Sterling and Wilson Renewable Energy Ltd

Sterling and Wilson Renewable Energy Limited (SWSOLAR) reported Q2 FY27 results on an earnings call held on October 16, 2026. Revenue for the quarter was INR1,527 crores, down from INR1,749 crores in Q2 FY26, primarily due to lower international revenue as older projects were completed and new ones delayed. Domestic EPC revenue grew 13% to INR2,768 crores, while O&M revenue rose 48% to INR183 crores. The company's order book stood at INR12,481 crores, up 34% year-over-year, with 56% from India and 44% internationally. Management highlighted delays in international projects due to financing and regulatory issues, but expects revenue to improve in H2 FY27, particularly with the Egypt Minya project starting execution. The company maintained its guidance of up to 10% revenue growth for FY27, citing upcoming project executions and strong international order book. EPC gross margin is expected to range between 8% and 10%, while O&M gross margin is around 20%. The company also noted progress on legacy claims and a strong banking relationship with secured credit lines. Management emphasized industry challenges, including domestic cell shortages and competition, but remains confident in execution capabilities and long-term growth.

The summary reflects the company's factual reporting of results, challenges, and strategic outlook without overtly positive or negative emphasis.