Sterling and Wilson Renewable Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sterling and Wilson Renewable Energy Ltd filed with BSE on 30 Apr 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 FY26 order inflows of over INR10,000 crores, a 43% year-on-year increase, and an unexecuted order value exceeding INR11,800 crores. The company achieved its highest annual turnover since listing at INR7,548 crores, up 20% over FY25, and its highest ever quarterly PAT of INR142 crores in Q4 FY26, though the full year reported a net loss of INR296 crores due to exceptional litigation-related items of INR611 crores. Management discussed ongoing engagement with Reliance New Energy, ongoing US litigation matters, and outlook for order growth, battery storage, and margins.
Numbers mentioned
New EPC orders inflow: INR10,062 crores (FY26)
p. 4
“New EPC orders inflow grew more than 43% year-on-year to INR10,062 crores, while we had conservatively projected 15% growth in order inflows at the start of this fiscal year.”
C.K. Thakur, page 4 of the filed PDF · View the filing
Unexecuted order value: INR11,813 crores (FY26)
p. 4
“our unexecuted order value is now at a record high of about INR11,813 crores compared to INR9,096 crores last fiscal.”
C.K. Thakur, page 4 of the filed PDF · View the filing
Annual turnover: INR7,548 crores (FY26)
p. 5
“we achieved our highest annual turnover since listing of INR7,548 crores, which was 20% higher than FY25.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Quarterly PAT: INR142 crores (Q4 FY26)
p. 5
“company achieved its highest ever reported quarterly PAT number since listing - of INR142 crores in quarter 4 FY26.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Q4 revenue: INR1,946 crores (Q4 FY26)
p. 5
“For Q4 FY26, our revenue came in at INR1,946 crores.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Gross margin: 10.5% (FY26)
p. 5
“our FY26 gross margin improved to 10.5% versus 10.1% in FY25, primarily aided by International EPC segment, where margins reflated to 13.2% versus 8% in FY25.”
Ajit Pratap Singh, page 5 of the filed PDF · View the filing
Operational EBITDA: INR444 crores (FY26)
p. 6
“Our operational EBITDA, which is operating revenues less recurring overheads amounted to INR444 crores this fiscal and grew 53% year-on-year.”
Ajit Pratap Singh, page 6 of the filed PDF · View the filing
Operational EBITDA margin: 5.9% (FY26)
p. 6
“The operational EBITDA margin was around 5.9% and we believe these are beginning to trend towards steady state levels.”
Ajit Pratap Singh, page 6 of the filed PDF · View the filing
Annual recurring overheads: INR349 crores (FY26)
p. 6
“Our annual recurring overheads of INR349 crores has remained steady this year and is at similar levels compared to last year, even with higher revenue growth this fiscal.”
Ajit Pratap Singh, page 6 of the filed PDF · View the filing
FY26 reported PAT/loss: INR296 crores loss (FY26)
p. 6
“Reported FY26 PAT was negatively impacted by exceptional items of INR611 crores, primarily related to litigation matters reported during quarter 2 and quarter 3, leading to an annual loss of INR296 crores.”
Ajit Pratap Singh, page 6 of the filed PDF · View the filing
Net working capital: negative INR329 crores (Q4 FY26)
p. 6
“Our net working capital was at negative INR329 crores compared to negative INR407 crores in previous quarter due to a pickup in vendor payments in Q4.”
Ajit Pratap Singh, page 6 of the filed PDF · View the filing
O&M portfolio size: 13.5 gigawatts (FY26)
p. 3
“The total portfolio size has increased to 13.5 gigawatts from 8.7 gigawatts in last fiscal, making us probably one of the largest third-party O&M players globally.”
C.K. Thakur, page 3 of the filed PDF · View the filing
Solar projects commissioned: 4.5 gigawatt AC / 5.9 gigawatt DC (FY26)
p. 3
“we have been able to deliver and commission almost 4.5 gigawatt AC, equivalent to nearly 5.9 gigawatt DC of solar PV projects in India and international market.”
C.K. Thakur, page 3 of the filed PDF · View the filing
Fresh credit lines raised: INR2,800 crores (FY26)
p. 6
“We have cumulatively been able to raise fresh credit lines to the tune of nearly INR2,800 crores.”
Ajit Pratap Singh, page 6 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 — 15% · FY27
stated firmly by C.K. Thakur
p. 8
“So we'll definitely be growing at a reasonably, let's say, 15% I mean, growth, yes.”
C.K. Thakur, page 8 of the filed PDF · View the filing
EPC gross margin — 8% to 10%
stated firmly by Ajit Pratap Singh
p. 6
“We reiterate that we anticipate EPC gross margins to range between 8% to 10%, depending on whether they are turnkey or BOS orders.”
Ajit Pratap Singh, page 6 of the filed PDF · View the filing
O&M gross margin — around 20%
stated firmly by Ajit Pratap Singh
p. 6
“On the O&M side, we expect the gross margin to stabilize at around 20% level.”
Ajit Pratap Singh, page 6 of the filed PDF · View the filing
Reliance order inflow/execution — current financial year
stated conditionally by C.K. Thakur
p. 11
“So current year, it should happen. But I mean, just to pinpoint that it is going to happen this quarter or next, I'm not in a position to tell you now, but this year, definitely it should happen.”
C.K. Thakur, page 11 of the filed PDF · View the filing
Order book growth — about 15% more than current order book · FY27 end
stated conditionally by C.K. Thakur
p. 18
“So conservatively, we feel that we must be growing at 15% growth rate, from last year.”
C.K. Thakur, page 18 of the filed PDF · View the filing
BESS share of new orders — around 20%
stated as an aspiration by C.K. Thakur
p. 14
“So on the conservative number, you can say that, let's say, in our new orders books, I'm expecting 20% order to come from the battery, rest will be from the solar.”
C.K. Thakur, page 14 of the filed PDF · View the filing
Market share in solar EPC — more than 25%
stated conditionally by C.K. Thakur
p. 17
“So with this run rate, our market share would be definitely more than 25%. That's what I can give you a at this stage.”
C.K. Thakur, page 17 of the filed PDF · View the filing
EBITDA margin (overheads) — 4% to 4.5%
stated firmly by Ajit Pratap Singh
p. 19
“So our overheads would be in the range of 4% to 4.5% max to max.”
Ajit Pratap Singh, page 19 of the filed PDF · View the filing
Nigeria project timing — this financial year
stated conditionally by C.K. Thakur
p. 7
“It may not be happening in maybe this financial year.”
C.K. Thakur, page 7 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 third-party O&M margins are targeted above 20%, gross margin, with Reliance still in technical discussions expected to yield traction this year, and Nigeria delayed due to elections and unlikely this fiscal.
Answered by C.K. Thakur
Asked by Saurabh Srivastava: What margins are expected on third-party O&M orders and what is the status of Reliance New Energy and the Nigeria project?
p. 7
“So they are all in the range of 20% to 25%. So it all depends on what kind of orders or what kind of the scopes are, but it is not fixed.”
C.K. Thakur, page 7 of the filed PDF · View the filing
Management attributed the Q4 slowdown to industry-wide order deferrals from commodity price uncertainty and guided to about 15% revenue growth, excluding any contribution from Reliance.
Answered by C.K. Thakur
Asked by Sameer Dalal: Why did Q4 revenue decline despite the order backlog, and what is the revenue guidance for next year?
p. 8
“So all those orders that were slated to be concluded in quarter 4, most of them have been shifted to quarter 1. And not that our share has gone down.”
C.K. Thakur, page 8 of the filed PDF · View the filing
CFO explained that three international projects nearing completion generated savings over budgeted cost, boosting margins, which he characterized as one-off in nature.
Answered by Ajit Pratap Singh
Asked by Bhavik Shah: What caused the improvement in gross margins this quarter despite lower revenue?
p. 10
“So there were 3 projects, international projects, which were towards fag end of completion. And so there were certain savings over the budgeted cost that has improved our overall margin, particularly that came from international projects.”
Ajit Pratap Singh, page 10 of the filed PDF · View the filing
Management confirmed INR200 crores cash outflow largely indemnified by promoters, with possible additional litigation costs if cases are lost, though they expect a favorable outcome.
Answered by Ajit Pratap Singh
Asked by Jayesh Shroff: What is the potential financial exposure from ongoing US litigation cases?
p. 12
“We are out of money for around more than INR200 crores and that is predominantly backed by the promoters under indemnity agreement on the US cases.”
Ajit Pratap Singh, page 12 of the filed PDF · View the filing
CFO said the rating was upgraded two notches during the year and new credit lines of INR2,800 crores were secured, with LC and bank guarantee costs reduced.
Answered by Ajit Pratap Singh
Asked by Fazal Hawa: Has the company's credit rating changed and is it affecting bank guarantee issuance?
p. 15
“First question, there's no downgrade in the rating. We are rated as BBB+, while in the beginning of the year we were rated a BBB-.”
Ajit Pratap Singh, page 15 of the filed PDF · View the filing
Management cited a surge in commodity prices from January and grid connectivity issues in Rajasthan linked to a GIB court matter as reasons for the slowdown, expecting improvement going forward.
Answered by C.K. Thakur
Asked by Amish Kanani: What caused the recent order booking slowdown and is it expected to continue?
p. 17
“So basically, there are a couple of reasons. So for the last quarter slowdown, I will say that there was basically commodities price surge, from January onwards if you see the LME prices for copper, aluminium other things going up.”
C.K. Thakur, page 17 of the filed PDF · View the filing
Management estimated the overall bid pipeline opportunity at roughly INR50,000-55,000 crores with the company's market share expected to remain around 25%, implying about 15% order book growth.
Answered by C.K. Thakur
Asked by Deepak Poddar: What is the size of the bid pipeline in rupee terms and expected order book growth for FY27?
p. 18
“Overall opportunity, if you see that is over INR50,000 crores, basically, maybe INR55,000 crores, right, in the -- I mean, overall.”
C.K. Thakur, page 18 of the filed PDF · View the filing
Risks flagged
Rising solar module and commodity prices due to Chinese production cuts and export tax credit removal
p. 5
“PV module prices globally have been rising since January, driven in part by production cuts in China and the removal of Chinese export tax credits effective April 1st and due to the highly volatile commodity prices, especially key inputs like silver, etcetera.”
C.K. Thakur, page 5 of the filed PDF · View the filing
Ongoing US litigation with uncertain additional cost exposure
p. 12
“Since it is a court case -- we are not considering that we will be losing the case and therefore, no provision to be made at this stage.”
C. K. Thakur, page 12 of the filed PDF · View the filing
Grid connectivity constraints in Rajasthan delaying project execution
p. 17
“Around more than 40 gigawatt of kind of orders are where the PPA already signed but the connectivity is not there. So there was a GIB issue as well.”
C.K. Thakur, page 17 of the filed PDF · View the filing
Slow, uncertain order finalization from Reliance New Energy
p. 10
“No, I can't be discussing more on these kind of things. But of course, I mean, Khavda being a large project -- I mean, the Kutch being a very, very large project.”
C.K. Thakur, page 10 of the filed PDF · View the filing
Delay in Nigeria project due to political factors
p. 7
“So Nigeria, yes, so basically, it's on a slow pace. Again, I mean, the election coming in and all.”
C.K. Thakur, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.