Sterling and Wilson Renewable Energy Limited has released the transcript for its Q2 FY27 earnings conference call, held on October 16, 2026. The discussion covered the company’s operating performance, industry overview, financial updates, and outlook for the remainder of the fiscal year, including order wins and pipeline details.
Sterling and Wilson Renewable Energy: Q2 FY27 Earnings Conference Call Transcript Available
Sterling and Wilson Renewable Energy Limited has provided the transcript of its Q2 FY27 Earnings Conference Call. The call, which took place on October 16, 2026, featured discussions on the company’s performance, market conditions, and future strategies.
Industry Overview and Challenges
During the call, the company highlighted the continued rapid growth of India’s renewable energy sector, with renewable and large hydro capacity reaching approximately 308 gigawatts by September 2026. Solar power was identified as the primary driver of this growth, with installed solar capacity reaching about 171 gigawatts. However, the near term presented challenges, including delays in utility-scale awards attributed to the shift towards domestic solar cells mandated by ALMM-II, and transmission constraints. Competitive landscapes, particularly in reverse auctions, were also noted as impacting domestic order wins.
Operational and Financial Performance
For Q2 FY27, revenue stood at INR1,527 crore, with first half revenue at INR3,118 crore, an 11% decrease compared to H1 FY26, primarily due to lower international business. Domestic EPC revenue saw a 13% growth in H1, while O&M revenues increased by 48% in H1. Gross profit for the quarter was INR140 crore, with a gross margin of 9.2%. The company maintained its revenue growth guidance of up to 10% for FY27, expecting a stronger second half driven by international projects and new domestic orders.
Order Book and Future Outlook
The company’s order book stood at INR12,481 crore as of September 30, 2026, a 34% increase year-on-year. Approximately 56% of the order book is from India (INR6,943 crore) and 44% is international (INR5,538 crore). Sterling and Wilson won orders worth INR3,626 crore in the first half, with a deliberate focus on international markets for better margins. The solar bid pipeline, excluding battery storage, grew to 34 gigawatts. Bidding opportunities worth about INR45,000 crore to INR50,000 crore are anticipated for solar and storage in the second half of the year. The company is also working closely with Reliance on its integrated renewable energy hub project.
Banking and Credit Facilities
The company has secured approximately INR4,600 crore in new credit lines from the banking system over the last year and the current year, in addition to over INR700 crore from surety bonds. Credit utilization is around 70%, providing comfort for bank guarantees and LCs. The company is also looking to approach rating agencies for a review of its rating, potentially following positive news such as Reliance orders.
O&M Business Growth
The O&M business continues to grow strongly, with a portfolio reaching 18.9 gigawatts. O&M revenue grew approximately 55% to INR99 crore in Q2 and 48% to INR183 crore in the first half. The company expects O&M revenue to exceed INR400 crore for the full year, with a gross margin of around 20%. Sterling and Wilson is also actively bidding for international O&M business.
Source: BSE
