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- Q2 FY27 results
STRLNG & WIL REN ENE Q2 FY27 results: net profit ₹16.82 crore vs ₹477.62 crore loss, revenue down 12.6%
Sterling and Wilson Renewable Energy Limited reported consolidated Q2 FY27 revenue of ₹1,528 crore and a net profit of ₹16.82 crore, compared with a net loss of ₹477.62 crore in Q2 FY26. EBITDA was ₹56.10 crore and the margin was 3.7%, while profit declined from Q1 FY27 as revenue and margin eased. On the standalone basis, revenue was ₹1,456.33 crore and profit was ₹27.88 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹1,528 crore, down ₹221.10 crore or 12.6% from Q2 FY26.
- Consolidated EBITDA was ₹56.10 crore, up ₹52.18 crore from Q2 FY26, while the margin rose 3.5 percentage points to 3.7%.
- The company reported a net profit of ₹16.82 crore in Q2 FY27 against a net loss of ₹477.62 crore in Q2 FY26; basic EPS was ₹0.82.
- Against Q1 FY27, revenue fell ₹62.63 crore to ₹1,528 crore, EBITDA fell ₹22.60 crore to ₹56.10 crore and net profit fell ₹36.45 crore to ₹16.82 crore.
- H1 FY27 revenue was ₹3,117.63 crore, down 11.2% from H1 FY26, while PAT turned to a profit of ₹70.09 crore from a net loss of ₹438.93 crore.
How did STRLNG & WIL REN ENE perform in Q2 FY27?
Sterling and Wilson Renewable Energy Limited reported consolidated revenue of ₹1,528 crore for Q2 FY27, down ₹221.10 crore or 12.6% from ₹1,749 crore in Q2 FY26. EBITDA was ₹56.10 crore, up ₹52.18 crore from ₹3.92 crore, and the EBITDA margin rose 3.5 percentage points to 3.7%. The company reported a net profit of ₹16.82 crore against a net loss of ₹477.62 crore in the year-ago quarter, with basic EPS of ₹0.82.
Against Q1 FY27, revenue fell ₹62.63 crore or 3.9% to ₹1,528 crore. EBITDA fell ₹22.60 crore or 28.7% to ₹56.10 crore, while the margin declined 1.2 percentage points to 3.7%. PAT fell ₹36.45 crore or 68.4% to ₹16.82 crore and basic EPS fell ₹1.50 to ₹0.82. On the standalone basis, revenue was ₹1,456.33 crore and PAT was ₹27.88 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,528 | 1,590 | 1,749 | −12.6% | −3.9% |
| Other income | 14.22 | 20.18 | 111.05 | −87.2% | −29.5% |
| Total expenses | 1,525 | 1,554 | 1,783 | −14.5% | −1.9% |
| EBITDA | 56.10 | 78.70 | 3.92 | +1331.1% | −28.7% |
| EBITDA margin | 3.7% | 4.9% | 0.2% | +3.5 pp | −1.2 pp |
| Profit before tax | 16.83 | 56.65 | −503.41 | turned to profit | −70.3% |
| Tax | 0.01 | 3.38 | −25.79 | −99.7% | |
| Net profit | 16.82 | 53.27 | −477.62 | turned to profit | −68.4% |
| EPS (₹) | 0.82 | 2.32 | −20.27 | turned to profit | −64.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in STRLNG & WIL REN ENE's costs and profit?
Total expenses fell ₹258.07 crore or 14.5% to ₹1,525 crore from ₹1,783 crore in Q2 FY26. Cost of materials decreased ₹249.60 crore or 15.2% to ₹1,387 crore, while other expenses fell ₹31 crore or 48.5% to ₹32.93 crore. Employee cost rose ₹7.32 crore to ₹51.20 crore, finance costs rose ₹14.25 crore to ₹49.80 crore and depreciation rose ₹0.96 crore to ₹3.69 crore.
Other income fell ₹96.83 crore or 87.2% to ₹14.22 crore from ₹111.05 crore. Q2 FY26 included an exceptional charge of ₹580.10 crore, while Q2 FY27 had no exceptional item. Tax was ₹0.01 crore in Q2 FY27 against tax of ₹25.79 crore in the year-ago quarter. Against Q1 FY27, total expenses fell ₹28.77 crore, other income fell ₹5.96 crore and finance costs rose ₹10.88 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,387 | 1,637 | −249.60 | −15.2% |
| Employee cost | 51.20 | 43.88 | +7.32 | +16.7% |
| Finance costs | 49.80 | 35.55 | +14.25 | +40.1% |
| Depreciation | 3.69 | 2.73 | +0.96 | +35.2% |
| Other expenses | 32.93 | 63.93 | −31 | −48.5% |
| Total expenses | 1,525 | 1,783 | −258.07 | −14.5% |
| Other income | 14.22 | 111.05 | −96.83 | −87.2% |
| Tax | 0.01 | −25.79 | +25.80 | |
| Exceptional items | none | −580.10 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹3,117.63 crore, down ₹392.60 crore or 11.2% from ₹3,510.23 crore in H1 FY26. Total income fell ₹490.36 crore or 13.5% to ₹3,152.03 crore from ₹3,642.39 crore. PBT turned to a profit of ₹73.48 crore from a loss of ₹428.74 crore, and PAT turned to a profit of ₹70.09 crore from a net loss of ₹438.93 crore.
Basic EPS for H1 FY27 was ₹3.15, compared with a loss per share of ₹18.9 in H1 FY26. On the standalone basis, Q2 FY27 revenue was ₹1,456.33 crore, up 14.1%, while PAT was ₹27.88 crore and the standalone profit before tax was a loss of ₹2,583.54 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,118 | 3,510 | −11.2% |
| Profit before tax | 73.48 | −428.74 | turned to profit |
| Net profit | 70.09 | −438.93 | turned to profit |
| EPS (₹) | 3.15 | −18.90 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹5,231.55 crore, compared with ₹5,317.42 crore at 31 March 2026. Total equity rose to ₹718.95 crore from ₹651.23 crore, while borrowings fell to ₹920.11 crore from ₹1,163.79 crore and cash fell to ₹93.55 crore from ₹314.11 crore. Inventories were ₹2.28 crore, trade receivables were ₹2,040.96 crore and trade payables were ₹2,525.75 crore.
H1 FY27 operating cash flow was ₹77.75 crore, compared with an outflow of ₹498.71 crore in H1 FY26. Investing cash flow was ₹40.12 crore against an outflow of ₹57.78 crore, financing cash flow was an outflow of ₹338.43 crore against an inflow of ₹234.09 crore, and capital expenditure was ₹3.53 crore compared with ₹5.18 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,232 | 5,317 |
| Total equity | 718.95 | 651.23 |
| Borrowings | 920.11 | 1,164 |
| Cash and equivalents | 93.55 | 314.11 |
| Inventories | 2.28 | 2.11 |
| Trade receivables | 2,041 | 1,799 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 77.75 | −498.71 |
| Cash from investing | 40.12 | −57.78 |
| Cash from financing | −338.43 | 234.09 |
| Capital expenditure | 3.53 | 5.18 |
Source: Company's results filing (XBRL).
How has STRLNG & WIL REN ENE done over the last 8 quarters?
Revenue reached its highest level in the available series at ₹2,519.11 crore in Q4 FY25 and its lowest at ₹1,527.50 crore in Q2 FY27. Profit ranged from a net loss of ₹477.62 crore in Q2 FY26 to a net profit of ₹141.59 crore in Q4 FY26. The latest quarter therefore showed lower revenue and profit than the preceding quarter.
The EBITDA margin bottomed at 0.2% in Q2 FY26 and peaked at 7.5% in Q4 FY26. It eased to 4.9% in Q1 FY27 and 3.7% in Q2 FY27, indicating a lower margin than in the preceding quarter and the earlier peak.
Which businesses drove the quarter?
The EPC business reported Q2 FY27 revenue of ₹1,427.87 crore, down 15.3% from ₹1,684.83 crore in Q2 FY26. EBIT was ₹114.90 crore, compared with ₹102.02 crore in the year-ago quarter, and the segment margin was 8.0%. The filing figures show that revenue declined while segment EBIT increased.
Operation and maintenance services reported revenue of ₹99.12 crore, up 56.0% from ₹63.54 crore in Q2 FY26. EBIT rose to ₹24.82 crore from ₹9.49 crore, with a segment margin of 25.0%. Other operating income was ₹0.51 crore, up 121.7% from ₹0.23 crore, with no EBIT reported.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| EPC business | 1,428 | −15.3% | 114.90 | 8.0% |
| Operation and maintenance service | 99.12 | +56.0% | 24.82 | 25.0% |
| Other operating income | 0.51 | +121.7% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026, together with the statutory auditor’s limited review report, at its meeting on 15 October 2026. The company also filed its investor presentation for the results on 15 October 2026 and uploaded the audio recording of the investors’ and analysts’ conference call on 16 October 2026.
The investor-presentation filing referred to new orders worth ₹985 crore. No dividend, fund-raising or appointment announcement is included in the provided same-day filings.
What did the auditors point out?
Deloitte Haskins & Sells LLP said nothing had come to its attention that caused it to believe the standalone statement had failed to disclose the information required under Regulation 33 of the SEBI listing regulations or contained any material misstatement. The review was substantially less in scope than an audit, and the auditor did not express an audit opinion.
The auditor drew attention to an Indemnity Agreement dated 29 December 2021 with the promoter selling shareholders and Reliance New Energy Limited. It said claims exceeding ₹300.00 crore would be fully charged back and recovered from the promoter selling shareholders, with no further impact on results. It also highlighted net exposure of ₹712.79 crore at 30 September 2026 relating to a wholly owned subsidiary, loans and accrued interest and other receivables, which the company said was recoverable based on projected cash flows. The auditor stated that its conclusion was not modified.
What did STRLNG & WIL REN ENE's management say?
Management described H1 FY27 as a transition period. The CEO said international revenue was ₹165 crore in the first half against ₹929 crore a year earlier because older projects in South Africa, Spain and Italy had been completed and new projects had not started. He said eight projects, four in India and four overseas, were moving through letters of award and notice to proceed. Management expects Q3 to be clearly better than the first half and Q4 to be its strongest quarter.
Management said the order book was ₹12,481 crore at 30 September 2026, up 34% year on year, and H1 order wins were ₹3,626 crore, with about 90% from international markets. It said the company had been selective in domestic bidding because new entrants were submitting reverse-auction prices that could be difficult to sustain. The Reliance Kutch renewable hub order remained at the end of finalisation, and management did not commit to a specific start date.
How did STRLNG & WIL REN ENE shares react?
The stock fell 0.6% within five minutes, 0.7% within 15 minutes and 0.9% within 30 minutes after the filing appeared after market hours. It closed the reaction day 7.1% below the previous close, and by the next day’s close it was down 9.7% from that pre-results close. By the fifth session, it was down 21.2% from the same close.
The Civil Construction industry’s median move was unchanged on the reaction day, fell 1.7% by the next day and fell 7.0% over five sessions. SWSOLAR therefore moved 7.1 percentage points below the industry median on the reaction day, 7.9 percentage points below it by the next day and 14.2 percentage points below it over five sessions. Earlier results-day moves included declines of 7.9% on 16 July 2026 and 7.6% on 17 October 2025, and gains of 5.2% on 15 January 2026 and 6.6% on 16 January 2025.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | −0.6% | |
| 15 minutes | −0.7% | |
| 30 minutes | −0.9% | |
| Reaction day | −7.1% | +0.0% |
| Next day | −9.7% | −1.7% |
| 5 days | −21.2% | −7.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 16 July 2026 | −7.9% |
| 23 April 2026 | +0.1% |
| 15 January 2026 | +5.2% |
| 17 October 2025 | −7.6% |
| 17 July 2025 | −0.5% |
| 16 January 2025 | +6.6% |
| 14 October 2024 | −2.4% |
| 18 July 2024 | −1.9% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Twenty-one other Civil Construction companies were compared for revenue growth. Their median revenue growth was 9.4%, while the company’s revenue declined 12.6%. One peer grew slower than the company and 20 grew faster than the company.
Sixteen peers reported higher profit. The peer comparison covered 22 companies for profit, and 16 of them reported that profit had increased.
| STRLNG & WIL REN ENE revenue growth (YoY) | −12.6% |
|---|---|
| Median of 21 other Civil Construction companies | +9.4% |
| Companies with slower revenue growth than STRLNG & WIL REN ENE | 1 of 21 |
| Companies with faster revenue growth than STRLNG & WIL REN ENE | 20 of 21 |
| Companies whose net profit rose | 16 of 22 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was STRLNG & WIL REN ENE's revenue in Q2 FY27?
Revenue from operations was ₹1,528 crore, down 12.6% from ₹1,749 crore in Q2 FY26 (consolidated).
Did STRLNG & WIL REN ENE make a profit in Q2 FY27?
Yes. Net profit was ₹16.82 crore, against a net loss of ₹477.62 crore in Q2 FY26.
What was STRLNG & WIL REN ENE's EPS in Q2 FY27?
Basic earnings per share were ₹0.82, against a loss of ₹20.27 in Q2 FY26.
How did STRLNG & WIL REN ENE shares react to the Q2 FY27 results?
On the reaction day the stock moved −7.1% from the previous close; the median Civil Construction stock moved +0.0%.
When did STRLNG & WIL REN ENE announce its Q2 FY27 results?
On 15 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited (Consolidated And Standalone) Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 8 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 15 October 2026) · PDF
- The earnings call (23 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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