Sterling and Wilson Renewable Energy Ltd

Business Overview

• Leading global solar EPC and O&M provider offering turnkey EPC and BoS for utility-scale and floating projects.
• Ventured into Wind EPC in 2025; expanding into hybrid energy and storage segments.
• O&M portfolio stands at 18.9 GW as of Sep 2026; global workforce 4,060.
• Domestic EPC pipeline remains strong despite near-term order slowdown.

Key Operational Highlights

• Q2 FY27: two orders totaling INR 985 crore.
• Domestic EPC order for 534 MW project in Rajasthan.
• 2 x 308 MWh BESS project LOA in South Africa.
• Egypt Minya contract signed in Q2.
• Total UOV stood at INR 12,481 crore as of Sep 2026.
• Order inflow in H1 FY27 was INR 3,626 crore.
• Gross debt decreasing due to term debt repayments.
• Eight projects (four domestic, four international) yet to commence, part of UOV.

Financial Performance

• Q2 FY27 revenue 1,527 crore; down versus Q2 FY26.
• Gross profit 140 crore; gross margin 9.2%.
• EBITDA 66 crore; EBITDA margin 4.3%.
• PBT 17 crore; PAT 17 crore; margins 1.1%.
• O&M revenue grew ~50% YoY to INR 99 crore.
• O&M portfolio 18.9 GW as of Sep 2026.
• Domestic EPC revenue H1 FY27 grew 12.6% to INR 2,768 crore.
• International EPC H1 FY27 revenue INR 165 crore; 929 in H1 FY26.

Capital Structure & Liquidity

• Bank borrowings declined to 920 crore as of Sep 2026 from 1,164 crore in Mar 2026.
• Cash and bank balance 319 crore as of Sep 2026, down from 575 crore.
• Net worth 719 crore; D/E ratio 0.84x.
• Net working capital negative 301 crore.

Strategic Priorities & Outlook

• Domestic EPC UOV provides revenue visibility despite H1 FY27 slowdown.
• International EPC execution expected to pick up in H2 FY27.
• O&M growth supported by 18.9 GW portfolio and 4,060-strong workforce.
• Robust backlog and pipeline indicate favorable long-term visibility.

Risks & Mitigation

• Domestic slowdown in new orders; mitigated by robust UOV and pipeline.
• Execution delays in international projects; LOA Egypt and SA BESS projects enhance visibility.

Financial highlights

• Q2 FY27 revenue: INR 1,527 crore.
• H1 FY27 PAT: INR 70 crore; turnaround from H1 FY26 loss.
• H1 FY27 O&M revenue: INR 183 crore, up 48% YoY.
• Unexecuted order book: INR 12,480 crore.

New orders and portfolio

• New orders secured: INR 985 crore (domestic and international).
• O&M portfolio grows to 18.9 GW as of Sep 2026 (from 13.5 GW in Mar 2026).
• Total portfolio capacity: over 29.8 GWp.

Key project wins

• 3 MWp solar project in Rajasthan.
• Two BESS projects in South Africa, 616 MWh.
• West Minya Solar Power Project in Egypt via JV with Hassan Allam Construction.

Financial snapshot

• Standalone Q2 revenue from operations 1,456.33 cr; total income 1,475.56 cr; PAT 27.88 cr; EPS 1.19.
• Standalone H1 revenue 2,943.44 cr; total income 2,977.40 cr; PAT 95.68 cr; EPS 4.10.
• Consolidated Q2 revenue from operations 1,527.50 cr; total income 1,541.72 cr; PAT 16.82 cr; EPS 0.82.
• Consolidated H1 revenue 3,117.63 cr; total income 3,152.03 cr; PAT (owners) 73.45 cr; EPS 3.15.
• Six-month operating cash flow (consolidated) 149.50 cr; closing cash 93.55 cr.
• Auditors: standalone and consolidated reviews unmodified; managing ongoing Indemnity disclosures.

Segment & profitability

• Standalone EPC revenue 1,382.94 cr; O&M 72.90 cr; total 1,455.84 cr; segment profit 125.73 cr.
• Standalone unallocable income 19.72 cr; unallocable expense (116.05) cr; standalone PBT 29.40 cr.
• Consolidated EPC revenue 1,427.87 cr; O&M 99.12 cr; total 1,526.99 cr; segment profit 139.72 cr.
• Unallocable items: income 36.33 cr; expenditure (258.41) cr; consolidated PBT 73.48 cr.

Balance sheet & liquidity

• Standalone total assets 4,790.71 cr; equity 554.97 cr; liabilities 4,235.74 cr; cash 39.57 cr.
• Consolidated total assets 5,231.55 cr; equity 722.72 cr; cash 93.55 cr.
• Indemnity note: promoter selling shareholders may indemnify recoveries beyond ₹300 cr; net recoveries disclosed.
• ESOP: 9,671 equity shares allotted in quarter ended 30-Sep-2026.

Other disclosures

• Independently reviewed results; unmodified conclusions for both standalone and consolidated.
• Business: turnkey EPC and O&M for renewable energy projects.

Sterling and Wilson Renewable Energy Limited: Trading Window closed from Thursday, October 01, 2026, until 48 hours after the declaration of the Unaudited Financial Results of the Company for the quarter and half year ending September 30, 2026.

Meeting Details

• Date: September 24, 2026; Investor conference organized by JM Financial Services Limited.

Participants

• Key company participants: officials.

Purpose

• Purpose: investor conference engagement with JM Financial Services Limited.

Additional Notes

• Company officials will not attend the investor conference due to other business exigencies.

Key Update

• GST order issued for alleged tax shortfall for Nov 2020–Nov 2021 totaling ₹27.72 Crore plus interest.
• Tax amount ₹13.86 Crore and penalty ₹13.86 Crore; interest extra as applicable.
• Company evaluating the order; indemnity agreement reduces material impact on operations.
• Period covered: November 2020 to November 2021.

Order wins and value

• Domestic Rajasthan order: 534.3 MWp from a new customer.
• International South Africa order: two BESS projects totaling 616 MWh.
• Total value of orders, including taxes, exceeds INR 985 crore.
• Rajasthan order includes BOS package; South Africa order is BESS turnkey EPC wrap.
• Rajasthan emissions reductions estimated at 0.80 million tonnes on commissioning.

Meeting Details

• Date: Thursday, September 24, 2026.
• Type and mode: investor conference; mode not specified.
• Organizer: JM Financial Services Limited.
• Company participants: officials of Sterling and Wilson Renewable Energy.
• Purpose: participation in investor conference for investor interaction.

Meeting Details

• Date: Monday, September 21, 2026.
• Organizer: AnandRathi Share & Stockbrokers Limited.
• Type: Investor conference.
• Purpose: Schedule of investor conference attendance.

Litigation Update

• SWSS initiated AAA arbitration against OEG Inc. for undetermined counterclaims; a three-member panel is constituted.