Event Type: Q2 FY27 Earnings Conference Call held on October 16, 2026, at 10:00 a.m. IST.

Management Participants:

  • Mr. C.K. Thakur – Global Chief Executive Officer
  • Mr. Ajit Pratap Singh – Chief Financial Officer
  • SGA (IR partners)

Purpose: Discussion of unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.

Compliance Statement: The company indicated that the call contained forward-looking statements based on beliefs, opinions and expectations as of the call date, with no specific mention of UPSI disclosure restrictions.

Financial Period Discussed: Q2 FY27 and H1 FY27 (quarter and half year ended September 30, 2026).

Financial Highlights:

  • Q2 FY27 revenue: INR1,527 crores (vs. INR1,749 crores in Q2 FY26)
  • H1 FY27 revenue: INR3,118 crores (11% decline YoY)
  • Domestic EPC revenue in H1: INR2,768 crores (13% growth)
  • International EPC revenue in H1: INR165 crores (vs. INR929 crores last year)
  • O&M revenue in H1: INR183 crores (48% growth)
  • Gross margin: 9.2% in Q2 (vs. 8.9% in Q2 FY26)
  • Operational EBITDA: INR56 crores (3.7% margin)
  • Profit after tax: INR17 crores in Q2 (vs. loss of INR478 crores in Q2 FY26)

Order Book Position:

  • Order book as of September 30, 2026: INR12,481 crores (34% higher YoY)
  • Domestic: INR6,943 crores (56%)
  • International: INR5,538 crores (44%)
  • H1 order wins: INR3,626 crores (90% international)

Key Projects Updates:

  • 8 projects (4 India, 4 overseas) awaiting start after LOA/NTP
  • 534 MW project in Rajasthan from new Indian IPP customer
  • 616 MW battery storage project in South Africa from Middle East developer
  • 1,000 MW AC solar plant with 600 MWh storage in Egypt (West Minya project) through 50-50 JV with Hassan Allam Construction
  • Floating solar projects at Tilaiya, Jharkhand nearing completion
  • Continued work under 5-year framework agreement with Adani Group

Guidance and Outlook:

  • Maintains FY27 revenue growth guidance of up to 10%
  • Expects EPC gross margin of 8-10%
  • Expects O&M gross margin around 20%
  • Expects order book to remain above INR10,000 crores at FY27 end
  • Expects O&M revenue exceeding INR400 crores in current year
  • Q3 expected to be better than H1, Q4 expected to be strongest quarter

Industry Context:

  • India's renewable capacity at 308 GW (53% of total generating capacity)
  • Solar capacity growth from 3 GW in 2014 to 171 GW currently
  • H1 2026 solar additions: 34 GW DC (38% more than year earlier)
  • Full-year 2026 expected additions: 50 GW DC
  • Challenges: Domestic solar cell requirements, PPA delays, transmission constraints
  • Government measures: Green Energy Corridor Phase-III (INR1.86 lakh crores outlay)
  • Battery storage: 8.2 GWh added in H1 2026, expected 45-50 GWh in FY27-FY28

Balance Sheet and Working Capital:

  • Net working capital: negative INR301 crores
  • Receivables: INR3,005 crores (176 days)
  • Gross borrowings: INR920 crores (reduced by INR244 crores in H1)
  • Cash and bank balances: INR319 crores
  • Net debt: INR601 crores
  • Secured INR3,000 crores of new credit lines in current year

Additional Notes:

  • Transcript of the investors call was made available on the company's website at www.sterlingandwilsonre.com
  • The document represents a regulatory filing under Regulation 30 read with Part A of Schedule III of SEBI (LODR) Regulations, 2015
  • No financial attachments were included beyond the transcript