
RITES Ltd’s stock closed at ₹209.70 on the BSE, a 0.17% dip after the company announced a ₹38.30 crore tax relief from a Gujarat appellate decision.
The relief stems from the 30 September 2026 order by the Deputy Commissioner of State Tax, Ahmedabad, which partially quashed a FY20 demand that included tax, interest and penalty, leaving the company with no further liability.
RITES had put down a ₹1.93 crore pre‑deposit when filing the appeal; the appellate authority’s ruling also confirmed that no additional tax, interest or penalty will accrue.
CEO Rahul Mithal said the company’s ₹9,450 crore order book is translating into execution, expecting 2027‑28 to be a strong year for revenue and profit, and projecting a ₹10,000 crore order book by next year.
The firm also signed a MoU with Container Corporation of India for project‑management services, and the ₹20,800 crore government multitracking scheme could open new growth avenues across its core service segments.
Analysts note that the tax relief improves cash flow but the modest share price reaction suggests investors are focused on long‑term order book growth rather than short‑term relief.