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View Risks →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.
bullish
high
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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.
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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.
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%.
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Guidance and risk preview
Management guided for ~15% revenue growth in FY27 based on current order book and expected inflows, excluding any Reliance orders.
Ongoing US court cases involve ~₹200 cr cash out, promoter-indemnified, but additional costs could arise if cases go against the company.
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