Sterling and Wilson Renewable Energy Limited reported strong Q3 FY26 results, highlighting significant order inflows and a strategic partnership with Adani Green Energy Limited. The company achieved new orders of INR6,929 crores year-to-date, including INR3,086 crores in Q3 FY26. With this momentum, the company has increased its order inflow guidance to over INR11,000 crores for the fiscal year. The strong performance demonstrates the company’s solid execution and strategic positioning in the renewable energy sector.
Order Inflow and Strategic Developments
Sterling and Wilson Renewable Energy Limited announced a substantial increase in order inflows and a strategic partnership framework agreement. The company’s current order inflows for the fiscal year have reached INR6,929 crores. This includes new orders of INR3,086 crores secured in Q3 FY26 through four new project wins, demonstrating the company’s growth trajectory.
Strategic Partnership with Adani Green
A key highlight is the multiyear strategic partnership framework agreement with Adani Green Energy Limited. This framework is designed to support utility-scale renewable deployments. This partnership recognizes Sterling and Wilson’s execution capabilities, operating discipline, and increasing relevance in India’s renewable energy sector.
Key Project Wins in Q3 FY26
The company secured several notable orders in Q3 FY26:
- A gigawatt-scale order from Adani Green for a balance of system package valued at approximately INR1,381 crores.
- A 210-megawatt project from a private IPP.
- A 790-megawatt hour battery energy storage project from Serentica.
- A 240-megawatt turnkey project in South Africa worth nearly USD147 million.
Financial Performance
The company’s financial performance continues to improve, with top-line growth of nearly 48% year-on-year. Unexecuted order value stands at INR10,413 crores. 9MFY26 gross margin was 10%. Operational EBITDA amounted to INR105 crores in Q3 FY26, and is up 115% to INR289 crores for 9MFY26. Net debt decreased to INR738 crores and the company continues to operate in a negative working capital cycle.
Operations and Maintenance
The operations and maintenance business continues to be a growing annuity stream, now touching the 10-gigawatt portfolio mark. This segment contributes meaningfully to revenue stability and margin resilience over time.
Industry Outlook
Sterling and Wilson anticipates a strong pipeline of projects, estimating nearly 6 to 7 gigawatts of orders to be bid out in Q4 FY26 in India. The company is also in active dialogue with Reliance for their large multiyear multi-gigawatt RE rollout. The company expects the market bids for financial year 2027 can surpass over 30 gigawatt.
Source: BSE
