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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sterling and Wilson Renewable Energy
Sterling and Wilson Renewable Energy (SWSOLAR) investor relations material
Sterling and Wilson Renewable Energy Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary16 Oct, 2026
Executive summary
H1 FY27 revenue declined 11% YoY as four completed international projects awaited the start of eight new projects; domestic EPC and O&M grew.
Order book reached INR 12,481 crore at September 30, 2026, up 34% YoY; management expects stronger H2 execution as delayed projects commence.
Financial highlights
Consolidated Q2 revenue was INR 1,527.50 crore vs INR 1,748.60 crore YoY; PAT was INR 16.82 crore vs a loss of INR 477.62 crore.
Consolidated H1 revenue was INR 3,117.63 crore vs INR 3,510.23 crore; PAT was INR 70.09 crore vs a loss of INR 438.93 crore.
H1 PBT before exceptional items was INR 73.48 crore vs INR 151.36 crore; prior-year results included a INR 610.94 crore exceptional charge related to an adverse arbitral order.
Q2 gross profit was INR 140 crore and gross margin 9.2% vs 8.9% YoY; reported EBITDA was INR 66 crore and operational EBITDA INR 56 crore.
H1 operational EBITDA was INR 134 crore vs INR 184 crore YoY, reflecting lower international execution.
Outlook and guidance
FY27 revenue growth guidance is ~10%, excluding Reliance; Q3 is expected to improve on Q2, with revenue heavily weighted to Q4.
Eight projects—four in India and four internationally—were yet to commence; starts in H2 are expected to support execution, with domestic PSU project revenue mainly in Q4.
EPC gross margin guidance is 8%-10%, depending on turnkey/BOS mix; O&M gross margin is expected to settle near 20%.
FY27 O&M revenue is expected to exceed INR 400 crore, with the year-end portfolio targeted at 20-25 GW; year-end order book is expected above INR 10,000 crore.
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Latest events from Sterling and Wilson Renewable Energy
- A stronger order book and faster O&M growth offset a sharp FY20 earnings decline.SWSOLAR
Q4 19/20 - Orders rose 72%, but pandemic-related costs drove a ₹290 crore consolidated loss.SWSOLARQ4 20/21
- Record Egypt solar+BESS win and O&M growth drive strong H2 outlook and 10%-15% FY27 revenue growth.SWSOLARQ1 26/27
- Record FY26 revenue and orders, but exceptional losses led to a consolidated net loss.SWSOLARQ4 25/26
- Q3 FY26 revenue hit INR 2,092 crore, order inflow guidance raised, margins to stabilize.SWSOLARQ3 25/26
- Strong revenue growth and record orders offset by major arbitration and subsidiary write-offs.SWSOLARQ2 25/26
- Record order book, strong revenue growth, and credit upgrade drive robust FY25 outlook.SWSOLARQ2 24/25
- Q1 FY25 delivered 78% revenue growth, margin gains, and a strong order book with risks managed.SWSOLARQ1 24/25
- Q3 FY25 revenue up 215% YoY, order book strong, FY25 guidance revised on project delays.SWSOLARQ3 24/25
Next Sterling and Wilson Renewable Energy earnings date
Q3 26/2714 Jan, 2027
Sterling and Wilson Renewable Energy
Next Sterling and Wilson Renewable Energy earnings date
Q3 26/2714 Jan, 2027
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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.