SWSOLAR Q3 FY26 Revenue at ₹2,092 Cr, Up 14% YoY; Order Inflow Guidance Revised Higher
Sterling and Wilson Renewable Energy Limited reported Q3 FY26 revenue of ₹2,092 crore, up 14% YoY. The company revised its FY26 order inflow guidance upwards to over ₹11,000 crore. Key developments include a framework agreement with Adani Green and a new turnkey order from South Africa worth USD 147 million. Net debt decreased, and net working capital improved.
The upward revision of order inflow guidance by over 60% and the securing of substantial new orders are material events that are likely to have a significant impact on the company's future performance and investor sentiment.
The company reported strong year-on-year revenue growth, revised its order inflow guidance upwards significantly, and secured new significant orders. These positive financial and operational developments indicate a favorable outlook.
Sterling and Wilson Renewable Energy Limited (SWREL) has announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The company reported a revenue of ₹2,092 crore for Q3 FY26, marking a 14% year-on-year increase, driven by a higher execution pace in domestic EPC projects. For the nine months ended December 31, 2025, the revenue stood at ₹5,602 crore, a significant 48% year-on-year growth compared to ₹3,783 crore in 9MFY25.
The Gross Margin for 9MFY26 was 10.0%, compared to 10.1% for FY25. In Q3 FY26, the Gross Margin improved sequentially to 9.5% from 8.9% in Q2 FY26 and also showed an improvement compared to 9.4% in Q3 FY25. The company incurred an exceptional cost of approximately ₹31 crore in Q3 FY26 due to a final arbitration ruling in a US subcontractor case.
SWREL has revised its order inflow guidance for FY26 to be more than ₹11,000 crore, representing over 60% year-on-year growth, a significant upward revision from the initial 15% guidance. The company signed a 5-year framework agreement with Adani Green and received its first BoS order from Adani in Q3 FY26. Additionally, SWREL secured a new turnkey order from South Africa worth USD 147 million (approximately ₹1,225 crore) and two new domestic orders, including a BESS order, totaling approximately ₹382 crore.
The company's order book as of March 2025 stood at ₹9,096 crore, with an unexecuted order value of ₹10,413 crore as of December 2025. The bid pipeline for Q4 FY26 is 8.4 GW. SWREL's net debt has decreased to ₹738 crore in December 2025 from ₹742 crore in September 2025. Net working capital improved to a negative ₹407 crore from a negative ₹602 crore in the previous quarter.
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Sterling and Wilson Renewable Energy Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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