Sterling and Wilson Renewable Energy (SWREL) reported revenue of ₹15.28 billion (~$161.10 million) in the second quarter (Q2) of the financial year (FY) 2027, down 12.6% year-over-year (YoY) from ₹17.49 billion (~$184.40 million)..

The company attributed the revenue decline to weaker execution in the international engineering, procurement, and construction (EPC) segment.

Revenue from the EPC segment declined by 15.3% YoY to ₹14.28 billion (~$150.55 million) from ₹16.85 billion (~$177.65 million).

Revenue from operations and maintenance (O&M) services increased by 56% YoY to ₹991 million (~$10.45 million) from ₹635.4 million (~$6.70 million).

Eight projects, including four in India and four overseas, are yet to commence execution and form part of the company’s unexecuted order value.

The company’s profit after tax (PAT) stood at ₹170 million (~$1.79 million), compared to a loss of ₹4.78 billion (~$50.40 million) in the corresponding quarter last year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 40% YoY to ₹660 million (~$6.96 million) from ₹1.10 billion (~$11.60 million).

Earnings per share (EPS) stood at ₹0.82 (~$0.0086), compared to a loss per share of ₹20.27 (~$0.2137) in the corresponding period last year.

1H Results

In the first half (1H) of FY 2027, the company reported consolidated revenue of ₹31.18 billion (~$328.73 million), an 11.2% YoY decline from ₹35.10 billion (~$370.06 million).

Revenue from the EPC segment declined by 13.4% YoY to ₹29.32 billion (~$309.12 million) from ₹33.86 billion (~$356.99 million).

Revenue from O&M services increased by 48.4% YoY to ₹1.84 billion (~$19.40 million) from ₹1.24 billion (~$13.07 million).

PAT stood at ₹700 million (~$7.38 million), compared to a loss of ₹4.39 billion (~$46.28 million) in the corresponding period last year.

Earnings per share (EPS) stood at ₹3.15 (~$0.0332), compared to a loss per share of ₹18.90 (~$0.1993) in the corresponding period last year.

The company’s O&M portfolio expanded from 13.5 GW in March 2026 to 18.9 GW in September 2026.

SWREL’s unexecuted order value stood at ₹124.81 billion (~$1.32 billion) as of September 2026.

Order inflows totaled ₹36.26 billion (~$382.29 million) during 1H FY 2027.

Business Highlights

During Q2 FY 2027, SWREL received two orders totaling ₹9.85 billion (~$103.85 million).

These included a 534 MW solar balance-of-system EPC project in Rajasthan and two battery energy storage system projects in South Africa, each with a capacity of 308 MWh.

The company also signed a contract for the West Minya Solar Power Project in Egypt through its joint venture with Hassan Allam Construction.

Chandra Kishore Thakur, Global CEO, said the company’s 1H FY 2027 performance reflected improvements in business operations and efficiency.

Growth in the O&M business and new orders from domestic and international markets had strengthened the company’s capabilities in renewable energy EPC and storage.

Thakur added that the company would focus on disciplined project execution, improving operational efficiency, and converting its project pipeline into profitable growth.

SWREL has a total EPC portfolio of over 29.8 GW and an O&M portfolio of 18.9 GW of solar power projects.

Last quarter, SWREL won Coal India’s auction for the engineering, procurement, and construction package for an 875 MW grid-connected solar project at Rajasthan Rajya Vidyut Utpadan Nigam’s 2,000 MW Solar Park in Pugal, Rajasthan.

In Q1 FY 2027, SWREL posted revenue of ₹15.90 billion (~$167.63 million), down 9.8% YoY from ₹17.62 billion (~$185.77 million).