Sterling and Wilson Renewable Energy (SWSOLAR) Q2 26/27 earnings summary

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.