Shares dipped 4.67% to ₹152.73 on Oct 21 after Sterling and Wilson announced a 90% slash in its Kenya tax bill, trimming the demand from ₹26.5 crore to ₹2.66 crore.
The settlement, finalised on Oct 21, removes interest and penalties, leaving only the principal tax of ₹2.66 crore due by Dec 25, 2026. The reduction stems from a lower attribution of profits to the Kenya branch, with no penalties or sanctions imposed.
In the September quarter, revenue fell 12.6% YoY to ₹1,527.5 crore, while the company returned to profit, posting a net profit of ₹19.2 crore versus a loss of ₹473.2 crore a year earlier. EBITDA rose to ₹56 crore from ₹4 crore, and the margin climbed to 3.7% from 0.2%.
Sterling and Wilson secured domestic and international orders worth over ₹985 crore, including a 534.3‑MW solar project in Rajasthan, two 616‑MWh battery projects in South Africa, and the West Minya Solar Power Project in Egypt through a joint venture with Hassan Allam Construction.
The company has no announced guidance for the next quarter, but analysts note the improved profitability and new project pipeline could lift earnings, while the reduced tax burden improves cash flow. Investors will watch the upcoming filing on Dec 2026 and the next earnings release for further clues.