Sterling and Wilson Renewable Energy Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Sterling and Wilson Renewable Energy Ltd filed with BSE on 24 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sterling and Wilson Renewable Energy reported Q1 FY27 revenue of Rs 1,590 crore, lower both sequentially and year-on-year due to slower execution in the international EPC segment. The company closed the quarter with its highest-ever unexecuted order value of Rs 13,000 crore, including a new Rs560 million joint venture award for the West Minya solar-plus-storage project in Egypt. Management said gross margins were 9.9% for the quarter, O&M revenue grew around 40% year-on-year, and PAT grew 36% year-on-year to Rs 53 crore.
Numbers mentioned
Revenue: Rs 1,590 crores (Q1 FY27)
p. 5
“For Q1 FY27, our revenue came in at INR1,590 crores, and it was lower both sequentially and year-on-year due to lower rate of execution, primarily in the international EPC segment.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Unexecuted Order Value (UOV): Rs 13,000 crores (Q1 FY27)
p. 3
“With this order win, we concluded Q1 FY27 with highest ever UOV of INR13,000 crores, driving a strong visibility for revenue growth for forthcoming quarters.”
C.K. Thakur, page 3 of the filed PDF · View the filing
Gross margin: 9.9% (Q1 FY27)
p. 5
“On the gross margin front, our Q1 FY27 gross margins were around 9.9% compared to 10.5% in FY26.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Operational EBITDA: Rs 78 crores (Q1 FY27)
p. 5
“Our operational EBITDA, which is operating revenues less recurring overheads amounted to INR78 crores this quarter, and the operational EBITDA margin was around 4.9%.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Reported EBITDA: Rs 96 crores (Q1 FY27)
p. 5
“Our reported quarterly EBITDA was also positively impacted by forex gains and amounted to INR96 crores.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
PAT: Rs 53 crores (Q1 FY27)
p. 5
“Our Q1 PAT grew 36% year-on-year to INR53 crores, aided by lower effective taxation rates.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Net working capital: negative Rs 260 crores (Q1 FY27)
p. 5
“Our net working capital was at negative INR260 crores compared to negative INR329 crores in previous quarter.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
O&M capacity under operations: 18.3 gigawatt peak (Q1 FY27)
p. 4
“We have now achieved a record 18.3 gigawatt peak capacities under operations.”
C.K. Thakur, page 4 of the filed PDF · View the filing
Bid pipeline: 27.7 gigawatt
p. 4
“The bid pipeline continues to remain extremely robust at 27.7 gigawatt, of which almost 90% is India focused.”
C.K. Thakur, page 4 of the filed PDF · View the filing
Fresh credit lines obtained: more than Rs 3,200 crores
p. 5
“We have cumulatively been able to obtain fresh credit lines to the tune of more than INR3,200 crores to let the growth momentum in the business.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Domestic orders concluded: Rs 6,400 crores (Q1 FY27)
p. 9
“Unfortunately, the total orders that were concluded was only INR6,400 crores, including both the PSU and the IPP.”
C.K. Thakur, page 9 of the filed PDF · View the filing
O&M revenue expectation: Rs 400 crores to Rs 450 crores (FY27)
p. 15
“We expect a revenue of more than INR400 crores, in the range of INR400 crores to INR450 crores in the current year from O&M business, vis-a-vis around INR268 crores in the last year.”
Ajit Pratap Singh, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 10% to 15% · FY27
stated firmly by C.K. Thakur
p. 4
“We anticipate ordering activity to pick up from this quarter in the domestic market, and we are confident of maintaining our market share, which, in our view, should enable us to deliver 10% to 15% growth in revenue, this fiscal despite the high base of financial year '26.”
C.K. Thakur, page 4 of the filed PDF · View the filing
EPC gross margin — 8% to 10%
stated conditionally by Ajit Pratap Singh
p. 5
“We expect the EPC gross margin to range between 8% to 10%, depending on the project mix of turnkey and BoS.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
O&M gross margin — around 20%
stated firmly by Ajit Pratap Singh
p. 5
“On the O&M side, we expect gross margins to stabilize at around 20% level.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
O&M full portfolio contribution — Q3 FY27
stated firmly by Ajit Pratap Singh
p. 5
“We anticipate full contribution of 18.3 gigawatt to commence from Q3 FY27 onwards.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Egypt project revenue contribution — last quarter of this financial year
stated conditionally by C.K. Thakur
p. 6
“With this September NTP, we are expecting that the revenue contribution from this project will add to the last quarter of this financial year.”
C.K. Thakur, page 6 of the filed PDF · View the filing
Order book growth — more than Rs 10,000 crores · FY27
stated as an aspiration by C.K. Thakur
p. 18
“We can say that the order book would be definitely more than INR10,000 crores in this financial year.”
C.K. Thakur, page 18 of the filed PDF · View the filing
Q4 revenue target — over Rs 2,500 crores · Q4 FY27
stated firmly by C.K. Thakur
p. 10
“So achieving the target of over INR2,500 crores, I don't foresee any challenge in that.”
C.K. Thakur, page 10 of the filed PDF · View the filing
Q2 revenue — Q2 FY27
stated conditionally by C.K. Thakur
p. 8
“But nevertheless, the number that we have achieved in this quarter, I'm confident of achieving I mean, in the similar range for the next quarter as well.”
C.K. Thakur, page 8 of the filed PDF · View the filing
Indemnity recovery — Rs 120 crores to Rs 130 crores · current year
stated conditionally by Ajit Pratap Singh
p. 17
“Current year, we are expecting in the range of INR120 crores to INR130 crores to get realized under indemnity.”
Ajit Pratap Singh, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said NTP/LOA dates for new orders were delayed, so contributions could not add to the quarter's revenue, and this was a seasonal dip expected to reverse in H2.
Answered by C.K. Thakur
Asked by Kunal Shah: Why did revenue decline 10% YoY despite strong order inflow, and why has guidance been lowered from 15% to 10-15%?
p. 6
“The NTP dates or LOA for these projects were delayed for the specific reasons and the contributions from those new orders could not add to this quarter's revenue streams.”
C.K. Thakur, page 6 of the filed PDF · View the filing
Management said the Coal India order under DCR category already has locked pricing, so there is no exposure to module price increases on that order.
Answered by C.K. Thakur
Asked by Yash Jhurani: How exposed is the UOV to ALMM and DCR-related module price risk?
p. 7
“Interestingly, we have already locked the price, the price at which we have -- I mean we submitted our bids.”
C.K. Thakur, page 7 of the filed PDF · View the filing
Management said only Rs6,400 crore of orders were concluded this quarter versus an expected Rs20,000 crore, but a large pipeline of Rs45,000-50,000 crore is expected in Q3 and Q4.
Answered by C.K. Thakur
Asked by Faizal Hawa: What is the current hit rate and bid pipeline in India?
p. 9
“So I'm expecting that this quarter and the next quarter, our shortfall will be definitely catching up. So it is a huge pipeline, significant orders we see, and we are anticipating our share to remain intact.”
C.K. Thakur, page 9 of the filed PDF · View the filing
Management confirmed guidance excludes Reliance and said the company is geared up and has no option but to achieve the required execution scale.
Answered by C.K. Thakur
Asked by Jayesh Shroff: With lowered guidance and slow Q2, will H2 execution of Rs2,600-3,000 crore per quarter be achievable, and is 10-15% guidance ex-Reliance?
p. 10
“Boss, we have no option. I mean we have to perform at that level.”
C.K. Thakur, page 10 of the filed PDF · View the filing
Management said contract timelines have not yet started for delayed orders since LOA has not been issued, so there is no such risk currently.
Answered by C.K. Thakur
Asked by Adwait Javkar: Do project delays increase risk of bank guarantee invocation or contract termination?
p. 11
“So there's no question of the bank guarantee invocations or any further risk on such orders.”
C.K. Thakur, page 11 of the filed PDF · View the filing
Management said the two large US claims are in court and could take 2-3 years, while others may settle sooner via arbitration.
Answered by C.K. Thakur
Asked by Adwait Javkar: When will the ~Rs1,800 crore of claims be resolved or recovered?
p. 11
“The settlement of this case in the court will take, let's say, 2 to 3 years' time.”
C.K. Thakur, page 11 of the filed PDF · View the filing
Management said around Rs110 crore of the ~Rs200 crore arbitration amount is covered under LD indemnity.
Answered by Ajit Pratap Singh
Asked by Anirudh Singhi: Is the Australia arbitration covered by indemnity, and what is the total exposure?
p. 13
“Around INR110 crores is covered under LD.”
Ajit Pratap Singh, page 13 of the filed PDF · View the filing
Management said they are carefully evaluating partners for Make in India battery supply given performance risk sits with the EPC company.
Answered by C.K. Thakur
Asked by Balasubramanian: What is the BESS sourcing strategy given the immature Indian battery market?
p. 14
“So we are very, very carefully evaluating that who all could be our partners in the future, particularly looking at their performance and all - because as a EPC company, the performance criteria comes on our head.”
C.K. Thakur, page 14 of the filed PDF · View the filing
Management attributed the jump to EPC project completions moving into O&M and a large 1.2 GW third-party order win.
Answered by C.K. Thakur
Asked by Kenil Mehta: Why did O&M capacity jump from 13.5 GW to 18.3 GW in one quarter?
p. 15
“So last year we completed around 5.8 gigawatt DC commissioning. And all those projects which we commissioned, I mean, straight they have come to the O&M stage because those orders were for 2 to 3 years of O&M in our scope.”
C.K. Thakur, page 15 of the filed PDF · View the filing
Management said around Rs800 crore is covered under indemnity and expected to be realized over the next couple of years.
Answered by Ajit Pratap Singh
Asked by Shrish Vaze: How much of the Rs1,054 crore LC/BG invocation receivables are covered under indemnity?
p. 17
“We are cash out and covered under indemnity for around INR800 crores, which is likely to fructify over next couple of years.”
Ajit Pratap Singh, page 17 of the filed PDF · View the filing
Risks flagged
Domestic solar EPC market slowdown due to geopolitical tensions, volatile commodity prices and high module prices
p. 3
“The domestic solar EPC market remained a bit slow for a second consecutive quarter due to geographical tensions, volatile commodity prices and high domestic module prices, which deferred new projects awards.”
C.K. Thakur, page 3 of the filed PDF · View the filing
Delay in NTP/LOA for new orders impacting revenue recognition
p. 6
“Unfortunately, all new orders launched were delayed. And therefore, I mean, this is the seasonal phenomena that the revenue has dipped.”
C.K. Thakur, page 6 of the filed PDF · View the filing
Monsoon season affecting execution in Q2
p. 8
“So on the existing UOV in the hands, to that extent, it will be impacted and plus the rainy season, the monsoons, right? So that also will slightly affect.”
C.K. Thakur, page 8 of the filed PDF · View the filing
Ongoing litigation and arbitration claims including US court cases taking 2-3 years to resolve
p. 17
“So while the U.S. claim, the cases are under the court, which will take pretty longer times, maybe 2 to 3 years.”
C.K. Thakur, page 17 of the filed PDF · View the filing
Uncertainty and volatility in the DCR/battery market pricing and localization pressures
p. 7
“So despite the fact that the market is not stabilized, the DCR market, there are a lot of speculations all around.”
C.K. Thakur, page 7 of the filed PDF · View the filing
Aggressive new entrants in the bidding market leading to lower order wins
p. 9
“Some of the new entrants have gone aggressive and we remain patient to see the profitable orders.”
C.K. Thakur, page 9 of the filed PDF · View the filing
Nigeria market delays due to procedural issues and upcoming elections
p. 14
“So Nigeria market, I'll say we -- I mean, it's a slow procedural delay I mean delayed onto the procedure side. Then, again, elections becoming due and all, it may get further delayed.”
C.K. Thakur, page 14 of the filed PDF · View the filing
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