Key Financial Figures - Q1 FY27 (Consolidated)

  • Revenue: INR 1,590 crore
  • Gross Profit: INR 157 crore
  • Gross Margin: 9.9%
  • EBITDA: INR 96 crore
  • EBITDA Margin: 6.0%
  • PBT: INR 57 crore
  • PBT Margin: 3.6%
  • PAT: INR 53 crore
  • PAT Margin: 3.3%
  • PAT Growth: 36% YoY increase

Operational Highlights

  • EPC Portfolio: 28.7 GWp globally
  • O&M Portfolio: 18.3 GWp (grown from 13.5 GWp in FY26)
  • O&M Revenue Growth: ~40% YoY increase in Q1 FY27
  • Global Manpower: 4,138 employees
  • O&M Manpower: 544+ in-house team
  • Projects Under Execution: Over 50 projects
  • Commissioned Capacity: 18.3 GW
  • Under-Construction Capacity: 10.4 GW

Order Book & Pipeline

  • Unexecuted Order Value (UOV): Record INR 13,024 crore as of June 2026
  • UOV by Region: Domestic UOV of ~INR 7,900 crore
  • Order Inflow YTD: Includes major project wins
  • Bid Pipeline - FY27 (Ex-BESS): Strong pipeline indicated

Major Contract Wins

  • Egypt Project: 1 GW + 600 MWh BESS turnkey project worth ~USD 560 million
  • SWREL Share: ~USD 280 million (~INR 2,641 crore) through 50-50 JV
  • NTPC Contracts: Previously awarded 1.6 GW domestic EPC contract and subsequent 1,500 MW order

Balance Sheet Position - June 2026

  • Shareholders Equity: INR 709 crore (increased from INR 651 crore in Mar-26)
  • Bank Borrowings: INR 1,035 crore (decreased from INR 1,164 crore in Mar-26)
  • Net Debt/Equity: 0.9x
  • Credit Rating: BBB+
  • Cash & Bank Balance: INR 400 crore (including fixed deposits)
  • Total Assets: INR 5,121 crore

Working Capital Analysis

  • Net Working Capital: Negative INR 260 crore (improved from negative INR 329 crore in Mar-26)
  • Current Assets: INR 2,926 crore
  • Receivables: INR 2,800 crore (including unbilled)
  • Receivable Days: 161 days
  • Current Liabilities: INR 3,186 crore
  • Trade Payables: INR 2,461 crore
  • Payable Days: 157 days
  • Advances from Customers: INR 725 crore

Segment Outlook

Domestic EPC:

  • Key growth engine with strong outlook
  • Gross margins anticipated at 8-10% depending on contract type (turnkey/BOS)
  • Pipeline for Domestic EPC and BESS remains very strong

International EPC:

  • Growing from small base post COVID with high potential
  • Middle East and Africa are key markets
  • Execution yet to commence in 2 South Africa projects won in FY26 and Egypt order won in Q1 FY27

Operations & Maintenance:

  • At key inflection point with stable annuity business
  • Streamlining operations to improve efficiency/margin
  • Gross margins anticipated at ~20%
  • Significant improvement in O&M revenue/EBITDA contribution expected this fiscal

Business Overview

The company is a leading solar EPC and O&M solutions provider offering:

  • End-to-end "concept to commission" solar EPC
  • Turnkey EPC and Balance of System (BoS) solutions for utility-scale and floating solar power projects
  • Solar plus storage solutions and hybrid projects including wind
  • Operations and maintenance services with centralized monitoring system

Recent Developments

  • Commissioned 4.5 GW AC capacities in FY26
  • Achieved highest annual turnover post IPO in FY26
  • O&M portfolio has grown 10X in 9 years
  • Ventured into Wind EPC in 2025
  • Solar O&M portfolio crossed 10 GW in 2025
  • Raised INR 1,500 crore through QIP route in 2023
  • Reliance New Energy acquired 40% stake in 2022

Corporate Recognition

  • Most Innovative Organisations 2026 by ET Edge - The Times Group
  • ESG Impact Award 2026 at 3rd Edition of Net Zero Summit & Awards 2026
  • 24th Annual Greentech Environment Award 2025
  • Clean Power Generation Excellence Award at 12th Mumbai Climate Summit & Awards 2025
  • Top Brand EPC 2025 by EUPD Research
  • EPC Company of the Year 2023 by Economic Times Energy Leadership

Forward Looking Statements

The presentation contains forward-looking statements regarding the company's general business plans, planned projects and strategy, future financial condition and growth prospects, subject to various risks and uncertainties including challenges to intellectual property, competition, litigation, and regulatory changes.

Compliance Information

Submitted by: Venkata Jagannadha Rao Chunduru, Company Secretary & Compliance Officer

Digitally signed on: July 16, 2026 at 17:23:52 +05'30'

Investor Contact

Company IR Email: ir@sterlingwilson.com

IR Advisors: Strategic Growth Advisors Private Limited

Contacts: Mr. Jigar Kavaiya (+91 9920602034) / Mr. Parin Narichania (+91 9930025733)