Sterling and Wilson Renewable Energy Q1 FY27 Earnings Call Transcript Released
Sterling and Wilson Renewable Energy reported its Q1 FY27 results with revenue at ₹1,590 crores. The company secured a significant ₹4,660 crore ($560 million) solar-plus-storage project in Egypt. Unexecuted Order Value (UOV) reached a record ₹13,000 crores. The company projects 10-15% revenue growth for FY27, with strong execution expected in H2.
The announcement includes a significant new international order win, record order book value, and a reaffirmed full-year revenue growth guidance, all of which are material positive developments for the company's future prospects.
The company secured a large international order, achieved record UOV, and maintained a positive growth outlook for the fiscal year, despite a slow Q1 revenue. The management expressed confidence in future execution and financial performance.
Sterling and Wilson Renewable Energy Limited has released the transcript of its Investors Call held on July 17, 2026, concerning the Unaudited Standalone and Consolidated Financial results for the quarter ended June 30, 2026. The call featured insights from Global CEO Mr. C.K. Thakur and CFO Mr. Ajit Pratap Singh.
Mr. Thakur highlighted a significant milestone with a letter of award for a 50-50 joint venture in Egypt for a 1,000 MW AC solar PV plant integrated with a 600 MWh battery energy storage system, valued at approximately USD 560 million (₹4,660 crores). This marks the third gigawatt-scale order win in nine months, contributing to the company's highest ever Unexecuted Order Value (UOV) of ₹13,000 crores. These new orders are expected to commence meaningful contribution in the second half of the fiscal year, potentially improving the working capital cycle. The domestic solar EPC market has been slow for two consecutive quarters due to geopolitical tensions and volatile commodity prices, but the battery storage market is growing exponentially.
The company's bid pipeline remains robust at 27.7 GW, primarily India-focused, with a strong outlook for the Africa, Middle East, and certain European markets. The Operations and Maintenance (O&M) segment has reached a record 18.3 GW peak capacity under operations, expected to contribute steadily from Q3 FY27. Sterling and Wilson is also working closely with the Reliance Group on their integrated renewable energy hub in Gujarat.
Financially, Q1 FY27 revenue was ₹1,590 crores, lower year-on-year and sequentially due to lower execution rates, particularly in international EPC. However, the company anticipates 10% to 15% revenue growth for the full fiscal year, driven by a strong pickup in forthcoming quarters. Gross margins were 9.9% for Q1 FY27, with an expected EPC range of 8% to 10% and O&M margins stabilizing around 20%. Operational EBITDA was ₹78 crores, with reported EBITDA at ₹96 crores, and PAT grew 36% year-on-year to ₹53 crores. Net debt levels remained stable, with gross borrowings declining by ₹130 crores. The company has secured fresh credit lines totaling over ₹3,200 crores.
Regarding project execution, the Egypt project is expected to have an NTP in September, with revenue contribution anticipated in the last quarter of FY27. The company is confident in its ability to execute the projected revenues for H2 FY27, including potential contributions from Reliance projects, despite the Q2 FY27 potentially remaining slow due to monsoons and the timing of new order realizations. Management reiterated their commitment to delivering performance and managing overheads effectively.
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