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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,946 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sterling and Wilson Renewable Energy reported a record quarterly PAT of ₹142 crore in Q4 FY26, driven by strong execution in international EPC and cost savings on three projects. Full-year revenue hit a record ₹7,548 crore, up 20% YoY, with gross margins improving to 10.5% (vs 10.1% in FY25). The unexecuted order book stands at a record ₹11,813 crore, providing 1.5x revenue visibility. Management guided for 15% revenue growth in FY27, excluding any potential Reliance orders. The O&M portfolio has grown to 13.5 GW, reaching an inflection point. Key risks include ongoing US litigation with potential additional costs of up to ₹200 crore (promoter-indemnified) and commodity price volatility impacting near-term order inflows.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for ~15% revenue growth in FY27 based on current order book and expected inflows, excluding any Reliance orders.
- EPC gross margins expected to remain in 8-10% range depending on turnkey vs BOS mix; O&M gross margins ~20%.
- Recurring overheads expected to stay at 4-4.5% of revenue, reflecting operational leverage.
- Management expects ~20% of new orders to come from battery storage projects, with similar margin profile as solar EPC.
Risks flagged
- Ongoing US court cases involve ~₹200 cr cash out, promoter-indemnified, but additional costs could arise if cases go against the company.
- Rising solar module and commodity prices (copper, silver) since January 2026 have muted Q4 ordering; management has back-to-back protection for existing orders but new bids face uncertainty.
- Despite deep engagement, no clarity on timing or size of Reliance New Energy orders; management expects it 'this year' but declined to commit to a quarter.
- Grid connectivity issues and GI court cases have delayed project development in Rajasthan, impacting order conversion and execution timelines.
Key quotes
- The FY26 has been a very good year for us on multiple counts where we achieved certain important milestones.
- We remain extremely prudent in terms of bidding in the international market and are very mindful of the risk.
- Our operational AITA amounted to rupees 444 cr this fiscal and grew 53% year-on-year.
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