rs 37.70 crore. The company also informed that the disclosure document would be simultaneously uploaded on the official website of Jubilant Pharmova.
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