Sterling & Wils.

Q4 FY26

Sterling & Wils. Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹191

Market cap₹4.5K Cr

P/E14.4

Updated25 Aug 2026

Read4 min read

The short version

The company targets a 15% growth rate in both order book and revenue for FY27, building on the current INR11,000+ crore order book. The company targets a revenue and order book growth rate of around 15% for FY27, reflecting strong growth visibility.

From Sterling & Wils.'s Q4 FY26 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

The company targets a 15% growth rate in both order book and revenue for FY27, building on the current INR11,000+ crore order book.
Expected order book by FY27 end is ~INR14,000 crores, a 15% increase over FY26.
Growth driven by strong domestic EPC business and battery energy storage system (BESS) opportunities contributing about 20% of new orders.
International EPC segment expected to continue growing rapidly from a small base post-COVID.
New EPC order inflows grew 43% YoY in FY26; strong momentum expected to continue.
Robust bid pipeline of ~31 GW overall (~INR55,000 crore opportunity) with ~25% expected market share.

2 more points management made on revenue & sales performance

Profitability & Margins

The company targets a revenue and order book growth rate of around 15% for FY27, reflecting strong growth visibility.
Operational EBITDA margins are trending towards steady-state levels at approximately 5.9%, supported by operational leverage.
Gross margins for EPC business are expected to stabilize between 8% to 10%, with O&M margins around 20%.
Battery Energy Storage Systems (BESS) orders are expected to contribute around 20% of new orders, with margin profiles similar to solar EPC (8%-10% gross margin).
Despite exceptional litigation-related items causing FY26 loss, the company expects ongoing strong cash flow generation and debt reduction.
The company’s largest order book (INR ~11,800 crores) supports earnings visibility, with international projects showing higher gross margins than domestic projects.

2 more points management made on profitability & margins

See what Sterling & Wils. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Sterling and Wilson Renewable Energy is actively preparing for growth in Battery Energy Storage Systems (BESS) alongside solar and wind projects.
They expect about 20% of new orders to come from the battery storage segment, indicating strategic focus on hybrid and stand-alone battery projects.
Capex intensity is aligned with this mix, with current orders including around INR 300 crores from battery projects within an INR 11,000 crore order book.
Engagements with technology suppliers for battery components are made project-by-project to lock prices and mitigate execution risks, reflecting careful investment planning in BESS.
The company is also involved in wind energy projects and expects increased traction, which forms part of their overall renewable energy investment strategy.

2 more points management made on capital expenditure plans

Fundraising & Capital Structure

No mention of any immediate or ongoing equity fundraising in the disclosures.
Company has secured approximately INR2,800 crores in new credit lines during the last fiscal, indicating strong bank support.
Ratings have improved from BBB- to BBB+ with no downgrade, facilitating access to credit.
Cost for letters of credit (LC) and bank guarantees has reduced significantly.
The management is hopeful to obtain additional credit lines once there is better order visibility and revenue growth.

2 more points management made on fundraising & capital structure

See what Sterling & Wils. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Current unexecuted order value (UOV) is a record high at approximately INR 11,813 crores (Page 5).
Domestic orders make up about 78% of the current UOV, around INR 9,250 crores (Page 5).
International UOV is about INR 2,562 crores (Page 5).
Order book is expected to grow by around 15% by FY27 end, targeting close to INR 14,000 crores from current approx. INR 12,000 crores (Page 18).
Current large pipeline opportunity is about 31 GW equating to INR 50,000-55,000 crores, with a targeted market share of ~25% (Page 18).

2 more points management made on order book & pipeline

Sterling & Wils. — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.9K Cr, net profit ₹142 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Sterling & Wilson Renewable Energy Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Sterling & Wils. Q4 FY26 results?

What is Sterling & Wils. share price analysis?

Sterling & Wils. currently shows a neutral. The stock trades at a P/E of 14.4 with a market cap of ₹4,488 Cr. Investors should review the full earnings analysis for detailed insights.

Is Sterling & Wils. planning capital expenditure?

Sterling and Wilson Renewable Energy is actively preparing for growth in Battery Energy Storage Systems (BESS) alongside solar and wind projects.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.