Sterling and Wilson Renewable Energy LimitedQuarter ended June 30, 2026 Results & Financial Update
Sterling and Wilson Renewable Energy Limited: Quarter ended June 30, 2026 consolidated results and company financials – revenue ₹1,590.13 Cr, PAT ₹53.74 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Sterling and Wilson Renewable Energy Quarter ended June 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Sterling and Wilson Renewable Energy Limited concluded the first quarter of fiscal 2027 with consolidated revenue from operations standing at INR 1,590.13 crore, compared to INR 1,746.03 crore in the previous quarter and INR 764.06 crore in the corresponding quarter of the previous year.
Profit after tax (PAT) for the quarter was reported at INR 53.74 crore, reflecting a notable year-on-year growth compared to the previous year-ago period, while remaining steady sequentially.
The quarter's revenue performance was impacted by lower near-term revenue recognition from the engineering, procurement, and construction (EPC) segment due to newly won marquee projects that are yet to commence active execution.
Unexecuted Order Value (UOV) touched a record high of approximately INR 13,024 crore as of June 30, 2026, marking the highest UOV post-Covid and providing robust visibility for future execution.
The domestic EPC business continued to act as the primary growth engine, supported by a healthy order book position of around INR 7,900 crore, while the international segment added a major milestone order from Egypt.
The operations and maintenance (O&M) segment sustained steady growth, with the portfolio expanding to 18.3 GWp, driven by organic additions from own EPC completions and third-party contracts.
Balance sheet metrics reflected disciplined debt management, with gross bank borrowings reducing sequentially by approximately INR 129 crore on account of scheduled debt repayments, and net working capital remaining negative at INR 260 crore.
01 · Business model
What does Sterling and Wilson Renewable Energy do?
Sterling and Wilson Renewable Energy Limited is a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider.
The company provides turnkey EPC and Balance of System (BoS) solutions for utility-scale solar, floating solar, hybrid projects including wind, and solar plus storage solutions.
SWREL also manages a large global operations and maintenance (O&M) portfolio spanning utility-scale solar power projects, including those constructed by third parties.
The company maintains a significant global footprint with operations across 28 countries, covering India, the Middle East, Africa, Europe, Australia, South-east Asia, and the Americas.
02 · Historical context
What shaped the business before this quarter
The company was listed on BSE and NSE in 2019 and has progressively expanded its global footprint across 28 countries.
In 2022, Reliance New Energy acquired a 40% stake in Sterling and Wilson Renewable Energy Limited.
The company expanded its technological capabilities by venturing into hybrid energy and energy storage systems in 2021, and further branched into wind EPC in 2025.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended June 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,590.13 Cr | ₹764.06 Cr | ₹1,746.03 Cr |
| Total income | ₹1,590.13 Cr | ₹764.06 Cr | ₹1,746.03 Cr |
| Profit before tax | ₹75.31 Cr | ₹-272.24 Cr | ₹74.67 Cr |
| Profit after tax | ₹53.74 Cr | ₹-295.79 Cr | ₹53.74 Cr |
| EPS | ₹2.32 | ₹-13.07 | ₹2.32 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Domestic EPC remained the core growth engine, contributing significantly to overall revenue through major project executions such as large solar installations in Khavda, Gujarat.
O&M revenue grew by approximately 40% year-on-year, supported by a growing annuity-style maintenance portfolio that reached 18.3 GWp.
What drove margins
Gross margins for EPC businesses were maintained at steady levels, anticipated to stabilize around 8-10% depending on whether contracts are turnkey or Balance of System (BoS).
O&M gross margins remained stable at approximately 20%, contributing recurring annuity cash flows.
05 · Demand, customers & order book
Where demand is coming from
Reached a record high of approximately INR 13,024 crore as of June 30, 2026.
Domestic EPC orders stand at approximately INR 7,900 crore, providing strong medium-term revenue visibility.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Maintains an unexecuted order value of approximately INR 7,900 crore, supported by strong project pipelines in India.
Growing from a post-Covid base, featuring new project wins in Africa and the Middle East, with execution yet to commence on recent contract wins in South Africa and Egypt.
The total O&M portfolio expanded to 18.3 GWp as of June 30, 2026, up from 13.5 GWp in FY26.
Geography and market mix
Won a major utility-scale project in Minya Governorate, Egypt, via a 50-50 joint venture valued at approximately USD 560 million.
Active project presence spanning 20 countries and operational offices across 28 countries covering the Middle East, Africa, Europe, Australia, and the Americas.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Cumulative global installation experience reached 18.3 GWp of commissioned capacity and 10.4 GWp under construction.
Projects, capex and execution
Six major turnkey projects (three in India and three international) are awaiting active site execution, which is expected to skew revenue recognition toward the second half of FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Expanding capabilities across utility solar, floating solar, wind EPC, and fully integrated battery energy storage systems (BESS).
09 · Reported developments
What changed operationally
Achieved the highest unexecuted order value post-Covid at approximately INR 13,024 crore.
Secured a landmark 1 GW solar PV plant integrated with a 600 MWh BESS project in Egypt.
10 · Pressure points & risks
What is not going smoothly
Topline growth for the quarter was temporarily moderated as several newly awarded large-scale projects have yet to enter active construction phases.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Maintained a negative net working capital position of INR 260 crore as of June 30, 2026.
Capital allocation & funding
Bank borrowings decreased sequentially by approximately INR 129 crore during the quarter due to scheduled debt repayments.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Industry recognition
Recognized as one of the most innovative organizations in 2026 by ET Edge and awarded top brand EPC honors by EUPD Research.
13 · Previous-quarter changes
What changed since the previous quarter
Gross debt reduced from INR 1,164 crore in March 2026 to INR 1,035 crore in June 2026.
14 · Key Q&A
The quarter, answered directly
What does Sterling and Wilson Renewable Energy do?
Sterling and Wilson Renewable Energy Limited is a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider.
What is the clearest takeaway from Quarter ended June 30, 2026?
Sterling and Wilson Renewable Energy Limited concluded the first quarter of fiscal 2027 with consolidated revenue from operations standing at INR 1,590.13 crore, compared to INR 1,746.03 crore in the previous quarter and INR 764.06 crore in the corresponding quarter of the previous year.
What drove revenue or demand?
Domestic EPC remained the core growth engine, contributing significantly to overall revenue through major project executions such as large solar installations in Khavda, Gujarat.
What mattered most for margins or profitability?
Gross margins for EPC businesses were maintained at steady levels, anticipated to stabilize around 8-10% depending on whether contracts are turnkey or Balance of System (BoS).
What changed operationally beyond the headline numbers?
Cumulative global installation experience reached 18.3 GWp of commissioned capacity and 10.4 GWp under construction.
What are the main pressure points disclosed for the quarter?
Topline growth for the quarter was temporarily moderated as several newly awarded large-scale projects have yet to enter active construction phases.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution ramp-up: Monitor the commencement of active site execution on newly won domestic and international projects, particularly the Egypt and South Africa mandates.
- 02
O&M contribution: Track the realization of improved revenue and EBITDA contributions from the expanded 18.3 GWp O&M portfolio.
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