Order Inflow (FY26)
₹10,062 cr
+43% YoY
New EPC orders grew 43% YoY to ₹10,062 cr, with 12 orders won including Coal India L1.
STERLINGANDWILSONRENEWAB
Energy
15 May 2026
Sterling and Wilson Renewable Energy Ltd — Q4 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Unexecuted Order Book
₹11,813 cr
+19% YoY
Record order book provides strong revenue visibility; 78% domestic, 22% international.
O&M Portfolio
13.5 GW
+54% YoY
O&M portfolio grew from 8.77 GW to 13.5 GW, reaching inflection point with multi-year contracts.
Bid Pipeline
31 GW
N/A
Bid pipeline of 31 GW (27 GW India) valued at ~₹55,000 cr; win rate historically 25-28%.
Management Guidance
15% revenue growth in FY27
Management guided for ~15% revenue growth in FY27 based on current order book and expected inflows, excluding any Reliance orders.
Management guidance revenueEPC gross margins 8-10%
EPC gross margins expected to remain in 8-10% range depending on turnkey vs BOS mix; O&M gross margins ~20%.
Management guidance marginsOverheads at 4-4.5% of revenue
Recurring overheads expected to stay at 4-4.5% of revenue, reflecting operational leverage.
Management guidance marginsBattery storage to be 20% of new orders
Management expects ~20% of new orders to come from battery storage projects, with similar margin profile as solar EPC.
Management guidance growthKey Risks
US litigation exposure
Ongoing US court cases involve ~₹200 cr cash out, promoter-indemnified, but additional costs could arise if cases go against the company.
medium · analyst_questionCommodity price volatility
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.
medium · management_commentaryReliance order delay
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.
low · analyst_questionExecution slowdown in Rajasthan
Grid connectivity issues and GI court cases have delayed project development in Rajasthan, impacting order conversion and execution timelines.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Sterling and Wilson's revenue in Q4 FY26?
Sterling and Wilson reported revenue of ₹1,946 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Sterling and Wilson management give for FY27?
15% revenue growth in FY27: Management guided for ~15% revenue growth in FY27 based on current order book and expected inflows, excluding any Reliance orders. EPC gross margins 8-10%: EPC gross margins expected to remain in 8-10% range depending on turnkey vs BOS mix; O&M gross margins ~20%. Overheads at 4-4.5% of revenue: Recurring overheads expected to stay at 4-4.5% of revenue, reflecting operational leverage. Battery storage to be 20% of new orders: Management expects ~20% of new orders to come from battery storage projects, with similar margin profile as solar EPC.
What are the key risks for Sterling and Wilson in FY27?
Key risks include US litigation exposure — Ongoing US court cases involve ~₹200 cr cash out, promoter-indemnified, but additional costs could arise if cases go against the company.; Commodity price volatility — 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.; Reliance order delay — 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.; Execution slowdown in Rajasthan — Grid connectivity issues and GI court cases have delayed project development in Rajasthan, impacting order conversion and execution timelines..
Did Sterling and Wilson meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Sterling and Wilson Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.