Sterling and Wilson Renewable Energy LimitedQuarter ended 30 September 2026 Results & Financial Update
Sterling and Wilson Renewable Energy Limited: Quarter ended 30 September 2026 consolidated results and company financials – revenue ₹1,527.50 Cr, PAT ₹53.27 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Sterling and Wilson Renewable Energy Quarter ended 30 September 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 recorded consolidated revenue of INR 1,527.50 crore for the quarter ended 30 September 2026, alongside total income of INR 1,610.31 crore, reflecting a stable operating tempo compared to the preceding quarter.
Profitability remained positive during the second quarter, with profit before tax (PBT) standing at INR 56.65 crore and profit after tax (PAT) reaching INR 53.27 crore, translating to basic earnings per share of INR 0.82.
Sequentially, revenue experienced a modest adjustment of about 3.94% from INR 1,590.13 crore in the quarter ended 30 June 2026, while PAT remained stable with a minor variance of 0.87% from INR 53.74 crore in Q1 FY27.
Global CEO Chandra Kishore Thakur attributed the firm's progress to continuous operational efficiency enhancements, steady expansion within the O&M division, and robust order inflows from diverse international and domestic geographies.
The company's O&M segment continued its strong upward trajectory, delivering H1 FY27 O&M revenue of INR 183 crore—a 48% increase compared to INR 124 crore in the corresponding period of the previous fiscal year.
On a half-yearly basis, SWREL reported a significant financial turnaround, posting a PAT of INR 70 crore for H1 FY27 compared to a net loss of INR 439 crore recorded during H1 FY26.
The unexecuted order book stood firm at INR 12,480 crore as of September 2026, providing clear revenue visibility for upcoming quarters as project execution advances across multiple regions.
01 · Business model
What does Sterling and Wilson Renewable Energy do?
Sterling and Wilson Renewable Energy Limited (SWREL) operates as a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider, executing utility-scale solar, floating solar, hybrid and energy storage, and wind projects.
The company generates revenue primarily through turnkey EPC contracts for large-scale renewable installations across domestic and international markets, supported by an expanding recurring operations and maintenance (O&M) services division that covers third-party projects alongside its own completions.
With a footprint spanning 28 countries, SWREL maintains operational reach across India, South-East Asia, the Middle East, Africa, Europe, Australia, and the Americas, positioning its business model to capture global clean energy investments.
The broader portfolio encompasses over 29.8 GWp of utility-scale solar and renewable projects spanning commissioned sites and assets under various stages of construction, backed by a fast-growing O&M service portfolio.
02 · Historical context
What shaped the business before this quarter
Previously in H1 FY26, the company recorded a net loss after tax of INR 439 crore before staging a turnaround to a PAT of INR 70 crore in H1 FY27.
The company's operation and maintenance portfolio expanded from 13.5 GW in March 2026 to reach 18.9 GW by September 2026.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Quarter ended 30 September 2026 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹1,527.50 Cr | ₹1,590.13 Cr |
| Total income | ₹1,610.31 Cr | ₹1,590.13 Cr |
| Profit before tax | ₹56.65 Cr | ₹75.31 Cr |
| Profit after tax | ₹53.27 Cr | ₹53.74 Cr |
| EPS | ₹0.82 | ₹2.32 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 3.5% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 3.7% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹82.81 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Execution across domestic and international utility-scale solar and energy storage construction sites drove the primary revenue stream of INR 1,527.50 crore for Q2 FY27.
The operations and maintenance segment contributed significantly to top-line growth, with H1 FY27 O&M revenue expanding 48% year-on-year to INR 183 crore.
What drove margins
Management commentary highlights ongoing cost optimization and enhanced execution efficiency as key drivers supporting the bottom-line turnaround during the first half of fiscal 2027.
05 · Demand, customers & order book
Where demand is coming from
The company recently secured domestic and international orders totaling over INR 985 crore.
The total O&M portfolio expanded from 13.5 GW in March 2026 to 18.9 GW in September 2026, encompassing projects constructed by both SWREL and third parties.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company's total cumulative portfolio exceeded 29.8 GWp, covering commissioned projects and installations at various stages of construction worldwide.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Strategic expansion includes utility-scale battery energy storage system (BESS) projects, evidenced by recent contract wins such as a 616 MWh combined BESS project deployment in South Africa.
Collaboration through joint ventures, such as the partnership with Hassan Allam Construction, continues to secure major regional contracts like the West Minya Solar Power Project in Egypt.
08 · Reported developments
What changed operationally
Reported a PAT of INR 70 crore for H1 FY27, marking a complete turnaround from the net loss of INR 439 crore reported in H1 FY26.
Secured major new project awards totaling over INR 985 crore, including a 534.3 MWp solar project in Rajasthan, two BESS projects in South Africa totaling 616 MWh, and the West Minya Solar Power Project in Egypt.
Expanded the O&M portfolio from 13.5 GW in March 2026 to 18.9 GW in September 2026, accompanied by a 48% YoY jump in H1 FY27 O&M revenue to INR 183 crore.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Global Leadership Commentary
Global CEO Chandra Kishore Thakur emphasized that the company's focus remains on disciplined execution, operational efficiency, and converting the expanding project pipeline into sustainable, profitable growth.
10 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue adjusted by 3.94% from INR 1,590.13 crore in Q1 FY27 to INR 1,527.50 crore in Q2 FY27, while PAT remained relatively stable at INR 53.27 crore compared to INR 53.74 crore in the preceding quarter.
11 · Key Q&A
The quarter, answered directly
What does Sterling and Wilson Renewable Energy do?
Sterling and Wilson Renewable Energy Limited (SWREL) operates as a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider, executing utility-scale solar, floating solar, hybrid and energy storage, and wind projects.
What is the clearest takeaway from Quarter ended 30 September 2026?
Sterling and Wilson Renewable Energy Limited recorded consolidated revenue of INR 1,527.50 crore for the quarter ended 30 September 2026, alongside total income of INR 1,610.31 crore, reflecting a stable operating tempo compared to the preceding quarter.
What drove revenue or demand?
Execution across domestic and international utility-scale solar and energy storage construction sites drove the primary revenue stream of INR 1,527.50 crore for Q2 FY27.
What mattered most for margins or profitability?
Management commentary highlights ongoing cost optimization and enhanced execution efficiency as key drivers supporting the bottom-line turnaround during the first half of fiscal 2027.
What changed operationally beyond the headline numbers?
The company's total cumulative portfolio exceeded 29.8 GWp, covering commissioned projects and installations at various stages of construction worldwide.
What should the next disclosure help confirm?
Monitor the conversion speed of the INR 12,480 crore unexecuted order book into recognized revenue across domestic and international markets.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of Order Backlog: Monitor the conversion speed of the INR 12,480 crore unexecuted order book into recognized revenue across domestic and international markets.
- 02
O&M Margin Contribution: Track the continued growth and profitability contribution of the O&M portfolio as it scales beyond the 18.9 GWp mark.
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