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Edge23 Jan 2026
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Sterling and Wilson Renewable Energy
Sterling and Wilson Renewable Energy (SWSOLAR) investor relations material
Sterling and Wilson Renewable Energy Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary15 Jan, 2026
Executive summary
Achieved highest-ever Q3 revenue since listing at INR 2,092 crores, with 48% year-on-year growth for the nine-month period to INR 5,602 crores, driven by strong domestic EPC execution and robust order inflows.
Expanded into wind EPC and energy storage, with a global presence in 28 countries and a 26.1 GWp EPC portfolio.
Entered a multi-year strategic partnership with Adani Green, targeting at least 1 GW of orders annually, and secured major new contracts including a gigawatt-scale order.
O&M business portfolio crossed 10 GW, expected to contribute to revenue stability and margin resilience.
Recognized with multiple industry awards for project execution, safety, and leadership.
Financial highlights
Q3 FY26 revenue: INR 2,092 crores, up 14% year-on-year; nine-month revenue: INR 5,602 crores, up 48% year-on-year.
Gross margin for Q3: 9.5%, up from 8.9% sequentially and 9.4% year-on-year; nine-month gross margin: 10%.
Operational EBITDA for Q3: INR 105 crores, up from INR 62 crores in the prior quarter; nine-month operational EBITDA: INR 289 crores, up 115% year-on-year.
Net debt at INR 738 crores, with net working capital at INR -407 crores, indicating a negative working capital cycle.
PAT for Q3 FY26 at INR 2 crore, impacted by an exceptional item of -INR 31 crore due to arbitration.
Outlook and guidance
Order inflow guidance for FY26 raised to over INR 11,000 crores, representing more than 60% year-on-year growth; strong bid pipeline for Q4 FY26 and FY27 with expected 15%-20% revenue growth.
Gross margin guidance maintained at 8%-10%; EBITDA margin expected to stabilize above 5% from Q4 onwards.
O&M margins expected to return to 20%-25% after one-off expenses in the current quarter.
Management expects to recover significant receivables and bank guarantees under an indemnity agreement, limiting future financial impact from crystallized claims above INR 300 crores.
What is the strategic IT focus under Mr. Mittal?
Update on ₹143.12 Cr indemnity recovery
Status of ₹610 Cr disputed bank guarantee recovery?
Adani framework: how does it reshape EPC engagement?
BESS market: what's the strategy to capture growth?
International projects: detail risk mitigation strategy
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Next Sterling and Wilson Renewable Energy earnings date
Q4 25/2623 Apr, 2026
Sterling and Wilson Renewable Energy
Next Sterling and Wilson Renewable Energy earnings date
Q4 25/2623 Apr, 2026
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Frequently asked questions
Sterling and Wilson Renewable Energy Limited is active in the engineering, procurement, and construction (EPC) services sector, focusing primarily on solar power projects. It operates through two main segments: EPC and Operations & Maintenance (O&M). The EPC services encompass a wide range of functions including design and engineering, procurement, construction, and commissioning of solar projects. They also offer hybrid energy solutions, integrating solar with battery energy storage systems, and microgrids for various applications. The O&M segment provides maintenance and asset management services to third-party projects. The company is headquartered in Mumbai, India, and its shares are listed on the NSE.
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