SWSterling and Wilson Renewable Energy542760Earnings call transcript

Q2 FY27 call: order book INR 12,481 crores, H1 revenue INR 3,118 crores

Transcript of the Q2 FY27 earnings call held on 16 October 2026 now on record.

By ScoutQuest · Fri 23 Oct 2026, 12:37 PM IST · 3 min read

Revenue

INR1,527 crores in Q2 and INR3,118 crores in H1, about 11% lower than H1 FY26

Order Book

INR12,481 crores as of 30 September 2026, about 34% higher than a year ago

H1 Order Wins

INR3,626 crores, nearly 90% international

Call at a glance

This is the transcript of the Q2 FY27 earnings call held on 16 October 2026 on the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, addressed by Global CEO C.K. Thakur and CFO Ajit Pratap Singh.

Revenue and execution

• Revenue was INR1,527 crores in Q2 FY27 and INR3,118 crores in H1, about 11% lower than H1 FY26.
• The decline came mainly from the international business: international revenue was INR165 crores in H1 against INR929 crores a year earlier, as four older projects in South Africa, Spain and Italy were completed and the new ones are yet to start.
• Domestic EPC revenue rose about 13% to INR2,768 crores and O&M revenue rose 48% to INR183 crores in H1.
• Eight projects in the order book, four in India and four overseas, are yet to start. Management said contract timelines start only from LOI to NTP, so these delays do not expose the company to penalties or bank guarantee risks.

Order book and order wins

• Order book as of 30 September 2026 was INR12,481 crores, about 34% higher than a year ago and up from INR11,813 crores in March 2026.
• The book is split about 56% India (INR6,943 crores) and 44% international (INR5,538 crores).
• H1 order wins were INR3,626 crores, nearly 90% of them international, which management described as a deliberate choice to avoid low-margin domestic bids.
• In Q2 the company won two orders worth over INR985 crores (including taxes): a 534-megawatt balance of systems project in Rajasthan and a 616-megawatt project in South Africa made up of two 308-megawatt battery storage projects. The LOA has been received.
• The West Minya project in Egypt is a 1,000-megawatt AC solar plant with 600-megawatt hours of storage worth about USD 560 million, to be executed through 50-50 joint ventures with Hassan Allam Construction, and is expected to start contributing to revenue this year.

Outlook given by management

• The solar bid pipeline, excluding battery storage, has grown to 34 gigawatts from 27.7 gigawatts last quarter; about 74% is in India and 26% overseas.
• Bidding opportunities worth about INR45,000 crores to INR50,000 crores across solar and storage are seen in the second half of this year.
• Cell capacity in India is expected to reach about 100 gigawatts by December 2027, which management expects to ease module prices and restore award activity.
• Management expects most large solar tenders to include storage going forward; the government plans to require storage at new solar and wind projects from July 2027.
• The company said it is selective in bidding for battery storage because battery prices have risen in 2026 and customers increasingly expect long performance warranties from EPC contractors.

Industry backdrop discussed

• Renewable and large hydro capacity stood at about 308 gigawatts as of September 2026, roughly 53% of total generating capacity; installed solar capacity is about 171 gigawatts.
• India added about 34 gigawatts DC in H1 2026, 38% more than a year earlier, with full year additions expected in the range of 50 gigawatts DC, ahead of the record 49 gigawatts in 2025.
• Under ALMM-II, projects must use modules made with Indian cells from June 2026; India has over 200 gigawatts of module capacity but only about 35 gigawatts of cell capacity, and compliant modules may raise project costs by around 15% to 17%.
• About 40 to 50 gigawatts of awarded renewables capacity is still waiting for signed power purchase agreements, and solar output is being curtailed at times in Rajasthan and parts of Western India.
• The cabinet approved Green Energy Corridor Phase-III with an outlay of around INR1.86 lakh crores, including about INR1.36 lakh crores for state transmission networks with central support of around INR54,000 crores, aiming to connect up to 135 gigawatts of renewable energy to the grid by FY2033.
• India added about 8.2 gigawatt hours of battery storage in H1 2026 against less than 100 megawatt hours a year earlier; CRISIL expects 45 to 50 gigawatt hours to be commissioned in FY27 and FY28, and the Central Electricity Authority expects 236 gigawatt hours by FY2032.

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