Sterling and Wilson Renewable Energy Q3FY26 Earnings Call Transcript Released
Sterling and Wilson Renewable Energy released its Q3 FY26 earnings call transcript. The company secured INR3,086 crores in new orders in Q3 FY26, including a INR1,381 crores order from Adani Green. FY26 order inflow guidance increased to over INR11,000 crores. Q3 FY26 revenue reached INR2,092 crores, with 9-month revenue at INR5,602 crores. Operational EBITDA was INR105 crores.
The substantial increase in order inflow guidance, new large-scale project wins, and strategic partnerships indicate significant future business growth and revenue potential, which will have a high impact on the company's performance.
The company has increased its order inflow guidance, secured significant new orders including a strategic partnership with Adani Green, and reported strong revenue growth. The financial performance and outlook appear positive, despite some one-off costs being addressed.
Sterling and Wilson Renewable Energy Limited has released the transcript of its Investors Call held on January 16, 2026, to discuss the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2025.
The call featured Global CEO Mr. C.K. Thakur and CFO Mr. Ajit Pratap Singh, who provided business and financial highlights. Mr. Thakur noted achieving INR6,929 crores in new orders year-to-date, with INR3,086 crores secured in Q3 FY26 from four new project wins. This includes a gigawatt-scale order from Adani Green for a balance of system package at the Khavda Renewables Energy Park, valued at approximately INR1,381 crores. The company has also entered into a multi-year strategic partnership framework agreement with Adani Green Energy Limited. Other key domestic wins include a 210-megawatt project from a private IPP and a 790-megawatt hour battery energy storage project from Serentica. Internationally, the company secured a 240-megawatt turnkey project in South Africa worth nearly USD 147 million (approximately INR1,223 crores).
Sterling and Wilson Renewable Energy has increased its order inflow guidance for FY26 to over INR11,000 crores, representing more than a 60% year-on-year growth. The unexecuted order book stands at INR10,413 crores. The Operations and Maintenance (O&M) business has reached a 10-gigawatt portfolio mark.
Financially, the company reported its highest ever third-quarter top-line performance since listing, with revenues reaching INR2,092 crores for Q3 FY26. For the 9-month period, revenue grew 48% year-on-year to INR5,602 crores. Gross margin for 9MFY26 was 10%, with Q3 FY26 gross margin at 9.5%. Operational EBITDA for Q3 FY26 was INR105 crores, up from INR90 crores in Q3 FY25. Net debt remained stable at INR738 crores, with net working capital improving to negative INR407 crores.
The management addressed concerns regarding the Conti matter, stating that the INR30 crores impact from legal expenses related to it has been accounted for, and this matter is now considered closed. They also clarified that most other legal cases are covered under indemnity. The company expects EBITDA margins to be in the range of 5% plus and gross margins between 8% to 10% from Q4 FY26 onwards.
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