Sterling and Wilson Q1 Order Book Hits INR13,000 Crores

Revenue: INR1,590 crores (lower both sequentially and year-on-year)
Gross Margin: 9.9% (compared to 10.5% in FY26)
Operational EBITDA: INR78 crores with 4.9% margin
Reported EBITDA: INR96 crores (positively impacted by forex gains)
PAT: INR53 crores (grew 36% year-on-year, aided by lower effective taxation rates)
Net Working Capital: Negative INR260 crores (compared to negative INR329 crores previous quarter)
Gross Borrowings: Declined by approximately INR130 crores due to scheduled term loan repayments

Unexecuted Order Value (UOV): Record high of INR13,000 crores (post-COVID era high)
Order Composition: Comprises 6 turnkey projects (3 in India, 3 international) worth approximately INR9,000 crores, won during H2 FY26 and Q1 FY27
Expected Revenue Impact: Orders expected to start contributing meaningfully during second half of FY27
Working Capital Outlook: Expected to improve significantly as customer advances for large projects start flowing through

Egypt Project: Letter of award received in June 2026 for 50-50 joint venture with Hassan Allam Construction for West Minya Solar Power Project
Capacity: 1,000 MW AC solar PV plant integrated with 600 MWh battery energy storage system
Value: Approximately USD560 million
Expected NTP: September 2026
Execution Timeline: 13-15 months after NTP, with 2 months LNTP period
Revenue Contribution: Expected in last quarter of FY27

Domestic Market: Remained slow for second consecutive quarter due to geographical tensions, volatile commodity prices, and high domestic module prices
BESS Market: Activity increasing exponentially with both stand-alone BESS projects and hybrid solar projects with battery storage
Bid Pipeline: Extremely robust at 27.7 GW, with 90% India-focused
BESS Market Size: Expected to be almost equal to PV market in value terms
Revenue Guidance: 10-15% growth expected for FY27 despite high base of FY26
International Markets: Optimistic on Africa, Middle East, and certain European geographies

Portfolio Capacity: Record 18.3 GW peak under operations
Q1 Performance: Top line grew approximately 40% year-on-year
Expected Contribution: Full portfolio expected to contribute fully from Q3 FY27 onwards
Margin Outlook: Expected to stabilize at around 20% gross margin
FY27 Revenue Guidance: INR400-450 crores (compared to INR268 crores in FY26)

Working closely with Reliance Group on technical configuration and execution readiness for their integrated renewable energy hub in Kutch, Gujarat
Project scope: 5.5 lakh acres development designed to deliver round-the-clock power at gigawatt scale
Target: Generate excess of 40 billion units annually (equivalent to ~3% of India's current power demand)
Reliance's 40 GWh battery Gigafactory first phase on track for commissioning this year
Confident of getting large share of Reliance initiative

Maintain back-to-back pricing arrangements with supply chain
Stay away from mandates carrying land, major right-of-way or resource risk outside control
Operate on negative working capital model
All international solar projects completed successfully within projected margins
judiciously evaluate risk and rewards in international projects

Total Claims: Approximately INR1,800 crores
US Projects: Large claims from 2 US projects in court, expected settlement in 2-3 years
Australia Arbitration: INR200 crores total, with INR110 crores covered under indemnity (liquidated damages)
Other Claims: INR3,800 crores mentioned in annual report as frivolous claims with no cash out currently
Indemnity Coverage: INR800 crores covered under indemnity, with INR120-130 crores expected realization in current fiscal

Undisputed >3 years: INR145 crores (as of FY26)
Undisputed >1 year: INR392 crores (as of FY26)
Composition: Includes normal trade receivables, retention money, and litigated receivables
Credit Impairment: No expected credit impairment loss

Current Execution: 10.5 GW under execution
Manpower Increase: Due to project-specific requirements and O&M portfolio growth
Training Pipeline: 100 GETs (Graduate Engineer Trainees) being trained for future positions

Coal India Orders: Won under DCR category, prices already locked despite market volatility
BESS Projects: Currently executing one project where BESS supply is client's scope, not exposed to regulatory changes
Floating Solar: Executing India's largest floating plant with NTPC and DVC joint venture in Tilaiya, Jharkhand

Revenue decline attributed to delayed LOA/NTP for new projects and advanced stage execution of existing orders
No risk of bank guarantee invocation or contract termination for delayed projects as contract dates haven't started
Q2 expected to show similar performance due to monsoon season and delayed order conversions
Significant revenue pickup expected in Q3 and Q4 FY27